year of the reign of Edward I., the immediate with that of its rival, this court also adopted its successor of Henry, the right of imprisoning debtors was extended to merchants-Jewish merchants excepted, on account of their heterodoxy in religion-and was exercised with great severity. This extension was an act of policy on the part of the monarch. The ascendency obtained by the barons menaced the power of the throne; and, to counteract their influence, the merchants, a numerous and wealthy class, were selected by the monarch, and invested with the same authority over their debtors.

scription. Thus, these rival courts, each ambitious to sustain its relative importance, and extend its jurisdiction, introduced, as legal facts, the most palpable fictions, and sustained the most absurd solecisms as legal syllogisms.

fictions, and extended its power upon artificial construction, quite as far beyond its statutory prerogative; and upon the fictitious plea of trespass, constituting a legal supposition of outrage against the peace of the kingdom, authorized the writ of capias, and subsequent imprisonment, in cases where a summons only was warranted by law. The court of exchequer was designed to protect the king's revenue, and had no legal jurisdiction, except in cases of debtors to the public. The ingenuity of this "But England was not yet prepared for the court found means to extend its jurisdiction to yoke. She could endure an hereditary nobility; all cases of debt between individuals, upon the she could tolerate a monarchy; but she could fictitious plea that the plaintiff, who instituted not yet resign her unfortunate sons, indiscrimi- the suit, was a debtor to the king, and rendered nately, to the prison. The barons and the mer- the less able to discharge the debt by the dechants had gained the power over their victims; fault of the defendant. Upon this artificial preyet more than sixty years elapsed before Parlia- text, that the defendant was debtor to the ment dared to venture another act recognizing king's debtor, the court of exchequer, to secure the principle. During this period, imprison- the king's revenue, usurped the power of arment for debt had, in some degree, lost its no-raigning and imprisoning debtors of every develty. The incarceration of the debtor began to make the impression that fraud, and not misfortune, had brought on his catastrophe, and that he was, therefore, unworthy of the protection of the law, and too degraded for the society of the world. Parliament then ventured, in the reign of Edward III., in the fourteenth century, to extend the principle to two other cases-debt and detinue. This measure opened the door for the impositions which were gradually introduced by judicial usurpation, and have resulted in the most cruel oppression. Parliament, for one hundred and fifty years afterwards, did not venture to outrage the sentiments of an injured and indignant people, by extending the power to ordinary creditors. But they had laid the foundation, and an irresponsible judiciary reared the superstructure. From the twenty-fourth year of the reign of Edward III., to the nineteenth of Henry VIII., the subject slumbered in Parliament. In the mean time, all the ingenuity of the courts was employed, by the introduction of artificial forms and legal fictions, to extend the power of imprisonment for debt in "While imprisonment for debt is sanctioned, cases not provided for by statute. The juris- the threats of the creditor are a source of perdiction of the court called the King's Bench, ex-petual distress to the depen lent, friendless tended to all crimes or disturbances against the debtor, holding his liberty by sufferance alone. peace. Under this court of criminal jurisdic- Temptations to oppression are constantly in tion, the debtor was arrested by what was view. The means of injustice are always at called the writ of Middlesex, upon a supposed hand; and even helpless females are not extrespass or outrage against the peace and dig-empted from the barbarous practice. In a land nity of the crown. Thus, by a fictitious construction, the person who owed his neighbor was supposed to be, what every one knew him not to be, a violator of the peace, and an offender against the dignity of the crown; and while his body was held in custody for this crime, he was proceeded against in a civil action, for which he was not liable to arrest under statute. The jurisdiction of the court of common pleas extended to civil actions arising between individuals upon private transactions. To sustain its importance upon a scale equal

"Where the person of the debtor was, by statute, held sacred, the courts devised the means of construing the demand of a debt into the supposition of a crime, for which he was subject to arrest on mesne process; and the evidence of debt, into the conviction of a crime against the peace of the kingdom, for which he was deprived of his liberty at the pleasure of the offended party. These practices of the courts obtained by regular gradation. Each act of usurpation was a precedent for similar outrages, until the system became general, and at length received the sanction of Parliament. The spirit of avarice finally gained a complete triumph over personal liberty. The sacred claims of misfortune were disregarded, and, to the iron grasp of poverty, were added the degradation of infamy, and the misery of the dungeon.

of liberty, enjoying, in all other respects, the freest and happiest government with which the world was ever blessed, it is matter of astonishment that this cruel custom, so anomalous to all our institutions, inflicting so much misery upon society, should have been so long endured."

The act was passed soon after this masterly report was made, followed by similar acts in most of the States; and has been attended every where with the beneficial effect resulting

himself.

from the suppression of any false and vicious the national pursuit of any branch of industry, principle in legislation. It is a false and vicious principle in the system of credit to admit a calculation for the chance of payment, founded on the sympathy and alarms of third parties, or on the degradation and incarceration of the debtor Such a principle is morally wrong, and practically unjust; and there is no excuse for it in the plea of fraud. The idea of fraud does not enter into the contract at its original formation; and if occurring afterwards, and the debtor undertakes to defraud his creditor, there is a code of law made for the case; and every case should rest upon its own circumstances. As an element of credit, imprisonment for debt is condemned by morality, by humanity, and by the science of political economy; and its abolition has worked well in reducing the elements of credit to their legitimate derivation in the personal character, visible means, and present securities of the contracting debtor. And, if in that way, it has diminished in any degree the wide circle of credit, that is an additional advantage gained to the good order of society and to the solidity of the social edifice. And thus, as in so many other instances, American legislation has ameliorated the law derived from our English ancestors, and given an example which British legislation may some day follow. In addition to the honor of seeing this humane act passed during his administration, General Jackson had the further and higher honor of having twice recommended it to the favorable consideration of Congress.

CHAPTER LXXVII.

SALE OF UNITE STATES STOCK IN THE NA-
TIONAL BANK.

THE President in his annual message had recommended the sale of this stock, and all other stock held by the United States in corporate companies, with the view to disconnecting the government from such corporations, and from all pursuits properly belonging to individuals. And he made the recommendation upon the political principle which condemns the partnership of the government with a corporation; and upon the economical principle which condemns

and leaves the profit, or loss of all such pursuits to individual enterprise; and upon the belief, in this instance, that the partnership was unsafethat the firm would fail-and the stockholders lose their investment. In conformity to this recommendation, a bill was brought into the House of Representatives to sell the public stock held in the Bank of the United States, being seven millions of dollars in amount, and consisting of a national stock bearing five per centum interest. The bill was met at the threshold by the parliamentary motion which implies the unworthiness of the subject to be considered; namely, the motion to reject the bill at the firstreading. That reading is never for consideration, but for information only; and, although debatable, carries the implication of unfitness for debate, and of some flagrant enormity which requires rejection, without the honor of the usual forms of legislation. That motion was made by a friend of the bank, and seconded by the member (Mr. Watmough) supposed to be familiar with the wishes of the bank directory. The speakers on each side gave vent to expressions which showed that they felt the indignity that was offered to the bill, one side in promoting-the other in opposing the motion. Mr. Wickliffe, the mover, said: "He was impelled, by a sense of duty to his constituents and to his country, to do in this case, what he had never done before-to move the rejection of a bill at its first reading. There are cases in which courtesy should yield to the demands of justice and public duty; and this, in my humble opinion, is one of them. It is a bill fraught with ruin to all private interests, except the interest of the stockjobbers of Wall-street." Mr. Watmough expressed his indignation and amazement at the appearance of such a bill, and even fell upon the committee which reported it with so much personality as drew a call to order from the Speaker of the House. "He expressed his sincere regret at the neccessity which compelled him to intrude upon the House, and to express his opinion on the bill, and his indignation against this persecution of a national institution. He was at a loss to say which feeling predominated in his bosom amazement, at the want of financial skill in the supporters of the bill --or detestation of the unrelenting spirit of the administration persecution on that floor of an in

stitution admitted by the wisest and the best best for the government. It was an isolated men of the times to be absolutely essential to the proposition. It proposed to disenthral the govexistence and safety of this Union, and almost ernment from a partnership with this incorporatto that of the constitution itself which formed ed company. It proposed to get rid of the inits basis. He said, he was amazed that such a terest which the government had in this moneyed bill, at such a crisis, could emanate from any monopoly; and to do so by a sale of the governcommittee of this House; but his amazement ment stocks, and on terms not below the market was diminished when he recalled to mind the price. He was not disposed to depreciate the source from which it came. It came from the value of the article which he wished to sell. He Committee of Ways and Means, and was under was willing to rest upon the right to sell. The the parental care of the gentleman from Ten- friends of the bank themselves raised the question neessee. Need he say more?" of solvency, it would seem, that they might have an opportunity, to eulogize the institution under the forms of a defence. This was not the time for such a discussion-for an inquiry into the conduct and condition of the bank.

dinary right of a stockholder to sell its shares: by the sale of the latter, in this respect; since opposed, insulted, defeated; and by the power the dividends on bank stock are received semiof the bank in Congress, of whose members annually, while the interest of the United States' securities is paid quarterly; this, however, he subsequent investigations showed above fifty to waived as a matter of comparatively small mobe borrowers from the institution; and many to ment. It must be obvious, he said, that the adbe on the list of its retained attorneys. But dition of one million six hundred thousand do!this was not the first time the government had lars to the available funds of the United States will produce the extinguishment of an equivabeen so treated. The same thing had happened lent amount of the public debt, and consequently once before, and about in the same way; but relieve the interest payable thereon, by which a without the same excuse of persecution and en-saving would accrue of about one hundred thousand dollars per annum."

mity to the corporation; for, it was before the time of General Jackson's Presidency; to wit, in the year 1827, and under the Presidency of Mr. Quincy Adams. Mr. Philip P. Barbour, representative from Virginia, moved an inquiry, at that time, into the expediency of selling the United States stock in the bank: the consideration of the resolution was delayed a week, the time necessary for a communication with Philadelphia. At the end of the week, the resolution was taken up, and summarily rejected. Mr. Barbour had placed his proposition wholly upon the ground of a public advantage in selling its stock, unconnected with any reason disparaging to the bank, and in a way to avoid, as he believed, any opposition. He said:

This was what Mr. Barbour said, at the time of offering the resolution. When it came up for consideration, a week after, he found his motion not only opposed, but his motives impeached, and the most sinister designs imputed to himself— to him! a Virginian country gentleman, honest and modest; ignorant of all indirection; upright and open; a stranger to all guile; and with the simplicity and integrity of a child. He deeply felt this impeachment of motives, certainly the first time in his life that an indecent imputation had ever fallen upon him; and he feelingly deprecated the intensity of the outrage. He said:

"We shall have fallen on evil times, indeed, if a member of this House might not, in the integrity of his heart, rise in his place, and offer for consideration a measure which he believed to be for the public weal, without having all that he said and did imputed to some hidden motive, and referred to some secret purpose which was never presented to the public eye."

"The House were aware that the government holds, at this time, stock of the Bank of the United States, to the amount of seven millions of dollars, which stock was at present worth in market about twenty-three and one half per cent. advance above its par value. If the whole of this stock should now be sold by the government, it would net a profit of one million and six hundred thousand dollars above the nominal amount of the stock. Such being the case, he thought it deserved the serious consideration of the House, whether it would not be a prudent and proper measure now to sell out that stock. It had been said, Mr. B. observed, by one of the best writers on political economy, with whom he was acquainted, that the pecuniary affairs of nations bore a close analogy to those of private households: in both, their prosperity mainly depended on a vigilant and effective management of their resources. There is, said Mr. B., an amount of between seventeen and eighteen millions of the stock of the United States now redeemable, and an amount of nine millions more, which will be redeemable next year. If the interest paid by the United States on this debt is compared with the dividend it receives on its stock in the Bank of the United States, it will be found that a small advantage would be gained | tion at their hands.

His proposition was put to the vote, and received eight votes besides his own. They were: Messrs. Mark Alexander, John Floyd, John Roane, and himself, from Virginia; Thomas H. Hall, and Daniel Turner, of North Carolina; Tomlinson Foot of Connecticut; Joseph Lecompte, and Henry Daniel, of Kentucky. And this was the result of that first attempt to sell the United States stock in a bank chartered by itself and bearing its name. And now, why resuscitate these buried recollections? I answer: for the benefit of posterity! that they may have the benefit of our experience without the humiliation of having undergone it, and know what kind of a master seeks to rule over them if another national bank shall ever seek incorpora

CHAPTER LXXVIII.

NULLIFICATION ORDINANCE IN SOUTH CARO-
LINA.

Ir has been seen that the whole question of the
American system, and especially its prominent
feature of a high protective tariff, was put in
issue in the presidential canvass of 1832; and
that the long session of Congress of that year
was occupied by the friends of this system in
bringing forward to the best advantage all its
points, and staking its fate upon the issue of the
election. That issue was against the system;
and the Congress elections taking place contem-
poraneously with the presidential were of the
same character. The fate of the American sys-
tem was sealed. Its domination in federal
legislation was to cease. This was acknowledged
on all hands; and it was naturally expected
that all the States, dissatisfied with that system,
would be satisfied with the view of its speedy
and regular extinction, under the legislation of
the approaching session of Congress; and that
expectation was only disappointed in a single
State-that of South Carolina. She had held
aloof from the presidential election-throwing
away her vote upon citizens who were not can-
didates-and doing nothing to aid the election
of General Jackson, with whose success her
interests and wishes were apparently identified.
Instead of quieting her apprehensions, and mode-
rating her passion for violent remedies, the
success of the election seemed to inflame them;
and the 24th of November, just a fortnight after
the election which decided the fate of the tariff,
she issued her ordinance of nullification against
it, taking into her own hands the sudden and
violent redress which she prescribed for herself.
That ordinance makes an era in the history of
our Union, which requires to be studied in order
to understand the events of the times, and the
history of subsequent events. It was in these

words:

ORDINANCE.

"An ordinance to nullify certain acts of the Congress of the United States, purporting to be laws laying duties and imposts on the portation of foreign commodities.

duties and imposts on foreign imports, but in reality intended for the protection of domestic manufactures, and the giving of bounties to classes and individuals engaged in particular employments, at the expense and to the injury and oppression of other classes and individuals, and by wholly exempting from taxation certain foreign commodities, such as are not produced or manufactured in the United States, to afford a pretext for imposing higher and excessive duties on articles similar to those intended to be protected, hath exceeded its just powers under the constitution, which confers on it no authority true meaning and intent of the constitution, to afford such protection, and hath violated the which provides for equality in imposing the burdens of taxation upon the several States and portions of the confederacy: And whereas the taxes and collect revenue for the purpose of said Congress, exceeding its just power to impose effecting and accomplishing the specific objects and purposes which the constitution of the United States authorizes it to effect and accomplish, hath raised and collected unnecessary revenue for objects unauthorized by the constitution.

"We, therefore, the people of the State of South Carolina, in convention assembled, do declare and ordain, and it is hereby declared and ordained, that the several acts and parts of acts of the Congress of the United States, purporting to be laws for the imposing of duties and imposts on the importation of foreign commodities, and now having actual operation and effect within entitled 'An act in alteration of the several acts the United States, and, more especially, an act imposing duties on imports,' approved on the nineteenth day of May, one thousand eight hundred and twenty-eight, and also an act entitled 'An act to alter and amend the several acts imposing duties on imports,' approved on the fourteenth day of July, one thousand eight hundred and thirty-two, are unauthorized by the constitution of the United States, and violate the true meaning and intent thereof, and are null, void, and no law, nor binding upon this State, its officers or citizens; and all promises, contracts, and obligations, made or entered into, or to be made or entered into, with purpose to secure the duties imposed by the said acts, and had in affirmance thereof, are and shall be held all judicial proceedings which shall be hereafter utterly null and void.

"And it is further ordained, that it shall not be lawful for any of the constituted authorities, whether of this State or of the United States, to enforce the payment of duties imposed by the said acts within the limits of this State; but it

shall be the duty of the legislature to adopt such measures and pass such acts as may be necessaim-y to give full effect to this ordinance, and to prevent the enforcement and arrest the operation of the said acts and parts of acts of the Congress of the United States within the limits of this State, from and after the 1st day of Feb

"Whereas the Congress of the United States, by various acts, purporting to be acts laying