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L. Removals from Office

LI. Indian Sovereignties within the States

LII. Veto on the Maysville Road Bill.

LIII. Rupture between President Jackson and

Vice-President Calhoun

LIV. Breaking up of the Cabinet, and Appoint-

ment of another

LV. Military Academy

LVI. Bank of the United States-Non-renewal

of Charter

LVII. Error of De Tocqueville, in relation to the

House of Representatives .

LVIII. The Twenty-second Congress.

LIX. Rejection of Mr. Van Buren, Minister to


LX Bank of the United States—Illegal, and

Vicious Currency.

LXI. Error of Mons. de Tocqueville, in relation

to the Bank of the United States, the

President, and the People

LXII. Expenses of the Government.

LXIII. Bank of the United States --Recharter-

Commencement of the Proceedings

LXIV. Bank of the United States—Committee

of Investigation Ordered

LXV. The Three per Cent. Debt, and Loss in

not Paying it when the Rate was Low,

and the Money in the Bank of the

United States without Interest

LXVI. Bank of the United States—Bill for the

Recharter Reported in the Senate, and

Passed that Body.

LXVII. Bank of the United States-Bill for the

Renewed Charter Passed in the Houso

of Representatives

LXVIII. The Veto.

LXIX. The Protective System

LXX. Public Lands-Distribution to the States

LXXI. Settlement of French and Spanish Land


LXXII. "Effects of the Veto"

LXXIII. Presidential Election of 1832

LXXIV. First Annual Message of President Jack-

son, after his Second Election

LXXV. Bank of The United States-Delay in

Paying the Three per Cents-Com-

mittee of Investigation

LXXVI. Abolition of Imprisonment for Debt

LXXVII. Sale of United States Stock in the Ne-

tional Bank

LXXVIII. Nullification Ordinance in South Caru-


LXXIX. Proclamation against Nullification

LXXX. Message on the South Carolina Proceed-


LXXXI. Reduction of Duties-Mr. Verplanck's


LXXXIL Reduction of DutiesMr. Clay's Bill


LXXXIII. Revenue Collection, or Force Bill


LXXXIV. Mr. Calhoun's Nullification Resolutions. 334

LXXXV. Secret History of the “Compromise " of



LXXXVI. Compromiso Legislation; and the Act,

so called, of 1833


LXXXVII. Virginia Resolutions of '98-'99 — Disa-

bused of their South Carolina Interpro-

tation-1. Upon their Own Words-2.

Upon Contemporaneous Interpreta-



LXXXVIII. Virginia Resolutions of 1798—Disabused

of Nullification by their Author . 854

LXXXIX. The Author's own View of the Naturo

of Our Government, as being a Union

in Contradistinction to a League : Pre-
sented in a Subsequent Speech on Mis-
souri Resolutions


Xc. Public Lands-Distribution of Proceeds 862

XCI. Commencement of the Twenty-third

Congress- The Members', and Presi-

dent's Message


XCII. Removal of the Deposits from the Bank

of the United States


XCIII. Bank Proceedings, on Seeing the Dect-

sion of the President, in relation to the

Removal of the Deposits .


XCIV. Report of the Secretary of the Treasury

to Congress on the Removal of the De-



XOV. Nomination of Government Directors,

and their Rejection


XCVI. Secretary's Report on the Romoval of the



XCVII. Call on the President for a copy of the

“ Paper Read to the Cabinet "


XCVIII. Mistakes of Public Men-Great Combi-

nation against General Jackson-Com-

mencement of the Panic


XCIX. Mr. Clay's Speech against President Jack-

son on the Removal of the Deposits



O. Mr. Benton's Spooch in Reply to Mr. Clay



CL Condemnation of President Jackson-

Mr. Calhoun's Speech-Extracts


CIL. Public Distress .


CIIL Senatorial Condemnation of President

Jackson-his Protest-Notice of tho

Expunging Resolution


CIV. Mr. Webster's Plan of Relief


CV. Revival of the Gold Currency-Mr. Ben-

ton's Speech


OVI. Attenpted Investigation of the Bank of

the United States


OVIL. Mr. Taney's Report on the Finances,

Exposure of the Distress Alarms

End of the Panic


OVIII. Revival of the Gold Currency


CIX. Rejection of Mr. Tanoy-Nominated for

Secretary of the Treasury


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CXXXIX. Attempted Inquiry into the Military


CXL. Military Academy--Speech of Mr. Pierce
CXLI. Expunging Resolution - Peroration of

Senator Benton's Second Speech
CXLII. Distribution of the Land Revenue
CXLIII. Recharter of the District Banks-Speech

of Mr. Benton- The Parts of Local and

Temporary Interest Omitted

CXLIV. Independence of Texas

OXLV. Texas Independence Mr. Benton's


CXLVI. The Specie Circular

CXLVII. Death of Mr. Madison, Fourth Presidont

of the United States

CXLVIII. Death of Mr. Monroe, Fifth President of

the United States









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CX. Senatorial Investigation of the Bank of

the United States


OXI, Downfall of the Bank of the United States 471

CXII. Death of John Randolph, of Roanoako 473

CXIII Death of Mr. Wirt .


CXIV. Death of the last of the Signers of the

Declaration of Independence


CXV. Commencement of the Session, 1884-'85:

President's Message


CXVL Report of the Bank Committee


OXVIL French Spoliations before 1800


CXVIIL French Spoliations - Speech of Mr.

Wright, of New York


CXIX. French Spoliations--Mr. Webster's Speech 505

CXX. French Spoliations--Mr. Benton's Speech 514

CXXL Attempted Assassination of President



CXXII. Alabama Expunging Resolutions


CXXIII. The Expunging Resolution


CXXIV. Expunging Resolution: Rejected, and

Renewed .


CXXV. Branch Mints at New Orleans, and in the

Gold Regions of Georgia and North



CXXVI. Regulation Deposit Bill



CXXVIL Defeat of the Defence Appropriation, and

loss of the Fortification Bill


CXXVIIL Distribution of Revenue


CXXIX. Commencement of Twenty-Fourth Con-

gress-- President's Message


CXXX. Abolition of Slavery in the District of



OXXXL Mail Circulation of Incendiary Publica-



CXXXII. French Affairs-Approach of a French

Squadron-Apology Required


CXXXIIL French Indemnities–British Mediation

-Indemnities Paid


CXXXIV. President Jackson's Foreign Diplomacy 601

CXXXV. Slavery Agitation


CXXXVL Removal of the Cherokees from Georgia 624

CXXXVII. Extension of the Missouri Boundary. 626

CXXXVIII. Admission of the States of Arkansas and

Michigan into the Union








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FROM 1815 TO 1820

The war with Great Britain commenced in holder, soon began to depreciate. In the second 1812, and ended in 1815. It was a short war, year of the war the depreciation had already bebut a necessary and important one, and intro- come enormous, especially towards the Canada duced several changes, and made some new frontier, where the war raged, and where money points of departure in American policy, which was most wanted. An officer setting out from are necessary to be understood in order to un- Washington with a supply of these notes found derstand the subsequent working of the govern- them sunk one-third by the time he arrived at ment, and the VIEW of that working which is the northern frontier—his every three dollars proposed to be given.

counting but two. After all, the treasury notes 1. It struggled and labored under the state could not be used as a currency, neither legally, of the finances and the currency, and terminated nor in fact : they could only be used to obtain without any professed settlement of the cause local bank paper—itself greatly depreciated. for which it began. There was no national cur-All government securities were under par, even rency-no money, or its equivalent, which re- for depreciated bank notes. Loans were obtainpresented the same value in all places. The ed with great difficulty—at large discountalfirst Bank of the United States had ceased to ex- most on the lender's own terms; and still atist in 1811. Gold, from being undervalued, had tainable only in depreciated local bank notes. ceased to be a currency–had become an article In less than three years the government, paraof merchandise, and of export—and was carried lyzed by the state of the finances, was forced to to foreign countries. Silver had been banished seek peace, and to make it, without securing, by by the general use of bank notes, had been re- any treaty stipulation, the object for which war duced to a small quantity, insufficient for a pub- had been declared. Impressment was the object lic demand ; and, besides, would have been too the main one, with the insults and the outracumbrous for a national currency. Local banks ges connected with it—and without which there overspread the land; and upon these the federal would have been no declaration of war. The government, having lost the currency of the con- treaty of peace did not mention or allude to the stitution, was thrown for a currency and for subject—the first time, perhaps, in modern bisloans. They, unequal to the task, and having tory, in which a war was terminated by treaty removed their own foundations by banishing without any stipulation derived from its cause. specie with profuse paper issues, sunk under the Mr. Jefferson, in 1807, rejected upon his own double load of national and local wants, and responsibility, without even its communication stopped specie payments—all .except those of to the Senate, the treaty of that year negotiated New England, which section of the Union was by Messrs. Monroe and Pinkney, because it did unfavorable to the war. Treasury notes were not contain an express renunciation of the practhen the resort of the federal government. tice of impressment–because it was silent on They were issued in great quantities; and not that point. It was a treaty of great moment, being convertible into coin at the will of the settled many tronblesome questions, was very

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desirable for what it contained; but as it was No other tongue but these results is necessary
silent on the main point, it was rejected, without to show the value of that financial lesson, taught
even a reference to the Senate. Now we were us by the war of 1812.
in a like condition after a war. The war was 2. The establishment of the second national
struggling for its own existence under the state bank grew out of this war. The failure of the
of the finances, and had to be stopped without local banks was enough to prove the necessity
securing by treaty the object for which it was of a national currency, and the re-establishment
declared. The object was obtained, however, of a national bank was the accepted remedy.
by the war itself. It showed the British govern- No one seemed to think of the currency of the
ment that the people of the United States would constitution-especially of that gold currency
fight upon that point—that she would have war upon which the business of the world had been
again if she impressed again : and there has been carried on from the beginning of the world, and
no impressment since. Near forty years with by empires whose expenses for a week were
out a case! when we were not as many days, equal to those of the United States for a year,
oftentimes, without cases before, and of the and which the framers of the constitution had so
most insulting and outrageous nature. The carefully secured and guarded for their country.
spirit and patriotism of the people in furnishing A national bank was the only remedy thought
the supplies, volunteering for the service, and of. Its constitutionality was believed by some
standing to the contest in the general wreck of to have been vindicated by the events of the war.
the finances and the currency, without regard to Its expediency was generally admitted. The
their own losses—and the heroic courage of the whole argument turned upon the word "neces-
army and navy, and of the militia and volunteers, sary,” as used in the grant of implied powers at
made the war successful and glorious in spite of the end of the enumeration of powers expressly
empty treasuries; and extorted from a proud granted to Congress; and this necessity was af-
empire that security in point of fact which diplo-firmed and denied on each side at the time of the
macy could not obtain as a treaty stipulation. establishment of the first national bank, with a
And it was well. Since, and now, and hence-firmness and steadiness which showed that these
forth, we hold exemption from impressment as fathers of the constitution knew that the whole
we hold our independence-by right, and by field of argument lay there. Washington's que-
might-and now want the treaty acknowledg- ries to his cabinet went to that point; the close
ment of no nation on either point. But the glo- reasoning of Hamilton and Jefferson turned up-
rious termination of the war did not cure the on it. And it is worthy of note, in order to show
evil of a ruined currency and defective finances, how much war has to do with the working of
nor render less impressive the financial lesson government, and the trying of its powers, that
which it taught. A return to the currency of the strongest illustration used by General Ham-
the constitution—to the hard-money government ilton, and the one, perhaps, which turned the
which our fathers gave us—no connection with question in Washington's mind, was the state
banks—no bank paper for federal uses—the es- of the Indian war in the Northwest, then just
tablishment of an independent treasury for the become a charge upon the new federal govern-
federal government; this was the financial les- ment, and beginning to assume the serious char-
son which the war taught. The new generation acter which it afterward attained. To carry on
into whose hands the working of the government war at that time, with such Indians as were
fell during the Thirty YEARS, eventually availed then, supported by the British traders, them-
themselves of that lesson :-with what effect, the selves countenanced by their government, at
state of the country since, unprecedentedly pros- such a distance in the wilderness, and by the
perous; the state of the currency, never de- young federal government, was a severe trial
ranged; of the federal treasury, never polluted upon the finances of the federal treasury, as well
with "unavailable funds,” and constantly cram- as upon the courage and discipline of the troops;
med to repletion with solid gold; the issue of and General Hamilton, the head of the treasury,
the Mexican war, carried on triumphantly with argued that with the aid of a national bank, the
vut a national bank, and with the public securi- war would be better and more successfully con-
ties constantly above par-sufficiently proclaim. ducted: and, therefore, that it was “necessary,"



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