en, I will now proceed to an examination of the reasons emselves, and will pursue nearly the same order in the vestigation which has been observed by the Secretary presenting them. [H. OF R. act of the last session, the receipts of 1835 will be less than those of 1834, as a further reduction in the rate of duties will take effect on the 1st of January, 1835; and if the appropriation should be kept up to the amount auThe first reason is, that the charter will expire on the thorized for the present year, the charge upon the treasI of March, 1836. This reason is so frivolous, that had ury in 1835 would be more than it could probably meet. not emanated from such high authority, it would be do- But the debt will then have been entirely paid; and if a injustice to the patience of the House to spend one guarded rule of appropriation is at once commenced, oment in its consideration. Can any gentleman, how-there will be no difficulty in bringing down the expendier devoted he may be to the present administration, ture without injury to the public service." Leve this reason good and sufficient? Did not Congress What an unaccountable inconsistency there is in the ow, when the charter was granted, that it would ex- two reports; but it is a fatality which falls to the lot of all e on the 3d of March, 1836, and, with that knowledge, men who have not good memories, when they draw on bank was to have the deposites during the continu- their imagination for their facts. Perhaps it may be ace of the charter, unless it did some act to forfeit it? counted for from an ardent desire to imitate the head of at reason embraces no action of the bank-no cause the executive department, with whom consistency in poliatever except this: that the Secretary thinks the de- tics has long ceased to be a virtue. The Secretary of the stes ought not to remain there until the expiration of Treasury, in his report to Congress, giving his reasons for charter, and that Congress, when it granted it, acted the removal of the deposites, says that it was the conduct udiciously in that particular; that he will correct and of the bank in making curtailments of its discounts and nedy that bad act of legislation. How futile is such a bills, in the months of August, September, and October, son! The only question is this: Are the deposites which induced him to remove the deposites before the en to the bank during the whole period of its continu session of Congress. The part of his report I allude to, If that be the fact, it is then some action of the reads in these words: ak, after it goes into operation, which must forfeit the t to them, and justify their removal. "The situation of the mercantile claims also rendered the usual aids of the bank more than ever necessary to It is a palpable violation of the contract, on the part of sustain them in their business. Their bonds for previous United States, to remove them for that cause. But, importations were, as before stated, constantly becoming frtify that reason, the Secretary uses this language in report: due, and heavy cash duties were almost daily to be paid. The demands of the public upon those engaged in comis obvious that the interests of the country would merce were consequently unusually large, and they had be promoted by permitting the deposites of the pub-a just claim to the most liberal indulgence from the fiscal muney to continue in the bank until its charter expired. agent of the Government, which had, for so many years, dging from the past, it is highly probable that they will been reaping harvests of profits from the deposites of the ways amount to several millions of dollars. It would public money. But the bank about this time changed its dently produce serious inconvenience if such a large course. were left in possession of the bank until the last mo-"By the monthly statement of the bank, of its existence, and then be suddenly withdrawn, ea its immense circulation is returning upon it to be med, and its private depositors removing their funds other institutions. The ability of the bank, under hcrcumstances, to be prompt in its payments to the erament, may well be doubted, even if the ultimate ty of the deposites could be relied on. Besides, the apal circulating medium now in the hands of the ple, and the one most commonly used in the exchange een the distant places, consists of the notes of the ak of the United States and its numerous branches. sudden withdrawal of its present amount of circulaor its sudden depreciation before any other sound convenient currency was substituted for it, would nly produce extensive evils, and be sensibly felt gall classes of society." remark that the amount of the deposites that may the bank on the 3d of March, 1836, cannot alter, ay manner affect the question. The charter has reference to the amount, be it great or small, much or e. dated 2d August, 1833, it appears that its loans and domestics bills of exchange, purchased and on hand, amounted to $64,160,349 14 By the monthly statement of the 2 of Sept., 1833, they appear to have been 62,653,359 59 By that of the 2d of October, 1833, they were Reduction in two months, By the same papers it appears that the Increase of the public deposites in two Total amount collected from the commu- : 60,094,202 93 $4,066,146 21 $7,599,931 47 9,182,173 18 9,868,435 58 $2,268,504 11 $6,334,650 32 I have been forcibly struck with the strange discrepy between the two reports of the same Secretary: one g his reasons for the removal of the deposites, dated December, 1833, in which he supposes the excess of "Thus, upwards of six millions of dollars were withee to create a large surplus, which will be in depos- drawn from the business of the country by the Bank of the 3d of March, 1836; the other, his annual re- the United States in the course of two months. This, of to Congress, dated the 17th December, 1833, in itself, must have produced a pressure on the money march he seems to apprehend that the revenue for the ket, affecting all commercial transactions. But the cur1835 will not be equal to the public expenditures of tailment in the bank accommodations of the community Government; consequently, in March 1836, there will was much larger. The policy adopted by the Bank of tle or no money on deposite. The part of the re- the United States compelled the State banks to take the I allude to reads thus: "From this state of the same course in self-defence; and the Bank of the United aces, and of the proposed appropriations, it is evident States appears to have resorted to the expedient of drawta reduction of the revenue cannot at this time being from the State banks the balances due, in specie, and ade without injury to the public service. Under the to have hoarded up the article in its own vaults. H. OF R.] The Public Deposites. [APRIL 3, 1834. In August, 1833, the bank had in specie, $10,023,677 38 lic moneys received for revenue had continued to be In September, In October, Showing an increase of specie, in two months, of 10,207,649 20 deposited in the Bank of the United States for two months 10,663,441 51 longer, and it had adhered to the oppressive system of policy which it pursued during the two preceding months, a wide-spread scene of bankruptcy and ruin must have followed. There was no alternative, therefore, for the Treasury Department, but to act at once, or abandon the object altogether. Duties of the highest character would not permit the latter course, and I did not hesitate promptly to resort to the former. $639,764 13 removal to take effect at a distant day, so as to give Cop gress an opportunity of prescribing, in the mean time, the places of deposite, and of regulating the securities prope to be taken." "This sum, it is believed, was chiefly drawn from the State banks. To fortify themselves those banks were compelled to call on their debtors, and curtail their accommodations; and so large a proportion of these calls "I have stated the condition of the mercantile class are always paid in their own notes, that, to obtain at the time of the removal, to explain why it was imposa$100,000 in specie, they are probably obliged to call for ble to postpone it, even for a short period; under th four or five times that amount. To replace the specie circumstances, I should have been disposed to direct the taken from them by the Bank of the United States, and to provide for their own safety, the State banks, therefore, must have curtailed from two to three millions of dollars. On the whole, it is a fair estimate, that the collections from the community during those two months, The Secretary of the Treasury has not dealt fairly wit without any corresponding return, did not fall much Congress and the nation, in making that statement; b short of nine millions of dollars. As might have been knows that the removal of the deposites was determing expected, complaints of a pressure upon the money mar- on by General Jackson, to be made before the session i ket were heard from every quarter. The balances due Congress, for the purpose, as Amos Kendall declaredi from the State banks had, during the same time, increased Philadelphia last summer, to anticipate the action from $368,969 98 to $2,288,573 19; and, from the un-Congress; and if that body did attempt to act, then certain policy of the bank, it was apprehended they might use the veto power upon their action. Let us see wh suddenly be called for in specie. The State banks, so far the President himself says on the subject, as given to from being able to relieve the community, found them- public by Mr. Duane, in his letters. The verity of t selves under the necessity of providing for their own statement has not been denied. In the third letter i safety. A very large proportion of the collections of the find the following passages: bank, in August and September, were in Philadelphia, New York, and Boston. In August and September the curtailment in Philadelphia was Increase of public deposites, Actual collections by the bank, Increase of public deposites in N. York, Actual collections by the bank, Curtailments in Boston, Increase of public deposites, Actual collections by the bank, Total collections in the three cities, "My commission bore the date of May 29, 1833,on the 30th I reached Washington. After waiting up the President on the next day, I went to the Treasu $195,548 69 Department, and took the oath of office on the 1st Ju 646,846 80 On the evening of that day, Mr. Reuben M. White called upon me at my lodgings, at the desire, as he sa $842,395 49 of the President, to make known to me what had be done, and what was contemplated, in relation to $1,396,597 24 United States Bank. He stated that the President 331,295 38 concluded to take upon himself the responsibility recting the Secretary of the Treasury to remove the $1,065,301 86 lic deposites from that bank, and to transfer them to St banks; that he had asked the members of the cabine $717,264 45 give him their opinions on the subject; that the Pres 48,069 88 had said, 'Mr. Taney and Mr. Barry had come out men for the removal; that Mr. McLane had given a $765,334 33 opinion against it, but had given no written opinion; that Mr. Woodbury* had given an opinion which $2,673,031 68'yes' and 'no;' that the President would make the his own, by addressing a paper or order to the Secre "It will be perceived that it was solely through the of the Treasury; that Mr. Amos Kendall, who was increase of the public deposites that the bank raised in the confidence of the President, was now prepa balances against the State banks in New York, and was that paper; that there had been delay, owing to the placed in a situation to take from them, at its pleasure, at Alexandria, but, no doubt, the President would large sums in specie. And when it is considered that speak to me on the subject; that the paper referred those curtailments and collections of the bank of the would be put forth as the proclamation had been United States necessarily compelled the State banks to would be made a rallying point; that he (Mr. Whit curtail also, we shall be at no loss to perceive the cause had, at the desire of the President, drawn up a me of the pressure which existed in the commercial cities or exposition, showing that the measure might be sa about the end of the month of September. It was impos- adopted, and that the State banks would be fully ade sible that the commercial community could have sustained to all the purposes of the Government. He then itself much longer under such a policy. In the two suc- the exposition to me, and, as I desired to understand ceeding months, the collections of the bank would prob-ters so important and so singularly presented, I s ably have exceeded five millions more, and the State him to leave the paper with me, which he according banks would have been obliged to curtail in an equal did. He also read to me divers letters from indivi sum. The reduction of bank accommodations to the connected with State banks. The drift of his fur amount of nineteen millions of dollars in four months, observations was to satisfy me that the executive must have almost put an end to trade; and, before the alone could be relied on to prevent a renewal of 1st of October, this pressure in the commercial cities had United States Bank. become so intense, that it could not have been endured much longer, without the most serious embarrassments. It was then daily increasing; and, from the best information I have been able to obtain, I am persuaded that if the pub learned he was opposed to a removal prior to July, 1834. on "It is due to this gentleman to state, that I subseque for only a gradual change afterwards.' "The communication thus made to me created surprise d mortification. I was surprised at the position of afirs which it revealed, and mortified at the low estimate hich had been formed of the independence of my charcter. I listened, however, respectfully, to one who gave ich evidence of the confidence reposed in him, and waited the explanation which he intimated the President ould give. [H. OF R. bank are they responsible; and the officers of that bank are responsible to the public for their official conduct. The mother bank, within her own walls, and in the transactions of her own business, is obliged to employ agents, to divide out the labors of the directors, and confide them to committees, and the committees to report to the board. They could not transact the business of the bank, it is so various and diversified, without this kind of subdivision of labor. "On the next evening (Sunday) Mr. Whitney again lled on me in company with a stranger, whom he intro- We, in this House, transact our business by committees aced as Mr. Amos Kendall, a gentleman in the President's who report to us for our approval or disapproval, although onfidence, who would give me any further explanations we cannot delegate our legislative powers; but the conat I might desire as to what was meditated in relation to venience of doing business, and the impracticability of United States Bank, and who then called on me because doing it in any other way, requires this course to be purwas about to proceed forthwith to Baltimore. I did sued. Can we, then, blame the directors for doing that at invite or check communication. Very little was said; which we do ourselves? Our situation and that of the nd perhaps I could not wholly conceal my mortification at directors are somewhat different. We have no express attempt, apparently made with the sanction of the Pres-power derived from the constitution to appoint committees; lent, to reduce me to a mere cipher in the administration. the power is to be found in the usages of Parliament, "The next morning, June Sd, I waited upon the Pres- which makes the law of this House as to the mode of prolent, and, as I had been apprized by Mr. Whitney would ceeding. The directors have the power to delegate to e the case, he soon introduced the subject of the bank. subagents the transaction of a great part of their business. stated that Mr. Whitney had made known to me what had I will call the attention of the House to the tenth section en done, and what was intended, and had intimated that and fourteenth article of the eleventh section of the charcommunication was made at the President's desire. ter, which read in these words: The President replied, in a tone of dissatisfaction, that it as true he had conferred with Mr. Whitney, and had chained information from him as to the bank, but that he not make him his confidant, nor had he told him to taon me. I enumerated the representations which Mr. Whitney had made, and their correctness was admitted said I feared that I should not be able to see the subject the light in which the President viewed it; to which he remarked, that he liked frankness; that my predecessor "SEC. 11. ART. 14. The directors of the said corporation shall and himself had sometimes differed in opinion, but it had establish a competent office of discount and deposite in the Disale no difference in feeling, and should not in my case; trict of Columbia, whenever any law of the United States shall that the matter under consideration was of vast conse- require such an establishment; also one such office of discount quence to the country; that unless the bank was broken and deposite in any State in which two thousand shares shall have been subscribed, or may be held, whenever, upon application of dawn, it would break us down; that if the last Congress the Legislature of such State, Congress may, by law, require the and remained a week longer in session, two-thirds would same: Provided, The directors aforesaid shall not be bound to e been secured for the bank by corrupt means; and establish such office before the whole of the capital of the bank at the like result might be apprehended at the next shall have been paid up. And it shall be lawful for the directors Congress; that such a State bank agency must be put in of the said corporation to establish offices of discount and deposite peration before the meeting of Congress as would show wheresoever they shall think fit, within the United States, or the the United States Bank was not necessary, and thus Territories thereof, and to commit the management of the said offices and the business thereof, respectively, to such persons, and me members would have no excuse for voting for it. under such regulations, as they shall deem proper, not being con.suggestions as to an inquiry by Congress, as in Decem-trary to law or the constitution of the bank. Or, instead of es1832, or a recourse to the judiciary, the President, tablishing such offices, it shall be lawful for the directors of the pelled, saying it would be idle to reply upon either; re- said corporation, from time to time, to employ any other bank or ing, as to the judiciary, to decisions already made, as banks, to be first approved by the Secretary of the Treasury, at cations of what would be the effect of an appeal to any place or places that they may deem safe and proper, to manin future. After mentioning that he would speak age and transact the business proposed as aforesaid, other than me again before he departed for the Eastward, he said for the purposes of discount, to be managed and transacted by meant to take the opinions of the members of the lations, as they may deem just and proper. such officers, under such agreements, and subject to such reguNot more than binet with him, but would send them to me from New thirteen, nor less than seven, managers or directors, of every rk, together with his views, and would expect me, on office establised as aforesaid, shall be annually appointed by the return, to give him my sentiments frankly and fully." directors of the bank, to serve one year; they shall choose a PresThese quotations, Mr. Speaker, prove several impor-ident from their own number; each of them shall be a citizen of t facts. That the removal of the deposites was deter the United States, and a resident of the State, Territory, or Dised on last spring or summer, and that the same should trict, wherein such office is established; and not more than thres ke place before the session of Congress; that General an annual appointment, shall be re-appointed for the next sucfourths of the said managers or directors, in office at the time of ckson insinuated that the last Congress had been bought ceeding year; and no director shall hold his office more than by the bank, and that it was probable that the mem-three years out of four in succession; but the President may be s of the present Congress would sell themselves in the always re-appointed." me way; and also they go far to convict the Secretary The reason assigned by the Secretary for the removal the Treasury of duplicity and insincerity in his report of the deposites, that the bank transacts a portion of its Congress. business by committees and subagents, the House will perThe next reason assigned by the Secretary is, that the ceive, from the charter itself, is not good and substantial; siness of the bank is, to a certain extent, transacted by the conduct of the bank, in that particular, is warranted by mittees and agents. I will ask how it can be done in the charter, and by the usages of all banks. The conother way? A great part of the business of the bank venience of banking business imperatively requires it. done at its branches; all the officers of those branches are pointed by the directors of the mother bank, and to that "SEC. 10. And be it further enacted, That the directors for the time being shall have power to appoint such officers, clerks, and servants, under them, as shall be necessary for executing the business of the said corporation, and allow them such compensation for their services, respectively, as shall be reasonable; and for the well-governing and ordering of the officers of the said corshall be capable of exercising such other powers and authorities poration, as shall be prescribed, fixed, and determined, by the laws, regulations, and ordinances of the same." Another charge is, that none of the directors appointed by the Government are put on the exchange committee. H. OF R.] The Public Deposites. [APRIL 3, 1834. All the members of the directory cannot go on that com- for this is, in fact, the amount and extent of the ground mittee; and the fair presumption is, that the directors se- thus assumed. That position of the Secretary is so utterly lected for that and all other committees are on account of untenable, that I will not delay the House longer with is their talents and experience, and the fitness and adapta- examination. Another charge preferred by the Secretary tion of those talents for the particular business which they of the Treasury against the bank is this: that, from the have to transact, and which appropriately belong to the 31st of December, 1830, up to the 31st of December, several committees, like the committees in this House are 1831, the bank extended its accommodations from filled, or at least should be filled. The Speaker selects $42,402,304 24, to $63,026,452 93, and that, by the 1st each member of this House for a committee with an eye of May, 1832, the bank accommodations amounted to to the business which is to come before that committee, $70,428,670 24. The inference which the Secretary and the qualification of the member to do the business. draws from these extensions of loans and accommodation The most important committee of this House is that of is, that the bank was opposed to the election of General Ways and Means; it is to consist of nine members. How Jackson; and, to enable it to act upon the public with idle and ridiculous it would be in the other two hundred greater effect and power, it increased the amount of its and thirty-one members to complain that injustice had outstanding debts. This reasoning is predicated upon the been done them, because you, Mr. Speaker, had not se- baseness and corruption of man, and that all men in det lected them for that committee. The Government di- have no principle, no independence, no sentiments of the rectors, it is evident, did not accept their appointments own. I never will admit that course of argument to be legit and go into the bank as directors to aid in the management imate, which is predicated upon the hypothesis that man is of its great and complicated concerns; they went in as mean and low, and is ever in market for money; a pon Government spies upon their brother-directors; they de-man, or one in debt, has as high and strong feelings scended to the low and degraded situation of being tools in sentiments of honor, as the first officer in this nation, the hands of the kitchen cabinet, detested and execrable any honorable member here. informers upon their associates. I speak of them officially; I know nothing of them individually; I am told they are respectable; and it is greatly to be lamented and regretted by their friends, that they ever accepted their appointments upon the secret conditions they did. But, Mr. Speaker, I am at a loss to know how eithe General Jackson or the Secretary of the Treasury kne that the bank was opposed to the election of Gener Jackson, in 1831, and up to the 1st of May, 1832period when the loans and accommodations reached I deny the position assumed by the Government direct- highest point. Up to that time he had shown no hostil ors in their report, and also by the Secretary of the to the bank. In the report of his Secretary of the Treasur Treasury, that a part of their duty is, that they are to be (Mr. McLane) in December, 1831, to which I had t informers. The charter never contemplated such mean honor a short time since of calling the attention of the Hous offices to be done by any man; it did not go upon the pre- and which report General Jackson evidently read and ap sumption and predication that informers were necessary. proved of, (for his annual message, a few days before th The Government directors, like the other directors, report was made, referred to it, and made quotations fr were to aid and assist each other in managing the compli-it,) the Secretary speaks in the highest terms of the bank cated concerns and diversified interests of the bank. As declares it to be constitutional, that the Government ca the United States owned. one fifth of the stock, it was not manage its fiscal affairs without it, and that the bank nothing but right and fair that the Government should ap-in its relations to the revenue, had performed its engan point its proportion of directors. This was the reason ments. The public up to that time supposed that Ge why the President, by and with the advice and consent of eral Jackson would sign a bill to recharter the bank; the Senate, appoints five directors, and not that the Gov- when in July, 1832, his famous veto message came out ernment wanted five spies and secret informers in the astonished the whole American people, and none ma bank. Mr. Speaker, I ask, nay, demand, of the gentle- than his own party. The bank had given no indicat men present, is there any one of you who can pronounce then of being opposed to his administration. It is an this last reason which I have noticed, sufficient? I am terthought of General Jackson; as he thinks, his Sect sure, they, in candor, must answer they cannot. tary thinks; and it is dragged into this controversy There is a principle assumed by the Secretary of the justify, as he supposes, his unaccountable warfare wa Treasury in his report, which certainly cannot meet with against a bank, which may be styled the bank of the p the sanction of a majority of this House; that is, the right ple. to take any part, or the whole of the deposites, and give Let us examine the argument a little more in deta them to the State banks on account of their weakness, if The bank has a capital of $35,000,000; the public depe they are making honest exertions to get through with ites are equal to, and will average $8,000,000, ra their embarrassments. He certainly has no greater right $43,000,000 of nett capital. A bank may always fair to loan the money of the public to a State bank, when it and without any risk and hazard, either in reference is distressed and likely to fail, than he would have to any the value of its notes in circulation, or its own soun company of men, or any individual, who might be pressed and solidity, extend its accommodations to double for money. Simplify the proposition, and what is it? Con-amount of capital. Apply this rule to the Bank of gress, by law, fixes on a place for the safe-keeping of the United States, and it could, without any danger, public money, where it is perfectly safe, and where it may extended its accommodations to $86,000,000, instead be loaned out and thrown into circulation for the benefit $70,420,074 24. So if there be any just cause of c of trade and commerce. One-fifth of the profits of the plaint against the bank, it is not for extending its acc loans belongs to the United States. The Secretary takes modations to $70,000,000 by the 1st of May, 1832, upon himself to say, I will hunt out for State banks which it ought to be because it did not extend it that hig are tottering, or on the brink of bankruptcy, but yet their even higher, long before; so the General and his se exertions are honest, and I will aid them in their difficul- tary have got hold of the wrong end of the cause of co ties. In vain you may tell him Congress has said, by a plaint. As an evidence that $70,000,000 were not solemn act and contract with the stockholders of the great an extension of its accommodations, compared w Bank of the United States, that that bank shall have its capital and means, we are not left to theory and spe the public deposites. If the Secretary has a right to as-ulation, but we have matter of fact to test it by. sist the State banks when distressed for money, he has paper of the bank never fell below par, nor was its cr equally a right to take the money of the public, and hunt impaired, nor did the price of stocks fall in the mark out individual objects of charity, and relieve them with it. These facts amount to certain and infallible provla APRIL 3, 1834.] The Public Deposites. [H. OF R. the accommodations were not higher than the capi-term of reproach and abuse has been exhausted upon tal of the bank warranted. But only for one moment them What could the directors, thus circumstanced do? see how inconsistent General Jackson is: he complains To be silent, credulity would take every charge and ashat the bank extended its loans to defeat his election, persion upon the bank and its officers admitted. In this by increasing them to $70,420,074 24; and since he has situation, there was but one remedy left. The principle withdrawn the deposites, equal, upon an average, to of self-defence, sanctioned by the laws which govern all $8,000,000, and threatens the bank with further hostili- animated nature, pointed it out. That was, to confront ties, even to a war of extermination; the bank, to meet their enemies, demand a trial, and call for proof. This this state of things, has called in its accommodations, and was done, and Congress appealed to as the tribunal; the reduced its outstanding debts to about fifty-eight or sixty subject was referred to committees of both Houses; men millions of dollars. He now abuses the bank for doing of first rate talents were members of those committees; ts, calls it "a monster;" and when the suffering people both parties were fully heard; the committees and Conpetition him for relief, he spurns, them from him, and in-gress acquitted the bank and its officers. The directors, kingly taunts them by telling them to go to Biddle, he by their president, to let the nation know what had been uld relieve them if he would, and that his curtailments the decision of Congress upon the subject, published and of the debts of the bank are greater than its situation and circulated the reports of the committee, and speeches of exigencies require, and that Biddle intends to oppress members of Congress made in their defence. The interhe people without any just cause. est of the institution and the public required this, lest the I have said thus much, Mr. Speaker, upon the hypo- credit of the paper in circulation might be affected, and thesis that the statement of the Secretary of the Treasury the value of the stock injured. The directors owed this was correct, as to the extent of the outstanding debts due course of conduct to their own reputation, which had he bank on the 31st of December, 1830; but the Secre-been wantonly assailed. If one man slanders another, tary is mistaken. It appears, from an inspection of the what do the laws of self-defence permit? To prove the books of the bank, that the debts due that institution on charges false; to prove the witnesses who attempted to that day were $52,706,738 39, instead of $42,402,304 23. support them not entitled to credit; to prove that the How he fell into this error, I am at a loss to determine. man who uttered the slander was actuated by malice, and The old story of the three per cents. is brought again is a base defamer of character. To whom, and before before us, yes, Monsieur Tonson has come again." whom, was the bank to make this proof? To Congress That has been a subject of complaint before Congress, and to the nation. How could it be made to the nation, at two preceding sessions, and by Congress fully exam- except by publishing the documentary evidence of the red, and the bank exonerated from all blame, nay, its falsehood of the accusation and their proclaimed innoduct highly approved. cence? The President, who stands pre-eminently conIn the better days of this republic an idea prevailed, spicuous in the band of the accusers of the bank and its that when a man, or a set of men, were once tried fairly directors, and his followers, have appealed to the nation upon charges, and found not guilty by the proper tribu- in their accusations and denunciations of the bank and its al, he never should be again tried for the same offence. officers, and before that tribunal must the bank appear A new order of things has commenced; a man shall now and make defence. The poison has been disseminated be harassed upon the same charge as often as the malice throughout the United States, and the antidote, to be efhas prosecutors may desire to be revenged: this is Jack-fective, must have the same circulation. When we conmin its true character. sider who were the accusers of the bank, and their pow I will ask, I will not trouble the House with a detailed account of er, the conduct of the directors, in the bold, manly, and e three per cents. as that transaction has been fully ex-independent defence they have made, instead of deservplaned by the reports of the Committee of Ways and ing censure, is highly honorable to themselves, and what Means of a former Congress. I will, however, remark, the high interest of the institution required of them. at the bank assumed the payment of the debt to the Another charge alleged against the bank is, that it ders of the stock, which was, originally, upwards of entered the political arena in the presidential election, Birteen millions; being the interest on the old national and opposed the re-election of General Jackson. By ker, when it was funded under the administration of this charge against the bank, I suppose the directors and General Washington. That assumpsit exonerated the other officers are intended and pointed at. ed States, which was all the Government could ask. Mr. Speaker, does any man in this country lose or forfeit The motive of the bank in doing this was not the want of his right of suffrage by following an honest calling for a ns, but to prevent so large a quantity of specie from support? Surely not; because a man is an officer in the g taken out of the United States at one time, lest the Bank of the United States, has he no civil, political, and ressure might embarrass the commercial operations of religious rights? Are they impaired, abridged, or taken be country. from him? or, is he compelled to exercise them only in a One other case of complaint is, that the bank has ex-particular way? This charge is a vital stab at the great ned about fifty thousand dollars in printing and pub- and republican doctrine of free suffrage. It has been thing documents. There is the semblance of plausibili- attacked in this administration all over America; and men in this charge; and it requires some attention to other in office have been made to feel it every where; and cts to explain it. It is well known to this House and from the conduct of General Jackson in relation to turnhe whole nation, that after the veto of the President upon ing men out of office for opinion's sake, when that opinbill to recharter the bank, a large portion of the ion was against him, I have no doubt that the whole and hekson party throughout the United States commenced sole cause of offending in the bank and its officers is, that ruthless war against it and all its officers. This war they would not prostitute the power of the bank to perhas been carried on by the President in person; the petuate his political power, and they themselves, inbitchen cabinet, a disciplined and hired press, the office- dividually, were opposed to his re-election. Had the ders, and aspirants after office, with but a few excep- bank and its officers subserved his purposes, we should uns, have lent their aid; every thing which malice could have heard nothing of its being a "monster," it would vent, or falsehood suggest, has been said, written, then have been a necessary, valuable, and constitutional d published against the bank, the directors, and offi- institution. rs. By some it was proclaimed insolvent; by others, a The next charge which I shall notice is the French monster; by others, a great sink of foul corruption. The bill. That bill was sold to the bank at the pressing indrectors and president were denounced and vilified. Every stance and solicitation of the Government, for the full |