fortable. It is well known that I differ in opinion from those in this house, and out of it, with whom I am most anxious to agree, on the policy of this bill as it now stands, on what the true character of the bill is, and what is to be its operation and effect upon those great interests on which it is to act. This difference of opinion, I am afraid, is a radical and wide one. My friends, who are so ardent and so efficient in the support of this bill, seem to regard its grand feature-the security which it offers to the bill-holder-as one of perfect soundness and safety in all respects, and of inappreciable value. I look on that same feature with distrust, and see in it the seeds of mischief. With that feature in it, they behold in this bill the means of reviving the drooping commerce, the business, and the general prosperity of the country while I am afraid that it is but too well calculated to be made a cover and shield for those whose business it is to prey on society, and that while in one quarter it may afford some immediate relief, elsewhere, and finally everywhere over the state, it will open the way to frauds and to intolerable evils.

On the other hand, I propose certain amendments, one of which in particular I think indispensable to the safe action of the bill, but which my friends regard as something at least fanciful if not absurd, resting in mere theory, of no practical utility anywhere and least of all here, and only embarrassing the free action of a system beautiful and altogether perfect in itself. They verily think they have happily hit on a project for banking, splendid and new, the wisest, the safest and the best ever yet devised, while I am so unfortunate as to view it, standing as it now does, rather in the light of another

experiment on the currency, not untried, but never tried with success or without mischief; another effort at tinkering the currency, and coming nigh to being a total departure from every sound and well established principle of banking.

Among the strenuous supporters of this bill in its present shape, I recognize many personal as well as political friends: many of experience and tried judgment in legislation and public affairs, and to whose opinions I should defer with pleasure anywhere--except here-except here -Mr. Chairman, in this Legislative Hall, where, though esteeming myself to be the humblest individual on the floor, I feel bound to maintain my position, even towards the loftiest and proudest of the people's representatives here, as an equal among equals. At the same time, it is not a little embarassing to be obliged to set up opinions of mine, on so grave a subject as that now before us, against what seems at present to be the united strength, almost without exception, of that portion of the house with which I usually act. I cannot but be aware that in so doing I am liable to become the subject of unworthy thoughts, and perhaps of injurious expressions and imputations, in quarters where it would certainly be agreeable to stand well, and where I should much prefer to avoid all collisions. But I cannot, from any such considerations, shrink from the responsibilities of my office and my position. And if I am told, as has been more than once broadly intimated, that gentlemen's minds are made up, and that they are not to be moved, I answer that I do not admit it. As yet, though this measure has been long before the house, we have had little or no discussion of the principles involved in it.

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For one, sir, I shall not forget that this is a deliberative body, assembled for the very purpose of deliberation, of discussion, and of debate. I shall not admit that such weighty matters as currency and credit are fit to be settled by any party movement or manœuvre in the house or out of it; or that it is either creditable or safe to legislate on such matters upon preconceived impressions, however strong, which have not been tested by examination and analysis. I shall take it for granted that the minds of gentlemen are still open to conviction, as my own mind certainly is. On both sides we have undoubtedly our present opinions; and my anxiety is, not, I trust, merely that my own should prevail, but that the best and soundest should prevail. I shall state my views plainly, addressing myself to the sense and understanding of those who hear me and I invite gentlemen to the debate. If I am right, I desire to convince others; if I am wrong, I desire to be convinced. Let the argu

ment be met and refuted, and I shall be found ready and prompt to yield my views and opinions, to the better views and opinions of others.

There is another topic to which I must here take the liberty to advert. The country is in a very disturbed state. It may be said to be passing through the condition of almost universal bankruptcy. It is now nearly a year since the banks suspended specie payments. In the mean time a steady effort has been made, in this state, to bring about again a sound and healthy state of things. The banks have perseveringly looked to a period of resumption within the year, and now just at hand. In this operation the currency has been contracted, prices have tended downwards, business has

been paralyzed, and men are everywhere looking around them for some means of relief, some way of escape from the crushing pressure of the times. They are not content to wait for the operation of natural causes, or the result of any prescriptions for political ills which do not promise an instantaneous and miraculous cure. Now many persons see in a general banking law the certain means of present relief. Their plans of operation under it are already formed. The bill before us authorizes associations for banking, with powers and facilities not very unlike those enjoyed by corporations; and there can be little doubt that, under it, an institution equally valuable and safe may be built up in the city of NewYork, greatly to the relief and advantage of the commerce and business of the country. Undoubtedly, where the true condition of things is understood, where the true want of the community is felt and appreciated, and the true way of return to soundness and prosperity is discovered and known, the provisions of this bill may be used with eminent advantage and with entire safety. But this is a general law, and while at one point, and in judicious and discreet hands, it may be found to answer a valuable purpose, elsewhere and in other hands may be found to be fruitful only of evil and mischief. This is my apprehension-I may say it is my conviction; and I do not therefore feel myself at liberty to yield to those strong influences which we know are brought to bear upon us all in favor of this measure, in behalf of particular interests and particular places. I should hope that my sympathies are not less strong, my nature not less generous, my disposition to relieve and to build up not less fixed and determined, than are these

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qualities in others; but I cannot consent to aid in, promoting any partial interest, however considerable, at the cost of the common safety; I cannot consent to do even a great good at an expense still greater. Others, I know, do not see the dangers which I think I discover. They see very clearly certain advantages to flow from the system; and it is not to be wondered at that they should be a little impatient with me for pretending to discover mischief where they can find nothing but unmixed good.

There is still another influence operating on the house from another quarter. The burthen of all songs just now is the distresses of the times; and these are times when men become patriots at a very trifling cost. A judicious exhibition of ready sympathy, a timely lamentation over common calamities, with some ingenious and plausible suggestions for present relief, will make a man's reputation in a day. Unfortunately it happens that our patriots have, too often, some personal good, to be attained only through their schemes for the public advantage. I suppose it will not be unjust or improper to say that there is in the community a host of expectants and speculators, who are anxiously looking to this bill to help them out, or to help them on- a host which is not unrepresented in the house below this. These are persons of substance-at least they esteem themselves so-with property in abundance in possession or within reach, and which cannot be turned to profit or account, only because they lack money. Now they look on this bill in a truer light, I think, than some others. They see in it a license to men to create their own money, at least for temporary use, to any extent to which their