Treasury again with these institutions, big with inherent dangers, and beset by a tremendous foe!

Federal party so far transcends all that was
witnessed forty years ago. He says:
"The horrors of the French revolution, then

** * *

coming worse than ever. It becomes worse daily, and in many instances, is made so on purpose, that another catastrophe may be produced, and then charged upon the Ad- raging, aided them mainly, and using that as a ministration. Issuance of small notes, even raw-head-and-bloody-bones, they were enabled down to a dollar; issuance of post notes; by their stratagems of X. Y, Z, their tales of tubconnection with party politics, and with plots, ocean massacres, bloody-buoys, &c. to spread alarm into all but the firmest breasts. that party whose connection has been fatal These transactions, now recollected as dreams to all its associates; subjection to the policy of the night, were then sad realities; and noof the Bank of the United States, on the thing rescued us from their liberticide effect but part of a great many banks; such is the the unyielding opposition of those firm spirits who sternly maintained their posts in defiance of downward course of our banking system at * terror. The usurpations and violapresent. Timely and prudent reformation tions of the Constitution at that period, and their might save it: but all reformation is re- majorities in both Houses of Congress were so sisted and baffled. To make all worse, great, so decided, and so daring, that after comseems to be the policy of those who have batting their aggressions, inch by inch, without being able in the least to check their career, the most power over the subject. Under these Republican leaders thought it would be best for circumstances, what fatuity in the Govern- them to give up their useless efforts there, go ment of the United States to connect its home, get into their respective Legislatures, emformed into, and if ineffectual, to perish there as body whatever of resistance they could be in the last ditch. All, therefore, retired, leaving Mr. Gallatin alone in the House of Representatives, and myself in the Senate, where I then I have gone over some of the objections presided as Vice President. Remaining at our to the plan for an Independent Treasury. 1 posts, and bidding defiance to the browbeatings have spoken to some parts of the bill before and insults by which they, endeavored to drive the Senate; but the merits of that bill are us off also, we kept the mass of Republicans in no part of the real question. The contest is phalanx together, until the Legislatures could be brought up to the charge; and nothing on earth for power. Political power is the object of was more certain, than if myself particularly, the Opposition-abuse of the bill, the means placed by my office of Vice President at the of attaining it—and a panic the grand de- head of the Republicans, had given way and sideratum. Panics are the aliment of the withdrawn from my post, the Republicans throughout the Union would have given up in Federal party-terror their engine for go- despair, and the cause would have been lost forverning the people. The mythological ever. By holding on, we obtained time for the god Pan is the divinity of their worship. State Legislatures to come up with their weight; To him they look for help-to that grotesque but more especially the former, by their celeand those of Virginia and Kentucky particularly and hideous deity, half man and half goat, brated resolutions, saved the Constitution at its whose bare apparition in ancient times would last gasp. No person who was not a witness of put whole armies to flight. This is the tu- the scenes of that gloomy period, can form an telary divinity of the Federal party, and al- idea of the afflicting persecutions and personal ways has been. Panics were their resource indignities we had to brook. They saved our from the foundation of the Government; so much subdued and reduced to despair, that country however. The spirits of the people were and, forty years ago, the French Revolu- they could have sunk into apathy and monarchy, tion was what the Republican administra- as the only form of Government which could tions now are, the great magazine of hor- maintain itself." rors from which they supplied themselves with "gorgons' heads and chimeras dire," to alarm and terrify the nation. Mr. Jef ferson, in his memoirs, has described that period, emphatically called the Reign of Terror. He has given many pages to the description of it; but declares that no person, who did not witness it, can form any idea of the terrorism with which the Federa! party then surrounded itself, and the rudeness and violence with which they browbeat and insulted the Republicans. Some extracts from his description of that period may bring up useful recollections at this time, when the violence of the revived E

Such, Mr. President, was the terrorism with which the Federal party surrounded itself forty years ago; such its mode of action then; and such its manner of acting on the public mind now. The Presidential election of 1796 was carried by terror, extracted from the French Revolution; the election of 1800 came within three votes of being carried by the same means. The second election of Mr. Jefferson prostrated Federalism-sent it into a state of hiber nation far north, and with it the mytholo gical deity of its worship, and the whole machinery of terror and alarm. The ap pearance of General Jackson, at the head

chamber was the laboratory of alarm; the distress flag flying, the tocsin beating, and the alarm guns firing; all the while the Bank of the United States turning the screws on her debtors, to the sound of cur music, and, with each scream of its suffering victims, exultingly demanding if the distress had not arrived?

among the prominent scenes of that magnificent panic. The revolution was, in itself, a curiosity. It began in the middle, carried itself on without bloodshed, and ended without a catastrophe. That it has ended, I myself do know. I know it of my own knowledge, and can tell you how. You remember, sir, we were then informed that, in revolutions, there were no Sabbaths. Now, I have seen Sabbaths since that time myself. I have seen the people at church, worshipping, and keeping the Sabbath. This is conclusive; it is proof incontestible that the revolution has ended. Bloodless, we know it to have been. Without a catastrophe, we know it was. There was no list of killed and wounded; but there were some crippled and lamed-a certain catalogue of Presidential candid ates, architects of panic, were gravelled on that occasion. They became what the "safe and solid specie-paying" bank notes are in the Treasury—an unavailable fund! They ended with finding themselves hors du combat; not horses of combat, as a worthy friend of mine is accustomed to read tl at French phrase, but stabled animals, withdrawn from the turf, tied up to the rack, solitary and alone, to digest their provender at their leisure.

he list of Presidential candidates, in the ter of 1824-25, and the events of the ction of President at that time by the buse of Representatives, revived the two imitive political parties-the Republican nd the Federal-and with the latter, its istinctive passion for terror, alarm, and panic. From that day to the present, a succession of alarms has agitated the pub- The revolution without bloodshed-the lic mind. Raw-heads-and-bloody-bones expulsion of this body from its chamber by have stalked in solemn procession over a military force-and the Protest, which the public stage. First, it was the mili- was to wipe out the Constitution-were tary chieftain, who was to put an end to the Republic at once, with the sword. Then Congress was to be turned out of doors, neck and heels. Then the liberty of speech was to be put down-to be suppressed by main force: afterwards it was to be choked down by corruption. Then came a fright about pocketing bills. Gen eral Jackson did not return the land bill, which was sent to him too late to be returned; and, thereupon, all bills were to be pocketed, and all Federal legislation destroyed. After that, we had the Maysville Road bill veto alarm; and such was the effect of this fright for some months, that many good people believed that there was going to be a general destruction of all roads, and that all travelling would be reduced to scrambling through the woods, camping out at night, and swimming creek; and rivers like otters. Quick upon the heels of this fright, came the National Bank bill veto alarm. Then there was no mistake. Destruction had arrived. National woe had arrived. The price of all produce and property was to sink to nothing; every man's estate was to perish on his hands; black desolation was to sit pon the land. From the contemplation of this ruin, the nation was suddenly roused up to the apparition of the French The Senate expulsion panic, though sewar. For three months, this spectre of a vere at the time, is hardly to be regretted, French war kept its place on the public on account of the noble spirit which it stage, to the extreme irritation of the ner- caused to be developed in this body. When vous system of aged ladies, and with vast the first tidings arrived of General Jackexpenditure of ink and paper to the peace son's design to expel the Senate by force societies. The arrival of the gold indem- of arms, then was seen what stuff our nities put an end to the fantasies of this hearts were made of. Incontinently patripoor spectre. These brief and various lit- otic indignation rose to the highest pitch, tle panics were preludes to the great one- and courageous resolutions exhibited themthe deposite-removal panic of 1833-34. selves in daring forms. Some proposed to This was a panic indeed, not only great in go forth, and bravely meet the advancing itself, but the prolific parent of a progeny danger. Others preferred to arm the doorof subaltern alarms. Orators here, and keepers, the messengers, and the boys bank screws elsewhere, worked up the with sticks and staves, and to plant them nation to a paroxysm of consternation. Great was the terror excited, and great the mischief inflicted. For six months, this

behind the jambs of the doors. Others, like ancient Romans, deemed it more senatorial to abide the event in a sitting posture,

orth the authoritative mandate for the new exaggeration-distress meetings-distress panic; but in vain. The people are tired orations-distress committees and the of being scared. They refuse to take fright whole charged by its own authors on the any more. Calm as a summer's morning, Republican Administrations; such is the they read with indifference the programme infusion of demoniac ingredients which for the alarm, and view with contempt the bank vengeance has superadded to Federal marshalling of the procession of the hob- panics, and by which the elections are to goblins, phantoms, and spectrès which are be governed, and the people scourged into put in requisition for the ensuing elections. submission to Federal and Bank dominaThe country is quiet. But, behold the tion. symptoms of panic in another quarter! The panic makers themselves are beginning to take fright! The tenth day of May approaches; and with it the elevation of that RESUMPTION FLAG which will cheer hopes of all Republicans, and impress th terror the fainting hearts of the broken ak and shin-plaster party.

It is now about six years since these attacks have been going on. They com menced with the famous veto session of 1832-the marble palace in Chesnot street, Philadelphia, being the source from which they emanate. The rearer to that source, the more the country is affected and injured; the farther off, the less. Thus, the Thus we have gone on ever since the South and West are less injured than the appearance of General Jackson on the po- Northeast; and, in some particulars, the Jitical stage, and the coincident revival of South and West are gaining under the efthe old political parties of 1798. Terror is fect of these attacks on business, while the chosen agent of action upon the public the States and cities North of the Potomac mind now as it was then; but with this are losing. It is time for reflecting men to great difference, that the phantoms then consider the consequences of this unnatubrought forward to frighten the people into ral warfare upon the business of the counmeasures, were solely directed to the ner- try. It is time for them to ask themselves vous system, and never combined with any what its effects must be on the population, attack upon the business operations of the the manufactures, and the commerce of the country. People were then to be fright- Northeast, and on the banks themselves, ened out of their votes, but not deprived of which either become the criminal agents, work and labor, or ruined in their trade and or the unfortunate victims, of this diaboOccupation. Now the assault is double- lical policy. History informs us that the it is both upon the nerves of the man, and revocation of the edict of Nantes deprived upon his bread. The famous Queen Eli- France, in three years, of three hundred zabeth, in stopping the income of the re- thousand souls, who carried to foreign fractory Earl of Essex, said, an ungovern States the arts and manufactures of their able beast must be deprived of his proven- own native country. History also informs der. So of the present Opposition tactics us that the tyranny of the Flemish manuin our own country. Stop his bread-make facturing corporations transferred the woolhim feel-turn him out to graze; this is len manufacture from Flande.s to England. the language of the day. An immense mo- Already an effect similar to that of the neyed institution, able to create the distress revocation of the edict of Nantes on France, which it foretells, has brought this Queen and of the tyranny of the Flemish corpo Elizabeth ingredient into the composition rations on Flanders, is beginning to be of modern Federal panics; and now every visible in the effects of this war upon the successive attempt at alarm is accompa- business of the country in the Northeast. nied by an attack on the business of the Great is the number of respectable and country co-extensive with the power, and useful artisans and laborers-great the the ramifications of the power, of the Bark number of enterprising young inen-nuof the United States. Laborers dismissed merous the heads of families, with their -work stopped-factories closed-wages sons and daughters, and promising train of reduced-bread and fuel monopolized, and young children, which have already bid the price augmented-bank accommoda- adieu to the troubled scenes of the Northtions withhe'd from small dealers and hard east, and sought repose and independence workers, and profusely granted to capital in the rich and tranquil regions of the far ists, shavers, and speculators-specie payments suspended-exchanges deranged actual distress created by every act of op pression and aggravated by every art of

West. Never was the emigration to the West so great. The roads, rivers and canals-all the western communicationsare filled with moving masses, pressing into

the great Valley of the Mississippi.- comparatively little-on the merits of the "Wes/ward the star of empire holds its bill before you, because I know, as I have course." A continuation of the causes of already said, that the merit or demerit of this emigration must augment the emigra- the bill, is not the question before us. It tion itself; and in a few years the effects was the question which we presented; it is must be felt on the population and manu not the question which gentlemen of the factories of the Northeast. To the banks Opposition have discussed. They bring themselves, whether the agents or the vic- forward another question-one of party, of tims of this unnatural warfare, a continu- political power, of restoration of themselves ance of such conduct must be fatal. Politi- to power. They fly to all the topics of cal associations for any purpose, and with party warfare; they arm themselves from any party, must be dangerous to banking the magazine of party politics; and the institutions; but an association with that Presidential election of 1810 is the object in party whose connection has been fatal to view. The struggle is for the recovery of two National Banks, and to every thing a lost charter, and restoration to lost power. else that it ever touched, and an association The party which got into power, without to govern elections by breaking up the bu- the consent of the people, in 1825, and siness of the country-such an association, which has since been evicted from power must be fatal indeed, not merely to the by the voice of the people-that party now culpable banks engaged in the work, but to nerves itself for the dying contest of 1840. many innocent ones which avoid their At its side is its well beloved cousin and policy. To the great importing cities, and ally, the denationalized National Bank, especially to New York, a continuance of collecting all its energies for the recovery this course, with a repetition of bank sus. of a charter which a hero President, and a pensions, derangement of exchanges, and patriot people, refused to renew in 1832. int-rruption of credit, must be highly dele- This double recovery is the object; and terious. The early loss of the Southern the question which really presents itself, is and Western trade may be the penalty of this: ought the evicted Federal party, and such conduct. Habit, and adventitious cir- the vetoed Federal Bank, be restored to cumstances, now carry the Southern and Western merchants to the Northeast to purchase goods; and to purchase thein at all the disadvantages of a second hand sale, loaded with the costs, charges, profits and losses of an intermediate sale. Direct purchases in Europe are as easy for the South and West as this second hand opeation, and far cheaper. They have the capital-the real capital-in their hundred millions of annual exportable productions. all ages and in all countries, and will be They sell at hard money prices in Europe, so forever. Ancients and moderns-in and purchase at paper money prices in the Asia, Africa, Europe, and America-the United States. The paper system, always same passions govern the restored party, hard upon the exporting States, becomes modified only by the different degrees of ruinous to them in its derangements. The civilization which prevail. With the RoSouth and West have only to begin direct mans, it was proscription and exile-the importations, and the natural channels will aquæ et ignis interdictio. In Asia and Afrivindicate their own rights forever after- ca, the restored chief gluts his savage venwards. Venice, Genoa, Alexandria, Cairo, geance in acts of brute violence upon his once entrepots of Asiatic and European helpless enemies. In Europe, more courtly commerce, had as well look for a restora- methods accomplish the degradation, and, tion of that commerce after the Cape of if need be, the destruction of the defeated Good Hope had been doubled, as that New party. In England, the restoration of the York, Philadelphia, or Baltimore, shall Stuarts was the signal for infesting the look for a continuation of Southern and Western trade, when once the Liverpool and Havre markets shall be in direct communication with New Orleans and Charles

ton.

Mr. President, I have said but little

the possession of the political and the pecuniary power of these United States? This is the question, and I hold the negative of it; for, of all Governments under the sun, restorations are admitte‹l to be the most abominable and insufferable! They are the worst Governments ever known. Vengeance and persecution are their ruling passions, and indemnification for lost time their main occupation. It has been so in

country with delators, informers, and spies; for fabricating meal-tub and ye-house plots; for sending the Sidneys and the Russels to judicial slaughter; for filling the prisons with patriots, the Parliament with bills of attainder, and the King's