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coming worse than ever. It becomes worse Federal party so far transcends all that was daily, and in many instances, is inade so on witnessed forty years ago. He says: purpose, that another catastrophe may be
“The horrors of the French revolution, then produced, and then charged upon the Ad- raging, aided them mainly, and using that as a ministration. Issuance of small notes, even raw.head-and-bloody-bones, they were enabled down to a dollar; issuance of post potes; by their stratagems of X. Y, Z, their tales of tubconnection with party politics, and with plots. ocean massacres, bloody-buoys, &c. to that party whose conneciion has been fatal These transactions, now recollected as dreams to all its associates; subjection to the policy of the nigh:, were then sad realities; and noof the Bank of the United States, on the thing rescued us from their liberticide effect but part of a great many banks; such is the the unyielding opposition of those firm spirits downward course of our banking system at
who sternly maintained their posts in defiance of
* The usurpations and viola. present. Timely and prudent reformation tions of the Constitution at that period, and their might save it: but all reformation is re. majorities in both Houses of Congress were 80 sisted and baffled. To make all worse, great, so decided, and so daring, that after comseems to be the policy of those who have batting their aggressions, inch by inch, without
being able in the least to check their career, the most power over the subject. Under these Republican leaders thought it would be best for circumstances, what fatuity in the Govern- them to give up their useless efforts there, go ment of the United States to connect its home, get inio their respective Legislatures, ein. Treasury again with these institutions, big formed into, and it ineffectual, to perish there as
body whatever of resistance they could be with inherent dangers, and beset by a tre- in the last ditch. All, therefore, retired, leaving mendous foe!
Mr. Gallatin alone in the House of Representa. I have gone over some of the objections tives, and myself in the Senate, where I then
presided as Vice Presldent. Remaining at our to the plan for an Independent Treasury. 1 posis, and bidding defiance to the browbeatings have spoken to some parts of the bill before and insults by which they endeavored to drive the Senate; but the merits of that bill are us off also, we kepi the mass of Republicans in no part of the real question. The contest is phalanx together, until the Legislatures could be
brought up to the charge; and nothing on earth for power. Political power is the object of
was more certain, than if myself particularly, the Opposition-abuse of the bill, the means placed by my office of Vice President at the of attaining it—and a panic the grand de- head of the Republicans, had given way and sideratum. Panics are the aliment of the withdrawn from my post, the Republicans Federal party—terror their engine for go- despair, and the cause would have been lost for
throughout the Union would have given up in verning the people. The mythological ever. By holding on, we obtained time for the god Pan.is the divinity of their worship. State Legislatures to come up with their weight; To him they look for help-to that grotesque and those of Virginia and Kentucky particularly and hideous deity, half m:in and half goat, brated resolutions, saved the Constitution at its whose bare apparition in ancient times would last gasp. No person who was not a witness of put whole armies to flight. This is the tu- the scenes of that gloomy period, can form an telary divinity of the Federal party, and al- idea of the afflicting persecutions and personal ways has been. Panics were their resource
indignities we had to brook. They saved our from the foundation of the Government; so much subdued and reduced to despair, that
country however. The spirits of the people were and, forty years ago, the French Revolu- they could have sunk into apathy and monarchy, tion was what the Republican administra- as the only form of Government which could tions now are, the great magazine of hor- maintain itself.” rors from which they supplied themselves Such, Mr. President, was the terrorism with "gorgons' heads and chimeras dire," with which the Federal party surrounded to alarm and terrify the nation. Mr. Jef- itself forty years ago; such its mode of ferson, in his memoirs, has described that action then; and such its manner of acting period, emphatically called the. Reign of on the public mind now. The PresidenTerror. He has given many pages to the tial election of 1796 was carried by terror, description of it; but declares that no per- extracted from the French Revolution; the son, who did not witness it, can form any election of 1800 caine within three votes of idea of the terrorism with which the Fede- being carried by the same means. The ra! party then surrounded itself, and the second election of Mr. Jefferson prostrated rudeness and violence with which they Federalism--sent it into a state of hiberbrowbeat and, insulted the Republicans. nation far north, and with it the mytholoSome extracts from his description of that gical deity of its worship, and the whole' period may bring up useful recollections at machinery of terror and alarm. The ap. this time, when the violence of the revived pearance of General Jackson, at the head
le list of Presidential candidates, in the chamber was the laboratory of alarm ; the ter of 1824-25, and the events of the distress flag Aying, the tocsin beating, and ction of President at that time by the the alarm guns firing; all the while the buse of Representatives, revived the two Bank of the United States turning the imitive political parties—the Republican screws on her debtors, to the sound of cur nd the Federal-and with the latter, its music, and, with each scream of its suffer. istinctive passion for terror, alarm, and ing victims, exultingly demanding if the panic. From that day to the present, a distress had not arrived ? succession of alarms bas agitated the pub- The revolution without bloodshed the lic mind. , Raw-heads-and-bloody-bones espulsion of this body from its chamber by have stalked in solemn procession over a military furce—and the Protest, which the public stage. First, it was the mili- was to wipe out the Constitution--were tary chieftain, who was to put an end to among the prominent scenes of that magthe Repulilic at once, with the sword. nificent panic. The revolution was, in itThen Congress was to be turned out of self, a curiosity. It began in the middle, doors, neck and heels. Then the liberty carried itself on without blood shed, and of speech was to be put down to be sup- ended without a catastrophe. That it has pressed by main force : afterwards it was ended, I myself do know. I know it of to be choked down by corruption. Then my own knowledge, and can tell you how. came a fright about pocketing bills. Gen. You remember, sir, we were then informed eral Jackson did not return the land bill, that, in revolutions, there were no Sabwhich was sent to him 100 late to be re- baths. Now, I have seen Sabbaths since turned ; and, thereupon, all bills were to that time myself. I have seen the people, be pocketed, and all Federal legislation at church, worshipping, and keeping ihe destroyed. After that, we had the Mays. Sabbath. This is conclusive; it is proof ville Road bill veto alarm; and such was incontestible that the revolution has ended. the effect of this fright for some months, Bloodless, we know it to have been. Withthat many good people believed that there out a caiastrophe, we know it was. There was going to be a general destruction of was no list of killed and wounded; but all roads, and that all travelling would be there were some crippled and lamed-a reduced to scrambling through the woods, certain catilogue of Presidential candid. camping out at night, and swimming ates, architects of panic, were gravelled creek; and rivers like otters. Quick upon on that occasion. They became what the the heels of this fright, came the National “safe and solid specie-paying” bank notes Bank bill veto alarmn. Then there was no are in the Treasury—an unavailable fund! mistake. Destruction liad arrived. Na. They ended with finding themselves hors tional woe had arrived. The price of all du combat; not horses of combat, as a produce and property was to sink to no- worthy friend of mine is accustomed to ihing; every 'man's estate was to perish read tl at French phrase, but stabled ani. en his hands; black desolation was to sit mals, withdrawn from the turf, tied up to upon the land. From the contemplation the rack, solitary and alone, to digest their of this ruin, the nation was suddenly provender at their leisure. roused up to the apparition of the French The Senate expulsion panic, though se
For three months, this spectre of a vere at the time, is hardly to be regretted, French war kept its place on the public on account of ihe noble spirit which it stage, to the extreme irritation of the ner- caused to be developed in this body. When. vous system of aged ladies, and with vast the first tidings arrived of General Jackexpenditure of ink and paper to the peace son's design io expel the Senate by force societies. The arrival of the gold indem- of arms, then was seen what stuff our nities put an end to the fantasies of this hearts were made of. Incontinently patripoor spectre. These brief and various lit- otic indignation rose to the highest pitch, ile panics were preludes to the great one, and courageous resolutions exhibited themthe deposite-removal panic of 1833–34. selves in daring forms. Some proposed to This was a panic indeed, not only great in go forth, and bravely meet the advancing itself, but the prolific parent of a progeny danger. 'Others preferred to arm the door. of subaltern alarms. 'Orators here, -and keepers, the messengers, and the boys bank scrows elsewhere, worked up the with sticks and siares, and to plant them nation to a paroxysm of consternation. behind the jambs of the doors. Others, Great was the terror excited, and great the like ancient Romans, deemed it more senamischief inflicted. For six months, this torial to abide the event in a sitting posture, not in curule, but in their leather back alarm, in which the country was to be rechairs. While still in this fearful condi- ined precisely to the same extent, by i tion, the portentous Protest arrived, to conjunction with the banks, that it now is heighten the exciting scene, to multiply its by a separation froin them. perils, and to superadd a'arm for the safety After so much agitation there was repose of our beloved Constitution to the personal for a little while. We rested nearly two consternation we endured on account of years, until the year 1836. In that year, our own necks and limbs. How the Se. the Treasury order appeared, and the oco nate became relieved from this double casion was deemed a favorable one for the peril is matter of history, which the tongue revivification of panic and distress. Asig. of eloquence has already immortalized on nal gun was fired from the Chesnut street this fljer, and which the pen of truth will palace, in the form of a letter from the prefaithfully transmit to a remote generation. sident of the Bank of the United States to Virginia came to the rescue! Hanover an ex-President of the United States. A county did the business! We all remem- response to that signal echoed from Ken. ber that day when an orator of this body, tucky, in the shape of a barbecue speech. rising in his place, announced to us the Congress met; the proper resolution was glorious resulis of the precinct elections at introduced ; panic speeches were let off. Long Tom, Slow and Hungry, Negro Foot, A brave effori was made, but to no purpose. and Hell Town; and concluded with a The country refused to tako fright, and declaration that he had heard the last knock that experiment upon the public nerves of the har mer on the last nail in the cof- dieil out. fin of Jacksonism, At this annunciation The expunging panic then took its turn. our spirits rose. The Senate breathed It was a hard struggle for an alarm, but no freer and deeper. We all began to feel progress could be made at it. The people like Brutuses, ready to brandish high our could not see the destruction of the Constigleaming steel, and call on liberty, and bid - tution, in the purification of the Senate the fathers of their country hail! for, lo, journal They could not see the destructhe lyrint down, and we again all free. tion of the journal in the erasure of an ini. But, alas! ile mutability of human events! quitous sentence from it. Far from being quickly we found ourselves in the condi- frightened at the act, they ordered it to be tion of the poor fisherman in the Arabian done; and the branded page will stand for. Nights, who had corked up the terrific ever as the evidence of a factious outragą genii in a bottle, from which the giant on one side, and a monument of national spectre had emerged to fill all space with reparation on the other. the expansion of his boundless form., to The Treasury order and the expunging overshadow the whole earth with his end- panics both failed. They were abortive less height, and to menace the luckless experiments upon the nervous system of fisherman with instant annihilation. So of the people. Nothing disheartened, how. the Senate, and its coffined Jacksonism. ever, we find the Opposition gentlemen We had it in the coffin; we nailed it up; now bravely engaged at the fabrication of we were sure of it. We considered Jack- another. The Sub-Treasury bill panic is son done forever; yet he re-appeared on now the order of the day; and the total dethe political stage with more power than struction of all banks--the total destrucever, and with such effect upon the vision, tion of all credit-the sudden erection of that those who affirmed to us on this floor a Treasury bank upon the ruins of all that they saw him cotfined, now declare others—the exclusive imposition of Treathat he is still President of these United sury bank paper money currency upon the Slates, ruling the country with a rod of people, and, at the same time, the excluiron, and menacing all existing institutions sive imposition also of a hard money curwith instant ruin.
rency upon them; these are the raw-heads. Subordinate to these great alarms, Mr. and-bloody-bones which are now paraded President, were three small ones, which before the eyes of the people. A certain filled up the year 1834. There was the speech delivered on this floor, the title gold bill alarm, which was 10 debase the page of which will claim a prominent currency, and deprive the country of sil. place in the next emission of coffin hand. ver; the Safety Fund system alarm, in bills, is the congeries of these new horrors which the Albany regency were to extend -collected, compounded, and conglape. corruption and intrigue to the uttermost rated into one huge and frightful mass. boundaries of the Union ; and the pet bank With the delivery of that speech weat orth the authoritative mandate for the new exaggeration–distress meetingsdistress panic; but in vain. The people are tired orations---distress committees--and the of being scared. They refuse to take fright whole charged by its ovn authors on the any more.
Calm as a summer's morning, Republican Administrations ; sich is tho they read with indifference the programme in'usion of demoniac ingredients which for the alarm, and view with contempt the bank vengeance has superadded to Federal marshalling of the procession of the hob- panics, and by which the elections are to goblins, phantoms, and spectres which are be governed, and the people scourged into put in requisition for the ensuing elections. subíaission to Federal and Bank dominaThe country is quiet. But, behold the tion. symptoms of panic in another quarter! The It is now about six years since these ato panic makers themselves are beginning to tar:ks have been going on. They com. Take fright! The tenth day of May ap- menced with the famous vato session of proaches; and with it the elevation of that 1832—the marble palace in Chesnut street, RESUMPTION FLAG which will cheer Philadelphia, being the source from which
hopes of all Republicans, and impress they emanate. The rearer to that source, ih terror the fainting hearts of the broken the more the country is affected and inak and shin-plaster party.
jured; the farther off, the less. Thus, the Thus we have gone on ever since the South and West are less injured than the appearance of General Jackson on the po. Northeast; and, in some particulars, the Jirical stage, and the coincident revival of South and West are gaining uuder the efthe old political parties of 1798. Terror is fect of these aitacks on business, while the chosen agent of action upon the public the States and cities North of the Potomac mind now as it was then; but with this are losing. It is time for reflecting men to great difference, that the phantoms then consider the consequences of this unnatubrought forward to frighten the people into ral warfare upon the business of the counmeasures, were sulely directed to the ner- try. It is tiine for them to ask themselves vous system, and never coubined with any what its effects must be on the population, attack upon the business operations of the the manufactures, and the commerce of the country. People were then to be fright. Northeast, and on the banks themselves, ened out of their votes, but not deprived of which either become the criminal agents, work and labor, or ruined in their tiade and or the unfortunate victims, of this diabo. occupation. Now the assault is double- lical policy. History informs us that the it is both upon the nerves of the man, and revocation of the edict of Nantes deprived upon his bread. The famous Queen Eli. France, in three years, of three hundred zabeth, in stopping the income of the re. thousand souls, who carried to foreign fractory Earl of Essex, said, an ungovern- Siates the aris and manufactures of their able beast' must be deprived of his provene own native country. History also informs der. So of the present (Opposition tactics us that the tyranny of the Flemish manain our own country. Stop his bread --make facturing corporations transferred the wool. him feel- turn him out to graze; this is leo manufacture from Flande.s to England. the language of the day. An immense mo- Already an effect similar to that of the neyed institution, able to create the distress revocation of the edict of Nantes on France, which it foretells, has brought this Queen and of the tyranny of the Flemish corpo. Elizabeth ingredient into the composition rations on Flanders, is beginning to be of modern Federal panics; and now every visible in the effects of this war upon the successive attempt at alarm is accompa- business of the country in the Northeast. nied by an attack on the business of ihe Great is the number of respectable and country co-extensive with the power, and useful artisans and laborers-great the the ramifications of the power, of the Bark number of enterprising young men-nule of the United States. Laborers dismissed merous the heads of famili's, with their work stopped-factories closed-wages sons and daughters, and promising train of reduced-bread and fuel monopolized, and young children, which have already bid the price augmented-bank accommoda- adieu to the troubled scenes of the Northa tions with he'd from small dealers and hard east, and sought repose and independence workers, and profusely granted to capital- in the rich and trariquil regions of the far ists, shavers, and speculators-specie pay. West. Never was the emigration to the ments suspended-exchanges derang..da West so great. The roads, rivers and caactual distress created by every act of op. nals--all the western communicationspression and aggravated by every art of are filled with moving masses, pressing into the great Valley of the Mississippi.- comparatively little--on the merits of the “ Westward the star of empire holds its bill before you, because I know, as I have course." A continuation of the causes of already suid, that the merit or demerit of this emigration must augment the emigra- the bill, is not the question before us. It tion itseif; and in a few years the effects was the question which we presented ; il is must be felt on the population and manu: not the question which gentlemen of the factories of the Northeast. To the banks Opposition have discussed. They bring, themselves, wliether the agents or the vice forward another question-one of party, of tims ol' this unnatural warfare, a continuo political power, of restoration of themselves ance of such conduct must be fatal. Politi- to power. They Ay to all the topics of cal associations for any purpose, and with party warfare; they arm themselves froin any party, must be dangerous to banking the magazine of party politics; and the institusions; but an association with that Presidential election of 1810 is the object in party whose connection has been fatal :0 view. The struggle is for the recovery of iwo National Banks, and to every thing a lost charter, and restoration to lost power. else that it ever touched, and an association The party which got into power, without 10 zovern elections by hreaking up the bu- the consent of the people, in 1825, and siness of the country--such an association, which has since been evicted from power must be fatal indeed, not merely to the by the voice of the people—that party now culpable banks engaged in the work, but to nerves itself for the dying contest of 1840. many innocent ones which avoid their At its side is its well beloved cousin and policy. To the great importing cities, and ally, the denationalized National Bank, especially to New York, a continuance of collecting all its energies for the recovery this course, with a repetition of bank sus of a charter which a hero President, and a pensions, derangement of exchanges, and patriot people, refused to renew in 1832. int-rruption of credit, must be highly dele. This double recovery is the object; and terijus. The early loss of the Southern the question which really presents itself, is and Western trade may be the penalty of this: ought the evicted Federal party, and Buch conduct. Habit, and adventitious cir: the retoed Federal Bank, be restored to cumstances, now carry the Southern and the possession of the political and the peWestern merchants io the Northeast to cuniary power of these United States ? purchase goods; and to purchase thein at 'This is the question, and I hold the nega. all the disail vantages of a second hand sale, tive of it; for, of all Governments under loaded with the costs, charges, profits and the sun, restorations are admitte:l to be the losses of an intermediate sale. Direct most abominable and insufferable! They purchases in Europe are as easy for the are the worst Governments ever known. South and West as this second hand ope. Vengeance and persecution are their ruling zation, and far cheaper. They have the passions, and indemnification for lost time capital-- he real capital in their hundred iheir main occupation. It has been so in millions of annual exportable productions. all ages and in all countries, and will be They sell at hard money prices in Europe, so forever. Ancients and moderns in and purchase at paper money prices in the Asia, Africa, Europe, and America-the United States. The paper system, always same passions govern the restored party, hard upon the exporting Siates, becomes inodified only by the different degrees of ruinous to them in its derangements. The civilization which prevail. With the RoSouth and West have only t) begin direct mans, it was proscription and exile-the importations, and the natural channels will aquæ et ignis interdictio. In Asia and Afrivindicate their own rights forever after- ca, the restored chief gluts his savage venwards. Venice, Genoa, Alexandria, Cairo, geance in acts of brute violence upon his once entrepots of Asiatic and European helpless enemies. In Europe, more courtly commerce, had as well look for a restora. methods accomplish the degradation, and, tion of that commerce after the Cape of if need be, the destruction of the defeated Good Hope had been doubled, as that New party. In England, the restoration of the York, Philadelphia, or Baltimore; shall Stuarts was the signal for infesting the look for a continuation of Southern and country with delators, informers, and spies; Western trade, when once the Liverpool for fabricating meal-tub and sye-house and Havre markets shall be in direct com- plots ; for sending the Sidneys and the munication with New Orleans and Charles. Russels to judicial slaughter; for filling ton.