Journal: 1st-13th Congress. Repr. . 14th Congress, 1st Session-50th Congress, 1st Session, Volume 1

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Page 9 - June, 1836, and the measures adopted by the foreign creditors of our merchants to reduce their debts and to withdraw from the United States a large portion of our specie. However unwilling any of our citizens may heretofore have been to assign to these causes the chief instrumentality in producing the present state of things, the...
Page 8 - ... overaction deriving, perhaps, its first impulses from antecedent causes, but stimulated to its destructive consequences by excessive issues of bank paper, and by other facilities for the acquisition and enlargement of credit. At the commencement of the year 1834 the banking capital of the United States, including that of the national bank then existing, amounted to about...
Page 10 - In both countries we have witnessed the same redundancy of paper money, and other facilities of credit ; the same spirit of speculation ; the same partial successes ; the same difficulties and reverses ; and, at length, nearly the same overwhelming catastrophe.
Page 25 - ... difficulties, unite in invoking the guidance and aid of the Supreme Ruler of Nations, and in laboring with zealous resolution to overcome the difficulties by which we are environed. It is, under such circumstances, a high gratification to know. by long experience, that we act for a people to whom the truth, however unpromising, can always be spoken with safety ; for the trial of whose patriotism no emergency is too severe, and who are sure never to desert a public functionary honestly laboring...
Page 13 - Government and forced on the Treasury by early necessities, the practice of employing banks was in truth from the beginning more a measure of emergency than of sound policy. When we started into existence as a nation, in addition to the burdens of the new Government we assumed all the large but honorable load of debt which was the price of our liberty; but we hesitated to weigh down the infant industry of the country by resorting to adequate taxation for the necessary revenue. The facilities of banks,...
Page 11 - It is indeed authorized to regulate by law the commerce between the States and to provide a general standard of value or medium of exchange in gold and silver, but it is not its province to aid individuals in the transfer of their funds otherwise than through the facilities afforded by the Post-Office Department. As justly might it be called on to provide for the transportation of their merchandise.
Page 24 - ... interfering with the ordinary operations of foreign or domestic commerce, it is from a conviction that such measures are not within the constitutional province of the General Government, and that their adoption would not promote the real and permanent welfare of those they might be designed to aid. The difficulties and distresses of the times...
Page 20 - ... be replaced, while by others it is diverted from its more legitimate uses for the sake of gain. Should Congress sanction this condition of things by making irredeemable paper money receivable in payment of public dues, a temporary check to a wise and salutary policy will in all probability be converted into its absolute destruction. It is true that...
Page 13 - I felt it due to the people to apprise them distinctly that in the event of my election I would not be able to cooperate in the reestablishment of a national bank. To these sentiments I have now only to add the expression of an increased conviction that the reestablishment of such a bank in any form...
Page 22 - At the time that instrument was framed there were but three or four banks in the United States, and had the extension of the banking system and the evils growing out of it been foreseen they would probably have been specially guarded against. The same policy which led to the prohibition of bills of credit by the States would doubtless in that event have also interdicted their issue as a currency in any other form. The Constitution, however, contains no such prohibition; and since the States have...

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