And we have $3,987,251 Quicksilver, do. Tin, in as the probable amount of reduction under the present Brass, in plates, had been considerably increased. To prove this, I will He compara tive statement" before alluded to. Here is an account made up with some care from this comparative statement. It had been carefully corrected by an accurate accountant, and I have no doubt that it is sufficiently correct for all practical purposes. Protected articles, viz. such as come into competition with articles made or produced in the United States. Amount of duties Amount pro- $1,220,670 $15,363,767 $3,674,537 It thus appears, that, of the articles above mentioned, paying duties to the amount of $15,363,767, it was proposed by the Secretary of the Treasury to take off taxes to the amount of $3,674,537. Now, how stands the bill before the Senate in reference to those very articles? Let us see: Woollens, no reduction, duty increased by 174,214 dollars. Cottons, no reduction, but duty increased 111,661 dollars. Iron manufactures, and bar, rolled, and steel, no reduction, duties increased by 140,912 dollars. Hemp and flax, manufactures of, no reduction. Cotton bagging, a reduction nearly nominal. Salt, no reduction. Spirits, no reduction. Paper, no reduction. Leghorn and other hats, no reduction. Quills, hair cloths, quicksilver, brass and tin in plates, indigo, corks, musical instruments, yarn, and a variety of 183,694 other articles, no reduction. To which may be added 93,321 cash duties, diminished credits, and change in the pound sterling, operating on the great mass of our imports to the amount of from eleven to thirteen per cent. These articles, with the exception of the three first, 59,273 (woollens, cottons, and iron,) all speak for themselves. With regard to these, I will show how I arrive at the con25,181 clusion that the bill before us proposes to increase the 24,502 duties upon them. I will begin with woollens. On this article Mr. McLane proposed to take off duties to the amount of $1,220,670. The whole quantity of woollens is estimated at $5,857,225, the duties at $2,626,261, being an average rate of duty of 48 per cent. Now Mr. McLane proposed to effect this reduction of $1,220,670, as follows: To show that the amount of the reduction of the duties on the unprotected articles is not here underrated, reference is made to the report of the Secretary of the Treasury, made to the Senate on the 18th April, which (after correcting an error in summing up) shows that the whole reduction in such articles, under Mr. DICKERSON'S bill, was only $1,668,016 1,487,251 lorem. (See Senate's document 125.) Add further reduction as above, And we have only $3,152,267 Making, together, a reduction on the unprotected artioles of about four millions. On all woollens under 50 cents, 10 per cent ad valorem. Now, what is proposed in this bill? On plains, kerseys, and Kendal cottons, (weighing 16 ounces, and under 35 cents the square yard,) 5 per cent. Worsted goods, &c. 10 per cent. SENATE.] The Tariff. [JULY 9, 1832. But take it at half of that amount, and we have an increase of the duty on iron, and manufactures of iron, of 140,912 dollars. The account, then, according to my estimate, would stand thus: Increase of the duty on the protected articles under this bill— On woollens, On cottons, On iron, as above, The increase on other articles cannot be esti 174,214 111,661 140,912 100,000 On all other manufactures of wool, (except a few coarse A practical man, intimately acquainted with the subject, blankets,) 57 per cent. writes me, that "these provisos will double the duty on Here, then, it will be seen at once, that, on the great hardware made of common sized iron," and he estimates mass of woollens, the duties on which, under the existing the amount of the increased duty on hardware at upwards law, average, according to the treasury statement, forty-of five hundred thousand dollars. eight per cent., and which Mr. McLane put at thirty per cent., the day is increased to fifty-seven per cent., being twenty-seven beyond the duty proposed by Mr. McLane, and nine per cent. beyond the present duty It is true, negro cloths, which Mr. McLane set down at ten per cent., are here put at five per cent.; but Mr. McLane's plan embraced all woollens under fifty cents, whereas this bill is confined to "plains, kerseys, and Kendal cottons, under thirtyfive cents," which, I am assured by those who profess to understand the subject, will not embrace one-third part of the "coarse woollens under fifty cents." If so, the entire reduction on these negro cloths will not exceed $100,000. |mated at less than The saving on the worsted will, I am told, be counter- Add for the change in the value of the pound balanced by the enhanced duty on some other descriptions sterling, and the shortened credits on articles of cloths, and on negro and other coarse hats. Against other than woollens, cottons, and iron, at least 500,000 these reductions are to be charged twenty-seven per cent. increase on the great mass of woollens, to which must be added at least five per cent. for the cash duties, and eight It is vain and idle for gentlemen to tell us, in general per cent. for the change in the calculation of the pound terms, that this bill is to reduce the duties four, five, eight, sterling from $4 44 to 54 80. If there be no error in my or ten millions. Let them give us a bill of particulars; arithmetic, we will, on these data, have, instead of a reduc- show us the items; point out the articles on which the re tion, an increase of the duties on woollens equal to at least duction is to take place, and let them explain how it is to $174,214. Any gentleman can make the calculation for be effected. The chairman of the Committee of Ways and himself. I am confirmed in my conclusion, by the fact that Means, in his exposition of this subject, shows that the several persons who have made the calculation have, by a official treasury estimate of the reduction to be effected, different process, arrived at the same result. By one cal-under this bill, as reported from the Committee on Manuculation, which I have before me, the increase of the duty on woollens is shown to be $250,000. And we have an increase of 1,026,787 factures, was on woollens, cottons, iron, and the great mass of the protected articles, only 844,000 dollars, and that the whole amount of the proposed reduction was only 4,177,000 dollars. On cotton the calculation is much more simple. According to the treasury statement, the value of cottons is estimated at $7,864,618; the duty at $3,381,358; pro- Now, we all know that a large amount of this proposed posed saving at $260,288. Now, the bill before us makes reduction was stricken out in the House. That distin no alteration in the treasury plan with respect to cottons. guished gentleman has given us statements, showing that, Assuming, then, the saving to be as above stated, $260,000, in the shape in which the bill passed the House, the esti we have, as a set off against this reduction, the diminished mated increase of the duties on the protected articles was credits equal to near taree per cent., and in the change 1,406,000 dollars, while the estimated reduction on the in the pound sterling equal to eight per cent.; making, to- unprotected articles was 3,780,000 dollars. If gentlemen gether, eleven per cent. on the amount of the duty. This, will turn to the treasury statement, No. 125 of the Senate's according to my calculation, will exceed the estimated documents, they will find that the whole amount of sav saving by $111,661. Iron and the manufactures of iron and steel consist of too great a variety of articles to enable me to do more than to submit a mere general statement in relation to them. ing on the articles proposed to be admitted duty free under the bill reported by the Committee on Manufactures of this House was only $1,668,010. Add to this every free article since added to the list, and the further reduction on silks and wines, and even the two or three hundred thou sand dollars which gentlemen say has been taken off of the protected articles, and what will they amount to? Of these articles, which I shall consider under one head, the treasury valuation is $5,638,756; duties, $2,053,682; estimated saving, $309,088. Against this sum is to be put Thus, then, it will be seen that the whole amount of the diminished credits, and the pound sterling, equal to the reduction proposed by the Secretary of the Treasury, about $200,000; to which is to be added an enormous in on the protected articles, has been stricken out, and that crease of duties on a great variety of articles of hardware, more than a million has been added to the existing duties under the provisos in the 10th, 12th, and 13th members of on those articles. But, for all this, we are told that we are to the 24 section of the bill, which carry up the duties on all be remunerated by a still greater reduction on the unpro manufactures of iron as high as the raw material; thus tected articles. Now, assuming the reduction on the unchanging ad valorem duties of from twenty-five to forty protected articles proposed by the treasury to be as before per cent. to specific duties, ranging from one and two hun-stated dred, up to three, and even four hundred per cent. I have already given to the Senate several examples of the effect of these provisos. I will repeat one or two of them. The following are the further reductions em- $2,500,000 337,251 1,100,000 $3,957,251 On an invoice of trace chains, the present duty on which, at twenty-five per cent., amounted only to $69, the duty under this bill (at 3 cents per lb.) will amount to $198. On a parcel of knitting needles now paying duty of Making the total reduction on the unprotected articles, $1 90, the proposed duty will be $9. On an invoice of bed screws, costing $53, and paying duties under the existing laws of only $14, the duty under this bill will be $67. These cases have been furnished from the most unques tionable sources. in round numbers, about four millions of dollars, estimated on the receipts of 1830. From which, if we deduct the assumed increase on the protected articles as about $1,000,000, we have, as the amount of actual reduction under this bill, three millions, and no more. If the present revenue be estimated at the JULY 9, 1832.] The Tariff. actual receipts of the year 1831, viz. $28,525,000, or at the actual receipt of the last year upwards of $30,000,000, or at the average receipts of the last five years, the result, after making every allowance, will give a clear revenue of upwards of twenty millions of dollars, and leave eight or ten millions beyond the ordinary expenses of the Govern ment. [SENATE. amendments as were disagreed to by the House. The 1st. The fifty-seven per cent. on woollens, passed by the Senate, was reduced to fifty per cent. as proposed by the House. 2d. Sail duck was left, as proposed by the House, at fifteen per cent. 3d. Cotton bagging was left at three and a half cents, as passed by the House, instead of four cents. 4th. Sugar was left at two and a half cents, as proposed by the House, instead of being left at three cents, the present duty. Having taken Mr. McLane's estimated reduction as the basis of all my calculations, I have not noticed the repeal of the ten and twenty per cent. in the valuation of foreign goods, these having been deducted in the treasury estimates. In making this comparison, I beg not to be understood as expressing any approbation of the treasury scheme. That scheme proposed to make a reduction on the present duties of between six and seven millions of Calculated even on this basis, Mr. McDUFFIE estimated dollars, which, according to any fair estimate of the pre- the increase of duty on the protected articles at $1,406,000 sent and future revenue of the country, would have left a beyond the present tariff. Making allowance for the fall surplus in the treasury beyond the wants of the country of prices, it cannot be doubted that the duties now imposof from 6,000,000 to $8,000,000. The proposed reduced are much greater, ad valorem, than they were in 1828, tion was not only too small, but it was made in much without taking into account the cash duties, or change in too great a proportion on the unprotected articles, and, the pound sterling. being expressly announced as a final arrangement of the system, was altogether inadmissible. On iron the duties ran up to above one hundred per cent.; on coarse cottons to a still greater amount; and on every other article the duties were still higher. But, bad as was the scheme of the Secretary of the Treasury, the bill from the House was much worse, and this is infinitely the worst of all. Mr. BROWN said, before the question was taken on the final passage of the bill then under consideration, he felt that it was due to those whom he had the honor in part to represent in that body, and likewise to himself, to explain the motives which, on the most deliberate consideration, would induce him to vote in opposition to the bill. This he would do in a very few words. If the In conclusion, Mr. H. said that to his mind it was per- question had been brought to the consideration of the Sefectly clear that this bill, in its present shape, had not a nate, in the form of a bill, at an earlier period of the sessingle feature to recommend it to the favor of any but the sion, he should have availed himself of the occasion to have fast friends of the American system. It is neither more expressed his views generally on a subject of such deep nor less than the resolution of the Senator from Kentucky and momentous interest to the country. To consume time reduced to the form of a law. It takes off the duties al- in unprofitable discussion at that advanced period of the together from almost the entire mass of the unprotected session, would be as little in accordance with his feelings articles, such as tea, coffee, spices, fruits, and a hundred as it would be respectful to the body which he addressed. other articles of luxury, and reduces them to almost no- He had felt the most anxious solicitude that some adjustthing on silks and wines, while it leaves the protected ar- ment of this question, dictated by a spirit of conciliation, ticles almost untouched, or with additional burdens thrown should be made before the adjournment of Congress. Inupon them. In this view of the case, it affords no relief fluenced by a spirit of that kind, he had come to the dewhatever to the South. It only aggravates the injustice termination to vote for the bill which had passed the House of which we complain. It throws the whole burden of of Representatives, unless made more objectionable by federal taxation on the very articles the duties upon which amendments in the Senate. He admitted that the bill, operate as a tax on Southern capital and labor, and as a as it came from the House of Representatives, stopped bounty upon the industry and capital of another section of far, very far, short of reducing the revenue to that the Union. The passage of such a bill as this would only standard which the condition of our fiscal affairs required, be regarded as the consummation of the protecting policy. and which justice to a large portion of the Union deIt leaves no hope for the future. It must rivet upon the manded. But it proposed a reduction, and, from the best country, irretrievably and forever, a system which he did examination he had been able to give to the subject, a most conscientiously believe was hostile to the general substantial reduction, on a number of articles which enterwelfare-utterly unconstitutional-and destructive of the ed extensively into the consumption of the whole agriculbest interests and dearest rights of the plantation States. tural portion of the Southern States. It had been said by The gentleman from Kentucky had expressed a hope--one honorable Senator, in the course of this debate, that doubtless most sincerely entertained--that the South voting for the bill, as it came from the House, would conwould receive this bill as a peace-offering, founded on cede the constitutional right of the Government to protect concession and compromise; and he had kindly tendered manufactures. He [Mr. B.] viewed the subject in a very his advice that we should go home, and say to our constituents that we had accomplished all that we had a right to expect; that our grievances were redressed; and thus the country would be once more restored to harmony and peace. Let me tell that gentleman, sir, that if, with my convictions of the true character of this bill, I could go to my constituents with such language on my lips, I should go home with a lie in my mouth." No, sir! when I speak on such a subject, I shall speak the honest convictions of my mind; and shall be constrained, however reluctantly, to declare, as I now do in the presence of this House, my country, and my God, that the American system has become the settled policy of the country; that the hopes of the South are at an end; and, as far as their prosperity is dependent on federal legislation, their ruin sealed. NOTE.--The Senate finally receded from such of their different light. He had yet to learn upon what principle it was unconstitutional to vote for a bill diminishing the burdens of his constituents, and the effect of which would be to mitigate the evils of the system. In expressing his intention to vote for the bill as it came from the House, he wished it to be distinctly understood that he should not have supported it as a measure of compromise. They had no authority to compromise the rights of their constituents on great questions deeply affecting their interests. Nor would he, if he possessed the authority, exercise it in reference to this question. He was hostile, on principle, to the whole protecting system; and, while he was honored with a seat in that body, he would contribute his humble efforts, on all proper occasions, to eradicate from our laws a principle which he believed incompatible with the enlightened spirit of the age, and of free Government. This much he had deemed SENATE.] Adjournment.--The Bank Veto.--The Tariff. [JULY 10, 11, 1832. it his duty to say in reference to the bill as it came from bility. He thought that such evasion would be disreputathe House. He would now assign, in a very few words, the ble, and he would vote with those who desired the full ten reasons which would influence him to vote against it, as days to be allowed to the President. amended by the Senate. The amendments had, in his opinion, destroyed whatever of value was contained in the bill, by increasing the duties on the protected articles; and he viewed its passage, in its present shape, as substantially re-enacting some of the most obnoxious features of the tariff of 1828. The motion to strike out the 9th, and insert the 16th, was then agreed to; and the resolution, as amended, was concurred in. TUESDAY, JULY 10. He must be permitted, with great deference to the opinions of the majority of the Senate who thought differently, to express his regret that any addition had been United States, by the hands of Mr. Donelson, his private A message was received from the President of the made to the rate of duties proposed by the bill from the Secretary, returning the act to modify and continue the House of Representatives. To that body the constitution act to incorporate the subscribers to the Bank of the had peculiarly given the power to originate bills on the United States, with his objections to the same. [See Apdelicate and interesting question of taxation. It emanated pendix.] directly from the great body of the people, and was presumed to represent fairly their wishes in relation to that subject; and it had, by a most decided majority, expressed its opinion in favor of a reduction of duties. Mr. WEBSTER said that the constitution made it the duty of the House to which such communication was made, on receipt of it, to cause it to be recorded at length The extraordinary spectacle was presented in our coun- whether the act shall become a law, the President's ob on its journals, and then solemnly to take the question try of continuing a system of unjust and oppressive taxa-jections to the contrary notwithstanding. The constitu tion, not called for by the exigencies of the nation, but to tion prescribes that the House shall proceed to this debenefit a few monopolists. He hoped that the justice, in- cision thereupon. telligence, and patriotism of the people would correct this evil, and save the Union from the disastrous consequences which were likely to result from persevering in such system. a Mr. CLAY made a few remarks in reply, when The question was taken, and the bill was passed by the following vote: YEAS.-Messrs. Bell, Benton, Buckner, Chambers, Clay, Clayton, Dallas, Dickerson, Dudley, Ewing, Foot, Frelinghuysen, Hendricks, Hill, Holmes, Johnston, Knight, Marcy, Naudain, Prentiss, Robbins, Robinson, Ruggles, Seymour, Silsbee, Smith, Sprague, Tipton, Tomlinson, Waggaman, Webster, Wilkins.--32. NAYS.-Messrs. Bibb, Brown, Ellis, Forsyth, Grundy, Hayne, Kane, King, Mangum, Miller, Moore, Poindexter, Tazewell, Troup, Tyler, White.--16. ADJOURNMENT. On motion of Mr. CLAY, the Senate then proceeded to consider the resolution from the House, appointing this day for the day of adjournment. Mr. CLAY moved to amend the resolution by striking out "9th" and inserting "16th.” Mr. GRUNDY suggested Thursday as the best day for adjournment, and proposed that the Senate should disagree to the resolution from the House, and that he would then lay a resolution on the table to adjourn on Thursday, which might lie on the table until to-morrow. give a proper time for the transcript of the message, and It was the practice of Congress to for a respectful consideration of the subject. In cases of less importance, it was the custom to proceed immediately to the decision. But, in this case, it was respectful to read, to the high character of the various topics which it the President, to the length of the paper which had been embraced, and to the general importance of the subject, that the Senate should assign such day and hour for tak ing the message into consideration, as would be agreeable under the existing circumstances. Presuming that the presiding officer would direct the message to be entered on the journals, he would now move to postpone the further consideration of this communication until eleven o'clock to-morrow, [to-day.] The motion was agreed to. The Senate disposed of a number of bills, without debate, and then spent the remainder of the day in execu tive business. WEDNESDAY, JULY 11. The Senate then proceeded to consider the message from the House of Representatives, agreeing to some, and disagreeing to other of the amendments of the Senate to the bill to alter and amend the act imposing duties on imports. Mr. WEBSTER stated that there was an important Mr. WILKINS moved that the Senate now ask a conmeasure under the consideration of the Executive, which ference of the House of Representatives, and that a comhe was not compelled to return to this House in less than mittee be appointed to confer with such committee as ten days, (Sundays excluded.) He therefore suggested may be appointed by the House. His object was to do to insert Tuesday, the 17th. every thing which could be done to reconcile the differences between the two Houses. His idea was to ask for a conference; and, in the mean time, to retain the bill in the Senate, so that, afterwards, the Senate might either recede or insist. Mr. CLAY moved to strike out the word "ninth," and said he should then move to lay the resolution on the table until to-morrow. Mr. WEBSTER moved to lay the whole subject on the table. Negatived-yeas 19, nays 27. Mr. DICKERSON seconded the motion. It was his wish that the session should not pass away without the passage of this bill; and he thought this object more likely to be obtained if a conference were to be held in this stage, rather than after the Senate should have insisted on Mr. CLAY said that the city was full of rumors; and their amendments. It would be more likely now to be although gentlemen who voted against the great measure productive of good feeling. to which he referred, might find no difficulty in making Mr. CLAY considered the motion to be strictly in order. their peace with their constituents, gentlemen on the other side would be placed in an awkward situation. Mr. GRUNDY stated that the fixing of Tuesday was holding out the idea that Congress would not adjourn until the message expected from the President shall be received, and that he could not vote for it. Mr. MANGUM said he had no fear that any attempt would be made in any quarter to evade proper responsi He considered that a conference might be held in every JULY 11, 1832.] The Bank Veto. [SENATE. Committee on Manufactures had assented to the other bill having been thus passed by both Houses, and having course, he could not have any objection. Mr. KING was of opinion that the course prescribed by this motion, although in order, was unusual; and he had a preference for the ordinary course. Mr. WEBSTER was of opinion that, with a view to economy of time, it might be better to take the conference course, in order to diminish the points of difference. He hoped, therefore, that the motion would be adopted. Mr. BROWN and Mr. HAYNE opposed the motion. Mr. CLAYTON stated that he should vote in its favor. He considered the bill endangered if the two Houses should fail to agree to these amendments. If the question were first taken on a motion to recede or insist, the opinions of Senators would be committed, and the probability of agreement would thus be weakened. All, therefore, who felt a desire for an adjustment of the tariff at this session, should vote in favor of the motion. Mr. CHAMBERS took a similar view. He thought that, by having a conference now, the differences which existed might be settled in a spirit of compromise. He wished the country to know that there were individuals in the Senate who were disposed to make every effort to obtain an adjustment. been duly presented to the President, instead of signing and approving it, he has returned it with objections. These objections go against the whole substance of the law originally creating the bank. They deny, in effect, that the bank is constitutional; they deny that it is expedient; they deny that it is necessary for the public service. It is not to be doubted that the constitution gives the President the power which he has now exercised; but, while the power Is admitted, the grounds upon which it has been exerted become fit subjects of examination. The constitution makes it the duty of Congress, in cases like this, to reconsider the measure which they have passed, to weigh the force of the President's objections to that measure, and to take a new vote upon the question. Before the Senate proceeds to this second vote, I propose to make some remarks upon these objections. And, in the first place, it is to be observed that they are such as to extinguish all hope that the present bank, or any bank at all resembling it, or resembling any known similar institution, can ever receive his approbation. He states no terms, no qualifications, no conditions, no modifications, which can reconcile him to the essential provisions of the existing charter. He is against the bank, and against any bank constituted in a manner known either to this or any other country. One advantage, therefore, is certainly obtained by presenting him the bill. It has caused his sentiments to be made known. There is no longer any mystery, no longer a contest between hope and fear, or between those prophets who predicted a veto, and those who foretold an approval. The bill is nega tived; the President has assumed the responsibility of putting an end to the bank; and the country must prepare itself to meet that change in its concerns, which the expiration of the charter will produce. Mr. President, I NAYS.-Messrs. Bell, Brown, Buckner, Chambers, will not conceal my opinion that the affairs of this counClayton, Dallas, Dickerson, Dudley, Ewing, Foot, Fre- try are approaching an important and dangerous crisis. linghuysen, Hendricks, Hill, Johnston, Knight, Marcy, At the very moment of almost unparalleled general prosNaudain, Prentiss, Robbins, Robinson, Ruggles, Sey-perity, there appears an unaccountable disposition to mour, Silsbee, Sprague, Tipton, Tomlinson, Troup, Web-destroy the most useful and most approved institutions of ster, Wilkins.-29. Mr. GRUNDY thought it would be the preferable mode to take the question first on a motion to recede or insist, and let the conference follow. After a few remarks from Mr. POINDEXTER in favor of, and Mr. FORSYTH against the motion, the latter moved to lay the bill and amendments on the table. Negatived, as follows: YEAS.---Messrs. Benton, Clay, Ellis, Forsyth, Grundy, Hayne, Holmes, Kane, King, Mangum, Miller, Moore, Poindexter, Smith, Tazewell, Tyler, Waggaman, White. -19. The question was then taken on the motion of Mr. WILKINS, and decided as follows: YEAS.--Messrs. Bell, Buckner, Chambers, Clay, Clayton, Dallas, Dickerson, Dudley, Ewing, Foot, Frelinghuysen, Holmes, Johnston, Knight, Naudain, Poindexter, Prentiss, Robbins, Ruggles, Seymour, Silsbee, Sprague, Tomlinson, Waggaman, Webster, Wilkins.-26. NAYS.-Messrs. Benton, Brown, Ellis, Forsyth, Grun-| dy, Hayne, Hendricks, Hill, Kane, King, Mangum, Marcy, Miller, Moore, Robinson, Smith, Tazewell, Tipton, Troup, Tyler, White.-21. So the motion was agreed to, and the following members appointed to compose the committee, viz. Messrs. WILKINS, DICKERSON, and HAYNE. THE BANK VETO. the Government. Indeed, it seems to be in the midst of all this national happiness, that some are found openly to question the advantages of the constitution itself; and many more ready to embarrass the exercise of its just power, weaken its authority, and undermine its foundations. How far these notions may be carried, it is impossible yet to say. We have before us the practical result of one of them. The bank has fallen, or is to fall. In It is now certain that, without a change in our public councils, this bank will not be continued, nor will any other be established, which, according to the general sense and language of mankind, can be entitled to the name. three years and nine months from the present moment, the charter of the bank expires; within that period, therefore, it must wind up its concerns. It must call in its debts, withdraw its bills from circulation, and cease from all its ordinary operations. All this is to be done in three years and nine months; because, although there is a provision in the charter rendering it lawful to use the corporate name for two years after the expiration of the charter, yet this is allowed only for the purpose of suits, and for the sale of the estate belonging to the bank, and for no other purpose whatever. The whole active business of the bank, its custody of public deposites, its transfers of public moneys, its dealing in exchange, all its loans and discounts, and all its issues of bills for circulation, Mr. President, no one will deny the high importance of must cease and determine on or before the 3d day of the subject now before us. Congress, after full delibera- March, 1836; and, within the same period, its debts must tion and discussion, has passed a bill for extending the be collected, as no new contract can be made with it, as duration of the Bank of the United States, by decisive a corporation, for the renewal of loans, or discount of majorities in both Houses. It has adopted this measure notes or bills, after that time. The hour of eleven having arrived, the Senate proceeded to the consideration of the bill for renewing and modifying the charter of the Bank of the United States, with the message of the President of the United States, assigning his reasons for refusing to approve and sign the same. And the question being on passing the bill, said objections notwithstanding. Mr. WEBSTER rose, and addressed the Senate as follows: not until its attention had been called to the subject in The President is of opinion that this time is long enough three successive annual messages of the President. The to close the concerns of the institution without inconve |