H. OF R.]

the Government of their country, to disclaim all connex- tions of business, and produces a fearful stagnation in the ion with party, or party objects, and, in the expression ordinary channels of employment and industry." They of their sentiments, to declare that they discard all ask for an "immediate action by Congress for the relief party feeling and political purpose." Doubtless, sir, they of the people from the present embarrassments," and were admonished by what is daily passing before our eyes they say that the first and most important step for this purof the necessity of rescuing, in advance, their motives and pose is, a restoration of the friendly relations between their sentiments from misconception and misrepresenta- the Government and the Bank of the United States; so tion, in order to secure for them a just respect. For that the public money may hereafter be placed in that inwhat has been the uniform answer here, and elsewhere, stitution. These are among the. sentiments contained in to the repeated manifestations of public sentiment upon the resolutions; and I propose to submit some remarks these topics, but that it is the work of party men for upon them. And I wish to ask the House, and every party purposes an effort to embarrass the administration member of it, if indeed there be any distress and embar -the complaints of disappointed partisans, and of bank rassment in the community? Do gentlemen, at length, agents and hired attorneys? These are the answers which believe that there is a pressure, and a severe pressure, have been given to the respectful petitions of large bodies upon the money affairs of the country? Is there a stag. of the intelligent citizens of this country, when they have nation of business? Is bankruptcy and ruin every day sought to make known their grievances, and to supplicate coming before the active and enterprising men of the na redress. But, sir, the meeting at which these resolutions tion? This has been denied here and elsewhere, and the were adopted disclaims all objects of a party character people have been told that it was all a delusion. whatever, and this disclaimer is made by gentlemen of I know that there are none so deaf as those who will both political parties. I perceive that of twenty-four not hear-none so blind as those who will not see; but persons, whose names are connected with the proceedings I submit to gentlemen to consider how much longer the of this meeting, twelve are supporters of the present ad- people of this country will bear to be told that their com ministration, and some of them were among the earliest, plaints are groundless-the evils which they feel imagi firmest, and most constant of the advocates of the Pres. nary-that there is no pressure-no distress? It is now ident. I do not mean that they were the loudest or most more than sixty days since we have been shut up in this vociferous in their hosannas; for they were not looking place; we have not been much conversant personally with to "the recompense of reward." I do not mean that the state of the business which ordinarily falls under our they are among those who either hold, or expect to hold, observation; and shall we, dare we, undertake, in the offices under the State or National Governments, and face of the multitude of evidence which is pouring in upon who live upon the salaries they may receive; but of those who have given to the present administration their firm and unbiassed support upon what they regard as the correct and sound policy of the country.

us like a flood, to say that there is no severe pressure upon the business of the country? Sir, if we have at length come to this conclusion-if we begin to perceive that there is really embarrassment and distress in the country, My honorable colleague [Mr. SMITH] says, that, with a we have made some progress-we have advanced one single exception, every person whose name appears upon step. Early in the session, if I recollect right, it was these resolutions is either an opponent of the present predicted by gentlemen upon this floor, that, before the administration or a friend of the bank. How this is, I do month of December was at an end, all alarm and appre not know. But, sir, if these gentlemen are friends to the hension would cease, and business would go on in its acbank, does that exclude them from the pale of the party? customed channel. The reasons of this prediction were Are the friends of the President indulged in no exercise assigned, which I need not repeat. Has it been fulfilled? of judgment? Are they bound in all things to conform to On the contrary, sir, has not the evil been constantly inthe exact standard prescribed? I have information, upon creasing? Is there any reasonable prospect of its mitiga which I can rely, that twelve of the persons named are tion? Do gentlemen discern any reason to hope that the firm supporters of the administration; and I perceive, sir, blast has gone by, and its work of destruction finished? among them, the name of one who was an elector of Pres-If they do, where is it? Have they given us any other ident in 1828, and, upon that occasion, gave the only ground of confidence than the vague and unsatisfactory vote for General Jackson which he then received in one, that the business of the country will settle down and Maine. It cannot be forgotten, sir, that a note of tri-adjust itself to the new condition which a change of the umph was raised throughout the country, loud and long; fiscal agent of the Government has produced? Sir, I and the "Star in the East" was hailed with joy and exult- desire to know when and how gentlemen suppose the ation. I know not, sir, how soon this gentleman will be country will have relief from the embarrassments which read out of the political church for his late heresies. now press upon it?

We

Besides him, I perceive the names of several others of But, sir, it has been said, and it will again be said, that the same political faith-persons of high character, and whatever of distress exists is attributable to the conduct who, I am sure, would enter into no arrangements for the of the bank, and the unnecessary curtailment which it purpose of embarrassing the administration, or destroying has made of its usual facilities to commercial men. the party to which they belong. So much I have thought must be totally blind not to perceive that a great and per it necessary to say, to impress the House, if I can, with a severing effort is to be made to shift the responsibility conviction that these resolutions do not come from party from the administration, where it justly belongs, to the men, and are not designed for party purposes. I proceed bank; and to endeavor to excite the jealousies and hosnow to the facts, and the grievances which they set forth. tilities of the people against the bank, so as to render the They affirm, then, that there is a "present depression measures of the President, in removing the public depos of trade"-that there is "embarrassment in the money ites, less the subject of scrutiny and censure. The bank market" that this is so great, as "to check exchanges is to be held chargeable for all the evils and oppressions of property, and seriously to affect persons most actively which the administration has brought upon the country. engaged in the leading pursuits of business"-they de- Why, sir, what has the bank done? What ought it to clare that the evil consequences of a derangement of the have done? It has been called upon to pay some nine currency will fall not upon the rich capitalist, but chief-millions of dollars to the Government, and it has met the ly, if not entirely, upon the middling classes and the indus- call. To do so, it has been obliged to collect the same trious poor" and "that the uncertainty which hangs amount due from its customers, and it has done so. How over the money affairs of the country increases alarm, otherwise could it have met the demand upon itself? distrust, and want of confidence; checks the usual opera- Would any man, of ordinary capacity, expect the bank

FEB. 3, 1834.]

Maine Resolutions.

[II. OF R.

to be guilty of the exceeding folly of extending its dis- vency, bankruptcy, and ruin to stalk over the land, and counts to the same degree as when it had nine millions the business, and prosperity, and industry of the country more of capital to operate with? Was not the bank jus- to be prostrated, to enable the President and the bank to tified in foreseeing that a heavy pressure was to fall upon try a question of power? Do the people deserve no rethe country? that, in common with every other institu- gard? Is this warfare to be waged at their expense? tion, it would suffer? that its borrowers would be dis- Sir, is it not notorious that, whatever the bank has done, tressed--would fail to pay promptly? and that its means it has done in consequence of the acts of the President would be crippled? And, foreseeing this, was it not to and those who control him? If it had done otherwise, prepare for the emergency? And now, because it did and permitted itself to be humbled at the feet of the Secanticipate and provide for the emergency, it is to be retary, and to owe its existence to his breath and his forcharged with the creation of the very evil which it fore-bearance, then we should have heard a different catalogue saw and prepared to meet. Does not every body see of complaints and anathemas. The removal of the pub. that the interest of the bank imperiously requires that the lic money's would have been justified upon the ground of present embarrassments should have been avoided, if their insecurity; the bank would have been pronounced practicable? Who are the debtors of the bank? The very insolvent, if not in fact made so; and would have been men upon whom the present distresses are falling with the charged with mismanagement, profuseness, and corrupseverest weight. If they fail, must not the bank be the tion. The history of this matter is short. The President loser? Is it not for the interest of this bank, and of every early determined to destroy the bank. Hence, every bank, to maintain the credit and solvency of the mercan-thing which it has done, or has omitted to do, has been tile community, and of its customers generally? To sup-made the subject of accusation: no matter what the occapose, sir, that the bank would designedly bring about a sion, the necessity, or the motive. It is all wrongstate of general depression and distress, which must in-wrong-wrong; and nothing will be right, on its part, evitably fall heavily upon itself, is to suppose it wholly re-until it is prostrate at the feet of the Executive; and the gardless of its own interests, and utterly beyond the reach control of the moneyed operations of the country is of all the ordinary motives of human action. I know that wholly at his will. This is the consummation aimed at the bank is in a condition of great strength and security. in all these proceedings, and pursued with a steady and But what then? Do gentlemen desire it so to manage unfaltering step; and let the country look to it in season. its affairs as to become weak and insecure? Do we not One of the resolutions under consideration declares that know to what attacks it has been exposed? Do we not the evils consequent upon a derangement or change in know that an effort has been made to create a doubt in the currency of the country will "fall, not upon the rich the public mind as to its solvency, and thus to expose it capitalist, but chiefly, if not entirely, upon the middling to be heavily drawn upon? Do we not know that a sys-classes and the industrious poor." In this sentiment I entematic plan has been attempted to break one of its tirely concur; and what is now passing before our eyes branches? I have seen, within a few days, in a leading abundantly verifies its truth. Sir, the meeting which has party paper at the North, an earnest appeal to the declared this opinion was composed of those who have party" to keep up a constant and uninterrupted run upon a right to advance it-of men in active business-of merthe bank for specie, with the avowed purpose of crip- chants, ship-owners, ship-builders, traders, and mechanics. pling and destroying it. And at such a time, and under! do not find among them the "rich capitalist," complainsuch circumstances, do gentlemen really expect the banking of any grievance which he feels. I do not find the to throw out its money with a profuse hand-to scatter it holders of office, nor professional men, who are little af to the winds--to expose itself to that condition, appa- fected by the embarrassment of the times. But I find rently so much desired, and so eagerly pursued, of insol-among them the enterprising, industrious, and prudent vency and ruin? It was not long ago boastingly declared, men of business--some of them, indeed, men of substanby some of those who are conspicuous in this vindictive tial property, the fruits of their own industry; but none warfare upon the bank, that it was humbled at the feet of of those immense aristocratic fortunes, which have so the Secretary of the Treasury, and maintained its exist- much excited the jealousy and alarm of certain politicians ence only at his pleasure and will. Has such proved to for the safety of our republican institutions. No, sir; be the fact? No, sir. The bank is solvent, and has while these men were consulting for the redress of their withstood, and will withstand, every assault which has grievances, the "rich capitalist" was elsewhere, taking been, or can be, made upon it; and it is precisely this fact his two and three per cent. a month, growing richer upon of solvency, now so indisputably established, that seems the misfortunes of the "middling classes and the industo have aroused anew the angry passions of its pursuers. trious poor," and holding, with a Shylock's grasp, to the The chafed lion has been disappointed of his prey, and letter of the bond. Upon whom, sir, does the pressure all the thickets of the forest send back his impotent roar. naturally fall? Upon the man who is in debt--who is I am one of those, sir, who believe that it was the im-called upon for money, and must make large sacrifices of perious duty of the bank, in the circumstances which property to obtain it. Upon the industrious laborer--the surrounded it, to keep itself in a condition of strength hundreds and thousands in the factories, the vessels, the and safety, to be able to meet the emergencies in which ship yards, and the shops of the country, whose wages it might be placed, to maintain its credit at home and are reduced because of the stagnation of business and the abroad, and to commence an early preparation to wind up scarcity of money, and who are often entirely thrown out its extensive concerns. And I have looked in vain to of employment. Upon the mechanic--who is cut off from find any evidence of harsh, vindictive, and malevolent his business, for the want of moderate assistance, which conduct on its part towards the State banks, or towards he cannot receive. Upon the farmer-whose produce the mercantile community. We see no such evidence, lies upon his hands, or must be sold at a low rate. except in the heated vituperations of party writers, and Can any thing be more manifest than that every flucthe unsupported assertions of politicians by trade. This tuation which advances the relative value of money, and is not the kind of testimony which prudent men should depresses the relative value of other commodities, operreceive, to settle great, important, and complicated ques-ates to the advantage of the holders of money--of the tions of finance and currency-questions which too few "rich capitalist," and to the injury of the holders of the of us fully understand, or justly appreciate. But, sir, other commodity, whether of property or labor? One supposing the bank to have been wrong--to have been of the charges recklessly thrown out against the bank, oppressive-what then? Does that mitigate the evil un- to catch the popular approbation, is, that it is a moneyed der which the people are now bowed down? Is insol-aristocracy-a monopoly, to make "the rich richer, and VOL. X.-162

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Maine Resolutions.

[FEB. 3, 1834.

the poor poorer:" and I suppose the prostration of it is been so judiciously and liberally conducted as to have designed to work the reverse of this effect-to make the averted much evil, and I know it has made many friends. rich poor, and the poor rich. Do gentlemen fancy that this But, sir, it could have done much more, if the public mo result is now in a fair way of attainment? A few months neys had been allowed to remain at its control, instead of ago, the country was generally highly prosperous. La- being transferred to an institution which is prohibited by bor was in demand, and received ample reward. The its charter from using them to any considerable extent. great branches of business were successful. But the I wish, Mr. Speaker, sincerely wish, that it was in my "rich capitalist" could get only a moderate compensation power to assure those who have now appealed to us that for his money. Interest was only from four and a half to there was any, even a remote, ground of hope that some six per cent. But, sir, the bank must go down, so that efficient measures of relief would be adopted by the Govthe rich shall not become richer; and the first conse-ernment. But, for myself, sir, I can discern none whatquence is, that the rich are getting eighteen and twenty ever. I see nothing in the signs around us to furnish the per cent. interest. The poor are thrown out of employ- slightest belief that it is the purpose of those who hold ment, or compelled to work for the wealthy at reduced the power to make any efforts for this end. The pres wages. The "middling classes" are obliged to transfer ent arrangement is to continue, and the country must their property to the rich, for less than its just value, to conform itself to it, as best it may. Have we heard from raise money to meet their engagements. Is this the hal- any quarter that any measures are in contemplation? Have cyon era which "the poor" have been promised? De- we any assurance that the subject even occupies the atstroy the Bank of the United States; and what then? Will tention of Government? Did the honorable chairman of the capital now invested in it be annihilated? Will the the Committee of Ways and Means, [Mr. PoLK,] in a poor become any richer? Sir, this agrarian war upon speech of three days, tell us that any plan of relief was in wealth and capital is utterly futile. Capital will seek preparation? Have any of the gentlemen upon "the out and find new investments. It will go into the State ministerial benches" deigned to tell us that something banks, and other channels of circulation, and will receive should be done-some effort made-some plan devised' its legitimate returns. And why should it not? Destroy No, sir. Nothing is to be done. We are too busy in sethe bank, because it is in the hands of rich capitalists; and curing or procuring places, to attend to the security of what do you expect? That the poor will furnish capital, the country. We are too much occupied in promoting and establish banks? No, sir; make war upon capital as the interests of the party, to guard the interests of the you will; destroy credit and confidence; derange the cur- people. We are thinking too much of ourselves, and too rency; carry out all your schemes; and capital and wealth little of our constituents. What purpose did the honoraare the smallest sufferers in your works of destruction. ble chairman disclose, in this great emergency? Why, The middling interest and men of moderate fortune may sir, he wanted a sifting inquiry into the operations of the be made poor, and the poor and the industrious may be bank. He wanted to examine its printers' bills, its attor ground down to the dust; but the rich will survive your eys' bills, its electioneering bills. These are the remeshocks, and grow richer, while all is desolation around. dies gravely proposed for all the evils which have come The resolutions under consideration point clearly to the upon the country. Sir, the people cannot too soon removal of the public money from the United States know that they are to have no relief from the Govern Bank as the chief occasion of the present embarrassments, ment. It is mere mockery to keep them in ignorance and and as clearly point out the appropriate remedy. "The suspense. If any thing is to be done, let it be done speedfirst and most important step," they say, "is a restoration ly. If any hope yet remain, in the name of all that is of the friendly relations between the Government and the honest and patriotic, let us know it.

bank," so that the public moneys may again be deposited Sir, I commend these resolutions to the calm, deliber in its keeping. They who regard this operation as simply ate, and patriotic consideration of the committee to which the transportation of so much money from one vault to they will be referred, and of the House. The source another; from one side of a street to the other; who look from which they emanate deserves it, and the tone and no farther, and perceive no other connexion which it has candor in which they are drawn demand it. And I im with the currency and credit of the country, are at a loss plore those who have the prosperity and happiness of to comprehend how this simple operation, as they call it, this people in their keeping, to let the day of wrath pass can produce such wide-spread effects. They say the same by; to restore the joy, and hope, and confidence which amount of money is in existence, and can be, and will be, have been banished; and to let in the broad sunshine of put into circulation. It is not my purpose to attempt to heaven upon a land covered with gloom and depression. show what has so ably been demonstrated by the distin Mr. POLK rose to warn the House not to be drawn guished and eloquent gentleman from Pennsylvania, [Mr. into these wide discussions on the general subject upon BINNEY,] and by several others, that the removal of the every memorial which should be presented to them. It deposites, in the manner it was made, and upon the prin- had already occupied their attention to the exclusion of ciples declared by the administration, and the control it almost all other important business for nearly two months; assumes over the currency, has produced the present un- and he rose, also, to express his hope that the House, certainty, distrust, and embarrassment. I wish only to after these two months thus spent in a discussion, which make a single suggestion, and that is, that some of the otherwise appeared to be endless, would at length see selected banks are restricted, by their charters, as to the how important it was that the subject should be brought amount of money which they can loan. This is the case to a close. He could affirm that this was demanded from in Maine, and I believe also in Massachusetts, and possi- them by a due regard for the public interest, now suffer bly elsewhere. The favored bank in Maine, at the time ing heavily in consequence of this discussion. If the the public money was transferred to it, had as large a memorials were referred at once to the Committee of debt due to it as its charter allowed; and it has therefore Ways and Means, that committee would not be long in been unable to extend its discounts upon the strength of presenting to the House a report, with their views. the deposites, which the United States Bank could have Then the whole subject would be open for full consider done, and in fact had done. The branch bank at Port-ation, and they would have something tangible, some dis land is under the direction of intelligent and honorable tinct proposition, upon which they could deliberate and men, who have used their exertions, as I am well assured, act.

to sustain the credit of the State banks, to relieve the The whole business community was agitated by the public pressure, and to support the interests of the mer- continued discussion of this question, and their interest cantile community. I am entirely confident that it has required that it should be settled. He hoped that the

FEB. 3, 1834.]

Maine Resolutions-Memorial of Merchants, &c. of New York.

House would sit late, and hear the discussion until it should be brought to a close. To-morrow, or next day, he trusted we should meet, with the determination of disposing of the motions before the House. There was not a member of this House who did not every day receive letters from a distance, urging the speedy action of Congress on this subject. He would appeal to the friends of the bank, and ask whether they did not, at the commencement of this discussion, press the importance of the early action of Congress on this subject?

Mr. GORHAM rose to a question of order, and asked whether it was in order for the gentleman himself to go into the general-debate?

The CHAIR said a general discussion on the presentation of a petition could only be gone into with the assent

of the House.

Mr. POLK said he had only claimed the indulgence which had already been extended to those gentlemen who preceded him. He would repeat, that he hoped the House would, to-morrow, meet with a determination to dispose of the question now pending.

The resolutions were then referred to the Committee of Ways and Means, and ordered to be printed. MEMORIAL OF MERCHANTS, &c. OF NEW YORK. Mr. SELDEN presented a memorial from the merchants and traders of the city of New York, as follows: To the honorable the Senate and House of

[H. OF R.

That your memorialists are of opinion that, from the nature of things, tested by past and present experience, a sound, secure, and stable paper currency cannot be sustained without the agency of a Bank of the United States; and they therefore also respectfully pray, with a view to that all-important object, as well as for the other purposes already mentioned, either that the charter of the present bank be renewed, or another be substituted, to take effect upon the expiration of the present charter; but, in either case, with such modifications, and under such restrictions, as experience may suggest.

And, as in duty bound, your memorialists will ever pray.

In presenting this memorial, Mr. SELDEN said he should take occasion to remark upon the statements therein made, and the character and situation of the petitioners. The memorial was signed by nearly three-fourths of the merchants of the city of New York, representing fully that portion of its mercantile business, and, more than any section of the Union, connected with the public revenue and the commercial operations and trade of the country. Within the last six years the signers of this memorial had paid into the public treasury more than fifty millions of dollars-exceeding, far exceeding, the whole capital of the Bank of the United States-and, during the past year, had paid three-quarters of the revenue collected at the city of New York, and nearly one-half of the whole collected in the United States. He would go Representatives in Congress assembled: farther, and would say, without the fear of contradiction, The memorial of the subscribers, merchants and deal-that the individuals and mercantile firms which have subers of the city of New York, respectfully showeth: scribed this memorial have not created a loss to the GovThat your memorialists approach your honorable bodies ernment of one-half of one per cent. less on the contracts with feelings of deep concern, on account of the sudden, out of which this immense sum has arisen. They have unexpected, and great change which has lately taken fulfilled every engagement, performed every obligation, place in the money market, the inland exchanges, and all carried into effect every duty to the nation, with punctuthe commercial transactions of the country, and their ap-ality and good faith, unparalleled in the history of this or prehension of such further derangement, as to cause, un- any other country.

less prevented by the interference of Congress, still The memorial is wholly disconnected from all party greater embarrassment and distress. considerations. It has been signed by men of all parties,

That the present state of things is such as your memori- by men attached to no party, who stand aloof from the alists assert, and that it is accompanied by a general want political contests now engaging the public mind, actuated of confidence, and fearful apprehension of greater impend-by no other motive than an interest, a deep and vital ining evils, are undeniable facts, and may, if necessary, be terest, in their country's welfare, and in every measure substantiated by the extravagant premium required for connected with its trade, commerce, and currency, to the obtaining money on the best security; by the fall in every prosperity and security of which they have largely conspecies of public stocks, without excepting the most solid tributed by their enterprise, industry, and talent. They State banks and State loans; and by the effect already have rendered the city which I have the honor, in part, produced on the cash sales of real estate; and, above all, to represent, one of the great commercial marts of the by the interruption of the ordinary remittances, and the world. Whether they are to continue in the successful almost entire cessation of every branch of business con- prosecution of their favorite pursuits, or whether they will nected with the inland exchanges, and the purchase and be compelled to abandon them, mainly depends upon the exportation of the produce of the country. course taken by this House upon this memorial.

That, inasmuch as this fatal alteration in our situation I am aware (said Mr. S.) that an expression of opinion and prospects has suddenly succeeded a state of security by the merchants of the city of New York is not likely, at and prosperity, extending to all the interests and enter- this moment, to exercise any considerable influence upon prises of the people; and, in the absence of all cause in those assembled in this hall. It was an unfortunate state our external concerns for the existing and threatening dif- of things-it was unfortunate for the great interests of our ficulties, your memorialists cannot but ascribe those diffi-people-that those upon whose operations so much deculties, principally, if not exclusively, to the unfortunate pended the success of the whole inland and foreign trade change which has taken place in the relations between the of the country should receive so little consideration. Government and the Bank of the United States, and to Surely the opinions of those possessing the soundest practhe probably unforeseen consequences which have flown tical knowledge and experience in business ought to be therefrom; and that, whilst they trust in the wisdom of held deserving of respect—I might say the highest respect Congress for applying a proper and immediate remedy, and confidence. Those who signed this paper were of they have not been able to perceive how currency, ex-that character; they spoke from a knowledge and expechanges, and commercial transactions, can, during the rience acquired by years of uninterrupted toil and dilicontinuance of the charter of the bank, be restored to a gence. Urged and guided in their pursuits by the strong sound and stable state, so long as that institution and the incentive of private interest, they have examined every State banks shall continue to be kept in a state of alarm avenue and operation of trade with that accuracy, and, it and reciprocal mistrust, which compels all to curtail their operations and facilities in the transmission of funds, so indispensable to the prosperity of the agricultural and commercial interests of the country.

may be said, sagacity, which give to their conclusions almost the force of positive evidence. In addition to all this, they have not been found wanting when the country has called for their co-operation. In peace and in war,

H. OF R.]

Memorial of Merchants, &c. of New York.

[FEB. 3, 1834.

they have expended their money with an almost unstinted pacity to extend relief; they know the mode in which their hand. In every improvement which might contribute to business is and ought to be transacted; and they do not a development of our resources, they have offered and consider them so organized, or that they can be so organapplied their capital and credit with a liberality which ized, as to supply a general circulating medium, or to reshould command the good will of the American people. lieve from the present pressing difficulties. In the hour of trouble, and amid the perils of conflict, the One might ask what class of our citizens had profited merchants of New York have, at all times, united their ef- by the change which has taken place in our affairs? or forts and contributed their resources in aid of the country. what great purpose of public good has been accomplishThese are the men who now call upon you for assist-ed? and he could receive no other answer than that the ance and protection. Will we disregard their represent-suffering was co-extensive with the country, and that, too, ation? Shall we neglect their entreaties, and surrender without any adequate benefit.

cause it may arise, will be met by a corresponding decline of prices elsewhere.

Mr. JARVIS rose to order. He considered that the usual course had hitherto been, in presenting memorials, that every gentleman should confine himself to state the substance of the memorial, and not to diverge from it.

The SPEAKER said the honorable gentleman from New York was in order if it were the pleasure of the House that he should proceed.

Mr. SELDEN then asked the consent of the House to proceed; and, upon a division of the House, leave was granted.

them as the sacrifice in the political contest? Shall we The rich, from fear of loss, were almost prevented from say to these men, whose relations to this Government are embarking capital; the poor are deprived of employment; almost as intimate and important as our own, that their and those who with limited means, but by enterprise and communications upon the subject with regard to which credit, were able to carry on an extensive and useful busithey speak, and about which they are able to speak withness, are, by the fall in their property, by unexpected knowledge and certainty, are not deserving of weight, and losses, and want of punctuality and ability in their debtors, are to yield to the considerations of party-to a contest overcome in the struggle to sustain themselves. The between those in and those out of office? I (said Mr. S.) mechanics and manufacturers all come in for a full share trust not; I hope we will pay a higher regard to the pros- of the general distress; and they can have, they can experity and interest of our constituents. pect, no relief until commerce again resumes its accus What are we told by the memorialists? That the trade tomed activity. The planter and farmer need not hope to and commerce of the country cannot be carried on with escape without injury; their produce will find but few out a national currency, created and regulated by a na- purchasers, and at reduced prices; the markets abroad are tional bank; a currency which possesses the confidence of extensively controlled by the markets here; and the dethe people in every section of the Union, and which is sus-cline of prices in our commercial towns, from whatever tained by, and receives the protection of, this Government. We are told that a derangement in our monetary system now exists from the Atlantic to the Mississippi, which renders it impossible to carry on our inland commerce, unless at a ruinous sacrifice. Can it be supposed that these representations were made without due inquiry, not upon good ground, not in the language of truth? They tell us that the change which has recently taken place in the money market, the inland exchanges, and in all out commercial transactions, presents a state of things in which there are exhibited a general want of confidence, and a fearful apprehension of greater impending evils. They state, as proof, the extravagant premiums required for Mr. S. proceeded. He regretted that it should seem money on the best security, and the rapid and immense necessary for some gentlemen, who had already taken no depreciation in every kind of property, real and personal. little part in the general discussion, to arrest the present They tell us, in substance, that a local currency, issued debate, and to deprive others of an opportunity which by local banks, cannot be made general, and is wholly in- had been afforded to themselves. He inust say, he was very adequate to the purpose of carrying on the trade and the sorry that some of those who, for days, ay weeks, had been interchange of commodities between the different and dis-occupying the time on this question-this very questiontant parts of this widely-extended Union. They tell us, The SPEAKER informed the honorable member that also, (and which it is equally important to know,) that the he was departing from the course allowed by the House. difficulties which now exist have arisen principally, if not Mr.SELDEN explained, and continued: What were the exclusively, from the unfortunate change which has taken circumstances in which the country was now placed, as place in the relations between the Government and the regarded its currency? And was there not now a state of Bank of the United States, and to the probably unfore-things which, more than at any previous period, required seen consequences which have flown therefrom. the favor and aid of this Government in protecting the In all these representations, the memorialists may be commercial interest? Previous to the month of March, relied upon; and however strong may be our attachments 1833, the merchants had an average credit of from ten to to those who may have directed or advised the measures twelve months for duties; this credit itself furnished an which have lately been pursued by the Government, the average equivalent to an equal amount of capital in their practical and probable results of those measures are, and operations. How did the matter now stand? By reason must be, better understood by the petitioners than by those of the alteration in our revenue laws, of long credits for whose avocations in life, whose other and higher duties, short credits and cash duties, they have been compelled have directed their attention to other objects and pursuits. to pay not only the duties secured on goods imported for What are the results now exhibiting? Every day we the year preceding that period, but also the duties on the hear of the most extensive failures; some-I may say al-goods imported since; making in the aggregate, in addiready many-of the most substantial mercantile houses and tion to their usual payments, the sum of ten millions of dealers in stock and exchange have stopped payment in dollars. Yet, with the increased difficulties, they have the city of New York, possessed of property which, under met their engagements with the Government without the other circumstances, would have enabled them to retire defalcation of a cent. And this is the moment selected to with fortunes, which is now sacrificed, and creditors re- make a change in the national currency; this is the mo maining unpaid. These were only the harbingers of ment when a new attitude is assumed by the administra others far more numerous. He spoke from the testimony tion and by the bank. And on the one side it is deemed of those well acquainted with the present state of things, necessary to commence, and carry into execution, the and who were above all exaggeration or misrepresentation. plan for closing the bank, by withdrawing from it the conThe memorialists are intimately connected with, and fidence and the funds of the nation; and on the other deeply interested in, the local banks; they know their ca-side it is found necessary to make large reductions in its