loss.

[JULY 11, 1832.

"Entertaining the opinions heretofore expressed in to the farmer, of twenty per cent. to save himself from relation to the Bank of the United States as at present organized, I felt it my duty, in my former messages, frankly to disclose them, in order that the attention of the Legislature and the people should be seasonably directed to that important subject, and that it might be considered and finally disposed of in a manner best calculated to promote the ends of the constitution, and subserve the public interests. Having thus conscientiously discharged a constitutional duty, I deem it proper, on this occasion, without a more particular reference to the views of the subject then expressed, to leave it for the present to the investigation of an enlightened people and their represen

tatives."

The depreciation of the paper thus operates as a tax on the farmer, the mechanic, and all the consumers of merchandise, to its whole amount. The loss of confidence among men, the total derangement of that admirable system of exchanges which is now acknowledged to be better than exists in any other country on the globe, overtrading and speculation on false capital in every part of the country, that rapid fluctuation in the standard of value for money, which, like the unseen pestilence, withers all the efforts of industry, while the sufferer is in utter ignorance of the cause of his destruction; bankruptcies and ruin, at the anticipation of which the heart sickI put it solemnly, now, to honorable men of all parties ens, must follow in the long train of evils which are asand opinions, to be answered in candor at this crisis in suredly before us. Where, then--where, then, I demand our affairs, what is this scheme, this only constitutional to know, sir, is the remedy to save us? In a Government scheme of a national bank? What were the features of bank--a branch of the treasury-without stockholders or that bank, than which there is no other which can obtain property--without the power to issue a dollar of paper, the Executive sanction? It is, sir, that plan of a Governor to loan a dollar of any kind--without the ability to deal ment bank which has been denounced by every other in- in exchanges, except so far as may be necessary to pay its telligent man, of every political party, in every part of the officers for standing behind the counter--controlling the country. No one-not the most zealous political parti- State bank emissions of unsound currency only by refusing san--not even a single ribald editor, seeking office, has ever to take their notes in payment of the custom-house bonds yet dared to stand up in the face of the country, and pro- when the Executive may think them about to prove reclaim the opinion that such a bank could be tolerated in fractory at an election. a free country. Both in and out of these Halls such a scheme has been ridiculed by men of all parties. The Committee of Ways and Means of the other House, composed of his strongest political friends, in the first year of his administration, in their report on this part of the Pre- The veto message before us does also prescribe, as an sident's message of 1829, speaking of the "corrupting indispensable requisite to the formation of a constitutional influence which such an institution would exercise over bank, the insertion of a clause in any act for its establishthe elections of the country," declared it to be “irresis-ment, granting to the States the right to tax the branches. tible," and added, "No matter by what means an adminis- All around me know, and the President well knew when tration might get into power, with such a tremendous he signed this, that Congress will never give their assent engine in their hands, it would be almost impossible to to such a principle--a principle by which the people of displace them without some miraculous interposition of States which have no branches are to be taxed by States Providence." having branches. For that reason, also, I repeat, we can

To such a bank no Congress ever did nor ever will consent while we remain free men. I say, then, sir, that while these remain the opinions of the President, this Government can establish no bank whatever.

I ask, what is to be done for the country? All think- have no bank. Let the country understand it. ing men must now admit that, as the present bank must The President complains of us as if we had really inclose its concerns in less than four years, the pecuniary vaded his privileges in omitting to ask his opinion, bedistress, the commercial embarrassments, consequent fore we dared to act on this subject. He not only claims upon its destruction, must exceed any thing which has the right to reject our bill when passed, but tells us roundever been known in our history, unless some other bank ly that had the Executive been called upon to furnish the can be established to relieve us. Eight and a half mil-project of a bank, he does not doubt but he could have lions of the bank capital, belonging to foreigners, must directed us how to make a constitutional bank; and he be drawn from us to Europe. Seven millions of the ca- adds "this duty would have been cheerfully performed pital must be paid to the Government, not to be loaned by him." What duty? The duty of prescribing the again, but to remain, as the President proposes, deposit- whole course of our legislation, while he reserves the right ed in a branch of the treasury, to check the issues of the to reject it, when we have done it. When we wished to local banks. The immense available resources of the ask him the reasons for the removal of public officers, we present institution, amounting, as appears by the report were told that our demand on him would be a mere bru in the other House, to $82,057,483, are to be used for um fulmen which he would disregard. When we desirbanking no longer, and nearly fifty millions of dollars in ed to know even of one of the heads of department why notes discounted, on personal and other security, must he had removed a thousand faithful public servants, his be paid to the bank. The State banks must pay over all friends suppressed all inquiry into his conduct, lest it might their debts to the expiring institution, and curtail their disclose impeachable matter. When we knock, we find discounts to do so, or resort, for the relief of their debt- the doors locked; when we fail to knock, we are censurors, to the old plan of emitting more paper, to be bought ed for neglect of duty. Sir, we did put this question to up by speculators at a heavy discount." The prediction the President in the mode prescribed by the constitution, of Mr. Lowndes in 1819 must be fulfilled, "That the de- and in no other. We passed a bill liable to no objection struction of the United States' Bank would be followed from constitutional scruples, as we thought; we restrictby the establishment of paper money, he firmly believed; ed the powers of the present bank in every provision of he might also say he knew. It was an extremity, he said, the bill, diminished the term of its charter from twenty from which the House would recoil." The farmer must to fifteen years, while we increased the amount of tax upon again sell his grain to the country merchant for State bank it from a million and a half (the former bonus) to three paper at a discount of from ten to twenty, or even thirty millions of dollars. We complied, as we thought, with per cent. in the nearest commercial city. The merchant every proper suggestion of the Secretary of the Treasury, must receive from the farmer the same paper in exchange the Executive officer, and the only officer whose duty it for all the merchandise he consumes. The merchant was by law to advise us on the subject, and who at the with his money must purchase other merchandise in the beginning of this session told us how important it was to cities, and must often sell it, at an advance on that price, recharter this very bank to enable him to collect the reve

JULY 12, 1832.]

The Bank Veto.

[SENATE.

nue and conduct the fiscal concerns of the Government. that in England it has grown obsolete, not having been Yet we are gravely taxed for not asking "the Executive" used for upwards of a century. At the commencement what we should have done, and are reminded that it was of the French revolution, in discussing the principles of his duty not only to reject our doings, but to legislate in their constitution, in the National Convention, the veto advance of us-thus leaving us only to register his re- held a conspicuous figure. The gay, laughing population scripts and submit to his will. If this doctrine be sound, it of Paris bestowed on the King the appellation of Monsieur was idle to speak of "submitting the measure to the wis-Veto, and on the Queen that of Madame Veto. The convendom of Congress" three years ago. The President had tion finally decreed that if a measure rejected by the King need only to have declared to us sic volo, sic jubeo, sic veto, should obtain the sanction of the two concurring Legisla and we might at once have returned to our homes. Sir, tures, it should be a law, notwithstanding the veto. In it would have been an infinitely more unimportant usurpa- the constitution of Kentucky, and perhaps in some other tion of power had the Senate, at the commencement of of the State constitutions, it is provided that if, after the the present session, claimed it as their duty to inform the rejection of a bill by the Governor, it shall be passed by a President what officers he should nominate for their ad-majority of all the members elected to both Houses, it vice and consent. shall become a law, notwithstanding the Governor's objec

I should not have prolonged this debate at this late tions. As a co-ordinate branch of the Government, the hour, by any remarks of mine, had I not felt the necessity Chief Magistrate has great weight. If, after a respectful of calling the attention of the Senate and the country to consideration of his objections urged against a bill, a mathe true issue now tendered for our acceptance. The jority of all the members elected to the Legislature shall question once understood-whether we shall have any still pass it, notwithstanding his official influence and the bank to regulate our currency and relieve our distresses, force of his reasons, ought it not to become a law? Ought I cannot doubt--I will not suffer myself to doubt-what the opinion of one man to overrule that of a legislative will be the verdict of that country on the issue joined. body twice deliberately expressed? Mr. CLAY next took the floor, but, it being late, he moved an adjournment, and, at eight o'clock, the Senate adjourned.

THURSDAY, JULY 12.
THE BANK VETO.

The Senate having resumed the consideration of the veto message of the President,

Mr. CLAY rose. He said he had some observations to submit on this question, which he would not trespass on the Senate in offering, but that it had some command of leisure, in consequence of the conference which had been agreed upon in respect to the tariff.

It cannot be imagined that the convention contemplated the application of the veto to a question which has been so long, so often, and so thoroughly scrutinized, as that of the Bank of the United States, by every department of the Government, in almost every stage of its existence, and by the people, and by the State Legislatures. Of all the controverted questions which have sprung up under our Government, not one has been so fully investigated as that of its power to establish a Bank of the United States. More than seventeen years ago, in January, 1815, Mr. Madison then said in a message to the Senate of the United States: "Waiving the question of the constitutional authority of the Legislature to establish an incorporated bank, as being precluded, in my judgment, by repeated A bill to recharter the bank had recently passed Con-recognitions, under varied circumstances, of the validity gress, after much deliberation. In this body, we know of such an institution, in acts of the legislative, executhat there are members enough, who entertain no consti- tive, and judicial branches of the Government, accom tutional scruples, to make, with the vote by which the bill panied by indications, in different modes, of a concurwas passed, a majority of two-thirds. In the House of rence of the general will of the nation." Mr. Madison, Representatives, also, it is believed there is a like majori- himself opposed to the first Bank of the United States, ty in favor of the bill. Notwithstanding this state of things, yielded his own convictions to those of the nation, and all the President has rejected the bill, and transmitted to the departments of the Government thus often expressed. the Senate an elaborate message, communicating at large Subsequent to this true, but strong statement of the case, his objections. The constitution requires that we should the present Bank of the United States was established, reconsider the bill, and that the question of its passage, and numerous other acts of all the departments of the the President's objections notwithstanding, shall be taken Government, manifesting their settled sense of the power, by yeas and nays. Respect to him, as well as the injunc- have been added to those which existed prior to the date tions of the constitution, require that we should deliberate- of Mr. Madison's message. ly examine his reasons, and reconsider the question.

No question has been more generally discussed, within The veto is an extraordinary power, which, though the last two years, by the people at large, and in State tolerated by the constitution, was not expected by the Legislatures, than that of the bank; and this consideraconvention to be used in ordinary cases. It was designed tion of it has been prompted by the President himself. In for instances of precipitate legislation, in unguarded mo- his first message to Congress, (in December, 1829,) he ments. Thus restricted, and it had been thus restricted brought the subject to the view of that body and the naby all former Presidents, it might not be mischievous. tion, and expressly declared that it could not, for the inteDuring Mr. Madison's administration of eight years, there rests of all concerned, be "too soon" settled. In each of had occurred but two or three cases of its exercise. Du- his subsequent annual messages, in 1829 and in 1831, he ring the last administration, I do not now recollect that again invited the attention of Congress to the subject. it was once. In a period little upwards of three years, Thus, after an interval of two years, and after the interthe present Chief Magistrate has employed the veto four vention of the election of a new Congress, the President times. We now hear quite frequently, in the progress of deliberately renews his recommendation to consider the measures through Congress, the statement that the Presi- question of the renewal of the charter of the Bank of the dent will veto them, urged as an objection to their pas- United States. And yet his friends now declare the agitation of the question to be premature! It was not premaThe veto is hardly reconcilable with the genius of ture in 1829 to present the question, but it is premature representative Government. It is totally irreconcilable in 1832 to consider and decide it! with it, if it is to be frequently employed in respect to After the President had directed public attention to this the expediency of measures, as well as their constitution- question, it became not only a topic of popular conversaality. It is a feature of our Government borrowed from tion, but was discussed in the press, and employed as a a prerogative of the British King. And it is remarkable theme in popular elections. I was myself interrogated on

sage.

VOL. VIII.-80

SENATE.]

The Bank Veto.

[JULY 12, 1832.

more occasions than one, to make a public expression of In regard to the Congress of 1815, so far from their my sentiments; and a friend of mine, in Kentucky, a can having entertained any scruples in respect to the power didate for the State Legislature, told me, near two years to establish a bank, they actually passed a bank bill, and ago, that he was surprised, in an obscure part of his coun- thereby affirmed the power. It is true that, by the castty, (the hills of Benson,) where there was but little occa-ing vote of the Speaker of the House of Representatives, sion for banks, to find himself questioned on the stump as (Mr. Cheves,) they rejected another bank bill, not on to the recharter of the Bank of the United States. It grounds of want of power, but upon considerations of exseemed as if a sort of general order had gone out from pediency in the particular structure of that bank. head quarters to the partisans of the administration every where, to agitate and make the most of the question. They have done so: and their condition now reminds me of the fable invented by Dr. Franklin of the Eagle and the Cat, to demonstrate that Esop had not exhausted invention, in the construction of his memorable fables. The eagle, you know, Mr. President, pounced, from his lofty flight in the air, upon a cat, taking it to be a pig. Having borne off his prize, he quickly felt most painfully the paws of the cat thrust deeply into his sides and body. Whilst flying, he held a parley with the supposed pig, and proposed to let go his hold, if the other would let him alone. No, says puss, you brought me from yonder earth below, and I will hold fast to you until you carry me back; a condition to which the eagle readily assented.

The friends of the President, who have been for near three years agitating this question, now turn round upon their opponents who have supposed the President quite serious and in earnest, in presenting it for public consideration, and charge them with prematurely agitating it. And that for electioneering purposes! The other side understands perfectly the policy of preferring an unjust charge in order to avoid a well founded accusation.

If there be an electioneering motive in the matter, who have been actuated by it? Those who have taken the President at his word, and deliberated on a measure which he has repeatedly recommended to their consideration; or those who have resorted to all sorts of means to elude the question? By alternately coaxing and threatening the bank; by an extraordinary investigation into the administration of the bank; and by every species of postponement and procrastination, during the progress of the

bill.

Notwithstanding all these dilatory expedients, a majority of Congress, prompted by the will and the best interests of the nation, passed the bill. And I shall now proceed, with great respect and deference, to examine some of the objections to its becoming a law, contained in the President's message, avoiding, as much as I can, a repetition of what gentlemen have said who preceded me.

Both the adverse precedents, therefore, relied upon in the message, operate directly against the argument which they were brought forward to maintain. Congress, by various other acts, in relation to the Bank of the United States, has again and again sanctioned the power. And I believe it may be truly affirmed that, from the com mencement of the Government to this day, there has not been a Congress opposed to the Bank of the United States upon the distinct ground of a want of power to establish it. And here, Mr. President, I must request the indulgence of the Senate, whilst I express a few words in relation to myself.

I voted, in 1811, against the old Bank of the United States, and I delivered on the occasion a speech, in which, among other reasons, I assigned that of its being unconsti tutional. My speech has been read to the Senate during the progress of this bill, but the reading of it excited no other regret than that it was read in such a wretched, bungling, mangling manner.* During a long public life, (I mention the fact not as claiming any merit for it,) the only great question in which I have ever changed my opinion, is that of the Bank of the United States. If the researches of the Senator had carried him a little further, he would, by turning over a few more leaves of the same book from which he read my speech, have found that which I made in 1816, in support of the present bank. By the reasons assigned in it for the change of my opinion, I am ready to abide in the judgment of the present generation and of posterity. In 1816, being Speaker of the House of Representatives, it was perfectly in my power to have said nothing and done nothing, and thus have concealed the change of opinion which my mind had undergone. But! did not choose to remain silent and escape responsibility. I chose publicly to avow my actual conversion. The war, and the fatal experience of its disastrous events, had chang ed me. Mr. Madison, Governor Pleasants, and almost all the public men around me, my political friends, had changed their opinions from the same causes.

The power to establish a bank is deduced from that clause of the constitution which confers on Congress all powers necessary and proper to carry into effect the enumerated powers. In 1811, I believed a Bank of the United States not necessary, and that a safe reliance might be placed on the local banks, in the administration of the fiscal affairs of the Government. The war taught us many lessons; and, among others, demonstrated the necessity of a Bank of the United States to the successful operations of the Government. I will not trouble the Senate with a perusal of my speech in 1816, but ask its permission to read a few extracts:

The President thinks that the precedents, drawn from the proceedings of Congress, as to the constitutional power to establish a bank, are neutralized, by there being two for and two against the authority. He supposes that one Congress in 1811, and another in 1815, decided against the power. Let us examine both of these cases. The House of Representatives, in 1811, passed the bill to recharter the bank, and, consequently, affirmed the power. The Senate during the same year were divided, 17 and 17, and the Vice President gave the casting vote. Of the 17 who voted against the bank, we know, from the declaration "But how stood the case in 1816, when he was called of the Senator from Maryland, [Mr. SMITH,] now present, upon again to examine the powers of the General Governthat he entertained no doubt whatever of the constitutional ment to incorporate a national bank? A total change of power of Congress to establish a bank, and that he voted circumstances was presented--events of the utmost magon totally distinct ground. Taking away his vote, and add-nitude had intervened. ing it to the 17 who voted for the bank, the number would have stood 18 for, and 16 against the power. But we know, further, that Mr. Gaillard, Mr. Anderson, and Mr. Robinson, made a part of that 16; and that in 1815 all three of them voted for the bank. Take those three votes from the 16, and add them to the 18, and the vote of 1811, as to the question of the constitutional power, would have been 21 and 13. And of these thirteen, there might have been others still who were not governed in their votes by any doubts of the power.

"A general suspension of specie payments had taken place, and this had led to a train of consequences of the inost alarming nature. He beheld, dispersed over the immense extent of the United States, about three hundred banking institutions, enjoying, in different degrees, the confidence of the public, shaken as to them all, under no direct control of the General Government, and subject to no actual responsibility to the State authorities. These *It is understood to have been read by Mr. HILL.-- Editors,

JULY 12, 1832.]

The Bank Veto.

[SENATE.

institutions were emitting the actual currency of the Unit-nage it. The Senator from Tennessee [M". WHITE] asks ed States--a currency consisting of paper, on which they what would have been the condition of this country, if, neither paid interest nor principal, whilst it was exchang- during the late war, this bank had existed, with such an ed for the paper of the community, on which both were interest in it as foreigners now hold? I will tell him. We paid. We saw these institutions, in fact, exercising what should have avoided many of the disasters of that war; had been considered, at all times, and in all countries, one perhaps those of Detroit, and at this place. The Governof the highest attributes of sovereignty--the regulation ment would have possessed ample means for its vigorous of the current medium of the country. They were no prosecution; and the interest of foreigners (British sublonger competent to assist the treasury in either of the jects especially) would have operated upon them, not great operations of collection, deposite, or distribution of upon us. Will it not be a serious evil to be obliged to the public revenues. In fact, the paper which they emit- remit in specie to foreigners the eight millions which they ted, and which the treasury, from the force of events, now have in this bank, instead of retaining that capifound itself constrained to receive, was constantly obstruct-tal within the country to stimulate its industry and entering the operations of that department; for it would accu-prise?

mulate where it was not wanted, and could not be used The President assigns in his message a conspicuous where it was wanted, for the purposes of Government, place to the alleged injurious operation of the bank on without a ruinous and arbitrary brokerage. Every man the interests of the Western people. They ought to be who paid to or received from the Government, paid or re- much indebted to him for his kindness manifested toceived as much less than he ought to have done, as was wards them; although I think they have much reason to the difference between the medium in which the payment deprecate it. The people of all the West owe to this was effected and specie. Taxes were no longer uniform. bank about thirty millions, which have been borrowed In New England, where specie payments had not been from it; and the President thinks that the payments for suspended, the people were called upon to pay larger the interest, and other facilities which they derive from contributions than where they were suspended. In Ken- the operation of this bank, are so onerous as to produce tucky as much more was paid by the people in their taxes," a drain of their currency, which no country can bear than was paid, for example, in the State of Ohio, as Ken- without inconvenience and occasional distress." His retucky paper was worth more than Ohio paper. medy is to compel them to pay the whole of the debt

"Considering, then, that the state of the currency was which they have contracted in a period short of four years. such that no thinking man could contemplate it without Now, Mr. President, if they cannot pay the interest withthe most serious alarm; that it threatened general dis-out distress, how are they to pay the principal? If they tress, if it did not ultimately lead to convulsion and sub- cannot pay a part, how are they to pay the whole? Wheversion of the Government, it appeared to him to be the ther the payment of the interest be or be not a burden to duty of Congress to apply a remedy, if a remedy could be them, is a question for themselves to decide, respecting devised. A national bank, with other auxiliary measures, which they might be disposed to dispense with the kindwas proposed as that remedy. Mr. CLAY said he deter-ness of the President. If, instead of borrowing thirty mined to examine the question with as little prejudice as millions from the bank, they had borrowed a like sum possible arising from his former opinion; he knew that the from a Girard, John Jacob Astor, or any other banker, safest course to him, if he pursued a cold, calculating pru- what would they think of one who should come to them dence, was to adhere to that opinion, right or wrong. He and say-"Gentlemen of the West, it will ruin you to pay was perfectly aware that, if he changed, or seemed to the interest on that debt, and therefore I will oblige you change it, he should expose himself to some censure; but, to pay the whole of the principal in less than four years." looking at the subject with the light shed upon it by Would they not reply" We know what we are about; events happening since the commencement of the war, he mind your own business; we are satisfied that in ours we could no longer doubt. He pre- can make not only the interest on what we loan, but a fair ferred, to the suggestions of the pride of consistency, the profit besides." evident interests of the community, and determined to throw himself upon their justice and candor."

A great mistake exists about the Western operation of the bank. It is not the bank, but the business, the comThe interest which foreigners hold in the existing Bank merce of the West, and the operations of Government, of the United States is dwelt upon in the message as a se- that occasions the transfer annually of money from the rious objection to the recharter. But this interest is the West to the Atlantic States. What is the actual course result of the assignable nature of the stock; and if the ob- of things? The business and commerce of the West are jection be well founded, it applies to Government stock, carried on with New Orleans, with the Southern and to the stock in local banks, in canal and other companies, Southwestern States, and with the Atlantic cities. We created for internal improvements, and every species of transport our dead or inanimate produce to New Orleans, money or moveables in which foreigners may acquire an and receive in return checks or drafts of the Bank of the interest. The assignable character of the stock is a qua- United States, at a premium of a half per cent. We send, lity conferred, not for the benefit of foreigners, but for by our drovers, our live stock to the South and Souththat of our own citizens. And the fact of its being trans- west, and receive similar checks in return. With these ferred to them is the effect of the balance of trade being drafts or checks our merchants proceed to the Atlantic against us--an evil, if it be one, which the American sys-citics, and purchase domestic or foreign goods for Westtem will correct. All Governments wanting capital resort ern consumption. The lead and fur trade of Missouri and to foreign nations possessing it in superabundance, to ob- Illinois is also carried on principally through the agency tain it. Sometimes the resort is even made by one to an- of the Bank of the United States. The Government also other belligerent nation. During our revolutionary war transfers to places where it is wanted, through that bank, we obtained foreign capital (Dutch and French) to aid us. the sums accumulated at the different land offices for purDuring the late war American stock was sent to Europe chases of the public lands. to sell; and, if I am not misinformed, to Liverpool. The Now, all these varied operations must go on--all these question does not depend upon the place whence the capi- remittances must be made, Bank of the United States or tal is obtained, but the advantageous use of it. The con- no bank. The bank does not create, but it facilitates fidence of foreigners in our stocks is a proof of the solidity them. The bank is a mere vehicle; just as much so as of our credit. Foreigners have no voice in the adminis- the steamboat is the vehicle which transports our produce tration of this bank; and if they buy its stock, they are to the great mart of New Orleans, and not the grower of obliged to submit to citizens of the United States to ma-that produce. It is to confound cause and effect, to attri

SENATE.]

The Bank Veto.

[JULY 12, 1832.

bute to the bank the transfer of money from the West to infringe on our own delegated powers, or the reserved the East. Annihilate the bank to-morrow, and similar rights of the States. The President is a co-ordinate branch transfers of capital, the same description of pecuniary of the legislative department. As such, bills which have operations, must be continued; not so well, it is true, but passed both Houses of Congress, are presented to him for performed they must be, ill or well, under any state of his approval or rejection. The idea of going to the circumstances.

The true questions are, how are they now performed? how were they conducted prior to the existence of the bank? how would they be after it ceased? I can tell you what was our condition before the bank was established; and, as I reason from past to future experience, under analogous circumstances, I can venture to predict what it will probably be without the bank.

President for the project of a law, is totally new in the practice, and utterly contrary to the theory of the Government. What should we think of the Senate calling upon the House, or the House upon the Senate, for the project of a law?

In France, the King possessed the initiative of all laws, and none could pass without its having been previously presented to one of the Chambers by the Crown, through Before the establishment of the Bank of the United the ministers. Does the President wish to introduce the States, the exchange business of the West was carried on initiative here? Are the powers of recommendation, and by a premium, which was generally paid on all remit- that of veto, not sufficient? Must all legislation, in its tances to the East of two and a half per cent. The ag- commencement and in its termination, concentrate in the gregate amount of all remittances, throughout the whole President? When we shall have reached that state of circle of the year, was very great; and, instead of the sum things, the election and annual sessions of Congress will then paid, we now pay half per cent. or nothing, if notes be a useless charge upon the people, and the whole busi of the Bank of the United States be used. Prior to the ness of Government may be economically conducted by bank we were without the capital of the thirty millions ukases and decrees. which that institution now supplies, stimulating our industry and invigorating our enterprise. In Kentucky we have no specie-paying bank, scarcely any currency other than that of paper of the Bank of the United States and its branches.

Congress does sometimes receive the suggestions and opinions of the heads of departments, as to new laws. And, at the commencement of this session, in his annual report, the Secretary of the Treasury stated his reasons at large, not merely in favor of a bank, but in support of How is the West to pay this enormous debt of thirty the renewal of the charter of the existing bank. Who millions of dollars? It is impossible. It cannot be done. could have believed that that responsible officer was com General distress, certain, wide-spread, inevitable ruin, municating to Congress opinions directly adverse to those must be the consequences of an attempt to enforce the entertained by the President himself? When before has payment. Depression in the value of all property, she- it happened that the head of department recommend. riff's sales and sacrifices--bankruptcy, must necessarily ed the passage of a law, which, being accordingly passed ensue; and, with them, relief laws, paper money, a pros- and presented to the President, is subjected to his veto? tration of the courts of justice, evils from which we have What sort of a bank it is, with project of which the just emerged, must again, with all their train of afflictions, President would have deigned to furnish Congress, if they revisit our country. But it is argued by the gentleman had applied to him, he has not stated. In the absence of from Tennessee [Mr. WHITE] that similar predictions such statement, we can only conjecture that it is his famous were made, without being realized, from the downfall of treasury bank, formerly recommended by him, from the old Bank of the United States. It is, however, to be which the people have recoiled with the instinctive horror recollected that the old bank did not possess one-third of excited by the approach of the cholera. the capital of the present; that it had but one office west of the mountains, whilst the present has nine; and that it had little or no debt due to it in that quarter, whilst the present bank has thirty millions. The war, too, which shortly followed the downfall of the old bank, and the suspension of specie payments which soon followed the war, prevented the injury apprehended from the discontinuance of the old bank.

The message states that "an investigation unwillingly conceded, and so restricted in time as necessarily to make it incomplete and unsatisfactory, discloses enough to excite suspicion and alarm." As there is no prospect of the passage of this bill, the President's objections notwith standing, by a constitutional majority of two-thirds, it can never reach the House of Representatives. The mem bers of that House, and especially its distinguished chair. The same gentleman further argues that the day of pay-man of the Committee of Ways and Means, who reported ment must come; and he asks when, better than now? Is the bill, are therefore cut off from all opportunity of deit to be indefinitely postponed; is the charter of the pre- fending themselves. Under these circumstances, allow sent bank to be perpetual? Why, Mr. President, all me to ask how the President has ascertained that the inthings--Governments, republics, empires, laws, human vestigation was unwillingly conceded? I have understood -life-doubtless are to have an end; but shall we therefore directly the contrary; and that the chairman already reaccelerate their termination? The West is now young, ferred to, as well as other members in favor of the re wants capital, and its vast resources needing nourishment newal of the charter, promptly consented to and voted are daily developing. By and by, it will accumulate for the investigation. And we all know that those in supwealth, from its industry and enterprise, and possess its port of the renewal could have prevented the investiga surplus capital. The charter is not made perpetual, because it is wrong to bind posterity perpetually. At the end of the term limited for its renewal, posterity will have the power of determining for itself whether the bank shall then be wound up, or prolonged another term. And that question may be decided, as it now ought to be, by a consideration of the interests of all parts of the Union, the West among the rest. Sufficient for the day is the

evil thereof.

The President tells us that, if the Executive had been called upon to furnish the project of a bank, the duty would have been cheerfully performed; and he states that a bank, competent to all the duties which may be required by the Government, might be so organized as not to

tion, and that they did not. But suspicion and alarm have been excited. Suspicion and alarm! Against whom is this suspicion? The House, or the bank, or both?

Mr. President, I protest against the right of any Chief Magistrate to come into either House of Congress, and scrutinize the motives of its members; to examine whether a measure has been passed with promptitude or repug nance; and to pronounce upon the willingness or unwil lingness with which it has been adopted or rejected. It is an interference in concerns which partake of a domestic nature. The official and constitutional relations between the President and the two Houses of Congress subsist with them as organized bodies. His action is confined to their consummated proceedings, and does not extend to