Newspaper Page Text
CHRONICLE AM) SKNTiNHI,.
auuuhta.
TUESDAY MORXON', JANUARY 2S,
A desire lo publish t*i this day*’ paper the en
tire Speech of the Hon. W. Thompson, of S. C.,
has excluded any remarks of our own. We
cannot do lens, however, than solicit for it a care
ful perusal, fir which the reader will he amply
compensated.
■fliia up Buiuu Stock. — At a saieof blood
ed Horses which look place yesterday, at the
Lafayette Course, I >ano, the property of the late
J. Leverirli, of this city, was bid off by Thomas
Walton & Co., at $10.100; Ajorah Harrison,
well known as a fine racer, mile heals, three best
‘in five, was bid off *1 $560.
J'hatbk.—Circumstances have prevented us,
for some days pest, from noticing as we bail de
sired to do,'the meritorious exertions of Mr.
Forties >in 'endeavoring to make the Augusta
Theatre what all lovers of the drama would de
aire to have. Many of the best plays in the
Kingnage have been presented in the finest style,
and -during the past week the charming Operas
of La Bayadere and La Sylphide have been
brought forward in n style we could not have
expected. The company is a good otic, and
finely seconded the efforts of Miss Barnes during
her stay, in the performance of tragedies and
genteel comedies, and the little fairy Miss Wells,
in the beautiful Operas, of which she personated
the'most important characters.
\ i boini a Nsvat"a.—The election bus been
•gain postponed, from the rid to the 291 h inst.,
at which time it is expected certainly to take
place. The postponement was in consequence
of the absence and indisposition of three or four
members.
‘LariKOTu*—Wo rut from the N.
Evening Slur, of the 2'lst ima., the following
item of intelligence:
Tw» Moan—A letter dated Ntoney Brook,
Jan. 20, says it is teparted that two more persons
have come ashore alive from the Lexington. We
hear no further particulars.
Viuoikia, The Van Buren members of the
Virginia Legislature, liavoaelccted James M’Dow-
Rockbridge, for the office of Governor. .
Correspondence of the Baltimore American.
Wahiii notow, Jan. 21.
HOI7IV OF IIKPRKMRNTATIVKU.
FLORIDA WAR.
Mr. Proffil asked Mr. Garland of Va.—who
Was entitled lo the floor, —to yield it for the pur
rpoc.e of offering a resolution upon u very impor
tant subject connected with the Florida War.
Mr. G. yielding the floor. Mr. Proffit said.that if
Ins resolution was objected to he would withdraw
it, Mr, P. then read the following resolution :
Resolved, That the Secretary of War he di
rected to inform the House, at his earliest conve
nience. whether he has or has not authorised or
ordered the use of DluuH-hounils in the war with
the Indians in Florida; also if such order or au
thority Inis been given, whether any importation
•of blood-hounds lias lieen ordered, and from what
'country: also the name es the agent employed to
purchase and select said blood-hounds; also, the
'number of blood-hounds ordered: also whether
any blood-hounds have actually arrived; ami also
it the use of hlood-hounda is determined on.
The Secretary of War is also further uuthori
ml and directed, lo statu the name of the officer
in the American Army under whose immediate
diarge and command auid blood-hounds are to bu
used.
fries of “No’*—“No”—"l object." Ac. were
heard in the Hall, ns soon as Mr. Proffit had read
it. Iho resolution was therefore withdrawn for
'the present.
a nuLitTo.x or slavkht.
Mr. Garland then commenced the speech ex
pected lio n him upon the aubjoct of the Aboil-'’*
lion of Slavery in the District of Columbia. Mr.
G. said ho had pledged himself four years since
not to discuss the moral question of Slavery, hut
lie would discus* the Constitutional question on
ly-
Mr. G. then west into an examination of the
arg intent offered in defence of the right ol peti
tion, and contended that us it would he obviously
improper to petition Congress to abolish aright
granted by the Constitution, so it would he hit
proper*" hear the,grayer of the Abolition peti
tioners asking for, the violation of a right in which
the Constitution of the United States protected
■ the Stales and their citizens. Mr. Garland en
larged upon all the topics involved in the Consti
tutional question and spoke for an hour or more.
He was fallowed tty
Mr. Butler, el South Carolina, who spoke
briefly in defence of his position, which was that
the petitions should he rejected. The moment
the prayer of the petitioners should be
that moment would come the dissolution of the
Union.
Mr. Dromgoole, oM’a. then moved an amend
ment to Mr. riiompson’s resolutions, which was
that instead of raising the question of reception
in regand to die petitions, they should lie laid on
the table as they wore at the last session under
Mr. Alhorton-'n resolutions.
The last hour of the session has been employ
ed in discussing the question whether the motion
of Mr. DromgoQle is in order. Upon this point
quite a spirited debate has been going on between
Mr. Droingo.de imrt Messrs. Adams, Everett,
Black, Thompson, Briggs and others.
UMTKU STATUS SENATE.
Mr. Clay addressed the Senate yesterday for
■tw# hours. The eonolusiuu of Kis remarks was
in reference lo some of the provisions of the Nub-
Treasury hill, sml the immeuse power which the
Executive received under it. Those who formed
the Sub-Treasury hill, he contended, would lie
glad to remove the restrictions it contained. The
hard money cltuce by and by -would cease to
have the charm it now has. Mr. Clay contend
ed that the Administration had destroyed the on
ly currency we hud. They had spread confusion
through the land, and they designed now to make
confusion, worse confounded, by the establish
ment oflhc Nub Treasury bill.
Supposing the revenue of the country t<< ho
twenty millions of dollars, Mr. Clay contended
that much of it would bu unavailable tithe end of
one year. The Receivers General would have
half of the specie of the country locked up in ten
years. Government drafts would he flying about
and remain in market. The gold and silver of
the country, necessary for foreign commerce,
would he lucked up. The drafts of the govern
ment would go lo Europe and tie sought for by
the Rothschilds, and the Barings, much more
greedily than paper of the United Ntatea Bank
was when the National Bank protected in u
measure the credit of the country.
Mr. Clay further contended, in an argument
of some length, that paper would lie issued upon
the specie of the Government hereafter to be in
* deposit*. In conclusion, he spoke of the power
which would he given to the Executive under the
hill. If the people of the country desired a mea
sure to augment their burdens, they could devise
no scheme which would as effectually do it as the
hill lieforf the Neimtc. Their burdens would ob
viously he increased under it. To the Adminis
tration members, Mr. Clay said, that deceive
* themselves us they might, the scheme would iu
, crease the power of the President to an alarming
, extent. Tile combined powers of the govern
ment would lie united to oppress the people un
der the hill.
Mr. Clay said that the Executive branch of
the government now overshadowed the land.—
The occupant of the White House had now a
tremendous influence in Congress, and through
, the land. He had a power to expel from office,
and a power to create office, and against this
1 power he made war. The President had (he
i power lo prevent u bill of revenue from originat
, lug in the House, where of right it ought to
originate. He had a power to prevent its post
ponement here in the Ncnate, and a power to
drive the hill through the Senate in indecent
haste.
, Mr. ('lay then argued that the bill was to place
the President at the head of a great Government
Bank, of which he was to lie the President, Cash
-1 ier, Teller, and hoard of Directors. In closing,
i he said, if God in his infinite providence design
to abandon the country, he could not make use
of a more effective instrument than this same
Nub-Treasury BiTI.
Mr. Clay was followed by Mr. Walker, of
Miss, who commenced the debate this morning
in reply to Mr, Clay. Mr. Walker commenced
his speech before one o’clock. He paid a high
compliment to the .Senator from Kentucky. He
was aware, he said, of the talent of the Senator
—of his influence in the Nenatc—of his distin
guished ability and long experience. Ho wield
ed the broad sword <tf Richard, anti (he scimou r
of Naladin. An antagonist like the Senator must
expect to lie dealt with blow by blow.
Mr. Walker then wont into n partial examina
tion of the argumerits adduced try Mr. Clay in
opposition lo the Null-Treasury bill. He stated
in his speech that two-thirds of the Ntalcs had
, declared for the Nub-Treasury bill, and that it
t was now the people’s measure. Further—lie
contended that Mr. Olay’s predictions wore of a
1 character unlike the auguriea of the oracles of ol
den times. They were dubious. Mr. Clay was
frank and open. You could not misunderstand
him, and in one sense he was really prophetic.
V Hinc-o 1-828, ho had been accustomed to undcr
-1 x stand every prediction as bringing about a result
Viirectly unlike the one foretold.
Mr. Walker then entered upon an examina
tion ol Mr. Clay's arguments and in defence of
the position assumed'liy him in the sketch of the
proceedings published in the American of thia
morning.
Mr. Walker addressed the Senate more than
an hour.
No member upon the Whig side of the Semite
sngaking. Mr. Buchanan remarked that ho
. ffhought some of the opposition might follow.
w Home oflhn Whig members significantly < inti
mated that tncy should await a speech from him
in order to reply to it.
Soon after two o’clock, Mr. Buchanan,
therefore not wishing to speak at the tail end of
die day, moved the poslponenient of the question
until to-morrow.
After some unimportant matters, the Ncnate
went into Executive session, and then adjourn
ed. The following was a part of the morning
business.
NXWSPAStn POSTAGE.
Mr. Strange, of North Carolina, during the
morning, introduced a resolution desiring that
all 'newspaper pruprietsrs who would print tho
laws of ike United States should have the privi
lege of circulating them in the States where they
were printed free from postage. Mr. Strange
moved the reference of the losolutioh to 'the
Committee on llicludiciary.
i Mr. Grundy opposed the reference to the fl-udi
i ciary committee for the reason that the resolu
tion ought to go to the Committee on PoXt -Olfi
i eus and Post Ronds,
Mr. Strange wished to speak upon the proposi
tion, and therefore moved the reference lie had
made, us he was a member of the Committee.
Mr. Davis advoc tod tho reference to (ho Com
i njitlee on Post Offices and Post Roads. The res
olution went to the Committee, urul Mr. Strange
by ami by designs to speak in defence of the pro
position.
The other morning business was not important.
the Houston Morning Star, Jan. 11th. \
Col. Burleson, in command of a corps of TexiX
an volunteers,tell in with and attacked a parly’
of Cherokee Indians, cm the 22d December, on
the upper waters of the Colorado river. After a
brisk engagement, the Indians wore defeated
and fled, leaving «ix ors their number dead upon
the field ; all their camp epuipage horses and
cattle, one man, five women and nineteen chil
dren, fell into tile hands of tiro Texians. The
Texian loss was one killed, (Captain Lynch)
and one wounded.
From the Galveston Civilian, Jan. 15.
Cupt. Ross, whose recent connection with the
Federalists ot Mexico has made him somewhat
conspicuous, was shot in a quarrel a few days
ago at Gonzales, by a man named M'Coullougli,
brother to tlie man of the same name killed by
Ross in a duel.
At lust accounts tho Federal army was before
HMatamoraa hut had not made an attack, consider
ing itself too weak until reinforced. A
S- - *
The miserable Whig fraction may now dis
( hand. The Democrats arc coming. Look they
( are upon the road. —Southern Democrat.
• We were aware from tho extraordinary num
ber of recent inuil-rohhcries, that a good ma
ny of the loco focus had taken to the road. —
I‘renliee.
\ ... ,
lion. John C. Calhoun.
The following extract hi from the Speech of
the Hon. Senator, in 1894, on the removal of the
depositee. •• Times change &c.”
r •• 1 might say, with truth, that the Dank owes
1 as much to me, as to any other individual in the
country ; and 1 might even add that hud it not
keen for my efforts, it would not have been ehur
* leied. It is said that the Hank had no agency,
11 oral least no efficient agency, in the restoration
L ' of specie payments in 1817, and that it had wiled
* to furnish the country with a uniform and sound
currency, as had keen promised at its creation.
Both of these allegations I pronunce to be without
1 just foundation. To enter into a minute exatni-
B nation of them would carry me 100 far from the
subject, and I must content myself with saying,
that I aving been on the political stage without
15 interruption, from that day to this—having been
* an attentive oheerver of the question of the cur
'* reney throughout ihe whole period—that the
l! Hank has been an indispensable agent in the rcs
-1 (oration of specie payments ; that without it the
I restoration could not have been effected, short of
1 the utter prostration of all the monied institutions
of the country, and an entire depreciation of
Bank paper ; and that it has not only restored
V specie payment, but has given a currency far
0 ill.no uniform between the extremes of the coon
* try. than was anticipated or even dreamed of at
u the lime of its creation.”
d Mount Vesuvius, the volcano, was growling at
tl the. last dates; a dcnce smoko covered the lop, and
u a terrible irruption was expected.
SPFFC’II OF >VAI»I>V THOMPSON,
or south Carolina,
On the President's Annual Message to Congress-
Delivered in the House «( Kepreseniniives,
list ember 30, 1839.
The House having under comidcralion n mo
lion lo reconsider ihe vote hy which 20,0(KI coph»
of the President’s Message was ordered to be prin
ted—
Mr. Wauov Thompson, of South Carolina, ad
dressed the House ns follows;
I mu not willing to allow this message lo go
forth to ihe country withoit commentary or dis-
I Mission, 'flic annual message of the President is
always a document |m ssesstng great interest, us ihe
i nharl of the annual progress of the Government. —
This claims mon than ordinary attention, from
the importance, the vital importance, of the topics
which it discusses, and from the unquestionable
1 ability with which they are discussed Some of
these topics involve the most thorough and deeply
. interesting charges which have occurred iu our
country, ifnot in modern times—changes amounting
to a commercial and social revolution. They are
i discussed with more than usual ability. The mes
sage presents an argument upon the great finan
• cml measure, which it vindicates—heyond all mea
sure the mi si able, artful, tt.d seductive of any
heretofore made upon that side. In saying this, I
shall nut be suspected of any disposition loconcihate
No, sir, my position will in nil human probability,
continue, ns it has been, in opposition, whatever
may be the result of the present coldest for power.
1 am o| posed io the (general political tenets ami *.
1 opinions on the one side, and slid more opposed to
■ Ihe universal practices of the other—to its exlrava
ganes «ud profligacy, and faithlessness lo all its
j- professions.
Hnl, sir, if I were disposed logo over every one
■ knows that no atonement, not wen a ropeulsnce
(or past sins, however flagrant ; for past vitapera
i lion, however scornlul or severe, is required. It
is a must easy service ; no sacrifices whatever aie
required except of once's c nscience ; and not- of
the rules I understand to be, ihat no quest ions are
to lie naked of upplicants (or admission.
The message, oiipts lace and in its general state
ments of political .doctrines, is fnr enough. It is
I Stoic rights throughout; as much so, sir. us if it
had been written by you, who were brought up at
the leet ofGumali I, and are of the straitest sect.
, Whilst reading it, I was forcibly reminded of that
. noble pajier, t eneral Jnnkson’s message ol ISH t
that moat masterly compendium of Ihe State rights
* doctrines. 1 had, hut a few days before lha appaar
nrieo of that paper, been nppjminted an elector of
> I’resident; a position by no means a desirable
, one. Th<> moral malaria of Jacksnoism wss ticn
pervading the land in its wildest firry ; not only the
strongest safeguards of the CunslituUun, but lbs-
J virtue and courage of the country, were destroynll
1 in its progress. The charm ol a great name win
not then broken nor uttemptod lo be broken, mi
. South Carolina, I gave I fie vole, and a very lew
I days brought ns the message. I leh that I was.
done up (or life; that no man could stand in oppo
ttlion to so goods Suite rights President ns that.
' Hut, sir, it was only nine days, nine little days,
when the Proclamation followed : a moat consii
i lent commentary on tbo text of the message ; just
i such comrneutaiics ns wo have always had from the
Mime quarter 0(100 like professions of sufh priori
, ph's ; jest such ns I again nnlteipate. I most sin
cerely [»ray that it may notibeso. I shall lie grati
fied if tlie necessities of their position shall drive
’ the Administration upon our principles State
i rights principles ; the principles of the Constitution;
but I have not even n hope that it will he so. 1
want confidence, and I adopt the language ofindig
, limit scorn heretofore used hy a distinguished gentle
man in remarking npoa-simtlar professions from the
same quarter ; “1 can but admire the audacity of
i the-at'ltiers ol the Proclamation and Fotce Hill
r claiming to be the guardians of Stale rights.”
The currency question is of course the engros
sing subject of the message But, sir, there is anoth
er which is first touched, and which is not less im
portant'; more important, ns it should be regarded
by every .Southern man ; yos, sir, by every mao
who has the heart of an American heating in his
hosum. I nUnde to flic savage and in every way
disgraceful war now raging in Florida Is that
war to rage (orovor? Is its further prosecution
abandoned? Have the Seminoles reconquered
their country ? II so, neknowedge it—yield it to
1 them hy treaty, and give them the honor and the
fruits ol their victory. Do not keep up a miserable
show offeree there, lulling the People of the Terri
tory into a false reliance upon a power perfectly im
i potent to afford any real protection, nnd exposing,
(or no possible good, a few of -tfir most gallant men
of your Army to all the dangers of climate and ol sav
age-war, unit, Whut to such men is infinitely worse,
to the certainty of constant failures and defeats.
1 arraignlhis Administration lor its worse than
imbecile nnd impotent management of the Florida
war. If there was no other reuse for opposition to
those in power, this itself is aid sufficient. Gnanol
Ihe Adminislratiun with all -the resources of this
great country conquer the miaeratilo baud of sava
ges ? If so, let them surrender their powers lo i
those w'ho can. If they cannot, why have they not
rfono it ? Every drop of blood that has (men .shed
■cries lo Heaven against litem. Individual atroci
ties and massacres, horrible as tliey are, 1 lose
sight ol altogether, when 1 look at the pressing
importance of dislodging so dangerous an enemy
form ill ir fastnesses in the vicinity us Ihe Wist In
dies, and in the very cent re of the South. Are gen
tlemen nware that the Maine boundary question is
t for very lar, from yet being even in n tram of adjust
’ meat, and that the utmost discretion w ill bo requir
ed on the part of both Governments to avoid a
war at lho end of that question ? With even a pus- |
sibtlity of that, is there any man who can look with
out indignation nt so formidable an enemy being
embodied in the very bean ol the South, or at Ihe
miserable farce ol a treaty which stipulated lo yield
lo them u (toriitm of Ihe Temtory ? Sir, it is not
the land that wo want ; we have too much of that i
airendy. It is the removal of the Indians, and that
only, which will satisfy us. And what has been
done lo this end hy this President of ours ? this
Northern man with Southern principles, and his
Secretary of War, a Southern man with—urn at
» loss ro say w hat principles, except John Han
dolph’s celebrated “ «jvon ?”) Why, sir, wo have
, soon the larger part of the Army withdrawn Horn
i the only point where they were feally required, ami
engaged in an empty pageant at Trenton—an empty
pagement made s ill more ridiculous by a review
and inspection ol the discipline and tactics by
the President and his Secretary. 1 wonder if they
• yfe re in unform I 1 should like lo have seen them,
. /I IT hey were. Yes, sir thejarmy which should have
f\ been in Florida was encamped a thousand miles,
r from the point whew tliey were hourly required'
when every morning's roteille was the news oflhe
. massacre of their fallow-soldiers, and of the wo
r men and children of Jhortda. Was it to remove
them from t tie pestilenub* miasma ol the s wamps us
Florida. That climate vj^dcorned good enough
for the gallant "I'aylor nmrTlarney. Why was it
nut so for all? lam sure that there was nuno
amongst the officers who would not have pre/erreol
to remain at the post of duty and of honor, lias,
bitch* thing ever belore occurred? (Generally w:c
have seen troops concentrated upon the point o:
danger mid of war—but here we see them no
movea from it, and the countrv left wholly tt
f posed.
, When I saw that the President referred us as
proving!/ to lire plan of the Secretary of Was,
which he was pleased lo characterize ns calculated
s "to tiring that warto a successful issue,” although
. I believed that “ nothing good could come out id
Nazareth," 1 eagerly turned to it to see what thm
1 plan wits ; and what, sir, is this notable plan “u>
■ bring this war lo a successful issue?” Why, sir
, it is tins : 1. Depriving the Seminoles of all sym
i pathy. I kad nut known before that there was
1 any such sympathy. 1 know of no one who Ims
I give n any evidence of such a leelmg, except the
honorable Secretary. He certainly has been most
tenderly and compassionately regardful us their
1 lives. His second suggestion is the passage of Colo
- nel Benton’s bill lor die sell'emcnt of Florida,
e which I understand to be a proposition to give a'
■ t certain quantity of land to every man who w ill set
tie there, and lo furnish him rations nnd military
protection into the bargain ; the entering wedge
1 ;and I beg that the | redtcliun may be remembered)
* lo n system of grants tor settlement, hy which il le
e whole til the vV ester i lands are lo begot trnm ns
. The third suggestion ol the honorable Secretary
L > i» *o ft'se a new regiment, and of course, to let him
, appoint Iho officers. What has yet lieen nc
complished by the 2d Dragoons, a regiment raise,]
specially lor this service? Nothing that 1 have cv
| er heard of. 1 w ould not object to raising one or
1 more regiments il I knew who were to command
r thorn ;it I could have any assurance that the com
. maud would Ik- given to Gen. Flovd, ot Georgia or
t " m ; fi o, j* er such man. I, however know none
such. But it will bo given lo such man, but
lo some palace pel or noisy politician
The appointments have bean,and will be made
] not with ii view to military, but political hat
I ilos; not with a view lo obtaining victories over
ihe Indians, (ml votes at elections. When that
regiment of dragoons was raised, many gentlemen (
in congress interest in prm urc an appointment for
as gallant an office) nsany in the Arrmy, who had i
been more or lees engaged in Indian wars lor the
last twenty years, and who was then bleeding from
more than one wound from Indians. He had no
chance w hatever. The appointment was givan lo
one who, then or since, has never set a squadron in
tbe field, nnd whoso claims were not those of mili
tary talents, but political party services. No in
crease of your standing army is necessary; you can
not in crease your army lo n (orce adequate to this
service, ond besides, regular Iroops are not the troops
lo fight Indians, ami such has been our uniform ex
perience.
The only way to end that war is lo establish abun
dant depots of snoplies, and to throw into Florida
fifteen ortwenty thousand men. Let them act sim
ultaneously and in concert, and the war will be
i ended in six weeks. I can tell tbe President that
the present plan, or any that ever will be suggested
by bis Secretary of War, never will bring that war
to a sueceessful issue, and that lo rely on any such
will lie a criminal paltering with the lives of our
people,and the character of the country.
Tbe first passage ol the message on the currency
subject, which strikes me, is the following;
“ The nineteen millions of Treasury no'es au
thorized by the act, ot Congress of 1837, ami the
moilifn aliens thereof, with a view to the indulgence
ol merchants on their duly bonds, nnd ol the de
postte lianks in the payment ol public moneys held
hy them, have been so punctually redeemed, as to
leave k-ss titan the original ten millions outstanding
at one time, and the whole amount unredeemed no v
(alls short of three millions. Os these, the ehiel
u | portion is not due till next year; and the whole
wuu'u have been already extingniihed could the
Treasury have realized the payments due to it from
Ihe Banks If those due trom them during the next
year shall be punctually paid, and if Congress shall
keep the appropriations within the estimates, there
is every reason to nelieve that nil the outstanding
Troisury notes can be redeemed, rr.d the ordinary
expenses defrayed, without imposing on the People
any additional burden, either ol loans or increased
taxes ”
Now, sir, I must be allowed, without the slightest
intentional personal disrespect to the President,
to say, that not a single statement contained in the
übove extract is lute. Ido not insinuate, because f
do not believe, the President capable of an inten
tional mistalemant; but 1 di say that these state
moots are incorrect, and that he might have nod
ought to have known belter. First; were these
Treasury notes issued with a view to enable tse
Government to indulge th« banks and merchants ?
The debts from both these sources were less than
six miliums at the period of the last issue of ten
millhms of these Treasury notes. How, then, can
a debt of six millions be the reason and the excuse
for isstflng ten millions of notes ? Although not
so expressly slated, there are other passages of tbe
message as well as of the Treasury report, which
imply, and no doubt are intended to imply, that in
dulgence to the banks was the sole reason for this
is ue of an unconstitutional currency How gross
a misreprr Mentation this is, will he seen from the
fact Ihat, at the period ol the last issue of ten mil
lions, the banks owed less than two millions. 1
would here take occasion to say, in passing, lha
these deposit banks, which havu been habitually de
nounced (or their futures and frauds, have given
evidence of a power to fulfil their engagements, and
n noble fidelity in doing so absolutely unprecedent
ed, nnd beyond the hopes of the most sanguine, and
which throughout Europe is regarded with wonder
and admiration. They have fulfilled, to a miracle,
all their engagements, nnd, besides Hint, have sus
tained the country undet circumstances of diffically
and distress where the boldest might have dispair
ed. 1 know, sir, that, these are unfat hion tide opin
ions ar.d truths, unwholesome to brawling politi
cians—that despicable and pernicious class, whose
only ambition ist; rise from that obscurity to which
a want of talent and all virtue has destined ?t.hem,
! by joining every popular clamor oven against the
i best and most sacred institutions of society. I
I am not one of those “whose thoughts ever keep the
, road-way.” I cannot lend myself to injustice of
; any s r rt. What, sir, nre the facts in relation to onr
| connexion with the depo-ile banks ? The year he
-1 fore the suspension, I hey hold, on account of the
1 Government, more than sixty millions of money.
; It tins contemplated hy ihe distribution bill ti
withdraw this snm in eighteen months. That it
self was regarded hy must men who wore best. ;n
--; formed, as a trial which the banks could not stand;
but they did. Yos sir, and more. The Secretary of
] the Treasury, ins'nad of allowing eighteen months
for this tremendous operation, actually executed it
1 m six months I will not say ns some of his pre
sent friends have slid, that it was done to defeat the
salutary effects of the measure. But lie did it, and
to the astonishment of every one, the banks sus
tained themselves under this trial, and paid over nt
once aboil' forty millions. Ns nun would, a prio
ri, have said that it was possible. This is not all.
At, the period of the suspension, in 1837, the hanks
held on m count of the Government, twenty-three
/ millions. Congress granted them indulgence for
I eighteen months. They paid nil hut two millions
i in less limn six months—refusing to avail them
' selves of your indulgence—and have secured, as
tlie Secretary tells ns, all the balance. If this he
; faithlessness nnd hand, commend mo lo faithless
ness and hand for the balance of my life I have
shown that indulgence 11 ihe hanks nnd the mer
j chants was not the cause of the issue of these
Treasury notes —an issue of a Government curren
cy which, I have heretofore shown in ini argument
i ! which no one has attempted to answer, was a gross
|. ami dangerous violation of the Constitutiu'i. The
I' second statement is equally untrue, that tlio whole ol
j Ihe Treasury notes would have been extinguished if
the Treasury could have realized thesnms due Irom
I banks. The am-unit due from funks is less than
~ two millions; the amount of Treasury notes out
standing is two millions nnd three-fourths, besides
•interest The last instalment from the Doled
1 Stales Bank is not duo until next September. The
third and last, nnd much the most important,is, that
\ the tesources of the Government (nr the next year
\ will be adequate to its wants, without nny increas
<ed burdens of loans or taxes. Wo were told the
same tiling in the last annual message, almost in the
I, same war.is. I said then that it was not Into
'•! VV hat was the result ? Why, sir, a new issue of
■ Treasury notes 8o it will he now.
; The President nuy not have known that this
. statement was incorrect, but I am very sure that no
man on this llnor who regards his charade i will
•' venture to endorse this opinion. Why, sir, every
; body knows that it is not true. The Secretary ol
; the Treasury very well knows it. Although he
! docs not directly ask for a law to authorize the issue
ol ten millions more of Treasury notes, a whole col
umn, nnd a separate subdivision of his report, is de
voted to proving Hie necessity of providing some
fund to meet a contingent deficiency What lunds
rloes he mean 1 Why, Treastmry notes, and no
thing else; the expedient ol the spendthrift who
Inis lasted his patrimony—to give his no c The
President t, lis us that the resources of the Govern
ment will he adequate to its wants Ite 1 you they
will nut. The President has much belter oppo;tu
iiilios ol judging than I have,and is under thes tine
obligations lo disclose the truth 11 the country
No\v, sir, mark the result, and see who is right.
Before six months we shall he asked to issue ten
im I lions at least of Treasury notes, or to make a
loan in some other form Why is the truth rot now
told us ? For no othei reason limn the shame of
the avowal, on the part of the President, that, com
ing into power in a time of profound pea' o and gen
eral prosperity, with a Treasury overflowing, he has
111 three years expended thirty millions over and
above the accruing revenue, and caused an almost
universal rum and insolvency in the land. There
was, when the President entered on tne duties of
his office, nine millions which was deposited with
the States, five millions sur; Ins beside , and up
wards ol five millions due and which has been paid
by the Bank of the United Stales, and there is now
near three millions of Treasury outstanding, (ma
king twenty-three millions; to which add at least
ten millions for the present year, and w.i have in
three years ol this economical Jeffersonian Admin
istration an excess of expenditure over income ol
thirty three millions As lo the future, I look to it
with absolute dismay; no eye can penetrate the
gloom ol that future. W 0 must pay to England
alone next year, tor excess of imports over exports
and m erest on State debts, not less than sixty mil
lions. Ite same produce cannot pay this debt and
also pay lor goods trom which revenue is to be de
nied ; and when onr produce lads, the debt can
only be paid in specie, and the specie will be export
ed by laws ol commerce,as fixed and ee lam a» des-
Itny itself. So certain, sir, am Jol these results,
mat all other leelmgs arc forgotten in a sympalhi
with the sufferings of the country ; and if 1 imd ait
enemy among the am hors of this measure, I w.,nld
desire lor him no other punishment than ihat which
awaits him in the w rath and indignation of an abus
ed anddecetvtd people. That day is coming, and
is not far distant, and 1 shall have no other, if I do
sire no other, consolation than lo be able to say to
those who have confided their mtcrestsjjm me.th it
I have done all that 1 eottld to avert these calami
(ties
1 see no human power now to avert the impending
distress. This debt must he paid either with our
( pr.i.liirlicmi—arwl lliefrA'«rann»lr - n«4be <tti* itsail f
importations, ami of consequence, ilit* demand Tor
! 'K»r ooiioii is cm off, nml llie ailicle not only fall*
| still lower in price, blit cannot he sold at ul!—or
I else this debt must be paid in specie, nnd llial, in
i the present condition of the country, will be ruin at
: once; not to the buttka, but to the People. Not, I
repeal, to the bunks, hut lo the People, if the banka
are forced to pay, the People, their deblois, mn*t
pay them The banks owe the People one kindred
and filly millions, tlie People owe them five hundred
millions. On whom wiH the bolt fall must heavily?
It will be a golden hanest for »h-.vers nnd usurers
—they will fatten and grow rich in the suffering
ard distressed the community. Tl»ey, and ihey
only, will he benefited. Am), if 1 am not mista
ken, it is this , lass, together wiih those who either
own no money,or, if they do, nre beyond the reaeh
of the law, and have no sympathy with those who
do owe. who ore the loudest "dvo.rafes ot I his mast
vital and dangerous revolution in the monetary af
fairs of the country ; men who have a roost philo
sophical and praiseworthy indifference M the stitfer
mgs of every one o'ae but themselvos No Govern
ment has the right to make such an experiment up m
the happiness of its people—to curry out any theo
ry, however plausible.
The debts of the country were contracted upon
the faith of nnd with reference to mi exist.ng state
of things which no Government has the moral right
to subvert at once, upon the authority of any argu
ment u priori.
One word more ns to llie nine millions yet lo be
deposited with the Stales. 1 like sometimes lo
look hack as well as forward. Il is ofienjprofiiablc
i todoso. Wo were told two years ago that the act
I was not repealed Oh no 1 The payment was on
ly postponed. And it was vaunted in my own
i State am great achievement to postpone the pay
ment iusiead ol repealing Ihe law . When are woto
I get it,sir? Not,sir, until the day of judgment.—
■ Or, what is the same thing, until your present
; Secretary sh 11 put an end to the Florida war.—
No, sir, I will (reely forgive the balance of
that debt, if the Government can only be kept along.
I repeal, air, that no intelligent mar. will say t lint
the resources for the next nnd succeeding years will
meet our wants. Those res ui.'cee are greatly ex
aggerated, whilst the demands on the Treasury are
1 underrate I. From I lie excessive importation of the
lasl year, and the universal ptesure in ilia money
market,added lo our immense foreign debt, the re
venue Irom imports for the ensuing year mnsl he
very smell—less, 1 venture to say, than any one
anticipates; very much less than the estimated!'
the Secretary of the Treasury. From the public
lands I look hereafter lor little revenue ; firsl, be
cause so much of the public domain has gone into
the hands ol private speculators, who will super
cede the Government m the market, because they
own the host lands, and can sell on credit mid lor
paper money; and, secondly, because these lands
are like to he iisral by political speculators, ns the
com in the, public granaries was used in .he days
of the decline of the Human empire. No, sir, in
stead of reduced taxes, we shall bo forced to raise
the inxes, and, I believe, up to the < xtreme point
fixed by the compromise of 1332.
By the by, sir, as to this tariff question; 1 was
told by mure than one, who 1 think enjoy the I’re
s dent's confidence, that, the message would he up
to the hub with the South on the tariff—that it
i would even b>- ultra. I was glad to hear it. I was
I glad to know that wo were to get aid Irom so influ
ential a quarter, from whatever motive; ns I owe no
1 such allegiance—party or personal—any where, and
• never will, as to prevent mo from rallying lo the
, support of those who rally to the support of just
. principles. I looked fur the passage, but I looked
r in vain. I saw exactly the place fir it, but it was
not there. N■, sir, it was not there; but in its place
1 found all those ad oiptandam arguments about
rendering ourselves independent of the currency and
■ commerce’of Kngltind, which have heretofore been s
i and may be again, used in support of a protective
, tariff, more appropriately than Ihey are used in the
j message lor another purpose. Sir, it is degrading to
I thu intelligence of our age mid country to in kin
, this way. We had as well talk of renderingonr
f selves independent of I lie tides or Ism winds of flea
r veil. Why, let me ask, is this anti-tariff ground
nit taken in the message ? I will tell you. sir I
. have been given to understand, lha' it is because a
very important political event is lo take place n°xt
i amumn, nnd that Ito thoroughly tariff States, I’om
sylvania nnd Ohio—Stales now doubtful, lossy the
least—will have an important inilnonec upon that
; event, and that it may not lie very discreet, at this
f particular lime, to take ground against the tariff;
, uni although he doubtless p issessns all the oilier
I parts of valor, no one has ever denied lo the Presi
dent that belter fart of it, “discretion.” Kepecial
• | ly need he not do so w hen nothing is to be gained
I by ir. The South is clearly his alreauy, by deed
. and covenant duly executed; and it would he mere
t wantonness thus unnecessarily to risk Pennsylvania
ami Oh o. 1 have been told, however, to wait, and
. ihiHjn dim time this ground will hi assumed In
i
. Stales out of Ihe r votes V\ hat security hnv> w o
r that w o shall not lie deceived ourselves, as wo have
i hoen already once on this very same subject, and py
the very same person ? No, sir: no great end was
i over yet accomplished by such means Ifno power
■ is left mo t* resist the odious and dishonest opera
. tion of the tariff poll y but fraud and trick. 1 have
■ no confidence in them, and should not resort to
■ them if 1 had.
■ his due to ihe country that the opinions of the
Preside .t should have been known upon a great nnd
; etching question which must very soon come up.
It is ospee ally so, us he lias set up the dangerous
pretension of being (ns repeated usurpations, not
I the Constitution, have really made him) “a eornpo
f nent part of the legislative power ” If he lia one
i half ol the confidence in the judgment and pitrioi
i ism of the People which ho habitually professes
- he need not fear to disclose his true opinions,
i him lake one side or the other, lie has n , r ;«|it to
I lake boih. Ido not wish to cheat others nor to be
> 1 again cheat, d myself.
t j . 1 have a word or two lo say upon the great sub
r I jcr-l of the message—the currency question. Oar
. ■ worihy President seems to have a regular inlennit
-3 tent upon l his subject. At the extra sessio i the
3 hard money fever was upon him, but at the last », s .
- ston there was a clear intermission of ihs fiver
f eveu.sir, a chill had supervened, fie then sud;
l.iiic other Stale establishments,they (banks) may
s be used „r not, in conducting the affairs of the
i Governni m. When the (Government can
1 complish a financial operation better with the aid
f of lhe , ™ nliN tl,an without it, it should bent liberty
I to seek that aid,” &c. The dangerous tendency «(
• the connexion of the Government with hanks was
e then to be arrested, by giving to the Executive the
- undivided power and uncontrolled discretion toom
- ploy ihera or i.oi. It was d mgerous, in other words
0 lo lrusl ,l *is power to lhe Executive and Congress,
s j hut perfectly safe lo confide ii altogether t o the Ex-'
- ! ecutive.
1 | It U a melancholy truth that, whilst there is a
u j parly m this country who waich everv encr.iach
■ I iiienlof the Federal Government upon the rights of
l : the -tates, we all seem to shut our eyes lo the not
- , less dangerous usurpations of the Executive upon
e the other and co-ordinate departments of the Feder
;nl Government. A more daring encroachment of
j that sort has never been made than in this—that it
i ; is dangerous lo the public liberty to trust this con
i j nexion with the banks lo Cong,ess—the immediate
"gents and Representatives ol the People; but that
t [he discretionary power lo use hanks or not shall
be given to the President. Brought up, sir, in the
■ creed of the Republican party—the old, the true,
s the unre respectable Republican party—one of my
earliest and most fixed political opinions lias been
t lo look to the Executive department ns the point of
8 real danger, and to resist the smallest beginnings of
f Executive encroachment
i We were also told in the Inst message of the nm
efictal resit is from receiving lhe notes of specie
i paying banks, and the mil Introduced ns the Gov
■ eminent measure did not contain Ihespecie feature.
■ 1 had some hopes that it was abandoned. I regret
• to see that it riot only has been, hut that the mask
i is now thrown off and the purpose distinctly avow
i| ’ not o,| ly.to require Government dues in specie,
nut to do this with the view ol driving out of circa
■ laliou bank paper altogether, nnd to reduce the
' banks exclusively lo offices of discount and depos.
tte. Is the country prepared for this ? I rejoice
i that the true purpose is nt Inst avowed I have
known from the beginning that such was the pur
pose. I have been accused ol disingenumisness for
saying so 1 have, therefoie, a personal satisfac
tion tr,at I now stand vindicated; still more do 1
rejoice that ihis monstrous proposition is now ex
hibited in its naked deformity.
If any thing, in these times, was to he wondered
nt, it would he that Stale righ s politicians should
advocate this measure, not for it' direct, financial
effects ns to the Federal Governm-nt, but for its in
direct influence upon State institutions —the banks.
All admit the right of the Slates lo charter hanks ;
none will assert the rght of the Federal Govern
ment to destroy or even control there corporations
hy direct legislation; hut the power tc do so is
claimed, and by State rights men, nnder'the indirect
me .ff a power given for a wholly different purpose.
If the revenue power may thus he perverted from
its legitimate purpose, why may not the same reve
nue power he used for the indirect purpose of pro
* ite tug ? „ yoll
flower to effer-, naff «i, h lha view to eff e „ ?
pose lor which .[ was no! and never w« u d' C'
been granted, vvl.nl is ihere lo prevent lhe ~ ® 6
ol taxa ton f ora being used to effect nb ,li Uu „ 'f
lax say of fifty dollars for every person heldV
bondage ? il yon c<n control or destrov on,, si.."
institution—the hanks, why may you' not „
same with another—domestic slavery '} I ,i_i 118
mm lo suggest the shadow of a reason fir if,,; „ ,!'. V
wlvch does nut apply with equal force le || U - ot(l ’
W e are told that banks, in some form w . j ,
ways exist in this coumry, and nre urged t„ „|J'
those banks on a footing on which they en'si ; C
tome other comntriet —that is, banks of deposit
discount, not of issue. “Credit currency ami ere i
it cornmeree" are denounced ns the sources 0 f o ’
our troubles. Now, what dues he mean by '
currency? Nothing. Ho can mean nothing h
bank notes over nnd aho-e the specie in ij.„,
“dollar for dollar, and gildei for gilder” Here ii.'
is a distinct avowal ol a purpose to bring ift e c '.. '*
iry to on extensive metallic currency. No use ...
say that there is any nraclical difference between n
metallic currency and a paper currency represent i.,,.
gold nnd silver, dollar for dollar IfTlfemT. f
other words, filly millions of specie in the comi'irv
we are to have only fifty millions <>f paper is ue I
j and that not to he added to the specie, but tho's ie'
.aerobe withdrawn and locked up, and the nailer
only to circulate. So H al, as lu the amount of ,-iir
reucy, no.me will pretend that wo shift have aiw i
more than if that currency were in gold an I sifter
only. Is the coumry prepared for that '{
Hut sir, is bank paper beyond the specie in the
vaults any more a credit currency than that where
there is specie, dollar for dollar ? Not a whit- and
none but very shallow thinkers,or those who know
better, have said so. Is there no basis of credit
but gold and silver ? Is nothing else of any real
value ? Is there no other properly in the land >—
Is not the note of John Jacob Astro for a thousand
dollars good, and so regarded, although it may be
known that ho has not fifty in specie > ft is time
that this absurd slang aboutspecie should be expos
ed. Specie is not only not the sole foundation of
the credit of hank paper—it is not even the princi
pal foundation, but the property of the debtors of
the banks, and the stock itself is the chief founda
tion of that credit. Is it not so as to the credit of
individuals ? Is credit given because of a known
ainounljof specie he dby the debtor > Certainly
not; for in that case he would need no credit but
would use his specie. No, sir; I repeat, it is’pro
perty to which credit is given—that property of
which gold and silver is the mere yard-stick.
1 Is this not true } After the banks had suspend
ed, and it was known that they had no specie, have
we not only seen their notes passing, but passing
at par for every thing else but specie > And as to
that, it is not the fall in the value of the note, but
the rise in the market value of the specie. Yes
sir, when in that condition, every one is willing to’
exchange the veiy best individual notes, drawing
interest, for those bank notes drawing none. Why
is this, if specie is the solo basis of their ciedit ? i
do not intend to be misunderstood. lam no indis
criminate advocate of the banking system, still
less ol its excesses and vices. I go further; 1
know that reforms, vital and radical, are required;
and I believe that, if these reforms are not made',
the system will be run down. 1 am no apologist
for bank suspensions. I think the last one without
excuse. Specie is necessary -, it is the only mea
sure by which we are to know when bank issues
are excessive ; but lo bring the country, in its pre
sent condition, and with the paper system now pre
vailing almost throughout the world, to a metallic
currency, is a project absurd and impossible. I
have no apprehensions whatever of that; my feats
are of a different character. 1 do not doubt that,
' v by the swing of the pendlum, as natural in the mo
ral as in the physical world, the leaction will be to
reinstate the paper system in its utmost excesses,
and most probably to establish a Government bank
—an institution which Ido not hesitate to say the
public liberty will not long survive. No such tre
mendous revolution in the personal circumstances
ot men as that proposed ever can be effected but
by the iron hand of despotis n. It never will be
done where the People have the power in their own
hands. It is in the nature of man to disregard ul
timate results in seeking present relief from press
ing calamities, and there is no such calamity as a
rapidly diminishing currency. My life on it, the
People will not bear it.
Infinite as have been the losses, the sufferings,
and the misery which have already resulted from
this fatal experiment.wchavenotye’tseen the wi ist.
There has been a general forbearance; itcumut
be so always. The advocates of this hard money
p licy well know it. There is no single State in
the Union that would not instantly crush the ox
tytfiment and the experimenters, if they were call
. P n . P a } direct taxes in specie. Is this dentedi 1
If it is to act beneficially on the hanks by creating
a practical drain for specie, that is a reason equally
strong for demanding State taxes in specie. Why
has no one ever had the bo duess to propose this in
any State Legislature ? Why, sir, because these
taxes are collected directly, and the People would
not bear it; and yet we see anti-tariff men, by the
secret and unseen operation of Unit law, doing what
they would not dare openly to propose.
The State which I in part represent is regarded
as almost unanimous in favor of this pecie policy.
Us Legislature may be said to be so. 1 have fur
the intelligence and purity and patriotism of that
People a respect and deference which 1 cannot
here express, and 1 allude to these tilings for no
unworthy or disrespectful purpose, but it is a fair
illustration of what will be the result of this hum
bug every where.
A portion of our banks have suspended specie
payments, some of them with twice as much spe
cie on hand as they have bills out. A proposition
wa» made lo the last Legislature to coerce a ic
surnption by these banks of specie payments. And
what do you think was the result? It was reject
ed by a large majority. This was not all: we
have a State bank, owned by the State exclusively
It was proposed at a preceding session to receive
nothing tor taxe§ but specie or the bills of this
State bank —a very reasonable proposition surely.
Did it pass the Legislature ?—this sub-treasury
hard-money Legislature ? Oh no, sir, but the tax
collectors were ordered lo receive the bills of all
the banks —non-specie paying bank rags and all.
They did more -, whilst inveighing against banks
and the credit system, they doubled the chartered
bank capital of the State, and have crested a larger
debt for the State than was done by all former Le
gislatures from the beginning of the Government.
A case still more striking is furnished by the
recent action of the Administration party, a iiard
money, sub-Treausury Legislature, with tnc sanc
tion of the hard-money Governor of the enlighten
ed and patriotic State of Georgia. The Legisla
ture of that State, which lias just adjourned, has
established a bank more thoroughly a paper bank
than any that ever has existed in any country —a
bank, sir, which would amaze John Law himself,
if he could be allowed to see what is now going
on. He, sir, would be shocked at this wild excess
of the paper system. The Central Bank of Geor
gia, whose affairs at the lasl report stood thus—
specie, $46,000; circulation, $86,000, and bonds
ami notes amounting to about $3,000,900 —is or
dered (not authorized, but ordered) to issue six
millions of notes —double the currency of the
State—and to loan the money in the respective
counties according to population, on bonds due in
twelvemonths. They issue six millions of paper
on forty-six thousand of specie, and promise to pay
specie on demand, when the debts to the bank are
not due for a year. They cannot even pay bank
notes for a year, and yet they promise to pay in
specie on demand; and this, too, sir, when a draft
of the State for three hundred thousand dollars has
been recently protested, without any provison
whatever being made to meet it; but, on the con
trary, stock which was hypothecated for its pay
ment is ordered to be sold for other purposes. This
law was signed on Friday,, an J the bank suspend
ed the next Monday. These, sir, are characteris
tic signs of what will be the general feeling and
the general results, in the end,of this most disas
trous experiment upon the happiness, and fortunes,
and business of the People. 1 rejoice, therefore,
that the purposes of the Administrrtion are at
length avowed. If these objects are sanctioned
any where, I shall be disappointed. If there is one
man in South Carolina who is in favor of abolish
ing bank paper as a currency, I have never seen
him.
We were told, xvhen this measure xvas first
brought forward, that it would especially benefit
the South. That it was our staples which would
be exchanged for specie, and that additional value
wo lid be given to those stap'es. Has this been
so ? Has indeed the amount of specie in the coun
try increased for the last two years ? It has not.
W'hy not ? We were told to drive out paper, and
specie would take its place. One- half of the bank
notes have been driven out—has their placed been
filled ? No, sir ; that place is literally “an aching
void.” 1 thought at first —and was confirmed in