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FEB. 12, 1833.]

The Tariff Bill.

(H. OF R

would be quite as fair to accuse the gentleman from Mr. W. concluded by renewing the proposition for inSouth Carolina of embarrassing the propositions of others. structions which had been withdrawn by Mr. Drayton. Mr. I. had had no intention of embarrassing the proceed- Mr. DAVIS, of Massachusetts, said he thought there ings of the House. He had offered such a proposition as would be little wisdom in recommitting the bill without it was his right and privilege to offer. He had been moved instructions. The House had evidently setiled during by the hand of no political juggler. He knew of none the day a great and embarrassing question without a vote. such to whom the members of that House were subject. It was suddenly rendered obvious that a bill which had He had proposed the instructions he had submitted, be-employed its anxious and laborious attention for five weeks, cause he had believed their operation would be better than a bill which had been modelled, remodelled, altered, that of those submitted by the gentleman from South Ca- amended, and most earnestly debated, could not pass. rolina; but, since that gentleman's had been withdrawn, This seemed now as plain as if a majority of votes were Mr. I. should submit his, in the form of instructions to the recorded against it; and he must confess he was rejoiced Committee of Ways and Means.

to see this evidence of a disposition not to throw overMr. CLAY, of Alabama, said that he was not aware board a policy which had rendered the country prosperthat the gentleman from Ohio [Mr. Irvin) had any ous and happy. more reason to complain, if his instructions should not He said, if he did not mistake the course of things, the be sent to the Committee of Ways and Means, than other question now pending was more important than it was gentlemen had. The time remaining for the action of esteemed to be in the House. Why should we recomthe House was very short; and, under the impression mit? What is the object? Is it not to have a bill brought that the motion he was about to make would cut off in which will be acceptable to the House! But how can all amendments, and bring the House to the simple ques- the committee know or understand the sentiments of the tion of recommitment, he should move the previous House unless they are expressed? Will any one here un. question; but he wished to know whether its effect dertake to say he understands well enough the sentiments would be what he had mentioned.

of a majority to frame a bill in conformity with them? Is The CHAIR replied that the effect of the previous the committee more gifted than the rest of us? Have they question would be to cut off not only the instructions, but the attributes of prescience or of omniscience? If they the motion to recommit, together with all the amendments have, they cast but a little way into the future when they reported from the Committee of the Whole, and to bring offered us this bill. If the subject goes to them without back the House to vote upon the original bill as reported instructions, this action upon it must be only experimental, from the Committee of Ways and Means.

and it is more than probable that in the end we should find Mr. CLAY said that, if that would be its effect, he ourselves just where we now are. should not move it at that time.

The proposition now is to commit with instructions, and Mr. CAMBRELENG said that he presumed, of course, he had binted that this was not a matter for light, hasty, that the bill would be committed. He wished to be in. or inconsiderate decision. If instructions are given, then dulged in a few words of explanation, in reply to the gen- the committee merely frame a bill according to those intleman from Georgia, (Mr. WAYNE,] as to what he had structions: voting, therefore, upon instructions, is much said on the subject of treasury legislation. It was a the same as voting upon the final passage of a bill, for memprincipal feature in the plan which that gentleman had so bers would hardly consider it as indicating a consistent, warmly advocated, that the duties were to be regulated wise, and manly course, to vote one way upon instructions, according to the wants of the treasury, and were to go and another upon a bill framed in conformity with those up one year and down the next, according as the trea instructions. Instructions must be taken to be the judg: sury should be empty or full. Now, it would be the Se- ment, and the deliberate judgment too, of a majority of cretary of the Treasury who would have to decide whe. the House. He therefore entreated all who wished to ther these duties were wanting or not, according to his act understandingly upon this matter, to commit themselves own balance sheet. And he would, of course, issue his to no instructions which they were not willing should instructions accordingly. This was what Mr. C. had take the form of law. Mr. D. did not concur in the inmeant by the phrase treasury legislation.

structions first offered by the gentleman from South CaThe CHAIR reminded the gentleman from New York rolina, (Mr. Drayton,] and now by the gentleman from that the proposition to which his remarks applied was not Georgia, (Mr. Warne.) He never should consent to any now before the House. The question now was on the project which proposed as an ultimate standard of duties motion of the gentleman from South Carolina (Mr. DRAY: 20 per cent. on all imports. For one, he was very wil Tox) to recommit the bill to the Committee of Ways and ling his views should be understood. He had expressed Means, with the instructions moved by way of amendment, his anxious desire for compromise; he had more than once by the gentleman from Ohio, [Mr. Irvin.]

announced his entire willingness to meet gentlemen on The question was now put, and decided in the negative. fair ground, and to adjust the controversy; he had said So Mr. Irvir's instructions were rejected.

he would incur the hazard of great sacrifices to accomMr. WICKLIFFE said that to recommit the bill with plish so desirable an object, and he still was ready and out any instructions, would be inevitable death to all hope willing to do all this; but there was one thing he never of legislation on the tariff by this Congress. Before so wouli do until all his views of public policy were changed; grave a question was determined, he wanted a fuller he would not vote an abandonment of the right to proHouse.

tect American labor; he would not yield the right to (A great many members were absent in the Senate countervail foreign regulations which bear upon and opchamber, where Mr. Clay's bill was under discussion.] press the labor of this country; and if this was expected

Mr. WAYNE said he was fully satisfied that it would as a compromise, it would never be yielded, for it was not be perfectly useless to send the bill to the Committee of compromise, but abject, unqualified submission. He said Ways and Means, without instructions. The House would an equalization of duties, or the imposing the same rate of get no nearer to the object it sought, and, in the mean- duties on all imports, be it 20 per cent, or any other while, the conciliatory disposition which seemed now so amount, was an abandonment of the right to discriminate happily to prevail, might be dissipated. Mr. W. had all --it was tearing away the very foundations of protection-confidence in that committee. But past experience had it was yielding up the feature of the constitution most shown that they had been very unfortunate, since they valuable to the laboring freeman; and whenever such a had presented to the House a bill which neither its friends doctrine was sanctioned here, the labor of this country nor its enemies could approve.

might consider itself as abandoned by its own Government,

H. OF R.)

The Tarif Bill.

[Feb. 12, 1833

and left to grapple as it may with the legislation of foreign any countenance, either in finance or as a measure of pubcountries; with laws made to oppress them, and to favor lic policy. Whoever adopts it will find, by abandoning their competitors. He would therefore sustain no bill in discrimination, lie gives up the exercise of his own underwhich the right of regulating foreign trade so as to protect standing, yields his country to foreign regulation, and our own labor was denied. if gentlemen carried such a adopts a doctrine that, both in increasing and diminishing proposition, it would not be by his vote, and he considered revenue by an increase or decrease of duties, will produce any bill which looked to an ultiinate equalization of duties a result exactly the opposite of what is designed on many tantamount to this.

articles subject to cluty. He would only add one word: He considered the theory that duties ought to be equal Is any truth more obvious to the minds of all men than or of the same amount on all imports, as false and un- that some articles of taxation can and ought to bear a hea. sound, both in finance and public policy. Yet such a vier burden than others? doctrine seemed to have crept into different parts of the Mr. HUBBARD remarked that, from some observations House, and to be treated with some respect, though it which fell from the gentleman from Kentucky, he suphad not the sanction of the experience of any nation posed that it was the opinion of that gentleman that if this under heaven. The country had arrived at a crisis in its bill was referred to the Committee of Ways and Means, affairs when it was necessary to diminish the revenue, be with instructions, the report of that committee would cause the public debt was paid. It had been reduced not necessarily be referred to the Committee of the whole some 10,000,000 dollars, but it was said it must be re- on the state of the Union. If such were the fact, he cerduced more; and the doctrine on one side of the House tainly should be in favor of sending the bill to the comwas, that, in adjusting it, we had no right to discriminate, mittee with instructions; but he believed that it made no by putting a higher duty on one article of import more manner of difference in that respect, whether this bill than on another, but the duty must all be alike. It was went to the committee with or without instructions. The against this doctrine, which was full of evil, that he pro- report of that committee, under the rules of this House, tested. The avowed object, in passing the present bill, would necessarily have to be referred to the Committee of is to reduce the revenue. Now, he said, look at the ope. the Whole on the state of the Union. But he said there ration. There is a duty of thirty per cent. or thereabouts, was no good reason for committing the bill at all; he on shoes, boots, leather, hats, cabinet ware, and a vast should much prefer to have the various amendments which number of other articles made by our mechanics. From had been adopted in the Committee of the Whole to this these articles no revenue is derived, because none or bill, read, considered, and disposed of--either adopted or next to none are imported. The business is now in the rejected; and after the bill had been gone through, then, hands of a great body of worthy, industrious citizens, if any gentleman could propose some definite measure as who supply ihe demand of the country, and furnish the a substitute, it would be in order for its consideration. goods much cheaper than we should find them if we de- He felt somewhat astonished that any gentleman should pended entirely on foreign supply. If this duty is re- offer a resolution for the commitment of this bill with induced to twenty per cent., is it for the purpose of reducing structions, without having well matured and well considerthe revenue? You cannot reduce nothing: the reduc- ed those instructions in principle and in detail. What postion of the duty is not tlierefore reducing revenue. But sible benefit, he would ask, could result by committing it is an experiment, to see if you cannot introduce the this bill with loose and indefinite instructions? He greaiforeign articles, and thus increase the revenue, to the in- ly preferred, if it was to be again committed, that the jury of your own labor, and fill the treasury, when you commitment should be entirely untrammelled with any profess to desire to empty it. If gentlemen are desirous instructions. The Committee of Ways and Means would in assuming this as a principle, and it produces an effect have the benefit of the discussions and the debates which exactly opposite to what is designed, it ought to be aban- have taken place upon the bill which emanated from them, doned as absurd.

They would have the benefit of the propositions which If a bill is brought in to reduce revenue, he wished have been submitted in committee and out of committee; some reasonable assurance that if it became a law it and they would undoubtedly be profited by those sugwould accomplish the purpose for which it was made. gestions in their further deliberation upon the subject. The instructions of the gentleman from South Carolina But he was entirely opposed, at this time, and in this proposed to bring all duties, without discrimination, to House, now to settle on the specific instruction to be girtwenty per cent., and this, in order to get rid of revenue. en to the Committee of Ways and Means. He was aware He called on the House to understand the matter before that there would be left no time for action; that so much they voted upon it. It was an insidious attack upon the time would be unavoidably occupied in fixing upon the mechanics and laborers of the country. If, by running character of the instructions, that it would be impossible the duties down, you succeed in introducing foreign hats, for this House to have sufficient time left for the necessaboots, shoes, hoes, spades, shovels, axes, &c. then your ry action upon the bill which might be prepared by the own workmen are displaced from their business; the re- committee, to have it reach the Senate in season to be venue, which is already too abundant, is increased, and considered in that branch of the Government. He, for there must be a further reduction of duties to deplete the one, believed that the vote of the House yesterday, upon treasury again; and this course will be pursued until the the motion of the gentleman from Massachusetts to lay experiment shifts our workshops to foreign countries. this bill on the table, gave the fullest evidence that there This mode of reducing revenue is false, insidious, treach- was a decided majority in favor of a proper modification erous, and better calculated to reduce laborers to poverty of the tariff at the present session of Congress. He most than to reduce the revenue; and he protested against it sincerely desired to have this disturbing question put at as a theory unsound in finance and unwise in public policy. rest, and that at the present time. Under all circumstan

He said he should give his support to no bill which re. ces, he should vote against committing the bill with any duced the duties to a level of twenty per cent., because instructions; and as it seemed to be the wish of his friends that with a foreign valuation would afford no adequate to send it again to the Committee of Ways and Means, in protection; nor would any measure which abandoned the the belief that they could report a bill which would betprinciple of discrimination in levying duties obtain his ter accord with the public expectation and popular feelsupport, because that would be an abandonment of the ing, he would not oppose such a reference, if the whole principle of protection. He woull, therefore, express an subject can go to the committee unembarrassed with inearnest hope that the House would look with care to this structions. new theory of equalization of duties, before they give it Mr. ISACKS said he regretted that the gentleman from

Feb. 12, 1833.]

The Tariff Bill.

[H. of R.

Georgia (Mr. WAYSE) had renewed the motion for in- and give it a greater prospect of passing. There was no structing the committee. He should vote against it. And difficulty of comprehending this. he should do so from the desire that the House might have Mr. HUNTINGTON said that this House had got itself one argument instead of having two. They were the into a very singular predicament. They seemed unaniclearest indications, as well from the various amendments mously to have agreed that the bill from the Committee which had been proposed, as from the remarks with of Ways and Means was not such as any body could apwhich they had been accompanied, that the house was prove. And it was now proposed to send again to the likely to spend quite as much time in discussing what the same committce to make another bill, that the House instructions should be, as they had in discussing the bill; might go over the same ground again. And even admitand eren more: because the previous question could not ting that the instructions now proposed should be adoptbe put, without removing the instructions altogether. ed, they would be no nearer the object they sought; for And thus they were likely to spend what little space of if a bill should be reported, as proposed, it would be just time remained, after learning who was to be President, as liable to opposition and amendment as that which the and deciding who was to be printer, without coming to committee had reported before. Mr. H., for one, should any conclusion. He was for leaving the committee un certainly oppose it stoutly. And so, if any other of the trammelled. Let them give the House a bill, and then it plans of instruction should be adopted, they would still would have but one argument, instead of two, and thereby be in the same situation. He entirely agreed with his sare just one-half the time.

friend from Massachusetts, in being very happy that the Mr. WILDE congratulated the House, and himself, on House had not taken the bill. But where would be the very sudden change which had recently taken place. the use of recommitting it without instructions? It would On Saturday, the members of the Committee of Ways and be utterly impossible for the Committee of Ways and Means had been invited to bring forward some proposi- Means, or indeed any body else, to discover what was the tion of compromise, but had given no response to the call: will of the House at that moment. He hoped that the monot from any reluctance in presenting their views, nor tion to recommit with instructions would not prevail. from any want of courtesy, but for a very obvious reason, Mr. WAYNE observed that the speech of the gentleviz. the intrinsic difficulty of the subject itself. Last year man from Massachusetts [Mr. Davis) seemed to have crethe House had had a project from the Secretary of the Trea-ated a very general impression that if gentlemen voted to sury, and then a report from the Committee of Ways and com:nit the bill with instructions, they would be commitMeans. These had met with no favor. Next came a reted to sustain the bill, if reported accordingly. Such was port from the Committee on Manufactures, which was so not the fact. The proposition of the gentleman from modified as at length to be not satisfactory even to the South Carolina, for instance, differed from all others in gentleman himself, who had reported it. At the present this, that the duties on non-protected article were to rise session, the bill had been reported from the Committee or full according to the state of the revenue. Now, could of Ways and Means, which seemed to be much disapprov- not a gentleman vote for the proposition as a whole, withed of, and was likely to be more so before the session was out committing bimself to sustain that particular feature? over. Now there was a proposition to recommit, and, Certainly he could. He miglit vote for it on the general thereupon, a flood of different projects, in the form of in- principle that manufactures were to be protected for sestructions, none of which, as yet, seemed to be satisfacto. ven years to come, and that then the revenue was to be ry to the House. He hoped, however, that one of them reduced to the wants of the Government. By recommitwould be adopted. It should certainly receive his most ting the bill without instructions, time would be lost--and zealous support. What was to be done? Proceeding in time was now all-important--because the committee would this manner did but waste time. It certainly would not have to inquire, and spend much time in ascertaining be agreeable to him, nor, as he presumed, to his col- wliat the will of the House was. It had been urged that leagues on the committee, to be bound to seek out among if the committee reported a bill, it would have to go to all the speeches, and arguments, and propositions of gen- a Committee of the whole, where the previous question tlemen, what were the actual sentiments and wishes of could not be called. This was very true; but what betthe House. It was plainly impossible for the committee ter off were gentlemen now, with numerous and conflictto ascertain what the bill of the House was; and that foring amendments before them, on which the previcus ques, a very good reason, viz. that the llouse did not seem ex- tion could not be called, without bringing them back to actly to know what its own mind was. A committee who the original bill? could discover, from such a scene as was now exhibited, To recommit with instructions was no novel proceeding, what this House desired them to do, must possess powers and the instructions proposed contained more, much far more extraordinary than any to which he or his col- more, than gentlemen were aware of. It had been offerleague laid claim.

ed by the South in good faith, with an honest endeavor to But as to the bill as amended, and as it stood at that mo. conciliate, and with the carnest hope that its adoption ment, with all its modifications, Mr. W. did not know that would allay the public discontents. To adopt the bill now he could devise a bill more honestly intended, or that before the House, though it might give contentment to one would more certainly effect the reduction of the revenue, quarter of the Union, would raise rebellion in another, and the peace and harmony of the whole country. He and excite at the North a feeling little short, in violence, earnestly hoped that, by mutual sacrifices of prejudices of that which now existed at the South. It was in the on both sides, the House would that day be able to come hope of bringing the House to a measure of effectual conto some satisfactory conclusion.

ciliation that Mr. W. was thus earnest. Was not the proMr. E. EVERETT inquired of the Chair whether the posal now offered better than the bill from the Commitrecommitment of the bill, without instructions, would notliee of Ways and Means? Would it not give the manucompletely, and at once, undo all that had been done by facturers protection and peace for seven years to come! the Committee of the Whole.

Was it not to be preferred to doing nothing? Was it not The CHAIR replied, certainly it would.

better than letting the present discontent fester for nine Mr. E. said he could then readily conceive that the gen. months longer, and be yet further aggravated by the extleman from Georgia (Mr. WILDE] would heartily approve citement of a presidential election? It was his earnest deof such a proposition. It got rid, by a very suminary pro- sire that the House might return here the next session cess, of all the amendments which had been made to his with this vexing question so effectually settled, that no bill; and returning it to the committee in its naked shape, political aspirant should be able to vault into power by a they could so model it as to render it more acceptable, I successful settlement of it. But if things should be suf

H. OF R.]
Bank of the Uniled States.

[FEB. 13, 1833. fered to remain as they were, the protective system would Is it wise to sell, at a sacrifice, stock yielding an intebe in imminent danger. Its danger would increase every rest of six per centum to the Government, that money day; and it would probably fall--and fall, not to the ad- may lie idle in the treasury? Is not our treasury, at this vantage of the South, but to the agitation and discontent time, said to be overflowing? Has not the administration of the whole country.

told us that the present tariff will yield us at least six milMr. WICKLIFFE said he was happy to perceive that lions of money more than is needed for all the wants of nothing was to be done that night. Tomorrow, he be- the Government? We have been for weeks, sir, endealieved, was the day appointed for counting the votes for voring to devise some plan, some revenue system, which President and Vice President. He would therefore move shall prevent this dangerous accumulation of money in that the consideration of the subject be postponed till the the treasury. The very existence of the Union is said to day after.

be in danger if we do not adopt some such system, and The SPEAKER said the subject must of course lie over. still we are now required by the administration to adopt The House then adjourned.

this measure, which is to add to a redundant treasury se

ven millions more. What do the administration design to WEDNESDAY, FEBRUARY 13.

do with this seven millions when it shall reach the trea

sury? Is it needed to pay the public debt? No, sir. Is BANK OF THE UNITED STATES.

it required to meet the ordinary or extraordinary expenMr. POLK, from the Committee of Ways and Means, ditures of the Government? Not at all. Why, then, I reported the following bill:

demand to know of the honorable gentleman who has reAN ACT authorizing the sale of the Bank Stock of the ported this bill, are we called upon to adopt or to conUnited States.

sider this measure? Sec. 1. Be it enacted, &c. That the Secretary of the Will the honorable gentleman, or any man, venture to Treasury be, and he is hereby, authorized to sell the state, on this floor, that the stock in this bank is not good? shares owned by the United States in the Bank of the Will he venture the opinion upon the country, after the United States, on such terms as he may deem most for the full and satisfactory evidence which has been afforded interest of the United States: Provided, That no stock be him, that this institution is not solvent, perfectly solvent? sold for less than the market value thereof, or for less Sir, I will answer the question for him-he will disclaim than the par value.

any such opinion. The bill itself, Mr. Speaker, has ena. Sec. 2. Be it further enacted, That it shall be lawful for bled me to answer the question for the whole Committee the Bank of the United States to purchase said stock, or of Ways and Means. The stock is to be sold at its marany part thereof; any thing in any act to the contrary not. ket price or at par, by the terms of the bill. I take it, withstanding

then, as an admitted fact upon the record, that, in the The bill having been read, and the question of course opinion of the committee, this stock is worth par; for I being on ordering it to a second reading,

will not impute to the committee so unworthy a design as Mr. WICKLIFFE, of Kentucky, objected, (which at an attempt to impose upon the country stock at par which this stage is equivalent to a motion for rejection;) and the they believed not to be worth par value. question being then stated in the form required by the But, sir, there is an ambiguity in the expression, to be rule, “Shall this bill be rejected?"

sold at its market price, or at par, which I am not able to Mr. WICKLIFFE rose, and said he was impelled, by a explain. Should the market price of this stock fall, as I sense of his duty to his constituents and to his country, to believe it will if you pass this bill, below par-should it do, in this case, what he had never done since he had had fall to ninety-five--will not the Executive be authorized a seat on this floor--to move the rejection of a bill at its to sell at ninety-five? He is to sell at par value, or the first reading. There are cases, said Mr. W., in which market price. If he cannot get par, will he not take the courtesy should yield to the demands of justice and pub-market price? If this should be the construction of the lic duty; and this, in my humble judgment, is one of them. bill, and I can place upon it no other, it will present a I do believe that the passage of this bill is not demanded most glorious harvest for the speculator in stocks. Your by any public consideration. It is fraught with incalcu- market price of stocks would soon be run down. Shall lable ruin to all private interest, except the interest of we bring into market seven millions of the people's mothe stockjobbers of Wall street. I will say nothing of the ney, admitted to be good, in order to have it depreciated interest which political stockjobbers may feel in the mea- and run down, that speculators may thrive? sure now before you. This measure will inflict injury, Does the honorable member who reported this bill feel perhaps ruin, upon many of your honest, and I might say, himself authorized to state to this House that the Com. in reference to the interest which they have in this insti- mittee of Way's and Means believe this Government stock tution, unprotected citizens. Its immediate effect would unsafe in that institution? I will venture to answer this be to reduce thirty-five millions of the stock of the coun- question for him in the negative. They have no such try, performing, in a great measure, the functions of a opinion. The evidence before them repudiates such an circulating medium in our commercial exchanges, ten per opinion. The insinuation of such an opinion belongs to centum in its value. Possibly I may over-estimate the the partisan presses of the times. If then the stock is loss; but I think not. This time last year this stock com- safe, if the Government do not need the funds, if a sale manded, in the markets of the world, from twenty to be made, the United States must sustain a loss, and pri. twenty-five per centum advance. The ruinous policy vate injury be inflicted upon our own citizens. Why, I which the administration of the country has pursued to ask, why this bill to sell the stock? I shall be answered, wards this institution, has sunk the value of this capital because the President has recommended it. In this intwenty per cent., equal to seven millions. The United stance I have the misfortune to differ with the President, States has sustained a loss in the value of the stock held and must beg leave to decline an acquiescence in this his by the Government, equal to one million four hundred recommendation, until some better reason be furnished. thousand dollars, and yet the Committee of Ways and Sir, we present to the world a most extraordinary specMeans propose a measure by which the Government will tacle. Werno, sir, the administration--have been sirir. inevitably sustain a further loss of more than one million. ing for months to convince the public that the Bank of the For what reason? And why is this mad policy, sir, 1 United States is insolvent; that its currency was sinking, might be allowed to say, this wicked measure, proposed? or likely to sink, in value; that it was unsafe; and under this I have heard none, nor can I discover any, save that the declaration they propose to come into market with seven President of the United States has recommended it. millions of this stock, which they have proclaimed to be

FEB. 13, 1833.)

Bank of the United States.

(H. of R.

in a doubtful condition, and propose to sell it at par. Sir, stitution. No, sir: the Government should retain its stock, this would scarcely be considered honest in a private in- its supervisory power, and see that the bank, if it must dividual: how it ought to be estimated when done by a close its operations in 1836, closes them honestly and Government, I will leave others to determine. The whole fairly; first paying its debts, and then dividing in due and course which has of late been pursued towards that insti- equal proportion the stock to the whole stockholders. tution by the administration, has not its parallel in the Sir, I well remember, in 1827, when the stock in this modern history of any civilized Government.

bank was worth twenty-five per cent. advance, a distin. In the Congress of the United States is vested the ex- guished gentleman from Virginia, (Mr. P. P. Barbour,) clusive power of coining money and regulating the value then a member of Congress, submitted a resolution of inthereof, to regulate commerce, and also authority to carry quiry, merely, into the expediency and propriety of sellinto effect these and other delegated powers. Under ling the seven millions of stock held by the Government some one or all of these powers, Congress heretofore in the Bank of the United States. At that time, sir, we created a bank, in order to furnish the community with a bad a pressing demand for revenue to meet the payments safe, sound, and uniform currency. Such this bank did of the public debt, falling due more rapidly than our furnish, all admit. And when the currency was at its means enabled us to meet. He proposed it as a financial greatest possible value, enjoying, as it deserved, the con- measure. I remember, also, sir, the instantaneous effect fidence of the whole people, we see the whole power the proposition bad upon the value of the stock. The and influence of an administration, headed by perhaps resolution met favor nowhere, though honestly and fairly the most popular man in this our day, exerted for the designed by the mover as a measure of finance. It was purpose-perbaps I should say, to the effect of depreciat- voted down in this House by an almost unanimous voice, ing the value of that currency, at a time when seven- only nine members voting for the proposition. teen millions of it is in the hands of a confiding commu. If sound policy and good faith forbade the passage of nity. What would be the consequences of such a policy such a resolution, and sale of the stock in 1827, the same to a ministry in another country, where liberty is not more policy and good faith demand the instant rejection of this valued than here, I cannot say. A British Parliament wicked bill, for I can call it by no milder name. would not dare to second or sustain it.

We have now no public debt for which this money is Sir, I will suppose, for the sake of the argument, what needed. We have an overflowing treasury, into which I do not believe, and what those who have asserted in the the revenue is pouring faster than we can find uses for it, public prints do not themselves believe, that this institu- and still the administration and the Committee of Ways tion, from the corrupt and bad management of its direc- and Means desire that we shall sacrifice our stock, inflict tory, is in danger of becoming bankrupt. The General individual ruin, excite anew the alarm which false clamor Government is the joint stockholder, has had a share in for a time put in motion, that seven millions more of surthe management of this governmental agent. The notes plus shall accumulate in the treasury, to lie dormant, or of this institution are in the hands of our citizens to the be squandered by inconsiderate legislation. All this is amount of seventeen millions. Our citizens are its debt to be done, for what? For public good? No, sir. For the ors to the amount of sixty millions; a portion of them, benefit of individual speculation. Away with such a proincluding widows and orplians, owning twenty millions of ject-strike from existence at once such a bill. its capital. What does morality, what does justice, what Sir, said Mr. W., I am not taken by surprise by the predoes public faith require at our hands? That we should sentation of this bill. I have anticipated it for many weeks. exert all the power which a prudent and just regard to I have watched events in another quarter, and have not the administration of the finances of the country would mistaken the signs of the times. This measure is to be permit, to avert the wide-spread ruin which the failure of followed up with another, part and parcel of the same such an institution must produce.

predetermination before we met here. The Government The bank, however, sir, does not ask this. She does deposites are to be withdrawn. They are wanted elsenot thus need the aid of this Government. All that she where! State banks are to be enlisted as soldiers in the desires at your hands is justice, is to be let alone, to be next campaign. The Government deposites are wanted permitted to enjoy the privileges guarantied in her char- to pay the bounty, ter, for which you have received an ample equivalent. I, The solicitude' I have felt upon this subject, and the sir, demand this of you, not for the sake of the bank or feeble efforts I have made to prevent these measures of her stockholders, but I demand it in the name of my con. the administration, have not arisen from any personal stituents. Let your stock remain, and share the common considerations. To me, sir, the stockholders in the bank fate of that of your citizens, who have made investments are unknown. I have received no favors, and desire upon the plighted faith of their Government. Whilst the none, of the institution; but my constituents and my coun. Government continued to own stock, and to appoint, on try have a deep interest at stake. its part, honest and competent men as directors, who The entire West at this time is witnessing the blessed looked to the interest of the Government, the bank, and effects resulting from the efforts of this administration to the community, in the discharge of their duty, your citi- cripple and embarrass the operations of the Bank of the zens felt as if their stock was safe, and the currency of United States. The course pursued by the Government the bank was sound. They still feel so, notwithstanding has compelled the bank to press heavily upon its debtors the departure from that course which previous administra- in that quarter. We have a country rich in soil and protions had pursued towards the bank.

ductions, not much surplus capital, a population industri. The United States still have a controlling influence over lous and enterprising, able to meet their engagements; that institution. Your President appoints one-fifth of its but, if pressed, we must expect a fall in the value of our directory. Your Secretary is furnished weekly with state- real estate, and the productions of our labor. Is it then ments of the condition of the bank. Congress has power just, is it wise, to pursue a policy toward the Bank of the to appoint a committee to examine into the books, ac- (United States, which must compel it still more rapidly to counts, and dealings of the bank. All these furnish withdraw its circulation! If the bank is let alone, we guaranties to the country. But, sir, if you sell the Go- shall weather the storm in safety, without a resort to the vernment stock, dismiss your directors, and withdraw the ruinous policy of 1819, '20. I am prompted in my opsupervisory power of the treasury and of this House, you position to this measure by on principle no blind opposimay put it in the power of a corrupt directory of that tion to the measures of this administration, be they right bank, should such a one be found, to swindle the com- or wrong. Such a principle has never regulated my acmunity out of millions in closing the con erns of that in-llion in this House, and I trust never will.

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