SUB-TREASURY BILL. The following is the bill as it passed the senate on Saturday night last: A bill to impose additional duties as depositaries upon certain public officers, to appoint receivers general of public money, and to regulate the safe-keeping, transfer, and disbursement of the public moneys of the United States. erected and now erecting, all collectors of the cus- require. And for the purpose of payments on the toms, all surveyors of the customs acting also as public account, it shall be lawful for the treasurer collectors, all receivers general of public moneys, of the United States to draw upon any of the said all receivers of public moneys, all receivers of depositaries, as he may think most conducive to public moneys at the several land offices, and all the public interests, or to the convenience of the postmasters, except as is hereinafter particularly public creditors, or both. provided, be, and they are hereby, required to keep SEC. 11. And be it further enacted, That the mosafely, without loaning or using, all the public mo- neys in the hands, care, and custody, of any of the Be it enacted by the senate and house of represen-ney collected by them, or otherwise at any time depositaries constituted by this act, shall be contatives of the United States of America, in congress placed in their possession and custody, till the same sidered and held as deposited to the credit of the assembled, That there shall be prepared and provi- is ordered by the proper department or officer of treasurer of the United States, and shall be, at all ded, within the new treasury building now erecting the government to be transferred or paid out: and times, subject to his draft, whether made for transat the seat of government, suitable and convenient when such orders for transfer or payment are re-fer or disbursement, in the same manner as though rooms for the use of the treasurer of the United ceived, faithfully and promptly to make the same the said moneys were actually in the treasury of States, his assistants and clerks; and sufficient and as directed, and to do and perform all other duties the United States; and each depositary shall make secure fire proof vaults and safes, for the keeping as fiscal agents of the government, which may be returns to the treasury department of all moneys of the public moneys in the possession and under imposed by this or any other acts of congress, or received and paid by him, at such times, and in the immediate control of the said treasurer; which by any regulation of the treasury department, made such form, as shall be directed by the secretary of said rooms, vaults, and safes, are hereby constituted in conformity to law; and also to do and perform all the treasury. and declared to be, the treasury of the United States. acts and duties required by law, or by direction of SEC. 12. And be it further enacted, That whenAnd the said treasurer of the United States shall any of the executive departments of the govern-ever public moneys shall accumulate in the hands keep all the public money which shall come to his ment, as agents for paying pensions, or for making of any depositary constituted by this act, other than hands in the treasury of the United States as any other disbursements which either of the heads of the treasurer of the United States, the treasurer of hereby constituted, until the same are drawn there- those departments may be required by law to make, the mint of the United States, the treasurer of the from according to law. and which are of a character to be made by the depo- brauch int at New Orleans, and the receivers sitaries hereby constituted, consistently with the general of public money, to an amount beyond that other official duties imposed upon them. secured by the bond of the officer, or which the secretary of the treasury shall, for any cause, consider unsafe, and it shall not be desirable to transfer the moneys so accumulated to any other depositary, it shall be lawful for the said secretary to direct the said moneys, or any portion thereof, to be specially deposited in such bank of the state, or territory, wherein the depositary who is to make the deposite is located, as he, the said secretary, shall select and name: Provided, The bank so selected will agree to receive and keep the moneys deposited with it upon the terms and conditions in the next section of this act prescribed. SEC. 2. And be it further enacted, That the mint of the United States, in the city of Philadelphia, in the state of Pennsylvania, and the branch int, in SEC. 7. And be it further enacted, That the treathe city of New Orleans, in the state of Louisiana, surer of the United Staies, the treasurer of the mint and the vaults and safes thereof, respectively, shall of the United States, the treasurer of the branch be places of deposite and safe-keeping of the pub-mint at New Orleans, and the receivers general of lic moneys at those points respectively; and the public money hereinbefore directed to be appointed, treasurer of the said mint and branch mint respec- shall, respectively, give bonds to the United States, tively, for the time being, shall have the custody in such form, and for such amounts, as shall be diand care of all public moneys deposited within the rected by the secretary of the treasury, and by and same, and shall perform all the duties required to with the advice and consent of the president, with be performed by them, in reference to the receipt, sureties to the satisfaction of the solicitor of the safe-keeping, transfer, and disbursements of all such treasury; and shall from time to time, renew, moneys, according to the provisions hereinafter strengthen, and increase their official bonds, as the contained. secretary of the treasury, with the consent of the president, may direct; any law in reference to any of the official bonds of any of the said officers to the contrary notwithstanding. SEC. 3. And be it further enacted. That there shall be prepared and provided, within the customhouses now erecting in the city of New York, in the state of New York, and in the city of Boston, in the state of Massachusetts, suitable and convenient rooms for the use of the receivers general of public moneys, hereinafter directed to be appointed at those places respectively; and sufficient and secure fire proof vaults and safes for the safe-keeping of the public moneys collected and deposited with them, respectively: and the receivers general of public money, from time to time appointed at those points, shall have the custody and care of the said rooms, vaults and safes respectively, and of all the public money deposited within the same, and shall perform all the duties required to be performed by them in reference to the receipt, safe-keeping, transfer, and disbursement of all such moneys, according to the provisions of this act. SEC. 8. And be it further enacted, That it shall be the duty of the secretary of the treasury, at as early a day as possible after the passage of this act, to require from the several depositaries hereby constituted, and whose official bonds are not hereinbe fore provided for, to execute bonds new and suitable in their terins to meet the new and increased duties imposed upon them respectively by this act, and with sureties, in sums, such as shall seem reasonable and safe to the solicitor of the treasury, and from time to time require such bonds to be renewed and increased in amount and strengthened by new sureties, to meet any increasing responsibility which may grow out of accumulations of money in the hands of the depositary, or out of any other duty or responsibility arising under this or any other law of congress. SEC. 13. And be it further enacted, That the special deposites of the public moneys authorized by the last preceding section of this act to be made in banks, shall be made upon the following terms and conditions, and upon no other, namely: First. All such deposites shall be strictly apecial deposites; and the banks holding them shall be prohibited in the most effectual manner, from making any use of the moneys deposited, by way of loans, discounts, or in any other manner, or for any other purpose whatsoever; and to secure the fulfilment of this condition, the secretary of the treasury is authorized, in his discretion, to furnish the banks selected as deposite banks with safes for the keeping of the public moneys exclusively, and under the joint control of the bank and some designated officer of the government, or to adopt such other guards as they shall prefer. Third All deposites shall be passed, upon the books of the bank, to the credit of the depositary making the same; but no moneys deposited in pursuance of this act shall be withdrawn without the express order of the secretary of the treasury, for the payments; and no drafts of the treasurer of the United States, or orders or warrants of the secretary of the treasury, for ordinary transfer or disbursement, shall be made upon any bank selected as a deposite bank under this act. Second. Nothing but gold or silver, or such notes, bills, or paper, issued under the authority of SEC. 4. And be it further enacted, That there the United States, as may be directed by law to be shall be erected, prepared, and provided, at the ex- SEC. 9. And be it further enacted, That all col-received in payment of the public dues, shall be pense of the United States, at the city of Charles- lectors and receivers of public money. of every offered for deposite, or received by the bank as a ton, in the state of South Carolina, and at the city character and description, within the District of deposite, under the provisions of this act. of St. Louis, in the state of Missouri, offices with Columbia, shall, as frequently as they may be disuitable and convenient rooms for the use of the rected by the secretary of the treasury so to do, pay receivers general of public money hereinafter di- over to the treasurer of the United States at the rected to be appointed at the places above named; treasury thereof, all public moneys collected by and sufficient and secure fire proof vaults and safes them, or in their hands; that all such collectors for the keeping of the public money collected and and receivers of public moneys within the cities of deposited at those points respectively; and the said Philadelphia and New Orleans, shall, upon the receivers general, from time to time appointed at same direction, pay over to the treasurers of the those places, shall have the custody and care of the mints in their respective cities, at the said mints, said offices, vaults, and safes, so to be erected, pre-all public moneys collected by them, or in their pared, and provided, and of all the public moneys hands; and that all such collectors and receivers of Fourth. A commission, such as shall be agreed deposited within the same; and shall perform all public moneys within the cities of New York, upon between the secretary of the treasury and the the duties required to be performed by them, in re- Boston, Charleston, and St. Louis, shall, upon the bank, not in any case to exceed one eighth of one ference to the receipt, safe-keeping, transfer, and same direction, pay over to the receivers general of per centum upon the moneys deposited with it, disbursement of all such moneys, according to the public money in their respective cities, at their offi-shall be allowed and paid by the United States, in provisions hereinafter contained. ces respectively, all the public moneys collected full satisfaction of all claims on the part of the SEC. 5. And be it further enacted, That the pre- by them, or in their hands, to be safely kept by the sident shall nominate, and, by and with the advice said respective depositaries, until otherwise dispus and consent of the senate, appoint four officers, to ed of according to law; and it shall be the duty of be denominated "receivers general of public mo- the said secretary to direct such payments, by the ney," which said officers shall hold their respective said collectors and receivers, at all the said places, offices for the term of four years unless sooner re-at least as often as once in each month, and as moved therefrom; one of which shall be located at much more frequently, in all cases, as he, in his the city of New York, in the state of New York; discretion, may think proper. one of which shall be located at the city of Boston, in the state of Massachusetts; one of which shall be located at the city of Charleston, in the state of South Carolina; and the remaining one of which shall be located at the city of St. Louis, in the state of Missouri; and all of which said officers shall give bonds to the United States, with sureties, according to the provisions hereinafter contained, for the faithful discharge of the duties of their respective offices. bank for trouble and risk growing out of the receipt, safe keeping and repayment of the special deposites herein authorized to be made; all accounts for commissions to be audited and paid at the treasury of the United States. SEC. 14. And be it further enacted, That, in case no bank within the state or territory wherein the depositary, directed to make deposites, is located, SEC. 10. And be it further enacted, That it shall will consent to receive the moneys of the govern be lawful for the secretary of the treasury to trans- ment upon special deposite, according to the forefer the moneys in the hands of any depositary here- going conditions and regulations, then it shall be by constituted, to the treasury of the United States; lawful for the secretary of the treasury to select to the mint at Philadelphia; to the branch mint at some bank in an adjoining state, or territory, such New Orleans; or to the offices of either of the re-as may be most convenient for the officer to make ceivers general of public moneys, by this act di- deposites, and the public service; and in case no rected to be appointed; to be there safely kept, convenient bank of either character can be found according to the provisions of this act; and also to willing to receive such deposites upon the terms transfer moneys in the hands of any one depositary proposed, the secretary may transfer the same to SEC. 6. And be it further enacted, That the trea-constituted by this act to any other depositary the treasury of the United States, to the mint, or surer of the United States, the treasurer of the constituted by the same, at his discretion, and as branch mints, or to the officers of either of the remint of the United States, the treasurers, and those the safety of the public moneys, and the conve- ceivers general of public money, as shall be most acting as such, of the various branch mints already nience of the public service, shall seem to him to convenient to the depositary from whom the mo NILES NATIONAL REGISTER-MARCH 31, 1838-MR. CLAY'S SPEECH. ney is to be transferred, or to the wants of the pub-convicted thereof before any court of the United lic service in reference to disbursements. Sec. 15. And be it further enacted, That the secretary of the treasury shall be, and he is hereby, authorized cause examinations to be made of the books, accounts, and money on hand, of the several depositaries constituted by this act; and for that purpose to appoint special agents, as occasion may require with such compensation as he may think reasonable, to be fixed and declared at the time of each appointinent, which said examina tions, in all cases where the sum on hand usually exceeds three-fourths of the amount of the officer's bond, shall not be made less frequently than once in each year, and as much more frequently, in those and all other cases, as the secretary, in his discretion, shall direct. The agents selected to make these examinations shall be instructed to examine as well the books, accounts, and returns of the officer, as the inoney on hand, and the manner of its being kept, to the end that uniformity and accuracy in the accounts, as well as safety to the public moneys, may be secured thereby. condition. States of competent jurisdiction, shall be sentenced 67 erected: Provided, however, That if the secretary of the treasury shall find, upon inquiry and examícustom house now owned by the United States at nation, that suitable rooms for the use of the receiver general at Charleston can be obtained in the SEC. 21. And be it further enacted, That, until that place, and that secure vaults and safes can be the rooms, offices, vaults, and safes, directed by the constructed in that building for the safe-keeping of first four sections of this act to be constructed and the public money, then he shall cause such rooms prepared for the use of the treasurer of the United to be prepared and fitted up, and such vaults and States, the treasurers of the mints at Philadelphia safes to be constructed in the custom-louse at and New Orleans, and the receivers general of pub- Charleston, and no independent office shall be there lic money at New York, Boston, Charleston, and erected. St. Louis, can be constructed and prepared for use, it shall be the duty of the secretary of the treasury to procure suitable rooms for offices for those officers at their respective locations, and to contract with such banks, incorporations, or individuals, as may be willing to contract for such use of their vaults and safes as may be required for the safekeeping of the public moneys in the charge and custody of those officers respectively, the expense to be paid by the United States. SEC. 22. And be it further enacted, That it shall not be lawful for the secretary of the treasury to make or continue in force, any general order which shall create any difference between the different branches of revenue, as to the funds or medium of payment, in which debts or dues accruing to the United States may be paid. SEC. 27. And be it further enacted, That for the payment of the expenses authorized by this act, other than those herein before provided for, a sufficient sum of money be, and the same is hereby appropriated, to be paid out of any money in the treasury not otherwise appropriated. MR. CLAYS' SPEECH ON THE SUB-TREASURY BILL. if Mr. CLAY, of Kentucky, rose and addressed the Delivered in the Senate of the United States Feb. 19, 1838. SEC. 16. And be it further enacted, That in addition to the examinations provided for in the last senate as follows: I have seen some public service, preceding section, and as a further guard over the passed through many troubled times, and often adbedy, under more oppressed feelings, or with a deeper public moneys, it shall be the duty of each naval dressed public assemblies, in this capitol and else sense of awful responsibility. Never before have I officer and surveyor, as a check upon the receiver where; but never before have I risen in a deliberative general of public moneys, or collector of the cusSEC. 23. And be it further enacted, That it shall risen to express my opinions upon any public measure toms, of their respective districts; of each register of a land office, as a check upon the receiver of his be the duty of the secretary of the treasury to issue fraught with such tremendous consequences to the land office; and of the director and superintendent and publish regulations to inforce the speedy pre-welfare and prosperity of the conntry, and so perilous of each mint and branch mint, when separate offices, sentation of all government drafts for payment at to the liberties of the people, as I solemnly believe the as a check upon the treasurers, respectively, of the the place where payable, and to prescribe the time, bill under consideration will be. If you knew, sir, said mints, or the persons acting as such, at the according to the different distances of the deposita- what sleepless hours reflection upon it has cost me; close of each quarter of the year, and as innch ries from the seat of government, within which all you knew with what fervor and sincerity I have imat least, for the sincerity of my convictions, if I shall more frequently as they shall be directed by the drafts upon them, respectively shall be presented plored Divine assistance to strengthen and sustain me to the dangerous character of the measure. And I secretary of the treasury to do so, to examine the for payment; and in default of such presentation, in my opposition to it, I should have credi. with you, books, accounts, returns, and money on hand, of to direct any other mode and place of payment be so unfortunate as not to have your concurrence as the receivers general of public money, collectors, which he may deem proper. SEC. 24. And be it further enacted, That the re- have thanked my God that he has prolonged my life receivers of land offices, treasurers, and persons acting as such, and to make a full, accurate and ceivers general of public moneys directed by this until the present time, to enable me to exert myself in faithful return to the treasury department of their act to be appointed, shall receive, respectively, the the service of my country, against a project far tranfollowing salaries, per annum, to be paid quarter scending, in pernicious tendency, any that I have ever SEC. 17. And be it further enacted, That the said yearly, at the treasury of the United States, to had occasion to consider. I thank him for the health officers respectively, whose duty it is made by this wit: the receiver general of public money at New I am permitted to enjoy; I thank him for the soft and act to receive, keep, and disburse the public mo- York shall be paid a salary of three thousand dol-sweet repose which I experienced last night; I thank It is not my purpose, at this time, Mr. President, to go at large into a consideration of the causes which neys, as the fiscal agent of the government, may be lars per annum; the receiver general of public mo- him for the bright and glorious sun which shines upon allowed any necessary additional expenses of safe. ney at Boston shall be paid a salary of two keeping, transferring, and disbursing said moneys: thousand five hundred dollars per annum; the reall of such expenses of every character to be first ceiver general of public money at Charleston shall have led to the present most disastrous state of public expressly authorized by the secretary of the trea- be paid a salary of two thousand five hundred dol- affairs. That duty was performed by others, and my sury, whose directions upon all the above subjects, lars per annum; and the receiver general of public self, at the extra session of congress. It was then by way of direction and otherwise, are to be strict money at St. Louis, shall be paid a salary of two clearly shown that it sprung from the ill-advised and ly followed by all the said officers: Provided that thousand five hundred dollars per annum: and these unfortunate measures of executive administration. I the whole number of clerks to be appointed by vir- salaries, respectively, shall be in full for the servi- now will content myself with saying that, on the 4th that the country then was eminently prosperous; that tue of this section of this act, shall not exceed ten, ces of the respective officers; nor shall either of day of March, 1829, Andrew Jackson, not by the blessand that the aggregate compensations of the whole them be permitted to charge, or receive, any coming of God, was made pr.sident of the United States; shall not exceed eight thousand dollars, nor shall mission, pay, or perquisite, for any official service, its currency was as sound and safe as any that a peothe compensation of any one clerk, so appointed, of any character or description whatsoever; and ple were ever blessed with; that, throughout the wide the making of any such charge, or the receipt of extent of this whole union, it possessed a uniform value; exceed eight hundred dollars per annum. SEC. 18. And be it further enacted, That the se- any such compensation, is hereby declared to be a and that exchanges were conducted with such regularcretary of the treasury shall, with as much promp-nisdemeanor, for which the officer convicted there-ity and perfection, that funds could be transmitted from titude as the convenience of the public business of, before any court of the United States of com- one extremity of the union to the other, with the least and the safety of the public funds will permit, withdraw the balances remaining with the present depositaries of the public moneys, and confine the safe-keeping, transfer, and disbursement of those moneys to the depositaries established by this act. us this day. trated into the interior, and now pervade almost the entire union. It has been justly remarked by one of the soundest and most practical writers that I have nate in the operation of the government, or in the mishad occasion to consult, that "all convulsions in the circulation and commerce of every country must origitaken views and erroneous measures of those possess petent jurisdiction, shall be subject to punishment possible risk or loss. In this encouraging condition of by fine, or imprisonment, or both, at the discretion the business of the country it remained for several years, by the overthrow of that invaluable institution. What of the court before which the offence shall be tried. until after the war, wantonly waged against the late SEC. 25. And be it further enacted, That the Bank of the United States, was completely successful, treasurer of the United States be, and he is hereby our present situation is, it is as needless to describe as authorized to receive at the treasury, and at such it is painful to contemplate. First felt in our great comSEC. 19. And be it further enacted, That all mar- other points as he may designate, payments in ad-mercial marts, distress and embarrassment have peneshalls, district attorneys, and others, having public vance for public lands, the payments so made, in money to pay to the United States, and all paten- all cases, to be evidenced by the receipt of the said tees wishing to make payment for patents to be is- treasurer of the United States; which receipts so sued, may pay all such moneys to the treasurer of given shall be current at the several land offices of the United States, at the treasury, to the treasurer the United States, as cash, at any public or private of either of the mints, in Philadelphia or New Or- sale of lands, in the same manner as the currency leans, to either of the receivers general of the pub-authorized by law to be received in payment for ing the power of influencing credit and circulation; for lic money, or to such other depositary constituted the public lands: Provided, however, that the re-they are not otherwise susceptible of convulsion, and, by this act, as shall be designated by the secretary ceipts given by the treasurer of the United States, if left to themselves, they will find their own level, and of the treasury, in other parts of the United States, pursuant to the authority conferred in this section, flow nearly in one uniform stream." to receive such payments, and give receipts or cer- shall not be negotiable or transferable, by delivery or assignment, or in any other manner whatsoever, tificates of deposite therefor. but shall, in all cases, be presented in payment for lands by or for the person to whom the receipt was given, as shown upon its face. Yes, Mr. President, we all have but too melancholly a consciousness of the unhappy condition of our counmasted, the surge beating over her venerable sides, and SEC. 20. And be it further enacted, That all offitry. We all too well know that our noble and gallant the crew threatened with instantaneous destruction. cers charged by this act with the safe-keeping, ship lies helpless and immovable upon breakers, distransfer, and disbursement of the public moneys, SEC. 26. And be it further enacted, That for the How came she there? Who was the pilot at the helm are hereby required to keep an accurate entry of each sum received, and of the kind of money in purchase of sites, and for the construction of offi- when she was stranded? The party in power! The which it is received, and of each payment or trans-ces of the receivers general of public money, by pilot was aided by all the science and skill, by all the fer, and of the kind of currency in which it is made; this act directed, to be erected at Charleston, S. C. charts and instruments of such distinguished navigaand that if any one of the said officers shall convert and at St. Louis, Missouri, there shall be, and tors as Washington, the Adamases, Jefferson, Madito his own use, in any way whatever, or shall use hereby is, appropriated, to be paid out of any mo- son, and Monroe; and yet he did not, or could not, by way of investment in any kind of property or ney in the treasury not otherwise appropriated, the save the public vessel. She was placed in her present merchandise, or shall loan, with, or without inter- sum of ten thousand dollars, to be expended under miserable condition by his bungling navigation, or by I shall endeavor, Mr. President, in the course of the est, any portion of the public moneys entrusted to the direction of the secretary of the treasury, who his want of skill and judgment. It is impossible for him for safe-keeping, disbursement, transfer, or for is hereby required to adopt plans for the said offi. him to escape from one or the other horn of that dilemany other purpose, every such act shall be deemed ces, and the vaults and safes connected therewith, ma. I leave him at liberty to choose between them. and adjudged to be an embezzlement of so much of and to cause the same to be constructed and address I am about making, to establish certain propothe said moneys as shall be thus taken, converted, prepared for use, with as little delay as shall be sitions, which I believe to be incontestible; and, for the invested, used or loaned, which is hereby declared consistent with the public interests, and the con- sake of perspicuity, I will state them severally to the to be a high misdemeanor, and any officer or person venient location and security of the buildings to be senate. I shall contend 1st. That it was the deliberate purpose and fixed design of the late administration to establish a government bank-a treasury bank-to be administered and controlled by the executive department. 2d. That, with that view, and to that end, it was its aim and intention to overthrow the whole baking system, as existing in the United States when the administration came into power, beginning with the Bank of the United States, and ending with the state banks. 3d. That the attack was first confined, from considerations of policy, to the Bank of the United States; but that, after its overthrow was accomplished, it was then directed, and has since been continued, against the state banks. expense of which may be paid, if thought advisable, by sideration, beyond all controversy, is the very project which he had in view, and is to consummate the work which he began. I think, Mr. President, that you must now concur with me in considering the first proposition as ful y maintained. I pass to the second and third, which, on account of their intimate connexion, I will consider together. 2. That, with a view of establishing a government bank, it was the settled aim and intention of the late administration to overthrow the whole banking system of the United States, as existing in the United States when that administration came into power, beginning with the Bank of the United States, and ending with the state banks. 3. That the attack was first confined, from considerations of policy, to the Bank of the United States; but that, after its overthrow was accomplished, it was then directed, and has since been continued, against the state banks. In this message, president Jackson, after again adverting to the imaginary dangers of a bank of the United States, recurs to his favorite project, and inquires "whether it be not possible to secure the ad4th. That the present administration, by its acknow-advantages afforded by the present bank, through the ledgements, emanating from the highest and most au- agency of a bank of the United States, so modified in thentic source, has succeeded to the principles, plans, its principles and structure as to obviate constitutional and policy of the preceding administration, and stands and other objections." And to dispel all doubts of the solemnly pledged to complete and perfect them. timid, and to confirm the wavering, he declares that it And, 5th. That the bill under consideration is in- is thought practicable to organize such a bank, with We are not bound to inquire into the motives of pretended to execute the pledge, by establishing, upon the the necessary officers, as a branch of the treasury de-sident Jackson for desiring to subvert the established ruins of the late Bank of the United States, and the partment. As a branch of the treasury department! monetary and financial system which he found in cpestate banks, a government bank, to be managed and The very scheme now under consideration. And, to ration; and yet some examination into those which controlled by the treasury department, acting under defray the expenses of such an anomalous institution, probably influenced his mind is not without utility, the commands of the president of the United States. he suggests that the officers of the treasury department These are to be found in his pecular consitution and I believe, solemnly believe, the truth of every one of may turn bankers and brokers, and sell bills of ex- character. His egotism and vanity prompted him to these five propositions. In the support of them, I shall change to private individuals at a moderate premium! subject every thing to his will; to change, to remould, not rely upon any gratuitous surmises or vague conjec- In his annual message of the year 1831, upon this and retouch every thing. Hence the proscription which tures, but upon proofs, clear, positive, undeniable, and subject, he was brief and somewhat covered in his ex-characterized his administration, the universal expuldemonstritive. To establish the first four, I shall ad- pressions. But the fixed purpose which he entertain- sion from office, at home and abroad, of all who were duce evidence of the highest possible authenticity, or ed is sufficiently disclosed to the attentive reader. He not devoted to him, and the attempt to render the exefacts admitted or undeniable, and fair reasoning found- announces that, cutive department of government, to use a favorite exed on them. And as to the last, the measure under "Entertaining the opinions heretofore expressed in pression of his own, a complete “unit." Hence his consideration, I think the testimony, intrinsic and ex-relation to the Bank of the United States, as at present seizure of the public deposites in the Pank of the United trinsic, on which I depend, stamps, beyond all doubt, organized, I felt it my duty, in my former messages, States, and his desire to unite the purse with the sword. its true character as a government bank, and ought to frankly to disclose them, in order that the attention of Hence his attack upon all the systems of policy which carry to the mind of the senate the conviction which I of the legislature and the people should be seasonably he found in practical operation-on that of internal imentertain, and in which I feel perfectly confident the directed to that important subject, and that it might be provements, and on that of the protection of national whole country will share. considered, and finally disposed of, in a manner best industry. He was animated by the same sort of amcalculated to promote the ends of the constitution, and bition which induced the master-mind of the age, Nasubserve the public interests." poleon Bonaparte, to impress his name upon every thing in France. When I was in Paris, the sculptors were busily engaged chiseling out the famous N., so odious to the Bourbon line, which had been conspicu ously carved on the palace of the Tuilleries, and on other public edifices and monuments in the proud capital of France. When, Mr. President, shall we see effaced all traces of the ravages committed by the administration of Andrew Jackson? Society has been uprooted, virtue punished, vice rewarded, and talents and intellectual endowments despised; brutality, vul garism, and loco-focoism upheld, cherished, and countenanced. Ages will roll around before the moral and political ravages which have been committed will, lear, cease to be discernable. General Jackson's ambition was to make his administration an era in the history of the American government, and he has accomplished that object of his ambition; but I trust that it will be an era to be shunned as sad and lamentable, and not followed and imitated as supplying sound maxims and principles of administration. 1. My first proposition is, that it was the deliberate purpose and fixed design of the late administration to establish a government bank-a treasury bank-to be administered and controlled by the executive depart ment. To establish its truth, the first proof which I offer is the following extract from president Jackson's annual message of December, 1829: What were the opinions "heretofore" expressed we have clearly seen. They were adverse to the Bank of the United States, as at present organized, that is to say, an organization with any independent corporate government; and in favor of a national bank which should be so constituted as to be subject to exclusive executive control. "The charter of the Bank of the United States expires in 1836, and its stockholders will most probably apply for a renewal of their privileges. In order to avoid the At the session of 1831-232, the question of the reevils resulting from precipitancy, in a measure involv- charter of the Bank of the United States came up; and ing such important principles, and such deep pecuni- although the attention of congress and the country had ary interests, I feel that I cannot, in justice to the been repeatedly and deliberately before invited to the parties interested, too soon present it to the considera- consideration of it by president Jackson himself, the tion of the legislature and the people. Both the consti- agitation of it was now declared by him and his partitutionality and the expediency of the law creating this sans to be precipitate and premature. Nevertheless, bank are well questioned by a large portion of our fellow- the country and congress, conscious of the value of a citizens; and it must be admitted by all that it has fail-safe and sound uniform currency, conscious that such ed in the great end of establishing a uniform and sound a currency had been eminently supplied by the Bank currency. "Under these circumstances, if such an institution is deemed essential to the fiscal operations of the government, I submit to the wisdom of the legislature, whether a national one, founded upon the credit of the government and its revenues, might not be devised, which would avoid all constitutional difficulties, and, at the same time, secure all the advantages to the government and the country that were expected to result from the present bank." of the United States, and unmoved by all the outcry "A bank of the United States is, in many respects, "The importance of the principles involved in the "It is thought practicable to organize such a bank, with the necessary officers, as a branch of the treasury department, based on the public and individual deposites, without power to make loans or purchase property, which shall remit the funds of the government; and the It is perfectly manifest that he alludes to his previous I have heard his hostility to banks ascribed to some collision which he had with one of them, during the late war, at the city of New Orleans; and it is possible that may have had some influence upon his mind. The immediate cause, more probably, was the refusal of that perverse and unaccommodating gentleman, Nick Biddle, to turn out of the office of president of the New Hampshire branch of the Bank of the United States, at the instance of his excellency Isaac Hill, in the summer of 1829, that giant-like person, Jeremiah Masongiant in body, and giant in mind. War and strife, endless war and strife, personal or national, foreign or domestic, were the aliment of the late president's existence. War against the bank, war against France, and strife and contention with a countless number of individuals. The wars with Black Hawk and the Seminoles were scarcely a luncheon for his voracious appetite. And he made his exit from public life, denouncing war and vengeance against Mexico and the state banks. My acquaintance with that extraordinary man com menced in this city, in the fall of 1815 or 1816. It was short, but highly respectful, and mutually cordial. I beheld in him the gallant and successful general, who, by the glorious victory of New Orleans, had honorably closed the second war of our independence, and I paid him the homage due to that eminent service. A few years after, it became my painful duty to animadvert, in the house of representatives, with the independence which belongs to the representative character, upon some of his proceedings in the conduct of the Seminole war, which I thought illegal and contrary to the constitution and the law of nations. A non-intercourse between us ensued, which continued until the fall of 1824, when, he being a member of the senate, an accommodation between us was sought to be brought about by the principal part of the delegation from his own state. For that purpose, we were invit ed to dine with them at Claxton's boarding house, on capitol hill, where my venerable friend from Tenessee, (Mr. White) and his colleague on the Spanish commission, were both present. I retired early from dinner, and was followed to the door by general Jackson and the present minister of the United States at the court of Madrid. They pressed me earnestly to take a seat with them in their carriage. My faithful servant and friend, Charles, was standing at the door waiting for me, with my own. I yielded to their urgent politeness, directed Charles to follow with my carriage, and they sat me down at my own door. We afterwards fre says: due time by the enactment of state laws, banishing quently met, with mutual respect and cordiality; dined | buried villages and cities were hushed in eternal silence, | of the precious metals infused into our circulating meseveral times together, and reciprocated the hospitality another, more desolating, was vomited forth, extending dium. These measures will probably be followed up in of our respective quarters. This friendly intercourse wider and wider the circle of death and destruction. Mr. President, this is no unnecessary digression. from circulation bank notes of still higher denominacontinued until the election, in the house of representatives, of a president of the United States came on in The personal character of such a chief as I have been tions; and the object may be materially promoted by Feb. 1825. Igave the vote which, in the contingency describing, his passions, his propensities, the character further acts of congress, forbidding the employment, as that happened, I told my colleague, (Mr. Crittenden,) of his mind, should be all thoroughly studied, to com- fiscal agents, of such banks as issue notes of low denom"The effects of an extension of bunk credits and overwho sits before me, prior to my departure from Ken- prehead clearly his measures and his administration. inations, and throw impediments in the way of the tucky, in November, 1824, and told others, that I should But I will now proceed to more direct and strict proofs circulation of gold and silver. give. All intercourse ceased between general Jackson of my second and third propositions. That he was and myself. We have never since, except once acci- resolved to break down the Bank of the United States, issues of bank paper, have been strikingly illustrated in dentally, exchanged salutations, nor met, except on is proven by the same citations from his messages the sales of the public lands. From the returns made occasions when we were performing the last offices which I have made. to exhibit his purpose to establish by the various registers and receivers in the early part tinctly diclosed. Speaking of a sound currency, he a treasury bank, is proven by his veto message, and of last summer, it was perceived that the receipts arising by the fact that he did destroy it. The war against all from the sales of public lands were increasing to an un"In considering the means of obtaining so important other banks was not originally announced, because he precedented amount. In effect, however, these receipts an end, (that is, a sound currency,] we must set aside wished the state banks to be auxiliaries in overthrow- amount to nothing more than credits in banks. The all calculations of temporary convenience, and being the Bank of the United States, and because such banks lent out their notes to speculators; they were influenced by those only that are in harmony with an annunciation would have been too rash and shock-paid to the receivers, and immediately returned to the It was necessary to proceed struments to transfer to speculators the most valuable the true character and permanent interests of the re- ing upon the people of the United States for even his banks, to be lent out again and again, being mere inpublic. We must recur to first principles, and see what tremendous influence. it is that has prevented the legislation of congress and in the work with caution, and to begin with that insti- public land, and pay the government by a credit on the the states on the subject of currency from satisfying the tution against which could be embodied the greatest books of the banks. Those credits on the books of public expectation, and realizing results corresponding amount of prejudice. The refusal to recharter the Bank some of the western banks, usually called deposites, to those which have attended the action of our system of the United States was followed by a determination were already greatly beyond their immediate means of when truly consistent with the great principle of equal to remove from its custody the public money of the payment, and were rapidly increasing. Indeed, each ity upon which it rests. and with that spirit of forbear- United States. That determination was first whisper- speculation furnished means for another; for no sooner ance and mutual concession and generous patriotism ed in this place, denied, again intimated, and finally, had one individual or company paid in the notes, than which was originally, and must ever continue to be, in September, 1833, executed. The agitation of the they were immediately lent to another for a like purAmerican public which ensued, the warm and animat- pose; and the banks were extending their business and the vital element of our Union. ed discussions in the country and in congress, to which their issues so largely as to alarm considerate men, and that unconstitutional measure gave rise, are all fresh in render it doubtful whether these bank credits, if permitour recollection. It was necessary to quiet the public ted to accumulate, would ultimately be of the least value mind, and to reconcile the people to what had been to the government. The spirit of expansion and specudone, before president Jackson seriously entered upon lation was not confined to the deposite banks, but perhis new career of hostility to the state banks. At the vaded the whole multitude of banks throughout the commencement of the session of congress, in 1834, he union, and was giving rise to new institutions to aggraimagined a sufficient calm had been produced, and, in vate the evil. his annual message of that year, the war upon the state banks was opened. In that message he says: "On this subject, I am sure that I cannot be mistaken in ascribing our want of success to the undue countenance which has been afforded to the spirit of monopoly. All the serious dangers which our system has yet encountered may be traced to the resort to implied powers, and the use of corporations clothed with privileges, the effect of which is to advance the interess of the few at the expense of the many. We have felt but one class of these dangers, exhibited in the conest waged by the Bank of the United States against he government for the last four years. Happily, they have been obviated for the present by the indignant resistance of the people; but we should recollect that the principle whence they sprang is an ever-active one, which will not fail to renew its efforts in the same and in other forms, so long as there is a hope of success, founded either on the inattention of the people, or the treachery of their representatives to the subtle progress of its influence." * * * "We are now to see whether, in the present favorable condition of the country, we cannot take an effectual stant against this spirit of monopoly, and practically prove, in respect to the currency, as well as other important interests. that there is no necessity for so extensive a resort to it as that which has been heretofore practised." "It has been seen that without the agency of a great moneyed monopoly the revenue can be collected, and conveniently and safely applied to al the purposes of the public expenditure. It is also ascertained that, instead of being necessarily made to promote the evils of an uachecked paper system, the management of the revenue can be made auxiliary to the reform which the legislatures of several of the states have already commenced in regard to the suppression of small bills; and which has only to be fostered by proper regulations on the part of congress, to secure a practical return, to the extent required for the security of the currency, to the constitutional medium." As in the instance of the attack upon the Bank of the United States, the approach to the state banks is slow, cautious, and insidious. He reminds congress and the country that all calculations of temporary convenience must be set aside; that we must recur to first principles; and that we must see what it is that has prevented legislation of congress and the states on the subject of the currency from satisfying public expectation. He declares his conviction that the want of succes has proceeded from undue countenance which has been afforded to the spirit of monopoly. All the serious dangers which our system has yet encountered may be traced to the resort to implied powers, and to the use of corpo rations. We have felt, he says, but one class of these dangers in the contest with the Bank of the United States, and he clearly intimates that the other class is the state banks. We are now to see, he proceeds, whether in the present favorable condition of the country, we cannot take an effectual stand against this spirit of monopoly. Reverting to his favorite scheme of a government bank, he says it is ascertained that, instead of being made necessary to promote the evils of an unchecked paper system, the management of the revenue can be made auxiliary to the reform which he is desi towards deceased members of congress or other officers of government. Immediately after my vote, a rancorous war was commenced against me, and all the barking dogs let loose upon me. I shall not trace it during its ten years' bitter continuance. But I thank my God that I stand here, firm and erect, unbent, unbroken, unsubdued, unawed, and ready to denounce the mischevious measures of his administration, and ready to denounce this, its legitimate offspring, the most pernicious of them all." "It seems due to the safety of the public funds re- "I beg leave to call your attention to another subject "The safety of the public funds, and the interest of the people generally, required that these operations should be checked; and it became the duty of every branch of the general and state governments to adopt all legitimate and proper means to produce that saluta ry effect. Under this view of my duty, I directed the issuing of the order, which will be laid before you by the secretary of the treasury, requiring payment of the public lands sold to be made in specie, with an exception until the 15th of the present month in favor of actual settlers. This measure has produced many salutary of the pressure which has since pervaded our eastern as consequences. It checked the career of the western banks, and gave them additional strength in anticipation well as the European commercial cities. By preventcut off the means of speculation, and retarded its proing the expansion of the credit system, it measurably gress in monopolizing the most valuable of the public lands. It has tended to save the new states from a nonresident proprietorship-one of the greatest obstacles to the advancement of a new country and the prosperity of an old one. It has tended to keep open the public lands for entry by emigrants at government prices, instead of their being compelled to purchase of speculators at double or treble prices. And it is conveying inplace it on a firmer foundation. It is confidently beto the interior large sums in silver and gold, there to enter permanently into the currency of the country, and lieved that the country will find, in the motives which have ensued, much to commend and nothing to coninduced that order, and the happy consequences which demn." It is seen that he again calls the attention of congress "It is apparent, from the whole context of the constitution, as well as the history of the times that gave birth to it, that it was the purpose of the convention to to the currency of the country, alleges that it was appaestablish a currency consisting of the precious metals. rent from the whole context of the constitution, as well These, from their peculiar properties, which rendered as the history of the times that gave birth to it, that it was them the standard of value in all other countries, were the purpose of the convention to establish a currency adopted in this, as well to establish its commercial stand- consisting of the precious metals; imputes variableness ard, in reference to foreign countries, by a permanent and a liability to inordinate contraction and expansion rule, as to exclude the use of a mutable medium of ex- to the existing paper system, and denounces bank ischange, such as of certain agricultural commodities, re-sues as being an uncertain standard. He felicitates clares that little has been yet done, except to produce a cognised by the statutes of some states as a tender for himself upon the dangers which have been obviated by debts, or the still more pernicious expedient of a paper the overthrow of the Bank of the United States, but desalutary change of public opinion towards restoring to currency." the country the sound currency provided for in the constitution. I will here say, in passing, that all this outcry about the precious metals, gold, and the constitutional currency, has been put forth to delude the people, and to use the precious metals as an instrument to break down the banking institutions of the states, and to thus pave the way for the ultimate establishment of a great government bank. In the present advanced state of civilization, in the present condition of the commerce of the world, and in the actual relations of trade and intercourse between the different nations of the world, it is perfectly chimerical to suppose that the currency of the United States should consist exclusively, or principally, of the precious metals. "Variableness must ever be the characteristic of a currency of which the precious metals are not the chief ingredient, or which can be expanded or contracted without regard to the principles that regulate the value of those metals as a standard in the general trade of the world. With us, bank issues constitute such a currency, and must ever do so, until they are made dependent on those just proportions of gold and silver, as a circulating medium, which experience has proved to be necessary, not only in this, but in all other commercial countries. Where those proportions are not infused into the circulation, and do not control it, it is manifest that prices must vary according to the tide of bank issues, and the value and stability of property must stand exposed to all the uncertainty which attends the administration of institutions that are constantly liable to the temptation of an interest distinct from that of the community in which they are established." In the quotations which I have made from the last tension of bank credits, and the over-issues of bank paannual message of general Jackson, he speaks of the ex"But although various dangers to our republican in- per, in the operations upon the sales of public lands. In plaisance, as illustrating the general prosperity of the stitutions have been obviated by the failure of that bank his message of only the preceding year, the vast amount to extort from the government a renewal of its charter, of those sales had been dwelt upon with peculiar comHis administration consisted of a succession of as- it is obvious that little has been accomplished, except a tounding measures, which fell on the puplic ear like salutary change of public opinion, towards restoring to country, and as proof of the wisdom of his administrarepeated bursts of loud and appalling thunder. Before the country the sound currency provided for in the con- tion. But now that which had been announced as a the reverberations of one peal had ceased, another and stitution. In the acts of several of the states prohibiting blessing is deprecated as a calami'y. Now, his object another came, louder and louder, and more terrifying. the circulation of small notes, and the auxiliary enact- being to assail the banking institutions of the states, and Or rather, it was like a volcanic mountain, emitting ments of congress at the last session, forbidding their to justify that fatal treasury order, which I shall hereaf frightful eruptions of burning lava. Before one was reception or payment on public account, the true policy ter have occasion to notice, he expresses his apprehencold and crusted; before the voice of the inhabitants of of the country has been advanced, and a larger portion sion of the danger to which we are exposed of losing the public domain, and getting nothing for it but bank | yet remains to require all your energy and perseverance. | confided to my illustrious predecessor, and which he credits. He describes, minutely, the circular process by The power, however, is in your hands, and the remedy has discharged so faithfully and so well, I know that I which the notes of the banks passed out of those institu- must and will be applied, if you determine upon it.' cannot expect to perform the arduous task with equal tions to be employed in the purchase of the public lands, The mask is now thrown off, and he boldly says that ability and success. But, united as I have been in his and returned again to them in the form of credits to the the constitution of the United States unquestionably in-counsels, a daily witness of his exclusive and unsurgovernment. He forgets that Mr. secretary Taney, to tended to secure to the people a circulating medium of passed devotion to his country's welfare, agreeing with reconcile the people of the United States to the daring gold and silver. They have not enjoyed, he says, that him in sentiments which his countrymen have warmly measure of removing the public deposites, had stimula- benefit, because of the establishment of a national bank, supported, and permitted to partake largely of his conted the banks to the exercise of great liberality in the and the unfortunate course of legislation in the several fidence, I may hope that somewhat of the same cheergrant of loans. He informs us, in that message, that states. He does not limit his condemnation of the past ing approbation will be found to attend upon my path?" the safety of the public funds and the interests of the policy of his country to the federal government, of which Here we find Mr. Van Buren distinctly avowing, people generally, required that these copious issues of he had just ceased to be the chief, but he extends it to what the American people well knew before, that he the banks should be checked, and that the conversion the states also, as if they were incompetent to judge of had been united in the councils of gen. Jackson; that of the public lands into mere bank credits should be the interests of their respective citizens. He tells us that he had agreed with him in sentiments, and that he had arrested. And his measure to accomplish these ob- the mischief springs from the power which the money partaken largely of his confidence This intimacy and jects was that famous treasury order, already adverted ed interest derives from a paper currency, which they confidential intercourse could not have existed without to. Let us pause here for a moment, and contemplate are able to control, and the multitude of corporations; the concurrence of Mr. Van Buren in all those leading the circumstances under which it was issued. The and he stimulates the people to become more watchful and prominent measures of his friend, which related principle of the order had been proposed and discussed in their several states, to check this spirit of monopoly. to the establishment of a government bank, the overin congress. But one senator, as far as I know, in this To invigorate their fortitude, he tells the people that it throw of the Bank of the United States, the attack branch of the legislature, and not a solitary member, will require steady and persevering exertions on their upon the state institutions, and the denunciation of the within my knowledge, in the house of representatives, part, to rid themselves of the iniquities and mischiefs of paper currency, the spirit of monopoly, and corporawas in favor of it. And yet, in about a week after the the paper system, and to check the spirit of monopoly. tions. Is it credible that general Jackson should have adjournment of congress, the principle, which met with They must not hope that the conflict will be a short one, aimed at the accomplishment of all those objects, and no countenance from the legislative authority, was em- nor success easy. His humble efforts have not been entertained all these sentiments, without Mr. Van Bubodied in the form of a treasury edict, and promulga- spared during his administration, to restore the consti- ren's participation. ted under the executive authority, to the astonishment tutional currency of gold and silver; and although he of the people of the United States. has been able to do something towards the accomplishment of that object, enough yet remains to require all the energy and per everance of the people. Such, Mr. President, are the proofs and the argument on which I rely to establish the second and third propositions which I have been considering. Are they not successfully maintained? Is it possible that any thing could be more conclusive on such a subject? I pass to the consideration of the fourth proposition. 4. That the present administration, by acknowledgments emanating from the highest and most authentic source, has succeeded to the principles, plans, and policy, of the preceding administration, and stand solemn ly pledged to complete and perfect them. The proofs on this subject are brief; but they are clear, direct, and plenary. It is impossible for any unbiassed mind to doubt for a moment about them. You, sir, will be surprised, when I shall array them before you, at their irresistible force. The first that I shall offer is an extract from Mr. Van Buren's letter of acceptance of the nomination of the Baltimore convention, dated May 23d, 1835. In that letter he says: If we possessed no other evidence whatever of the Finally, when general Jackson was about to retire from the cares of government, he favored his countrymen with a farewell address. The solemnity of the occasion gives to any opinions which he has expressed in that document a claim to peculiar attention. It will be seen on perusing it, that he denounces, more emphatically than in any of his previous addresses, the bank paper of the country, corporations, and what he chooses to denominate the spirit of monopoly. The senate will indulge me in calling its attention to certain parts of that address, in the following extracts: The honored instrument! That word, according to the most approved definition, means tool. He was, then, the honored tool-to do what? to promote the honor, and advance the welfare, of the people of the United States, and to add to the glory of his country? No, no his country was not in his thoughts. Party, party, filled the place in his bosom which country should have occupied. He was the honored tool to carry out the principles and policy of gen. Jackson's administration; and, if elected, he should, as well from inclination as from dury, endeavor, generally, to tread in the footsteps of gen. Jackson-happy it he should be able to perfect the work which he had so gloriously begun. Duty to whom? to the country, to the whole people of the United States? No such thing; but duty to the friends of the then administration; and that duty required him to tread in the footsteps of his illustrious predecessor, and to perfect the work which he had begun! Now, the senate will bear in mind that the most distinguishing features of gen. Jackson's administration related to the currency; that he had denounced the banking institutions of the country; that he had overthrown the Bank of the United States; that he had declared, when that object was accomplished, only one-half the work was completed; that he then commenced a war against the state banks, in order to The mischief springs from the power which the finish the other half; that he constantly persevered in, moneyed interest derives from a paper currency, which and never abandoned, his favorite project of a great they are able to control; from the multitude of corpora- government treasury bank; and that he retired from tions, with exclusive privileges, which they have suc- the office of chief magistrate, pouring out, in his fareceeded in obtaining in the different states, and which well address, anathemas against paper money, corpoare employed altogether for their benefit; and unless rations, and the spirit of monopoly. When all these you become more watchful in your states, and check things are recollected, it is impossible not to comprethis spirit of monopoly and thirst for exclusive privile- hend clearly what Mr. Van Buren means, by carrying ges, you will, in the end, find that the most important out the principles and policy of the late administration. powers of government have been given or bartered away, and the control over your dearest interests has passed into the hands of these corporations." "The constitution of the United States unquestionably intended to secure to the people a circulating medium of gold and silver. But the establishment of a national Bank by congress, with the privilege of issuing paper money receivable in payment of the public dues, and the unfortunate cause of legislation in the several states upon the same subject, drove from general circulation the constitutional currency, and substituted one of paper in its place." "But it will require steady and persevering exertions on your part to rid yourselves of the iniquities and mischiefs of the paper system, and to check the spirit of monopoly and other abuses which have sprung up with it, and of which it is the main support. So many interests are united to resist all reform on this subject, that you must not hope that the conflict will be a short one, nor success easy. My humble efforts have not been spared, during my administration of the government, to restore the constitutional currency of gold and silver: and something, I trust, has been done towards the accomplishment of this most desirable object. But enough I proceed to another point of powerful evidence, in the conduct of Mr. Van Buren, in respect to the famous treasury order. That order had been promulgated, originally, in defiance of the opinion of congress, had been continued in operation in defiance of the wishes and will of the people, and had been repealed by a bill passed at the last ordinary session of congress, by overwhelming majorities. The fate of that bill is well known. Instead of being returned to the house in which it originated, according to the requirement of the constitution, it was sent to one of the pigeon-holes of the department of state, to be filed away with an opinion of a convenient attorney general, always ready to prepare one in support of executive encroachment. On the 5th of March last not a doubt was entertained, as far as my knowledge or belief extends, that Mr. Van Buren would rescind the obnoxious order. I appeal to the senator from Missouri, who sits near me, (Mr. Linn,) to the senator from Mississippi, who sits, farthest from me, (Mr. Walker,) to the senator from Alabama, (Mr. King,) and to the whole of the administration senators, if such was not the expectation of all of them. Was there ever an occasion in which a new administration had so fine an opportunity to signalize its commencement by an act of grace and wisdom, demanded by the best interests and_most anxious wishes of the people? But Mr. Van Buren did not think proper to embrace it. He had shared too largely in the confidence of his predecessor, agreed too fully with him in his councils, to rescind an order which constituted so essential a part of the system which had been deliberately adopted to overthrow the state banks. Another course pursued by the administration, after the catastrophe of the suspension of specie payments by the banks, demonstrates the hostile purposes towards them of the present administration. When a similar event had occurred during the administration of Mr. Madison, did he discredit and discountenance the issues of the banks, by refusing to receive them in payment of the public dues? Did the state govern ments, upon the former or the late occasion, refuse to receive them in payment of the dues to them, respectively? And if irredeemable bank notes are good enough for state governments and the people, are they not good enough for the federal government of the same people? By exacting specie, in all payments to the general government, that government presented it self in the market as a powerful and formidable competitor with the banks, demanding specie at a moment when the banks were making unexampled struggles to strengthen themselves, and prepare for the resumption of specie payments. The extent of this government demand for specie does not admit of exact ascertainment; but when we reflect that the annual expendi tures of the government were at the rate, including the post office department, of about thirty-three millions of dollars, and that its income, made up either of taxes or loans, must be an equal sum, making together an aggregate of sixty-six millions, it will be seen that the amount of specie required for the use of government must be immensely large. It cannot be precisely determined, but would not be less probably than fifteen or twenty millions of dollars per annum. Now, how is it possible for the banks, coming into the specie market in competition with all the vast power and influence of the government, to provide themselves with specie in a reasonable time to resume specie payments? That competition would have been avoided, it, upon the stoppage of the banks, the notes of those of whose No one can mistake that those principles and that solidity there was no doubt, had been continued to be policy require him to break down the local institutions received in payment of the public dues, as was done of the states, and to discredit and destroy the paper in Mr. Madison's administration? And why, Mr. Premedium which they issue. No one can be at a loss to sident, should they not have been? Why should not understand that, in following in the footsteps of presi- this government receive the same description of medium dent Jackson, and in perfecting the work which he which is found to answer all the purposes of the several begun, Mr. Van Buren means to continue attacking, state governments? Why should they have resorted systematically, the banks of the states, and to erect to the expedient of issuing an inferior paper medium, on their ruins that great government bank, begun by in the form of treasury notes, and refusing to receive his predecessor, and which he is the honored instrument selected to complete. The next proof which I shall offer is supplied by Mr. Van Buren's inaugural address, from which I request permission of the senate to read the following extract: "In receiving from the people the sacred trust twice the better notes of safe and solid banks? Do not misunderstand me, Mr. President. No man is more averse than I am to a permanent inconvertible paper medium. It would have been as a temporary measure only that I should have thought it expedient to receive the notes of good local banks. If, along with |