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Foreign exchanges were looking up; and, such was the equality of domestic exchange, that the difference in the cost of articles in different sections of the country, was of no account. If any one is disposed to deny the accuracy of this picture, let him put his finger on any page of history, and shew wherein this representation differs from the fact. The system had produced the happiest results; and, having called into action the industry of the country, and secured to labor its due compensation, had brought about universal prosperity. He would have been deemed a lunatic indeed, who, seeing the condition of the country, at the moment when General Jackson came into office, would have predicted that in so short a space of time, such results could have been produced as those which we had witnessed. A disastrous and sudden change came over us, and it became evident that there was in the government a greater power to do evil, than to do good. The general government determined on a change of the system; and, commenced an experiment for the purpose of ascertaining if there was sufficient pliability and subservience to its power, to enable it to carry this change into effect. It commenced a war against the bank by a movement against the branch of the Bank of the United States, at Portsmouth, in New Hampshire He would venture

to assign as a reason, because no man ever attempted to assign any other reason for the removal of the public funds from that branch

Mr. EARLE, of Philadelphia county, here asked if the gentleman was in order.

The CHAIR decided, that the discussion was in order, and directed the gentleman to proceed.

Mr. CHAUNCEY resumed :

The only reason that had been assigned was that the officers of this branch of the United States Bank had shewn themselves to be too unbending, and too upright, to lend themselves and the institution to the promotion of political objects. The President of the United States, then waged war against the institution, and it was known to all of us how that war had resulted. This man was the idol of the people, and disregarded the votes of congress, and the decision of the highest talents in the land, adopted his own constitutional construction, and broke down that beautiful fabric which the wisdom and virtue of our fathers had created, and which had been committed to us for preservation, and the people cheered what he did. It was to the hostility of this individual that the extenuation of the Bank of the United States was to be attributed. and the dissolution of that great corporation. The great capital of that institution was thus withdrawn from circulation.

The legislature of Pennsylvania, with great wisdom, and with great advantage to the citizens, granted a charter to this company, and secured the advantage of its great capital to the people of the state. The state received most timely and efficient aid to its financial resources, and, more than all, it founded a system of public instruction for its youth; and, it had, in short, the wisdom to establish an institution which, I predict will be of incalculable advantage as a probation to the business, and the currency of the country. But, Mr. Chairman, a proclamation went forth against this bank that it must be destroyed, and every effort has been

made, and will continue to be made, to destroy it; but, in vain, as I confidently believe. Sir, I shall not dwell upon the means any further than may be necessary, nor will I waste the valuable time of this body, by discussing the point whether the measures now before us are a part of the plan by which this object is to be accomplished, or whether they are connected with any scheme to build up any thing else.

The United States Bank had the public deposits taken away from it, before its charter expired. The government had cast upon itself the necessity of supplying the place of that institution. That bank was a part of the machinery of our financial system, and it was necessary that its place must be supplied. For this purpose, there were two projects set before the people; the one being to create a metallic currency, and the other, to use the state banks as the fiscal agents of the government. One word only as to this scheme for a metallic currency.

I have never been able to persuade myself that there is any man, in the present state of the world, who has any knowledge of the business of the world, and of the quantity of the precious metals on the earth-who believes that we could have a metallic currency. Sir, there is no such thing on the face of the earth. The world is too old-or from some other cause, it happens that there is no such thing. You have heard of hard money states. France and Spain have been cited. But, is this an entire hard money currency? A very small part of the business of the world is done by means of the precious metals. Even in such states, the currency is composed of various ingredients, embracing a great variety of articles. But, there is no longer any such thing in the world as a metallic currency. This is a dream; it is not even a vision, and I will not waste more of your time in discussing such a matter.

The other scheme was to use the state bank as the fiscal agents of the government. A very short space of time was required to develope the difficulty of this system. At this time, no man believes in it from one end of the country to the other. These were the two favorite schemes of the government, to supply the place of that perfect fiscal agent, the United States Bank. No man, I say, believes in them now. But, the administration had other offices to perform in this work. While this clamour was heard through the country in relation to a metallic currency, it was thought proper to give some semblance of reality, some shew of sincerity to its professions, and the government, therefore, set itself to work to import specie. It caused gold to be imported from abroad at a time when there was a heavy debt due from the United States to Europe. It caused gold to be imported. It caused the Franch indem. nity to be imported in gold. It was to be brought from a country, too, where gold is the basis of the currency, and into a country which was the debtor of Europe. In addition to this, the government caused the precious metals to be taken from the sea board where they were wanted, to the interior of the country where they were not wanted.

But, it is said, Mr. Chairman, that these were not the causes of the distresses which we have witnessed; it is said, that these were not the causes of the suspension of specie payments on the part of the banks throughout the Union; and, we are told that the true causes are overtrading, speculation, and overissues. I do not undertake to say, that evil

has not arisen from overtrading, overissues and speculation. But, to my mind, it is clear that if the only evils which we have endured arose from the last mentioned causes; and, from them alone, they would have been remedied in the same manner as evils of a similar description have been remedied in times past; and, that nothing has produced these evils, but the unwise measures of the administration. I intend to prove the truth and soundness of this position.

At the time alluded to, the currency of the country was equal, and it was in the power of the Bank of the United States, as well as in accordance with its interests, to keep it so. Nothing can be clearer to my mind, than that the establishment of such an institution, is the only possible mode of regulating the financial concerns of this nation, in such a manner as to prevent a constant recurrence of the disastrous state of things, which we now witness. In the internal commerce of this country, inequality naturally arises; and at one moment the products of the south and west are sold to the east and north, and are to be paid for. The debtor must find the means of payment, he has not got the means. Again the account is reversed, and the same necessity exists on the other side, to provide for these payments.

It is a matter of gain which will inevitably be easily arranged, if this matter rests in the right hands. To provide these means, there is only one mode to produce equality--by the power of a unique interest;—a power which shall gain with one hand, what it loses with the other. This is a simple operation, and will preserve every thing in its right place. But there is no other mode, which so presents itself to the mind as worthy of example, as that of a national bank with branches. This is the real mode, and our experience teaches us that it is the only rational mode by which the desired end can be obtained.

The government went astray from this principle, and went astray, too, at the moment when this principle was in full operation; when the country was deriving advantages and blessings from it; and at a time when it was obvious, that no man could find out an improvement in the system. And, sir, the government went on a false principle. The state banks are independent of each other in point of insterest; they are, to each other, as so many individuals, and each seeks its own gain, without reference to its neighbor. The state banks did not equalize the exchanges--the state banks could not do it. The adoption of this new system, brought with it nothing but mischief. It has had an experiment, and those who brought it into existence have ungratefully repudiated their own offspring.

And here, Mr. Chairman, was the miserable end of this experiment. At the present moment, we have no system--we have no currency, and the government, in its extremity, has abandoned the course. I think I am justified in using this language. I say the government in its extremity, because it has tried its schemes-it has tried to administer the financial concerns of the nation through the state banks, and we all know what the result has been.

They have talked about a metallic currency, and they have imported a large quantity of gold for the purpose of trying the experiment; but they have never entered upon it. They have abandoned the course in

extremity, because they found that the mode which had commended itself, to the judgment of wise men, and which they had dismissed from their councils, was the only mode in which the financial affairs of the country could be administered. And now, to cover the retreat of the administration, it is declared that the government has no business with the currency; that it should have no connexion with banks, that it should conduct its own monetary concerns, as a private man does, and that it should keep its money in its own closet.

Sir, this abandonment of the currency on the part of the general government, is a matter of deep interest to the people of this country. For my own part, I am not able to understand how the government is to divorce itself from the great national concern; I say, I am not able to understand how the government is to divorce itself from this great national public concern. Is the currency of the country a matter of state, or of national interset? Does any man doubt? I ask for an answer to this inquiry-does any man say that a state can regulate the currency of this great country? Or that all the states of this Union upon any possible supposition of harmony and concord of action, can regulate it? I should like to see the process by which it is to be done. I should like any man to point out to me, by what means the currency of this great country can be regulated, either by separate or joint action on the part of the states. A state, I am aware, may do much for its own currency, but nothing beyond it. Its power is limited to its own borders, and beyond these borders the subject is not within its control. In the very nature of the thing, the matter belongs to the national government, and no where else, and if that government does not possess the requisite power, it must be given to it; for no where else can that power exist in such a manner as to accommodate itself to the wants and necessities of the people.

Sir, the present administration of the government attempts to cast off this duty; and the friends of that administration undertake to shape the whole system of our financial operations upon the supposition that the power belongs to the states. To do this, they begin with the state banks, and undertake to put them under certain restrictions. I think--looking to the source from which the series of resolutions which have been brought up for the consideration of this body, emanated-I think that this is to destroy all the banks. My intention is to treat this as what it purports to be. There is, to be sure, in these resolutions, a mixture of two subjects-a mixture of currency, and a mixture of questions in relation to bank restrictions, but my first objection to this system of currency and banking, is that it is premature. The people have yet to decide whether this new principle of divorce, as it is termed, shall prevail or not. I say, it is premature. This great question is to be settled by the people of this country. The people are to say whether the government is justified or not, in attempting to abandon this matter of a national currency. I think that the indications are against it. The people, according to present appearances, will have, as they ought to have, an administration which will take care of this great national concern; and not attempt to cast it from them as a matter with which they have nothing to do.

The necessity for state action has not arisen, and, in my opinion never will; but the matter will be left, where it ought to be left, with the gen

eral government. If it should ever be necessary, or expedient, for the states to act upon this subject, I have little doubt, notwithstanding the melancholy picture which has been drawn of our own state, that Pennsylvania will not be slow to act, and that she, by her legislature, will act in such a manner as the honor and the interests of the country may require.

Mr. Chairman, it has pained me much, to hear the argument which has been brought forward here, and which, if well founded, appears to me to be fatal to all our proceedings. The argument which has been addressed to this committee, as a reason why this resolution should be adopted, is neither more nor less than this-an argument in distrust of our legislature. It has not been shown, and I apprehend cannot be shown, that any one of the resolutions which may be considered as accompanying that now before the committee, is not a proper subject for legislation, or that it does not come within the fair and legitimate scope of legislation. They are provisions as to the mode in which legislation shall be carried on, and they are to be inserted in the constitution of the state, because the legislature is not to be trusted, if left to itself. I say, sir, that this is fatal to the whole body of your amendments. Are gen. tlemen aware of the extent of this objection. The legislative body has not virtue enough to be trusted upon this subject;-this is the whole sum and substance of the argument.

But, Mr. Chairman, let me ask, is this so? This is the objectionthis is the reason upon which it is claimed that these provisions should be made articles of your constitution. It is because the legislature is not to be trusted with that which is within the fair scope of legislation. If this is so, all the provisions which we may make here are of no avail, because if our legislature is without integrity-if they can not be trusted for the fear of their being corrupt--what can we expect from the other institutions of the state. If this course is to be pursued, it is in vain for us to spend our time in reforming and amending the constitution. But I look back with satisfaction on the legislation which has taken place, because it produces a conviction that these propositions are not to be sustained.

Let

The gentleman from Beaver, (Mr. Agnew) who went over the various acts of assembly and progressive legislation, shewed constant circumspection on the part of the legislation, and, an increasing care in the granting of charters. But your legislature is not to be trusted in any event. gentlemen cast their eyes over these resolutions, and they will see that all of them have reference to matters which come within the proper sphere of the legislature. The amendment now under consideration, is mixed up with others which refer, some to the currency, and some to restrictions upon the banks as a measure of currency. The resolution under consideration seems to have for its object an effect on the currency of the state. When we come to another topic, as we may do at a future time, upon the great question of corporations, and the mode in which the legislature may constitutionally repeal a charter, and to the provisions which we may insert in the constitution on that subject, it will then, I say, be time enough to speak about it. You have seen that the executive magistrate of this state, regards the matters which are contained in

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