nity against bank excesses and impositions forcing against them, and which they, the consists in leaving every one, Government people, were daily enforcing against each and all, free to receive, to reject, or to pre- other? No, sir, not at all; but, on the sent their notes at pleasure for payment. contrary, this universal rebellion of the This being the fact, there will always ex- banks against all law has been legalized ist a modified confidence in the solvency and extended by the law-making power. of banks that are solvent, which, whilst it Thus it is, that the Government is required is sufficient to sustain their circulation, will to loan to the banks the whole revenue of yet be so distrustful as to excite in them the country; and, in effect, to double this the apprehension of a run npon the appear- loan, by receiving their notes, in the first ance of any indiscretion on their part, and instance, as money. It is to snch debtors thus impose all the safeguards of which that the Government is required to make such institutions admit. To absolute and such a loan, whilst it refuses to credit an unqualified confidence, they are not enti- honest citizen, with his homeless family, *tled. Human experience forbids such con- for one solitary acre of its public domain. 'fidence to be bestowed on any man, or Thus briefly, sir, have I sought to illuscombination of men, whose agency is to af- trate the principles and tendency of this fect the well being of others. Government substitute. It is a measure rendered itself, the responsibility of all public func- equally odious by the circumstances under tionaries, rests upon a degree of distrust in which it is presented, by the assumption the public mind, sufficient to excite vigi- on which it rests, and by the consequences lance, and to detect delinquency. which must inevitably result from its adopAgain, sir, what is the substitute but a tion. It comes to us in the form of a decovenant with the banks, by which the mand-a demand made as a political right Government is to give them a credit, inde- made by private corporations upon this finite as to time, and limited in amount Government and people, for the use of the only by the total of its income? And this public money, and for a mortgage upon the credit is to be given to the only species of future revenues of the country. It demands, debtors whose responsibility is always un- also, that, in addition to this, the Governcertain, whose security is never sufficient, ment and the people shall give to these and against whom it is impossible, in the corporations a credit indefinite as to time nature of things, ever to enforce the laws of and amount, and that, too, without an the country. For is it not manifest, from equivalent, without adequate security, and all past and present experience, that these without any necessity for so doing. This institutions have become so connected with demand of objects so important is made at the whole machinery of society, so inter- a time when these corporations, having woven with the very texture of our social prostrated the laws of the country-having economy, as to defy the enforcement of le- seized the public treasure-having refused gal obligations, and to compel their credit- to pay their notes in the hands of the peoors, Government, and people, to tempo- ple-are now standing out in fearless defirize with and to coax them into compli- ance of all public authority. And what ance with those obligations? Why was right have the banks to make this demand? the extra session of Congress called? Was Have they a better claim to the public moit because the Governinent had no money? ney than an equal number of other indiNo, but because the banks had the money viduals who are not incorporated? No, of the Government, and refused to pay it. none whatever. What, then, should we Was the Government thus arrested in its think, what should we feel, if, instead of action, and compelled to resuscitate itself a league of eight hundred banks, eight hun'by a forced loan from the people?-was dred citizens should band themselves tothis the case, because it had no revenue, gether in battalion form, should surround and because there existed no specie in the this Capitol, and, instead of agents, attorcountry? No, but because the banks had neys, borrowers, and dependants, should possession of its revenues, and because send their military commander into this their vaults withheld the specie from all chamber, to demand, on their behalf, the their creditors. And yet, when, where, whole national income? Would not every and by whom were the laws of the land Senator then spring to his feet, fired with enforced against them? When did the Go- the rage of insulted honor? Would he not vernment, in a single instance, obtain judg- meet such a demand with the deepest exement and enforce execution? Who, of all execrations; and would not the whole the citizens, resorted to that law against body of the American people rush to the the banks, which the banks were daily en- Capitol to rescue their treasure from fil Jage, and their Government from usurpation? Yes: and what, sir, is the difference between the two cases? There is none; no circumstance of discrimination, except the popular delusion which transforms the banks from private corporations into political institutions, and invests these associations of mere brokers and shavers with all the authority, the attributes, and the dignity, of organized political depart ments. It is this delusion, arising from the unrebuked assumptions of the banks, and strengthened by the silent acquiescence of time, that has enabled these incorporated companies thus to change their character in the public estimation. But, sir. I must again press upon the attention of the Senate the start ing fact that this demand of the public money is made by the banks, upon the avowed assumption that the Constitution has provided no sufficient means for the execution of its own powers; that the officers elected under it by the people are not to be trusted; and that the irresponsible agencies of banks, unknown to the Constitution, must be brought in to supersede those officers, to supplant the Constitution itself, and to take charge of a Government which the people are supposed incompetent to administer. Thus we, the representatives of the States and of the people, are insulted to our very faces; for, if the numerous citizens selected to perform the duties of the other departments of Government be unworthy of the public confidence, how shall we escape the same denunciation, or as-, sume to be more worthy than they? But even this outrage, great as it is, might be endured, if it were confined to us, and to the officers of Government alone. Such, however, is not the fact; for this demand, thus made upon the ground that agents selected by the popular voice are unworthy of confidence, is equally an insult to the majesty of the sovereign people themselves. It is a declaration to thein that they are incompetent to elect; and that therefore, the elective franchise, so prostitute and abused, is to be withdrawn from them, and conferred upon the banks. And now, Mr. President, what are the immediate cons quences which are to result from the adoption of the substitute? The banks of deposite are to be selec ed by the joint vote of the two Houses of Congress. Here, then, the banks and the Government are to be united, not only in the exterior administration of the finances, 'but that union is to begin in the very source of the law-making power. The banks are to enter the Capitol, with their fatal facilities, to canvass against each other, with the members of Congress, for the custody of the national revenue. They are here to canvass for these favors with the very nen by whose votes this revenue is to be raised, reduced, or diminished; and, consequently, the profits of the successful banks aug mented or lessened. this present! What a scene would corporations, with five hundred millions of Eight hundred moneyed dollars to loan, garrisoned each winter in the Capitol, among their faithful presidents, lawyers, stockholders, and borrowers, canvassing for a majority of the two Houses-canvassing for the deposites, for an incre se of taxes, and for a diminution in the expenditure of those taxes when collected! come of legislative purity? what of the In such a scene, what would berights of the people? What of the public liberty? And which, of all the banks, would succeed in the contest for Congressional favors? Would not the Bank of the United States-the controlling centre of the paper system-she whose friends already throng these halls-she who is already so deeply skilled in political facilities-would she not stand triumphant in our midst? Yes, the same vote which could pass this substit te, would give her the deposites; and thus that institution would again become a National Bank, with all the powers and immunities she before enjoyed, without any of the restraints or responsibilities imposed by a Congiessional charter. press it as my deliberate opinion, that And here, sir, I shall exevery man of the Opposition will sustain this substitute, and that, too, with a view to the very result I have anticipated. Those who desire thé concentration of the for none better than the Bank of the United money power in a National Bank, will ask States wil become, should this measure be adopted. Nor will that institution desire or accept of a national charter, if it can obtain the public moneys under the less embarrassing charter it now enjoys. These, sir, are my opinions. The subject of a National Bank will still be urged before the people, but not seriously desired, by the political leaders. They are not the men to pursue visionary forms, to the neglect of substantial realities. Their object is the concentration and union of the money with the political power of the country, and they see in every line of the substitute before us the certain accomplishment of that object. And now, sir, standing in my place, and clusive of the dangerous strength of the in the immediate presence of the American banking system. which is now their sole people, I pronounce it as the solemn con- support? and would not that strength,, viction of my judgment, that this union, united with the powers of Government, should it be effected the union of the enable these men to perpetuate their reign. banking or paper system with the Govern- and to spurn, with impunity, the com ment-will prostrate the lib rties of the plaints of a betrayed and ruined people? country; and that this prostration will con- How, then, can we adopt a measure tinue until that inborn love of freedom, the fraught with consequences to momentous, peculiar inheritance of this nation, shall so tatal, as these? How can we sit and rise to restore those liberties by the only hear, with patience, a demand 'hus made means which despotism cannot withstand. of the whole revenues of the RepublicIn such a union, in such a compound of made, as a political right, by private corthe money with the political power, it porations-made upon principles tending would be utterly immaterial which of the infallibly to a revolution of the Governelements predominated-whether that of ment? Shall we sit and hear, unmoved, the Government, or of the banks. The hear without a becoming spirit of resist juntion of the two would speedily result ance, a proposition so wounding to every in blending both into ore; and it is this sense of patriotism, so plainly destructiveconsolidation, this aggregation, of powers of the liberties of the country? Where, so vast in the same men; it is this which Senators, are the souls of your sires? Did would enable those men to override the you inherit nothing from them but freedom: liberties of the cour try. What, then, sir, would be our condition, if the very men who are now struggling to effect this consolidation should succeed, and having suc. ceeded, should, by that very success, place themselves in possession of these powers thus consolidated? Would not the fact of their success, in this effort, be proof con freedom without the spirit to defend it? Are you thus destiture, and will you betray the only country where abides the only hope to solace the sufferings of mankind? If not, how can you, how dare you support a measure, which is to place such a country as this under the vulgar despotism of a moneyed monopoly? FROM THE FLAG OF THE UNION. The history of legislation contains not another instance of any measure so ably and 'riumphantly vindicated by its friends, as the measure of divorce between the Banks and the Government, now before the Congress of the United States. This important measure was discussed in the Senate for upwards of seven wees before it passed that body, and it constituted the theme of as many speeches as have ever been made on any one subject in the American Senate. By its friends this measure was argued solely upon its merits there were no ad captandum phrases, no clap-trap catches of rhetoric used to deceive aud amuse the people-on the contrary, it was cool and dispassionate argumentfacts were adduced and arrayed in the most imposing form; conclusions were drawn from the past history of banking, which told most powerfully against those who would perpetuate the connection of the Governinent with the State banks, and stronger still against those who would recharter the Bank of the United States. How has this reasoning been. met by those who are opposed to this important meas Ste. His bill was voted down. Next came Mr. Clay. From the long established and well known reputation of the Senator from Kentucky, it was to have been apprehended that the measure would have been assailed with something like argument; but from the flaming ac- a leetle greater than Clay is. If Mr. Clay eounts which the opposition letter writers then had annihilated the Sub-treasury bill gave of his "tremendous effort"-"his and completely used up every one of its de-total annihilation" both of the Divorce bill fenders, Mr. Webster would surely do noand of Mr. Calhoun-we had indeed begun thing less than knock the whole Adminis to fear that we had been deceived by the tration with Van Buren at its head into the specious sophistry of the advocates of this middle of next week-the "hard money hum-great measure. That we might learn where- bug" was to be so glaringly exposed and so in we had been deceived-that we might tremendously ridiculed that a man would be see how the clear, calm, philosophical argu- ashamed to be caught with a picayune in ment of Mr. Wright had been answered his pocket-the necessity of a new National how the powerfully logical defence of Mr. Bank was to be so clearly established, and› Calhoun had been met with what array of the immaculate purity of the old one so inopposing facts the statistical speeches of Mr. dubitably proved that the Government was Niles of Mr. Benton had been replied to- to abandon its policy, relinquish all its meawe took up the "great speech" of Mr. Clay, sures and the people were to settle down and very carefully and attentively perused contented and quiet with no other currency it. What language can express our aston- but the irredeemable paper rags of the ishment at beholding its total lack of arrange- banks. Well, gentle readers, this God-like ment-its entire want of dignity-its illogi- man has spoken-the greatest of all human » cal argument—its disgusting exhibition of efforts in the way of speech making has been hypocrisy and blasphemy-its ungentleman- made-the Sub-treasury bill, which had ly and vulgar abuse of Gen. Jackson and been before annihila ed, has now been so Mr. Van Buren and Mr. Calhoun. In his "quite entirely kili” that there is left no attempt to prove upon the Government a de- hope at all of its resuscitation; and what do sign of establishing a new National Bank, you suppose was that more than human, that Mr. Clay appears not a whit less ridiculous over-powering, unanswerable and trementhan the chivalrous Don Quixotte in his vain dous argument which has blasted the hopes endeavors to render the inhospitable and of the friends of the Sub-treasury bill, an--barren regions of the sable mountain fit for nihilated that which was dead before and the abodes of civilization and refinement. banished all the hard money from the land? Since the celebrated tilt against the wind- We hardly dare hope you will give us credit mills we have met with nothing so ridicu- for seriousness when we assure you it is this, lously absurd as this attempt of Mr. Clay; -and this only. That if the revenues of the we advise his friends to confine him in a crate such as Cervantes' immortal hero was incarcerated in, and we think we can safely promise them should his hallucination so long continue, that the next presidential election will bring about one of those natural operations such as dispelled the illusion of the vahant knight of La Mancha and restored him to his senses.. But little more candid and liberal than the speech of Mr. Clay is the speech of Mr. Webster. A primary article of the Federal Whig creed, it is to be borne in mind, is that Henry Clay is the greatest man that God ever made, and that Daniel Webster.is. Government are to be received and paid out in gold and silver instead of paper money, there will be too much time occupied in counting it!!! We know we are taxing the credulity of our readers to a great extent; but such we solemnly assure them is Mr. Webster's argument. The sound of so much hard money he thinks will disturb the peace of the land. What a money-counting, tinkling, jingling generation we should be! "Our sound will go forth," he says, "unto all lands!" Dear me, what a wit Mr. Webster haa become. |
