could not be played in that town. The actors the bank was full of money; without pretext, would not mount the stage. for the deposit farce is over; without the aid of panic speeches, for the Senate will not be in session. Mr. B. spoke of the circulation of the Bank of the United States, and said that its notes might be withdrawn without being felt or known Mr. B. said, that among the strange events by the community. It contributed but four which took place in this world, nothing could millions and a quarter to the circulation at this be more strange than to find, in our own countime. He verified this statement by showing try, and in the nineteenth century, any practithat the bank had twelve millions and a quarter cal illustration of the ancient doctrine of the of specie in its vaults, and but sixteen millions metempsychosis. Stranger still, if that doctrine and a half of notes in circulation. The differ- should be so far improved, as to take effect in ence was four millions and a quarter; and that soulless bodies; for, according to the founders was the precise amount which that gigantic in- of the doctrine, the soul alone could transmistitution now contributed to the circulation of grate. Now, corporations had no souls; that the country! Only four millions and a quarter. was law, laid down by all the books: that all If the gold bill passed, and raised gold sixteen corporations, moneyed ones especially, and above to one, there would be more than that amount | all, the Bank of the United States, was most of gold in circulation in three months. The foreign coin bill, and the gold bill, would give the country many dollars in specie, without interest, for each paper dollar which the bank issues, and for which the country pays so dearly. The dis-one. solution of the bank would turn out twelve millions and a quarter of specie, to circulate among the people; and the sooner that is done the better it will be for the country. The The Bank is now a nuisance, said Mr. B. With upwards of twelve millions in specie, and less than seventeen millions in circulation, and only fifty-two millions of loans, it pretends that it cannot lend a dollar, not even to business men, to be returned in sixty days; when, two years ago, with only six millions of specie and twentytwo millions of circulation, it ran up its loans to seventy millions. The president of the bank then swore, that all above six millions of specie was a surplus! How is it now, with near double as much specie, and five millions less of notes out, and twelve millions less of debt? bank needs less specie than any other banking institution, because its notes are receivable, by law, in all federal payments; and from that circumstance alone would be current, at par, although the bank itself might be wholly unable to redeem them. Such a bank is a nuisance. It is the dog in the manger. It might lend money to business men, at short dates, to the last day of its existence; yet the signs are for a new pressure; a new game of distress for the fall elections in Pennsylvania, New-York, and Ohio. If that game should be attempted, Mr. B. said, it would have to be done withou excuse, for soulless. Yet the rumor was, that this bank intended to attempt the operation of effecting a transfer of her soul; and after submitting to death in her present form, to rise up in a new Mr. B. said he, for one, should be ready for the old sinner, come in the body of what beast it might. No form should deceive him, not even if it condescended, in its new shape, to issue from Wall-street instead of Chestnut! A word more, and Mr. B. was done. It was a word to those gentlemen whose declarations, many ten thousand times issued from this floor, had deluded a hundred thousand people to send memorials here, certifying what those gentlemen so incontinently repeated, that the removal of the deposits had made the distress, and nothing but the restoration of the deposits, or the renewal of the charter, could remove the distress! Well! the deposits are not restored, and the charter is not renewed; and yet the distress is gone! What is the inference? Why that gentlemen are convicted, and condemned, upon their own argument! They leave this chamber to go home, self-convicted upon the very test which they themselves have established; and after having declared, for six months, upon this floor, that the removal of the deposits made the distress, and nothing but their restoration, or the renewal of the bank charter, could relieve it, and that they would sit here until the dog-days, and the winter solstice, to effect this restoration or renewal: they now go home in good time for harvest, without effecting the restoration or the renewal; and find every where, as they go, the evidences of the highest prosperity which ever blessed the land. Yes! repeated and exclaimed Mr. B. with great emphasis, the deposits are not restored-the charter is not renewed-the distress is gone-and the distress speeches have ceased! No more lamentation over the desolation of the land now; and a gentleman who should undertake to entertain the Senate again in that vein, in the face of the present national prosperity-in the face of the present report from the Secretary of the Treasury—would be stared at, as the Trojans were accustomed to stare at the frantic exhibitions of Priam's distracted daughter, while vaticinating the downfall of Troy in the midst of the heroic exploits of Hector. At the conclusion of this speech Mr. Webster spoke a few words, signifying that foreigners might have made the importations which kept up the revenue; and Mr. Chambers, of Maryland, spoke more fully, to show that there was not time yet for the distress to work its effect nationally. Mr. Webster then varied his motion, and, instead of sending the Secretary's report to the Finance Committee, moved to lay it upon the table: which was done: and being printed, and passed into the newspapers, with the speech to emblazon it, had a great effect in bringing the panic to a close. CHAPTER CVIII. REVIVAL OF THE GOLD CURRENCY. A MEASURE of relief was now at hand, before which the machinery of distress was to balk, and cease its long and cruel labors: it was the passage of the bill for equalizing the value of gold and silver, and legalizing the tender of foreign coins of both metals. The bills were brought forward in the House by Mr. Campbell P. White of New-York, and passed after an animated contest, in which the chief question was as to the true relative value of the two metals, varied by some into a preference for national bank paper. Fifteen and five-eighths to one was the ratio of nearly all who seemed best calculated, from their pursuits, to understand the subject. The thick array of speakers was on that side; and the eighteen banks of the city of New-York, with Mr. Gallatin at their head, fa vored that proportion. The difficulty of adjust ing this value, so that neither metal should expel the other, had been the stumbling block for a great many years; and now this difficulty seemed to be as formidable as ever. Refined calculations were gone into: scientific light was sought: history was rummaged back to the times of the Roman empire: and there seemed to be no way of getting to a concord of opinion either from the lights of science, the voice of history, or the result of calculations. The author of this View had (in his speeches on the subject), taken up the question in a practical point of view, regardless of history, and calculations, and the opinions of bank officers; and looking to the actual, and equal, circulation of the two metals in different countries, he saw that this equality and actuality of circulation had existed for above three hundred years in the Spanish dominions of Mexico and South America, where the proportion was 16 to one. Taking his stand upon this single fact, as the practical test which solved the question, all the real friends of the gold currency soon rallied to it. Mr. White gave up the bill which he had first introduced, and adopted the Spanish ratio. Mr. Clowney of South Carolina, Mr. Gillet and Mr. Cambreleng of New-York, Mr. Ewing of Indiana, Mr. McKim of Maryland, and other speakers, gave it a warm support. Mr. John Quincy Adams would vote for it, though he thought the gold was over-valued; but if found to be so, the difference could be corrected hereafter. The principal speakers against it and in favor of a lower rate, were Messrs. Gorham of Massachusetts; Selden of New-York; Binney of Pennsylvania; and Wilde of Georgia. And, eventually the bill was passed by a large majority-145 to 36. In the Senate it had an easy passage. Mr. Calhoun and Webster supported it: Mr. Clay opposed it: and on the final vote there were but seven negatives: Messrs. Chambers of Maryland; Clay; Knight of Rhode Island; Alexander Porter of Louisiana; Silsbee of Massachusetts; Southard of New Jersey; Sprague of Maine. The good effects of the bill were immediately seen. Gold began to flow into the country through all the channels of commerce: old chests gave up their hordes: the mint was busy: and in a few months, and as if by magic, a currency banished from the country for thirty years, overspread the land, and gave joy and confidence to all the pursuits of industry. But this joy was not universal. A large interest connected with the Bank of the United States, and its subsidiary and subaltern institutions, and the whole paper system, vehemently opposed it; and spared neither pains nor expense to check its circulation, and to bring odium upon its supporters People were alarmed with counterfeits. Gilt counters were exhibited in the markets, to alarm the ignorant. The coin itself was burlesqued, in mock imitations of brass or copper, with grotesque figures, and ludicrous inscriptions -the "whole hog" and the "better currency," being the favorite devices. Many newspapers expended their daily wit in its stale depreciation. The most exalted of the paper money party, would recoil a step when it was offered to them, and beg for paper. The name of " Gold humbug" was fastened upon the person supposed to have been chiefly instrumental in bringing the derided coin into existence; and he, not to be abashed, made its eulogy a standing theme-vaunting its excellence, boasting its coming abundance, to spread over the land, flow up the Mississippi, shine through the interstices of the long silken purse, and to be locked up safely in the farmer's trusty oaken chest. For a year there was a real war of the paper against gold. But there was something that was an overmatch for the arts, or power, of the paper system in this particular, and which needed no persuasions to guide it when it had its choice: it was the instinctive feeling of the masses! which told them that money which would jingle in the pocket was the right money for them-that hard money was the right money for hard hands-that gold was the true currency for every man that had any thing true to give for it, either in labor or property: and upon these instinctive feelings gold became the avidious demand of the vast operative and producing classes. CHAPTER CIX. REJECTION OF MR. TANEY, NOMINATED FOR SECRETARY OF THE TREASURY. A PRESENTIMENT of what was to happen induced the President to delay, until near the end of the session, the nomination to the Senate of Mr. Taney for Secretary of the Treasury. He had offended the Bank of the United States too much to expect his confirmation in the present temper of the Senate. He had a right to hold back the nomination to the last day of the session, as the recess appointment was valid to its end; and he retained it to the last week, not being willing to lose the able and faithful services of that gentleman during the actual session of Congress. At last, on the 23d of June, the nomination was sent in, and immediately rejected by the usual majority in all cases in which the bank was concerned. Mr. Taney, the same day resigned his place; and Mr. McClintock Young, first clerk of the treasury, remained by law acting Secretary. Mr. Benjamin Franklin Butler, of New-York, nominated for the place of attorney-general, was confirmed he having done nothing since he came into the cabinet to subject him to the fate of his predecessor, though fully concurring with the President in all his measures in relation to the bank. CHAPTER CX. SENATORIAL INVESTIGATION OF THE BANK OF THE UNITED STATES. THIS corporation had lost so much ground in the public estimation, by repulsing the investigation attempted by the House of Representatives, that it became necessary to retrieve the loss by some report in its favor. The friends of the institution determined, therefore, to have an investigation made by the Senate-by the Finance Committee of that body. In conformity to this determination Mr. Southard, on the last day of the session moved that that committee should have leave to sit during the recess of the Senate to inquire whether the Bank of the United States had violated its charter-whether it was a safe depository of the public moneysand what had been its conduct since 1832 in regard to extension and curtailment of loans, and its general management since that time. The committee to whom this investigation was committed, consisted of Messrs. Webster, Tyler, Ewing, Mangum, and Wilkins. Of this committee all, except the last named, were the opponents of the administration, friends of the bank, its zealous advocates in all the questions mittee that he was on his way to appear before between it and the government, speaking ar- them in obedience to their summons. And it dently in its favor, and voting with it on all was under these circumstances that the existing questions during the session. Mr. Wilkins committee was authorized to remain in sesvery properly refused to serve on the commit- sion for his arrival-to receive his testimonytee; and Mr. King of Alabama, being proposed publish it-and dissolve. No perambulation in his place, also, and with equal propriety, re- through the country-no indefinite session-no fused to serve. This act of the Senate in thus putting members upon Congress per diems and undertaking to examine the bank after a re- mileage from one session to another. Wrongpulse of the committee of the House of Repre- ful and abuseful in its creation, this peripasentatives and still standing out in contempt of tetic committee of the Senate was equally so that House, and by a committee so composed, in its composition and object. It was composed and so restricted, completed the measure of of the advocates of the bank, and its object evimortification to all the friends of the American dently was to retrieve for that institution a Senate. It was deemed a cruel wound given to part of the ground which it had lost; and was itself by the Senate. It was a wrong thing, so viewed by the community. The clear-sightdone in a wrong way, and could have no resulted masses saw nothing in it but a contrivance but to lessen the dignity and respectability of to varnish the bank, and the odious appellathe Senate. The members of the committee tion of "whitewashing committee" was fastenwere the advocates of the bank, and its public ed upon it. CHAPTER CXI. DOWNFALL OF THE BANK OF THE UNITED WHEN the author of the Eneid had shown the justified in departing from the chronological order of events to look ahead, and give a glimpse of the dead Marcellus, hope and heir of the Augustan empire; in the like manner the writer of this View, after having shown the greatness of the United States Bank-exemplified in her capacity to have Jackson condemned defenders on all the points to be examined. This was a violation of parliamentary law, as well as of the first principles of decency and propriety-the whole of which require criminatory investigations to be made, by those who make the accusations. It was to be done in vacation; for which purpose the committee was to sit in the recess-a proceeding without precedent, without warrant from any word in the constitution and susceptible of the most abuse-opening gradeur of Rome, he deemed himself ful and factious use. The only semblance of precedent for it was the committee of the House in 1824, on the memorial of Mr. Ninian Edwards against Mr. Crawford in that year; but that was no warrant for this proceeding. It was a mere authority to an existing committee which had gone through its examination, and made its report to the House, to continue the government directors and a secretary of its session after the House adjourned to take the treasury rejected—a committee of the House the deposition of the principal witness, detained of Representatives repulsed-the country conby sickness, but on his way to the examination. vulsed and agonized-and to obtain from the SeThis deposition the committee were to take, nate of the United States a committee to proceed publish, and be dissolved; and so it was done to the city of Philadelphia to "wash out its foul accordingly. And even this slight continuation linen;"-after seeing all this and beholding the of a committee was obtained from the House greatness of the moneyed power at the culminawith difficulty, and under the most urgent cir- ting point of its domination, I feel justified in cumstances. Mr. Crawford was a candidate for looking ahead a few years to see it in its altered the presidency; the election was to come on phase-in its ruined and fallen estate. And before Congress met again; Mr. Edwards had this shall be done in the simplest form of exmade criminal charges against him; all the tes- hibition; namely: by copying some announcetimony had been taken, except that of Mr. Ed-ments from the Philadelphia papers of the day. wards himself; and he had notified the com- Thus: 1. "Resolved (by the stockholders), that it is expedient for the Bank of the United States to make a general assignment of the real and personal estate, goods and chattels, rights and credits, whatsoever, and wheresover, of the said corporation, to five persons, for the payment or securing of the debts of the same-agreeably to the provisions of the acts of Assembly of this commonwealth (Pennsylvania)." 2. "It is known that measures have been taken to rescue the property of this shattered institution from impending peril, and to recover as much as possible of those enormous bounties which it was conceded had been paid by its late managers to trading politicians and mercenary publishers for corrupt services, rendered to it during its charter-seeking and electioneering campaigns." 3. "The amount of the suit instituted by the Bank of the United States against Mr. N. Biddle is $1,018,000, paid out during his administration, for which no vouchers can be found." 4. "The United States Bank is a perfect wreck, and is seemingly the prey of the officers and their friends, which are making away with its choicest assets by selling them to each other, and taking pay in the depreciated paper of the South." 5. "Besides its own stock of 35,000,000, which is sunk, the bank carries down with it a great many other institutions and companies, involving a loss of about 21,000,000 more-making a loss of 56,000,000-besides injuries to individuals." 6. "There is no price for the United States Bank stock. Some shares are sold, but as lottery tickets would be. The mass of the stockholders stand, and look on, as passengers on a ship that is going down, and from which there is no escape." 7. "By virtue of a writ of venditioni exponas, directed to the sheriff of the city and county of Philadelphia, will be exposed to public sale to the highest bidder, on Friday, the 4th day of November next, the marble house and the grounds known as the Bank of the United States, &c." 8. "By virtue of a writ of levari facias, to me directed, will be exposed to public sale the estate known as 'Andalusia,' ninety-nine and a half acres, one of the most highly improved places in Philadelphia; the mansion-house, and out-houses and offices, all on the most splendid scale; the green-houses, hothouses, and conservatories, extensive and useful; taken as the property of Nicholas Biddle." 9. "To the honorable Court of General Sessions. The grand jury for the county of Philadelphia. respectfully submit to the court, on their oaths and affirmations, that certain officers connected with the United States Bank, have been guilty of a gross violation of the law-colluding together to defraud those stockholders who had trusted their property to be preserved by them. And that there is good ground to warrant a prosecution of such persons for criminal offences, which the grand jury do now present to the court, and ask that the attorney-general be directed to send up for the action of the grand jury, bills of indictment against Nicholas Biddle,' Samuel Jaudon, John Andrews, and others, to the grand jury unknown, for a conspiracy to defraud the stockholders in the Bank of the United States of the sums of, &c." 10. Bills of indictment have been found against Nicholas Biddle, Samuel Jaudon and John Andrews, according to the presentment of the grand jury; and bench warrants issued, which have been executed upon them." 11. "Examination of Nicholas Biddle, and others, before Recorder Vaux. Yesterday afternoon the crowd and excitement in and about the court-room where the examination was to take place was even greater than the day before. The court-room doors were kept closed up to within a few minutes of four o'clock, the crowd outside blocking up every avenue leading to the room. When the doors were thrown open it was immediately filled to overflowing. At four the Recorder took his seat, and announcing that he was ready to proceed, the defendants were called, and severally answered to their names, &c." 12. "On Tuesday, the 18th, the examination of Nicholas Biddle and others, was continued, and concluded; and the Recorder ordered, that Nicholas Biddle, Thomas Dunlap, John Andrews, Samnel Jaudon, and Joseph Cowperthwaite, each enter into a separate recognizance, with two or more sufficient sureties, in the sum of $10,000, for their appearance at the present session of the court of general sessions for the city and county of Philadelphia, to answer the crime of which they thus stand charged." 13. "Nicholas Biddle and those indicted with him have been carried upon writs of habeas corpus before the Judges Barton, Conrad, and Doran, and discharged from the custody of the sheriff." 14. "The criminal proceedings against these former officers of the Bank of the United States have been brought to a close. To get rid of the charges against them |