liberal spirit in which a national bank should deal with the public. [MARCH 13, 1832. our country, it is proposed to dissolve our partnership with the bank by the sale of the Government shares, and this In relation to the restriction of the issue of notes of can be done advantageously. Who can foresee the effects small denominations, it is strongly recommended by all which will be produced upon our policy, general condithose reasons which urge us to make efforts to increase tion, and trade, by this nation's entire freedom from debt? the metallic currency of this country. Until this be done, It requires, at once, and we are at this time engaged in the laboring classes of our people will never be put upon making arrangements for the reduction of more than half an equality in regard to the value of the wages they re- of our revenue from imposts-our only kind of taxation. ceive for their services, with that value which is paid to In whatever way it may be done, changes in the direction of all other persons carrying on any kind of business. The our commerce,quantities and kinds of produce imported and five dollar notes issued by the bank are no doubt of great sent abroad, must follow. Capital will seek other or more public convenience in the present state of our currency; extended channels for speculation and investment, and the but they are principally so to travellers. They are of no principles regulating consumption will probably act with convenience to persons who are stationary; for State bank an energy never experienced in any commercial nation, notes of similar amounts, where they are put out, answer and of which we cannot have an idea, until the effects shall all their purposes. The first are not to be found in gene-be seen and felt. Its influence upon agriculture, upon ral circulation. The State banks collect and hold them the staples of the South and West, and upon the manufac as specie, because they are payable every where, and tures of the North and East, must all be now left to conthey are an article of traffic in our country towns. The jecture. Plans for public improvement and the enterprises use of them, then, to the public consists in their conve- of private companies will extend the field and require nience to travellers. Now, this may be obviated by a sub-ments for labor, perhaps entirely altering its relations of stitution of gold coin, which we have the ability to make value and employment to the existing state of things. to the full amount of all such notes in circulation. It is What sagacity can foretell the changes it may occasion in only necessary for us to alter our present false statutory our general policy, and upon that particularly connected relative value of gold to silver, to a correct standard, by with the disposition of our vast national territory? Upon which the inducement to export the gold now coined at the sale of that portion of it lying within the limits of the our mint will no longer exist. It is probable that this will States; upon the application of the revenue to be derived be done, as the propriety of it is becoming every day more from the sales of our land, now more than three millions obvious. But it cannot be done at this session of Con-annually, and increasing in defiance of all certain calcula gress, and yet, being intended, its connexion with the cur- tion? Already we have a proposition from the Secretary rency is so important, that it forms a strong reason for us of the Treasury to sell to the States the national domain to abstain from making any inquiry into the affairs of the situated in them. It is countenanced extensively, as the bank, which shall be considered preparatory to the re- best manner to rid ourselves of a subject of great national newal of the charter at this session. But a more import- disquietude. The States desire to possess the lands. They ant modification of the charter, and one which we are not are jealous of that control which we must have over the prepared to determine, is that which proposes to limit the lands while we continue to own them, but which they think dividend to stockholders to a certain interest, and to de-interferes with their sovereignty, actual interests, and termine what shall be the disposition of the excess. It prospective welfare. They have some reason for disconwill be supported by great authority, and comes recom- tent, as the payment of the price of the lands into the namended by practical men in money affairs, some of whom tional treasury exhausts their means. This evil is augare in favor of rechartering the bank. Whether it shall menting, and may ere long cause feelings which this Gobe done as proposed in the memorial upon our table from vernment is not strong enough to control, but by the Boston, by a payment of one per cent. upon the capital exercise of powers which may make it too strong. to the Government, and by permitting the States to tax so Secretary's proposal is and will become popular in every much of the capital as may be assigned to the branches part of the country. Something of the kind will be adopt one per cent., or by limiting the dividends to five per cent. ed in a year or two, and the organization of a national and paying the surplus into the national treasury, are ques- bank should and can be made to have some reference to tions which we have no right to determine, until the States this point, by which the States may, more conveniently, shall have had an opportunity to express themselves upon and without the pressure of extraordinary taxation, make the point, and after it has been thoroughly canvassed by the the purchase. The twenty-six millions of discounts enpublic. Under this arrangement, the bank would have joyed in the West, at this time, by the indulgence of the no temptation to use extraordinary means to extend its bank, and its five millions of currency in bank checks, are business, of which there has been, and upon good grounds, worthless accommodations, compared with the results much complaint. The stock would in ordinary times be which a due regard to the subject may produce to the worth a premium of ten per cent., and those who hold it Western States. It will not be as the bank loans now are, would reap a certain interest of five; advantages enough, money accumulating upon the use of credit, with all the and beyond which no prudent legislation will place per- contingencies attending business done in that manner manently the capitalists in any nation. This and the other the mere increase of capital; but a national bank, properly suggestions for a modification of the charter of the bank, organized, may be made to those States the means of in which I have mentioned, and several others which I ab- dependence, of sovereignty over all the lands in their borstain from bringing to the notice of the House, show how ders, of the prevention of oppressive taxation, of an inimportant a task has been put upon us by the introduction crease of population and power. of the memorial, and how vain it will be to restrict the committee which may be appointed to inquire into the debt will have upon our currency, be foreseen. The Nor can the effect which the entire payment of the proceedings of the bank to any time, with the view of pass- prospect is favorable, cheering, but made up of so many ing upon the main question at this session. contingencies, that no presumption dares to determine A more interesting reason, however, remains to be given what will be its aspect, even in that regard, in a year of for the postponement of this subject to a distant date. We two hence. Sir, the connexion which rechartering the are now upon the eve of a change in our condition, which bank has with the payment of our national debt, has been makes this nation the envy and admiration of all other na- happily and forcibly expressed by the Senator from Kentions. In one year, and three before the charter of the tucky, [Mr. CLAY.] In an address to a very large assem bank will expire, the public debt will be paid. To effect blage at Cincinnati, in honor of that gentleman, not two this triumph of our system of Government, and jubilee for years since, after expressing his opinion that the bank The 1월 11 MARCH 13, 1832.] term." had been for some years managed with "great ability and a sound currency. Our refuge was in a national bank, integrity," and had made an approximation towards the with powers, advantages, and privileges which, under any equalization of the currency as great as practicable, he other circumstances, would not have been granted. And says: "Whether the charter ought to be renewed or not, now, sir, in our changed and prosperous state, in a situanear six years hence, in my judgment, is a question of ex-tion in all things the reverse of what it then was, with a pediency, to be decided by the existing state of the sound currency and no national debt, we are asked to imcountry. It will be necessary, at that time, to look care- pose upon this nation in perpetuity that which was the fully at the condition of both the bank and the nation, to result of a temporary State necessity, and which was so ascertain if the public debt shall, in the mean time, be considered even by the framers of the bank. Some genpaid off, what effect that will produce; what will then be tlemen have hinted, in the course of this debate, that the our financial condition; what that of the local banks; the evils to which I have alluded, might have been prevented state of our commerce, foreign and domestic, as well as by the renewal of the first bank charter. But this is not the concerns of the currency generally. I am, therefore, the fact; for how vain would have been the Government's not now prepared to say whether the charter ought or reliance upon a bank of discount, circulation, and depoought not to be renewed on the expiration of the present site, with a capital of ten, twenty, or thirty millions, when the nation borrowed more than that amount in the course This extract contains the whole argument against the of a year. And as to any ability which such a bank would renewal of the charter of the bank, either at this session have had to prevent the depreciation of the currency, it of Congress or the next. It will no doubt have weight is much overrated, for it could only have done so by the with some gentlemen, who were not aware before of the agency of Government deposites, and the Government opinion of the speaker upon the point. It cannot fail to had, in fact, none then coming in with such fluency as make an impression upon those who have used the crisis could have given vigor to that agency. If the bank had as favorable to coerce a renewal of the charter, or its re- been rechartered with an increased capital, and had loanfusal. And it can be used successfully to sustain any re-ed freely to the Government during the war, it would commendation which the advisers of the Executive may have been at the end of it in the condition of the State make for the rejection of a bill for renewal, should one banks which aided the Government, without the means be passed at this session of Congress, if those gentlemen to give accommodations in the way of business, or to have stood in need of any aid of their ability to manifest to the redeemed its notes in specie, and consequently could not nation the propriety of the course they may take in such have restored the currency, but by enforcing payment of an event. Before leaving the subject of the payment of the revenue in gold and silver. This was what the Gothe national debt, I will advert, for a moment, to the con- vernment could have done without the bank; but it was trast of our condition now with what it was when the pre- a step which I have shown it was not thought prudent to sent bank charter was granted in 1816, and I do so take. The calamity might have been less, but it would because it has a direct bearing upon the question before still have been without a parallel in the moneyed difficulus. A year had not passed then, since the nation had ties of any nation. Sir, the war is now a matter of history, come out of war, burdened with debt. Our consolation we honor those who made and those who fought it, but was the lustre which had been cast upon our arms, and the still it was the war which occasioned the pecuniary diselevation of national character which it gave us in the tresses of this nation at the time alluded to. And had view of the world. The debt was one hundred and ten not the State banks aided the Government as they did, millions. The currency in circulation, by the aids which we would not have had means to carry the war on. Their the State banks had given to our treasury to carry on the services are forgotten, because all the consequences of war, and from irregular banking, had become so much their patriotism could not be foreseen; and ignorance and degraded, that it was no longer a transferable measure of prejudice now attribute to their selfish management the value, or representative of coin. There was not enough entire cause of the derangement of our currency, and fear of gold and silver in circulation for the ordinary transac- from them its recurrence if they should be without the tions of business, and the fiscal operations of the Govern- check of a national bank. Sir, I admit that the bank has ment were at a stand, for the want of a sound medium to been a check, and that it may be a wholesome check in pay the revenue. A total suspension of specie payments all future time, but it is now too strong, and, if continued had taken place by all the State banks to the south and as it is, must in time destroy that which it was only inwest of Massachusetts. They could not be brought to any tended to control to a limited extent. voluntary arrangement to resume specie payments, or to I now propose to inquire if the condition of the bank enable themselves to do so, and those who administered at this time is such as to entitle it to a renewal of the the Government feared coercion might extend the calamity charter immediately. This shall be done with all the rewithout affording relief to itself. The State banks having gard due to the characters and superior practical knowacquired forty millions of the Government stocks at a de-ledge upon this subject, which the gentlemen have who preciated rate, had made it a substitute for specie capital, direct its concerns. It shall be confined to an examinaand were deriving an interest upon it, which they were tion of its management during the last year, upon its own not inclined to relinquish, by selling it, to replenish their vouchers. Should results prove hereafter that it has vaults with specie. In this condition of our affairs, it was been injudicious, still I would not pass a harsh judgment obvious that something must be done to arrest the march upon errors arising in part from occurrences which were of ruin and the destruction of our commerce. And not foreseen, though I fear too much from an anxiety to nothing could be done without the intervention of Govern- make large dividends. But, sir, the test of the fitness of ment. Two remedies were suggested. One, the issue those who have so large a share in regulating the curof treasury notes as a circulating medium; the other, the rency and controlling the moneyed operations of the creation of a bank upon such liberal principles as would country, should be a vigilant attention to the actual state hold out inducements to capitalists to invest in it, and to of things, to guard against the future. We may not be carry it into operation as soon as possible. Experience able to see far enough into futurity to go on, but the had shown, fully, that the first could not be done success-results of time in regard to commerce are generally suffully, for, besides being a bad substitute for coin or notes, ficiently developed before they happen, to enable us to treasury notes were expensive in their creation, and would have the merit of standing still. Has the management of bear an interest, without any countervailing advantage to the bank in the last year this merit? The great usefulthe treasury. Such a measure, too, would have thrown ness of the bank, and the merit claimed for it, is said, by pon the General Government the whole cost of restoring its advocates, to be its power to control or to check the H. OF R.] Bank of the United States. [MARCH 13, 1832. operations of commerce, by checking extraordinary and want of money at this moment is driving our merchants to untimely facilities from the State banks. Do its transac- all those shifts and expedients to raise it, which usually tions of the last eleven months show the wholesome exer- precede bankruptcies. The Bank of the United States cise of its ability to do so? Early in 1831, our imports and the State banks cannot discount business paper, were known to be heavy, and to be increasing beyond the however well secured it may be, in either Baltimore, value of our exports, and of any produce which we had Philadelphia, or New York. Business notes are carried to send abroad. This might have been inferred from the to brokers to be cashed at heavy sacrifices. The auction fact that shipments of specie were made in March, first stores are crowded with goods, to be sold at losses of to France, afterwards to England, and money was super- twenty and thirty per cent., to enable merchants to meet abundant. Goods were sold at long credits, and were their engagements, especially such as are becoming due promptly converted into cash. The inference from this to the Government. Unquestionable paper has been sold state of things should have been, that the loans of the at one and one and a half per cent. per month; and such is Bank of the United States, and the State banks, had the delicate nature of mercantile credit, and the obliga. become extended to an amount, in reference to our tions which it imposes to maintain it, that one per cent. foreign exchanges, which could not be transcended with has been paid for the use of money from Saturday to Mon safety. But what did the bank do, in the face of such ad- day. The accumulations of interest know no sabbath. monitions? It made an increase of its loans, extended its What is all this distress, but the effect of overtrading in circulation, parted with its specie to the amount of four the last year? And if now so general, what will be its millions, diminished its means at home, and contracted a extent by the reduction of sixty-three millions of discounts? debt abroad. But, sir, I must be more particular. In And could this overtrading have taken place, if the State February, 1831, the loans of the bank were forty-six mil- banks and the United States' Bank had not given extra lions; in January following they amounted to sixty-six mil-ordinary facilities to merchants, after there had been de Tons. An increase of thirteen millions, after liberally cisive indications of overtrading? Why did not the Bank allowing to the bank a deduction for the payment of the of the United States prevent the extent to which it was seven millions of funded debt which it then held, and carried? It professes to check and control the operations which was paid in the last year. Then its circulation was of State banks, and can do so. It is just then to attribute nineteen millions, now twenty-four. It had at that time a great portion of the existing distress, and all in prospect, eleven millions of specie, now seven millions; a foreign to a want of foresight in the management of the bank. At debt due to it of sixteen hundred thousand dollars, now one moment, both State banks and the United States' one due by it of fourteen hundred thousand dollars. The Bank granted extraordinary accommodations to importers, increase of its debt since early in 1831, from extended cir- when the evidences of overtrading were decisive, by culation, deposites, amount due to foreign bankers, allow-which the basis of our circulation was nearly removed, ing to it a credit for the application of Government deposites and it became necessary for all of them to deny ordinary to the public debt, has been eleven millions. Its dimin-discounts, to save the specie that remained. The change ished means of payment, other than loans in specie, fo- from abundance to scarcity, both in extremes, was so sudreign deposites, and by the payment of the seven millions den, that consternation was felt before any evil had beer of funded debt which it held, is equal to eleven million apprehended. It outran all anticipation, and now com dollars. founds all conjecture of what are to be its consequences. What is the summary from the foregoing numbers? The banks were running a race of competition to make It is that the bank has, in eleven months, by its increased large dividends; the eye of the Bank of the United States debt and diminished means, less available means, other as singly fixed upon profit as any of them; and all were than the retrenchment of its loans, to the amount of seemingly unconscious of the retribution which they and twenty-two millions. What will be the effect of this state their customers would have to make to the violated laws of things upon the bank, and upon those engaged in com- of correct banking and allowable commerce. merce! It will be that the bank must, to sustain its cre- now is the boast that we have safety in the moneyed codit, call in its loans to the extent of its excess over the cerns of this nation, from the control of the Bank amount in February of the last year, unless it can be pre- United States? This is not the first, second, or third invented, by allowing the bank to have the use of accumu- stance in six years that the neglect to use its control has lated deposites in the current year, or by some favorable been felt. Let those speak who have felt the want of it, change in the value of exports, and from diminished im- and there will be proof enough that the bank agency ports. The latter will probably be less, and a rise has hitherto, as regards national or public utility, can give to taken place in our exports, principally in cotton; and that it no claim to a renewal of its charter. staple has also increased, by which our exports will be I know, since the pressure began, that the bank has enlarged in quantity. But the foreign debt now existing done all in its power to grant relief, and has done so with is thought to be so unusually large, compared with that of signal effect. For, immediately after, memorials from preceding years, that it is not probable it will be paid by those who had had its aid for the renewal of the charter, any such contingency as I have mentioned. Suppose, were presented to this House. Gratitude, interest, hope, however, the contrary, and that the bank shall not be and fear, were all in alliance to strengthen its claims to forced in any event to call in its excess of loans, except favor. gradually, for this it will be obliged to do, the pressure from interest, and a sincere wish to lessen embarrassment But having done all that it can, though for effect,! from its last year's transactions will still leave it to provide which it should have prevented, to make some retribe for a deficiency of nine millions, and that sum must be tion for its mistake, it would do much more; yet being the minimum amount of its retrenchment of loans in 1832. powerless, except to excite distant hopes and fears, This of itself would be light; but the misfortune is, that will have now to suffer the estimate of its usefulness to be the State banks must also retrench in the same proportion. tested by the developments of time. This is the year of That is, if the United States' Bank retrenches nine mil- its trial. Let us abide the issue, before we commit our lions, the State banks must retrench fifty-four, as their selves by any act of limited inquiry to renew its chart the operations are as six to one. Now, sir, making all allowances for the increased ability of the country to bear a and is A word or two, sir, upon the excuses made for the duction of sixty-three millions from its business facilities, means of preventing them. It is said the State bands our recollection of the disastrous consequences occasion gave the first example of granting to importers extract Ied by the withdrawal of fifty millions in 1819 justify dinary facilities; and that the Bank of the United States fearful apprehensions of their recurrence in 1832. The acted in self-defence to prevent a loss of its business, and Where: the MARCH 13, 1832.] Bank of the United States. [H. of R. to retain its best customers. This was not the fact, was chartered. It has been so often and so confidently though, as may be seen by its monthly statements. But said, that a large portion of us receive it as indisputable. allow it to have been the case, and convict the State banks And yet the declaration cannot be sustained by facts. of the first transgression of a correct course of banking, The bank was chartered in 1816, and began its operations will it make a departure from it by the Bank of the United the following January. It deserves the merit of having States less inexcusable? Admit the State banks to have hastened to do so to meet the urgent wants of the treasuled the way, it imposed the stronger obligations upon an ry. The public interest required that the resumption of institution professing to be national to arrest it. It could specie payments should take place early in 1817. The have done so. Its course was plain, its power positive. bank began at once, and in good faith, to make arrangeAll it had to do was to relinquish the profits of a few ments to restore the currency. Its first step was a comweeks' business, concurrent with the payment of heavy pact with the banks in New York, Philadelphia, Baltirevenue bonds, and the State banks would have been more, and Virginia, to resume specie payments in Februbrought so largely in debt, that a call for balances in ary, and which would not have been entered into by those specie would have forced them to desist from making banks, if the Bank of the United States had not stipulated loans. But the State banks would have complained of to discount large amounts in a limited time in the places rigor. The justice of it could have been shown. Sir, mentioned. The bank had taken upon this point a correct besides the actual good which such a course would have view of the field in which it should operate, knowing that done, the United States' Bank would have occupied the if those banks resumed specie payments, all the rest in high ground of having disregarded the influence of the the country would be obliged to do so in a very short State banks to advance or retard the renewal of its char-time. Had it followed up its first demonstrations, its plan ter. Now, we have memorials from them in its behalf would have been entirely successful. But it did not do every day, and forbearance is the consideration which so; and consequently it failed. To estimate correctly the the bank must return, in gratitude for such proffered enterprise on which the bank had engaged, we must kindness. But the weakness of the apology made for show the amount of depreciated circulation which it unthe bank, in regard to its immense discounts in the last dertook to reform. It was not, as many think, the whole year, becomes the more obvious when its course in regard of the eighty-five millions supposed to have been in circuto the India and China trade is considered. In this trade lation; for it will be recollected the currency of the it has no competition from the State banks. And yet it Eastern States was never depreciated, but was always as gave to this trade unusual facilities; some of them unex- good as gold and silver; those States having loaned noampled in magnitude, of novel arrangement, and the most thing to the Government during the war, and all that to the extended credit. May not the bank's debt in Europe be South and West of Virginia was excluded from the comattributed to this source? Did it not absorb the funds it pact I have just mentioned; it was left to lift itself from had there? I know it will be said, the arrangements made its degradation without any aid from the Bank of the by the bank for this trade prevented the shipment of United States, or forced to do so by the application of the much specie, and for this it will be praised. Be it so; but privilege which the Government had given the bank to if the operations shall deprive it for a long time of means collect its revenue. I do not say that this was unsparingly of which the commercial community now stand in need, done, or that the State banks which were excluded from and which might have been foreseen, no arrangement to the compact had any reason to complain of oppression. keep the specie at home, while the facilities were granted, But by their exclusion, and the currency of the Eastern can justify the loans which were made for that trade, in States being good, the Bank of the United States had to the manner they are said to have been made. reform something less than two-thirds of the depreciated circulation. What was its ability? Its own means; the accruing revenue of the Government, which it had power to enforce the payment of in specie, or in notes equivalent to it, and eight millions of the notes of the banks of New York, Philadelphia, and Baltimore, transferred to it by Government when it began its operations, which, by paying out gradually, would have been redeemed in specie. Besides, sir, the bank began the restoration of the currency under the most favorable auspices. Our produce was sold every where during the year 1817, and for the larger portion of the next, at more than ordinary prices. The rate of exchange gave no temptation for the exportation of specie to discharge debts previously contracted. The nation also had been at peace for two years, and its productive accumulations aided the ability of the bank to restore the currency. Why was it not done? Why, sir, the Bank of the United States overtraded, as the State banks had done; deprived itself of having a capital in specie, by allowing the second and third instalments upon its stock to be paid in checks and notes of the overissuing State banks, and by notes discounted on pledges of stock above the par value, which were not paid when they came to maturity. It at the same time discounted freely, so much so, that, in six months after its operations began, its notes in circulation amounted to five millions, and it had in hand only twelve hundred thousand dollars. far from the bank having done any thing to restore the currency, it held out inducements to the State banks to increase the amount of it, by retaining their notes, and receiving an interest for forbearing to call for their redemption. The great object of the bank seems to have been to displace the circulation of the State bank paper I had intended also to have drawn from the statement of the bank other proofs in support of the position that the legitimate wants of commerce in the last year did not require the addition of twenty millions of loans. I must, however, relinquish all further detail, and merely suggest that the vast loans made in the West in the last year, and the difference in its discount of notes and bills between Philadelphia and New York, the former being as eleven to five millions, whilst the commerce of the latter to the first is as three to one, show that the loans in the West and in Philadelphia must have been made at long dates, and for local ends. The best legacy which the late Mr. Girard has left to the country, notwithstanding his many munificent bequests and the enlarged mind with which they were made, is his long carcer of sound banking in his own establishment. There was nothing new in it, but it is an example invaluable to all banks in places of exThe whole of his system was always to discount business paper; and all irregular accommodations at long dates were stubbornly rejected. It remains to be seen, by an inquiry into the affairs of the bank, whether the concessions made by it in the latter way to public expectation have not exceeded the bounds of prudence. tensive commerce. I have a remaining task to perform, which shall be done with as little delay as possible. It is to disabuse the minds of gentlemen of the impressions which have been made by the declaration so frequently uttered in this debate, and in all which has been written here in favor of the bank, for the last two years, that it deserves great claims to favor from having done much to restore the currency from its miserable depreciation when the bank VOL. VIII.--135 So H. of R.] Bank of the United States. [MARCH 14, 1832. Mr. WAYNE said if the gentleman alluded to him, he felt bound to say that he had not discussed the merits of the bank at all; he had only endeavored to show the necessity of an inquiry into its affairs. Mr. BOON withdrew his motion to suspend the call. The absentees were called over, and excuses made; eight members were absent, for whom no excuses were offered. with its own, and for eighteen months every step which urged, he had abstained altogether from entering into the it took after the compact I have mentioned, was without debate. He wanted a report on the subject; he did not regard to the public engagement into which it had entered care how extensive the investigation was, if it left time to to restore the currency, and with a view alone of making act on the matter here; he never could vote for the individends, and giving an artificial value to the stock. The quiry without a limitation of time as contemplated by the result of its course was, that the currency became more amendment of the gentleman from Massachusetts, [Mr. degraded in 1819 than it ever had been; and when the ADAMS.] bank could no longer sustain itself, it forced a sudden reduction of its own and all bank discounts, and was obliged to make its own, in proportion to capital, larger than the reductions of the State banks. We all remember the disasters which followed. Since that time, the banks have all been engaged in keeping up a sound currency, without any particular agency from the management of the Bank of the United States. The check upon a bad currency is the requirement of your Secretary of the Treasury that the revenue shall be paid in specie, or in paper equivalent to specie; and the bank is no more than the instrument to enforce the order. A convenient one, I admit, but by no means indispensable. In regard to the bank having done much to equalize domestic exchange, I admit it; for I am as anxious that its real utility and services should be known, as any of its advocates can be. But when this service is urged as a peculiar and convincing reason for the renewal of the charter, the answer is, that the bank could do the same with equal profit to itself, without its present powers and privileges, or having the Government for a co-partner. Mr. LYON moved to suspend the call. Mr. WICKLIFFE was as anxious to put an end to the discussion as the gentleman from New Hampshire, [Mr. HUBBARD,] but he wished the question to be taken in the usual manner. He would vote to suspend the call if the previous question was withdrawn, otherwise he should vote against it. Mr. WILLIAMS wished for a full expression of the sentiments of the House on the question. A precipitate decision, in the absence of members, he thought, was improper. Mr. ADAMS said he doubted whether the gentleman would find his object (stopping the debate) answered by the course taken. The printed resolution provided that the committee be chosen by ballot. Mr. JOHNSON, of Kentucky, said he believed most of the absentees who were able to be present were at the I fear, Mr. Speaker, that I have occupied an undue door waiting for admittance; if the call was suspended, and portion of time. I hope, however, that it has been con- the door opened, the House would be as full as it had been. sumed in giving substantial reasons against the proposal Mr. HUBBARD, in reply to the appeal made to him for limiting the time for an inquiry into the affairs of the to withdraw the previous question, said he thought quite bank, with a view to a renewal of the charter at this time enough had been spent in the debate. He could not session, and in establishing the propriety of postponing consent to open the door to another three weeks' debate. this subject for at least three years. Believing as I do, and as I believe all practical men think, that our common country ought to have a common currency, as nearly of equal value in every part of it as it can be made, and that it can only be kept so through some legislation of Congress, let us hope, if it shall appear, three years hence, that it can only be effected by a national bank, that those who may then be here will remember, in the formation of one, that if it shall be necessary for the Government to have such an institution, such necessity should be the constitutional criterion for the limitation of its powers and privileges. WEDNESDAY, MARCH 14. BANK OF THE UNITED STATES. The SPEAKER said he was informed by the Clerk that Mr. ADAMS. Suppose the resolution is adopted in that shape, a question arises as to the number of the com mittee, which may be debated for six weeks. The gentleman from Georgia, [Mr. WAYNE,] who had addressed the House greatly to his satisfaction, says he did not debate the merits of the bank. Sir, if a question is serious made as to the number of the committee, the merits of every thing will be open to debate. The gentleman from The House resumed the consideration of Mr. CLAYTON'S New Hampshire [Mr. HUBBARD] will not accomplish the resolution, together with the amendment offered thereto. end in view by moving the previous question, when other Mr. WAYNE resumed his speech in favor of the amend points on the resolution are open to debate. He [Mr. A.] ment offered by him, and addressed the House in continu- had given notice of the amendment he proposed in antiation, at much length. [His speech is given entire above.] cipation of this motion. The reason of his amendment When he had concluded, was, that the original resolution, in his opinion, transcendMr. HUBBARD said there had been a discussion of ed the powers of the House. about two weeks upon the original resolution. Now the The SPEAKER said the question before the House was gentlemen from Georgia, [Mr. WAYNE,] from Rhode the suspension of the call; the previous question was not Island, [Mr. BURGES,] and from Massachusetts, [Mr. a subject of debate. ADAMS,] had proposed amendments, all of which would Mr. ADAMS said, showing the original resolution to be probably lead to further discussion. He would submit to an improper one afforded a very good reason the House whether other business of importance did not require its action. He moved the previous question. A call of the House was moved, and carried; and after the call of the House had proceeded, Mr. BOON moved to suspend the call. against suspending the call. The resolution was improper, be cause, when an inquisitorial proceeding is instituted, care should be taken not to transcend the powers of the House. The SPEAKER repeated it was not in order to debate the resolution on a motion to suspend the call of the House. Mr. McDUFFIE said the question was decisive for the bank, and all its consequences. He hoped there would Mr. ADAMS said he was not debating the resolution; be a full House when it was taken. The subject for the he was only stating the grounds why the call should al last week or two had been discussed entirely upon one be suspended. In settling a question of so much national side. Though he had felt called on to answer several ar- importance, which involved not only the rights of this he guments advanced on the merits of the bank that had been poration, but the power of the House itself, there should be |