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citizens good and valuable--but true it is, also, that they are in the general, men who live by devices, by traffic and speculation. They are congregated in towns and cities, where banks diepense their favors, and where they combine to Thus, each one of these delinquent corporations stands securely in the midst of a faithful garrison. Let an injured citizen utter a word in complaint of his wrongs, and in a moment he is denounced, his character assailed, and his influence impaired or destroyed. Let a public journal print but an unfriendly line, subscriptions to the paper are immediately withdrawn, advertisements discontinued, and the affrighted printer persecuted into submission or beggary. Thus, that loud sentinel the press, intended as it was to sound the alarm on the first approach of danger, is subsidized by favors, or silenced by intimidation. If it speak at all, it must speak only in praises to the banks and in treachery to the people.

dred millions, a circulation of a hundred and twenty millions, and a mass of loans amounting 40 near five hundred millions of dollars. This frightful power is concentrated, nominally, in the hands of about ten thousand officers of banks, but really in those of a single man, who, as pre-defend all the injustice of the dispensing power. sident of the central member, controls, by ais solitary will, the whole machinery of the system. But in what manner has the system thus reacted upon legislation, the source of its existence What human agency has it employed thus to enlarge and perpetuate itself, and what is the extent of that agency? In reply to these questions, ten thousand bank presidents, directors, cashiers, clerks, counsellors, and attorneys, stand forth to our view. They are followed by an army of at least seventy-five thousand stockholders, whose rear is covered by a train of dependents indefinitely long. But if these numbers of men are great, what shall we say when we see still advancing the multitudinous host of borrowers, with their dependents, and all these to be succeeded by a swarm of impatient expectants ? Among this crowd of clamorous dependWhen the banks suspended payment, their loans ants are found a thousand bank attorneysand discounts verged close upon the sum of five men whose professional connections with hundred millions of dollars. This amount, if the community, whose habits of public loaned for a single year, in the proportion of one speaking, give them a disproportionate inthousand dollars to a man, would embrace five fluence over the public mind. They, one hundred thousand men: if loaned in the same proportion, for six months, it would reach one and all, stand forth, in aid of the subsidized million of men; and if loaned for the usual pe- presses, to justify whatever enormities these riod of ninety days, then the bank borrowers, in corporations may commit against the peoa single year, would number two millions of in-ple, and to as ribe all the crimes of banks dividuals-a number far transcending the entire voting population of the Union. But these insti- to the Government of their country. tutions distribute not their favors so equally as this. If, however, they do not bring the influence of their loans to bear directly on all this multitude. they advance far towards effecting that object, indirectly, by applying their money only to those who, from their influence in society, can control most of the rest.

And now, I ask, who are the men that compose this amazing concourse of bankers, stockholders, borrowers, and dependents? Where are they to be found? Are they among the humble citizens, doomed, by the necessities of life, to toil

which contribute to mould and direct the It is thus that the powerful influences passions and opinions of towns and cities, are arrayed on the side of the banking system; and it is thus, also, that towns and and the agency of the press, contribute so cities. through the intercourse of business powerfully to mould and direct the passions and opinions of the whole country.

in obscurity? Are they to be found in the field or has Frostituted and purchased into its serIs it, then, wonderful, that a system which in the workshop? No, sir, no; they are to be 'found in the shade of summer and in the sunvice, so much of the intellect, which has shine of winter; they are to be found amidst this combined in its support so many of the forest of banks that overshadow the cities, towns, active elements, of society, should have asand villages, of the Republic. There they are; sumed a despotism, almost absolute, over and there, at this very moment, they may be found, crouching in servile submission to these the public judgment, and laid the country institutions-defending their frauds, the most under tribute, even with the country's constupendous that ever were committed-defend- sent? ing their open rebellion against public law, and reviling the Government of their country, and

:the friends of that Government, with all the bit

the control of banks over property, over laAnd, yet, sir, notwithstanding all this, terness of mercenary malice. Firm; sir, must be bor, over the very subsistence of the people, the heart of that man, and strong must be his notwithstanding their domination over such nerve, who dares to complain of the oppression a multitude of men, whilst power yet abides of the banks-who dares to lift the voice of pa- in the mass, there would still be hope for triotic warning to his countrymen. Stern must

be his soul, and indomitable his fortitude, before public liberty, if that power remained unthe presumes to rebuke the power of the banks corrupted when delegated to public agents, a power which has already coiled around the for this is the point where the attack is sacred forms of the Constitution, which is day most direct and fatal. The representative by day increasing the intensity of its pressure, principle is the vitality of the Government; and strangling public liberty in its folds. I ask, again, who are these men, and where to and its corruption puts an end to civil be found? True.it is, that many of them are liberty. Are we, then, exposed to danger

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in this direction?

Has bank influence Bank presidents, directors, stockholders, reached the public functionaries? Has it lawyers, and borrowers, may be seen in the contaminated power in their hands; bent persons of Governors and other officers, them from the line of duty? And have thoughout all the gradations of Executive they rewarded the generous confidence of and ministerial authority.

the people with treachery to their dearest But if the influence of the banking system interests? I ask these questions; and be fatal to the honest exercise of legislanow, sir, who stands ready with a negative tive and Executive power, what are we to answer? Will it, can it, be denied, that hope when it falls upon the inviolable erthe banking system has, from its very be mine? for there it has fallen, and there it ginning, enlarged and perpetuated itself by has left a stain of impurity broad as the face re-acting constantly upon the legislation of the Union. Banks know, full well, the the country? Look throughout the Union, value of a friend at court. They know who with what assiduity bank presidents, stock- are to expound their charters; to limit, or holders, lawyers, borrowers and depend- to extend, by mere opinion, their powers ants, are pressed upon the public favor as and privileges; to probe or conceal, to puncandidates for all offices, legislative, execu- ish or connive at, their frauds and delintive, and judicial. And what, sir, has been quencies. This they understand, and bank the result? How many of these men, thus officers and dependants are, therefore, concontrolling banks, or controlled by them, verted into judges, or judges converted into thus directly interested in, or personally bank officers and dependants. In either dependant upon them-how many are seen event, the result is the same to the people. in the Legislature of every State? Who And thus it is that the public law of this will say that these men, interested as they great and glorious conntry, instead of emaare in bank profits against the people who nating from its freemen, is often both made pay them, do not constitute at least one and administered, in their very presence, by third, and often a half, of every legislative the agency of banks, which are themselves body? Who will deny that these legisla-. but the creatures of law.

tors, faithless to the sacred trusts confided Sir, it may be assumed as a political axito them, regardless of the public welfare, om, founded in the nature of our social beand mindful only of their own interests, ing, that, in a popular Government, every have ever combined, and, still do combine, considerable division of the community, to multiply the privileges, to diminish the whether based upon distinct interests, abresponsibilities, and to increase the profits stract principles, or upon the diversity of of the banks? human passions, will, if it admit of a sepaThe fundamental laws of the Union, and rate organization, ultimately become partiof the States, have sought to guard public zan in the struggles for political power. men against temptation and impurity, and The banking system is such a division; it thus to secure fidelity to the people, by ex. is so organized, and has openly assumed all press provisions. In most, if not all, of the the attributes of a partizan. But so comStates, men are ineligible to offices created prehensive, so vast, are its powers, that inby their own agency, as members of the stead of being merely secondary, it has itLegislature; and the officers of the Gene- self become the primary basis of such a ral Government, one and all, are disqualified party. Instead of being attracted by other to sit in the legislative bodies of the States. interests, it has drawn those interests to itAnd yet, in a country so jealous, so vigilant self; and thus the politician is rendered of its freedom, what is the practice univer- subordinate to the banker, and the public sally prevalent, where banks are concerned? welfare an object subordinate to the welfare Do we not see members of the Legislature, of the banks. Sir, is the fact doubted? who are already interested in or dependant Then look back through the last eight years; upon banks already established, conspiring look over the face of the country at the preamong themselves, as well as with others, to charter new institutions, to incorporate themselves by name, and thus to levy money, for their own use, by their own acts, upon their own constituents?

But is this all? Are the corrupting influences of banks to be found only in legislative bodies? No; the Executive departments of the States are equally exposed.

sent moment, look through both Houses of Congress; look to the measure now pending in the Senate. What is, what has been during all this time, the controlling influence, the very life and soul, of the Opposition? Has it not been, is it not now, the influence of banks alone? And who are they that devise the measures and direct the energies of that party? Are they not bank

ers, or the agents, attorneys, and depend- of this land not as criminal as he?-they ants of banks? For what is the struggle who, without flagging for a single moment, protracted? Is it not for the interests of stood by him to the last? banks and is not their triumph the great and primary object.

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But, sir, who is this man thus charged? Who was he? He was an orphan boy; Yes, in all the conflicts of mankind, the poor and friendless. And yet, by the energy power which pays the troops will forever of his character and the force of his genius, control their movements, and appropriate he has made the entire cycle of public honors the benefits of victory. From the first day in the first country on the globe; and now, that the late President advised the discon- at a goodly old age, he reposes within the tinuance of the bank of the United States, peaceful precincts of his beloved Hermitage, that institution, as the central member of with a heart still pure, a judgment unimthe banking system, has struggled to coerce paired, and a character still victorious over the American people to deliver up their malice and defamation. That motley rab-Government, into the hands of its lawyers ble of British mercenaries with arms in and dependants. And even now, while I their hands, of British stipendaries with am speaking, this, with its eight hundred charters in their pockets, of political wran confederated banks, after having thrown off glers and declaimers, who made up the all the restraints of law, stand forward still brindle faction of his country's enemies and claiming the empire of the country, and de- of his persecutors, have served only to mark manding the public money, in advance, to by their fall, one by one, the dates and space · aid in establishing that claim. And, sir, in between the successive victories of truth, what spirit are these frightful pretensions of genius, and virtue, over their antagonist the banks put forth? What language have principles. There the old man stands, the we heard? What passions have we seen private citizen, in the furrowed fields of rudisplayed upon this floor? Have we not ral life, his venerable form presenting the heard the same bitter invective, seen the very incarnation of triumphant patriotism. same infuriated passion, which has ever His fame is fixed, and will forever remain characterized this mercenary warfare upon as immutable to the touch of hostility, as the Government and the people? In what are the fixed laws of truth to the assaults of language, in what spirit, in what manner, falschood. You, Senators, who are his have we heard the late President of the friends, need no longer be concerned on his United States spoken of by the Senator account. His character is now safe in the from Kentucky, [Mr. Clay.] We have public affection; and when he shall have heard that illustrious citizen, though re- passed down the steep declivity of his retired to private life, though in no man's way maining days, his grave will be walledto power, though worn down with age, and around by the hearts of his grateful counstanding upon the very verge of the grave; trymen, against that vampire spirit that yet we have heard him denounced in the would violate the tomb to glut upon his councils of his country-that country which blood. he has served, and saved by his serving; And now, sir, having been thus forced yet even here we have heard such a man into a digression by the injustice done to an denounced as though he were the worst of absent man upon this floor, I return to the traitors still prosecuting treason. Napoleon matter before us. is declared to have been his object of imi- It has been said that the Bank of the tation-and why? Did President Jackson United States was never so powerful, be usurp the Government? Did he slaughter cause it had been prostrated by President three millions of his countrymen in attempt- Jackson. But this is an assumption not ing the subjugation of the earth? And is sustained by the fact. For although the he now chained, for his crimes, to a deso- President and people were united against it; late rock in the midst of interminable seas? although it had violated its charter, and Or if not so, why not? Why is he suffered spurned the authority of Congress, refused to go at large? Why to live in safety, un- to be examined, leagued with politicians, guarded by power, unawed, unoffended by subsidized some, flattered the ambition of man? No, sir, his only crime is that of others, and made panic after panic to subhaving secured the liberties of his country, due the spirit of the nation, yet does it stand by arousing the noble spirit of his country- and though black with these its notorious men against the sly and insiduous attacks of offences, it still claims the Government of a low, stupid, pilfering despotism. If he be the country. Yes, sir, it stands, as before, guilty, who is innocent? Are the freemen the central power, controlling the paper B

system throughout. What change has been gress, of whom it was asking a re-charter.. made in any particular, excepting in the But, sir, should any man feel agrieved by source of its charter? And how has even such an exposure, he must ascribe his misthat change been effected? Was it by the fortune to the Senator from Kentucky, who agency of Congress? No, but by that of first began this inquisitorial purgation. the people through the Executive veto; for when or where did such an institution ever want influence to obtain a re-charter through a legislative body? And why, sir, is this the case? Is it not because these institutions re-act, as I have already said, upon their legislative creators? The bank was actually re-chartered, so far as legislative action could effect it; but under what circumstances this was accomplished, the ever enduring records of Congress will show. Before, however, I proceed to exhibit these records, in evidence of the private relations subsisting between the bank and many members of the Congress which passed the renewal of its charter, I will read a precedent for this scrutiny into the bank connections of public men.

On the 31st of march, 1834, (it was the panic session,) this resolution was submitted by the Senator from Kentucky, [Mr. Clay,] passed this body, and was afterwards satisfactorily responded to, by Mr. Taney, then Secretary of the Treasury.

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In 1834, (it was the panic session,) a majority of this body being in favor of the bank,. instructed the Committee on Finance, which was a so favorable, to investigate the af fairs and conduct" of that ins itution; and: that committee made, through Mr. Tyler of Virginia, a report upon facts furnished by the bank itself. What, then, are the facts thus furnished and thus reported? Here they are presented in words and figures,. giving day and year, with all the distinctness and accuracy of the tabular form. The table suppresses the names, but exhibits the number, of the members of Congress who obtained loans of the bank, and the amount obtained, from 1826 to 1834. Now. sir, let the Senate and the nation bear it in

mind, that it was in his message at the opening of the session of 1829-30, that President Jackson announced his objection to the renewal of the charter. From that moment, the renewal became the subject of political strite; and let it never be forgot ten, that it was through Congress the bank: Resolved, That the Secretary of the was to pass, or die. Few, if any, of the Treasury be directed to report to the Senate members were merchants whose business what amount of public money is now on de- required large advances of money. But posite in the Union Bank of Maryland; if such advances were necessary, why were when and on what account it was de- they not obtained from the six or eight hun-posited; and also whether any Treasury dred local banks, some of which were standdrafts, contingent or other, have been, ing in the State, the district, and even at during the month of March, 1834, furnished the very door of almost every member? to the said bank, or at any time heretofore Why did members pass all these, and apply to the Bank of Maryland, for any, and what for loans to the only bank upon whose life purpose. And that he likewise report what or death they were required to decide? amount of stock in the capital of the said But is this the fact? Can it be possible that Union Bank was held by K. B. Toney, Esq. public men could ask private favors from an when the said bank was selected as one of institution which, at the same moment, was. the banks to receive, in dep sile, the public money; and what amount of the stock he now holds."

asking public favors of them? And will it. be believed, that both parties, regardless alike of their obligations to the country and Such was the resolution; such were then of the opinions of the world, gratified the that Senator's suspicions against the purity desires of each other in every particular, of the very banks to which he now wishes and to the full limit of their mutual powers? to commit the revenue; and such then his Yes, this table answers these questions! determination to probe the bank corruptions and, if I mistake not, the answer will as of public men. If, therefore, these sup- tound this nation. It shows, that in the posed connections of the Secretary with a very first year of the bank contest-the bank selected by him as a depository of the year of 1830-the bank loaned one hun red! public money, were deemed so perilous to and ninety-two thousand one hundred and the honest, discharge of his official duties as sixty-one dollars to fifty-two members of to demand investigation, it cannot be im- Congress, that, in 1831, it loaned three hunproper or unwise to inquire into the private dred and twenty-two thousand one hundred: relations which the Bank of the United and ninety-nine dollars to fifty-nine memStates contracted with the members of Con- bers;; that, in 1832, it loaned four hundredi

and seventy-eight thousand and sixty-nine public liberty can never be safe whilst pubdollars to forty-four members; that, in 1833, lic men are exposed to such temptations. It it loaned three hundred and seventy-four is for these reasons, sir, that I stand up this thousand seven hundred and sixty-six dollars to fifty-eight members; and that, in 1334, it loaned two hundred and thirty-eight thousand five hundred and eighty-six dol. lars to fifty two members.

day, not only as an American Senator, but in the still prouder attitude of an American citizen, to warn my countrymen of a danger which I most solemnly believe now threatens the purity and safety of their Government.

Thus it was, that during the five years of the contest, ending with the panic session of But, sir, is this all? Were there no other 1834, the Bank of the United States, strug- influences but the facilities of that bank gling for a renewal of its charter, distri- exerted upon the members of Congress buted in loans, one million six hundred and during the contest? Were there no other five thousand seven hundred and eighty-one relations subsisting between the members dollars, to two hundred and sixty-five mem- and the bank, but those of borrower and bers of Congress. This enormous sum, lender? How many of its lawyers and greater than the aggregate salaries of all stockholders occupied seats in this Capitol? the members of both Houses of Congress How many men sat here who were the during the same period of five years-a sum lawyers, stockholders, and borrowers of the equal to one-fifteenth part of the whole annual revenues and expenditures of the Federal Governinent-this sum was thus bestowed, is accommodations, by the bank, at a time of pretended pressure, upon the very men of whom it was asking a charter-a charter, which, if granted, would enable the bank to levy millions in tribute, year after year, upon their constituents.

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in the two Houses of Congress, how many of such agents and dependants may this, with its league of eight hundred local banks, be supposed now to have under this roof-now, when all these corporations are m king a united effort to grasp the public revenues?

numerous local banks which had petitioned for the re-charter of the Bank of the United States, because interested as part of the same system? How many such men were to be found in the several legislatures, bending the influence of whole States to bear upon this cardinal object? And now, sir, I put the question, if that institution, alone, had, pending the struggle, such a number Sir, these things may have all been inno- of its attorneys, stockholders, and borrowers, cent. It may be that the additional half million of dollars thrown, as facilities, into the two Houses of Congress by the bank, in 1832-the very time when its re-charter was pending and passed-it may be that the large amount, still in addition, thrown in whilst the question of restoring the deposits was pending, in 1834-it may be, that these great and well-timed favors, bestowed by the bank upon men whilst sitting in judgment upon its life and its claim to the public revenue-it may be, that these things had no other effect than to make the recipient members better patriots, more devoted to the public interests, less intent upon their own, and more impartial actors in the contest between the people and the bank. If, in the administration of justice, the These loans may have been harmless, these slightest interesst in the result disqualifies men uncorrupted. I know not one, by men to testify or sit in judgment; if the name, who received these moneys, for their parties litigant are forbidden even to speak names are suppressed in the report of the in private to a juror, what would be thought committee. I speak not, therefore, to of that jufige or juryman, who, pending a criminate or wound the feelings of any one. trial for life, character, or property, should But, sir, I know the nature of man; I know ask and obtain, from one of the parties, the that coming to Congress changes him not private favor of an enormous loan? Or if for the better; I know that gratitude for the partner or attorney of one of the liti favors is a principle of that nature; I know gants were found upon the bench, or in the that obligations are thus created which the array of the jury, would not such offending human heart is bound to acknowledge, and judge or juryman incur and deserve as well the human mind finds it hard to disobey. the pnblic odium as the penalties of public These things I know; and I know, too, that justice? And if, sir, such securities are

Sir, I again say, that members standing in such relations to the banks, even at a time like this, may still be innocent; they may be uninfluenced by bank emoluments in deci ling the question of rewarding banks with the profitable use of the public money. All this is possible; but "lead us not into temptation" is, nevertheless, a part of that prayer which is the inheritance of our race.

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