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Vmn followed—a most consistent C'lmmen
larv u,un Uie test of the mtss.-g-’-. j.i.i
sucii f'oinnteutariea as we liavc always iia l
from Hie sa ue quarter upon like |>ri ..•■.s'ems
of aus iprmciptes ; just sucu a* Ii ; , m- '
lici|»iie. 1 most sincerely pray tnat i; ,av 1
ti .1 ae so. [ shall be gratified si in • o 1
sates <i. tueir position shall drive th.- ■. ! om
iaratei'l upon our principles—.>ia . nr sis
priucipies—the principles ol th- (' aim
lion , bat lit iv<* not even ah>pc m l; is *ii!
ba so. liv i a e,ni(i bihse, a, <t I a.i >;»• the
Ijilgijage 1. ion ;I mi „• ii 11” ret” fore l(<
r.i :iy .1 d.sitil ‘; I ■.li» t ge’i. i ill i ! .ti r»-■ no \ •
i-<8 ojiiii s. ir jiroi.!, ~iii«ie >ll ue
q.lstr.er—- i i.»i. ■ i mi* is to! . : *iv ■>:
i i*s author* ■» tit- iNoufjtiMt.mi m: i Ih
li'l; e.lai.it. 14 1 ;• , i ias of
I. ( ',i: <. ’
l'a • css ••1•v ■; 1 • .-I . 1 of r-iursn the
e i ir.i'ilis ' .1 , et of th : msttge. Ru
sir. t.i-ire 1-. ...a -.- .v-|,t- 1 is ii*--t lourhe-'.
a1 I ivuicii is si »t .ess miporlani— 50..:.- 1 ,i
--put ml, as it should be regarded by pv. n
& I.l'herii 111.1:1; yes, -ir, by every 111:111 01.-.
t. ine heart ol'sisi American beat 1 1 In--
b >s.i.ii. I allude to tiie savage asid isi eve
ry way disgraceful war no»v raging isi Flori
‘it. Is tliat war to rage forever/ Is its
lu tsser proscciiti.i.i si'oaiidotsed ? II iv.s the
Sre.ninules reconquer -d their country/ If
so, acknowledge it—y ield if to liiein by tie.l
ly. an i give tiu-iis tii.s honor and t!se fruit**
u. their victory. Do not keep up a iri-s.-ra
bie show id i.irce tiiere, hiiliig tiie People
td the Territory into a false reliance upon
a power perfectly impotent to all'or I anv re
al protection, andevrn,mg. lor no possible
good, a few of the us >si a ill nit ms? 1 m y,mr
Anuy to all i.,e dinger-, id the climate and
of si vage war, aad, w let to such men i«
i.i.i'iilely " or»j, to (lit: certainty ufcon.-itant
failures and defeats.
I arraign thi* Administration for its worse
*••'111 imbecile and impotent manageme.it ai
tiie iloit.lt war. It there was no other
a-tiise for opposition to tiiose in power, this
itself is all s.iffici mt. Cannot the Admin
istration sviih all the resources id" this great
country conquei this miserable band of sav
ages ? If so, let them surrender th -ir pow
ers to those who can. if they can why
have i liey not done it * Every drop id blood
that has been site I cries to lleavcu igniust
them. Individual atrocities an I massacres,
hortible as they are, I lose sight of alto
gether, when f look at the pressing impor
tance of dislodging so dangerous nti enemy
from their fastnesses in the vicinity of Hit
IVesl Indies, and in the very centre of the
South. Are gentlemen aware that the
Maine boundary question is far, very fu
from ye; being even in a train of adjust
ment, and that the utmost discret on will
be required on the part of both Govern
ments to avoid a war at the end of'fh si ques
tion ? With even a possibility of that, is
there any man who can look whhuut indig
nation at so formidable an enemy being em
bodied in the very heart of tit”’ South, or
at the miserable farce of a treatv which
stipulated to yield to them-a pur ion Ift te
Territory ? Sir, it is not the land that we
wmt: we have too nucli of that already.
It is the removal of the Indians, and that
only, which will satisfy if. And what has
been done o this end by this President ol
ours? this Northern man with Southern
priu iples. and his Secretary of War, a
Southern man with—[l am tit a loss to say
what princi; les, except John Randolph's
celebtsited “seven ?”] Why, sir, we have
Wen the larger part of the Army withdrawn
from the only point where they ware real
ly required, end engaged in an empty oa
geant at Trenton—an empty pageant made
still more ridiculous by a review and inspec
tion of the discipline and tactics by the Pre
sident and his S-'cre'ary. Vex, sir, tlie ar
my which should have been in Florida was
encamped a thousand 1 si!c3 from the point
where they were hourly required, when ev
ery morning s reveille was the news of the
massacre of their fellow-soldiers, and of the
women and children of Florida. Was it to
remove them from the pestilential miasma
of the swamps of Florida? Tliat climate
w;i3 deemed good enough fob the gallant
/laylor an i Harney. Why was it not so
for all ? lam sure tliat there was noce a
mongst the officers who would 00. have pre
ferred to remain at the post ol'duty and of
honor, liassucit a thing ever before oc
curred ? Generally wo have seen troops
concentrated upon the point of danger and
ol war—hut here we see them removed from
it, and the country leu w holly exposed.
When I saw that the President referred
tis approvingly to the plan of the -Secretary
ol War, which he was pleased,to character
ize as calculated “to bring that war to a
successful issue," although I believed that
“nothing good could come out of Naz .retli,”
1 eagerly turned toil to see what that plan
was; and what, si*-, is this notable plan “to
bring this war to a successful issue ?"
Why, sir, it is this: 1 Depriving the Sem
iwiles ol all sympathy. I had not known
bslore that there was any such .sympathy.
I know ofn 1 one who has given an evidence
oi such a feeling, except the honorable Se
cretary. lie certainly lias been most ten
derly ami compassionately regardful of their
lives. His second suggestion is the passage
of Col. Renton’s bill for the settlement of
Florida, which I understand to be a pro
position to give a certain quantity of land to
every man w o will settlfe thetc, and to
furnish liim rations aid military p-.otectiau
into the bargain ; the entering wedge (and
I beg that tlie prediction may be remem
bered) to a system of grants for settlement,
by which the whole of the Western lauds
are to be got from us. The third sugges
tion of the honorable Secretary is to raise
anew regiment, and, of course, to let him
appoint the officers. What lias yet been
accomplished by the 2d Dragoons, a regi
ment rais I specially lov this service ? No
thing that I have ever heard of. I would
not object to raising one or more regiments
if I knew who were to command them ; if I
could have any assurance that the command
would he given-in Gcu Klovd of Georgia,
«r»mup, ntlict such mm. I. however, know
1. me»ueh. Rit it will be given to no such
in in. b it to some palace pot or noisy politi
— ‘ii* These appont meats have been, and
» *1 be, 111 i l>* not with a view to militaiy,
TANARUS; it politic il bittles ; no* w ith a view to 011-
Uu.K.ig victories over the l ,diaus, but votes
at elections. Win*si tint regiment of dra
goons was raised, many a**!:-lenten in Con
gress interested them-e c- to procure ati
uppointment for n-s g.u, ,1 annfficerns any j
in tho \nny, who h 1 i . • usm eor less ".1 j
g.iged in i idia-i w t !-;t ,e fast twenty years
orsd who -vas 1 id •« v - mi uioru than j
one wound lf‘i:si Indian r■ lies. H< |bad|noi
•chance wh.stove T • app >iuiii,*ut was i
given to Oil it'v v, t"• 11 or -iac- ,h , n ver !
set a squailrow .4 is- odd, ami w • tai-as |
vver- nil those of military cl u . Jm» i
tlicni party serso;e«. No men'-w -of v.u, r I
«>a iding army is necessary ; you «• •.■ s,«i» j,,. j
•reaso ynu» army to a lorce to f.i ;
nervic.e. an-k, besides, legadar iroopo ; . -' not !
the troops to figlyt and snen ha* I
be-m our or\ilprm experience. 'Fists only '
w 'J.d end tliat war is to establish ahtrsidant !
v* j» i*s of s pplies. and to throw into Fiari- !
Fv tji-.aeix-qp twenty thonsaod men. Let !
them act simultaneously and in concert, and
the war will be ended 111 six weeks. I can
tell the President that the present plan, ot
onv other tliat ever will be suggested by his
Secretary ot W ar. never will bring that war
»o « successful i-stie, a; i i!iat to rely «n
any such w ill be 1 criminal paltering witti
the lives ol our people, aud the cliaraclei
it the country.
Toe first |a<sage«if the message on the
rtirroiiev stf jeet, wiiicli strikes me, is the
toilowing :
“Toe niueleen mtllions ot Treasury n >tes
i aothoii/.ed bv the act of ('oagress ot l .-idT.
I led the mo iifli'atioiis thereof, with a view
j 1 0 lisa indulgence ot meri irants on tit or d-i
--j tv bin Is, a-i.i ofthe deiinsiie louiks isi the
•>:iv >t—it ol jmb'ic moneys h--ld by tln-.ii.
liavi: loctl so pnoctua'iiy redeemed, sis to
leave iess linn tin- original leu ini-lions 0111-
-t-r-. ling at any one tsnie. and the vvlmle
, onm it nured amed now tails sh-irt of three
mill.-ms. Ol these, the chirf portion is tsot
■ In.- till next year; and tiie whole would
have been aheid v ex. i-igtnslied could tiie
Treasury have rea'i/.ed the p.iy .iie-Us due to
it from Ihe banks. If those due from them
during the next year shall bo punctually
m ido. a id if t,’ongross shall keep the app.o
pnitions witliin the estimates, there is ev
ery reamiii.i !>*■ 11. tliat ill tin outstanding
I’reisnry notes can be redcetnml, aiiiith.-nr
■li mry expenses defrayed, without impoung
on the People anv additional burden, ettlier
if loans or increased t ixes."
Nrnv, sir, I must be allowed, without the
-diglliest intention<l perso- al disrespect to
lie President, to say, th.it not a single state
ment contained in the above extract is true.
I tin not insinuate, because I do not believe
he President capable < 1 an nitcntional mi«
siatemeiif, but 1 1! »say that these statements
•ire incorrect, aud that lie might have uni
might to have known better. Fit?.;: were
these Treasury mites issued with a view to
•nalilethe (iosN.-rtitnent to indulge the banks
and merchants? The debt fr-.ni both tb-.se
sources was less Ilia rt ti.r millions al tin-pe
riod ofthe last issue often miliums ol these
Treasury notes. How, then, can a debt of
six millions be the reason and the excuse
for issuing ten millions of notes ? Although
n it so expressly stated, tiiere are other pis
s tges of tin-message as well as of the 'Trea
sury report, which imply, and are no doubt
intended to imply, that indulgence to the
banks was the sole reason for this issue of
an unconstitutional currcncv- Hmv gross
a misrepresentation this is, will be seen from
the fact that, sit the period ofthe last issue
often millions, the banks owed less than
two millions. I would here take occasion
to say, in passing, tls it these deposits banks,
which have been habitually denounced lor
(heirfailures in.l fiauds, have giv--n evidence
of a power to fulfil their engagements and a
nobis fidelity in iloi lg so absolutely unpre
cedented, and beyond the hopes ol the most
sanguine, and which throughout Europe is
regatded with wonder and admiration. They
have fulfilled, to a miracle, all fheiremrage
meats, and, besides that, have sustained the
country under ci ten instances ol difficulty
and dtstres^vli ere the boldest might have
despaired, u know, sir, tliat these are un
fashionable opinions and troths, unwhole
some to brawling politicians—-that despica
ble and pernicious class, whose only ambi
tion is to rise from that obscurity to which
a want of all talent and all virtue has destin
ed them, by joining every popular clamor
even against the best and most s.icteil insti
lutiwus of society. I ani tut otic of those
“whose thoeghtsever keep the road-way."
1 cannot lend myself to injustice of any
sort. What, sir, are the facts in relation to
our connexion with the deposite banks?---
The year before the suspension they held,
on account of the Government, more tha t
sixty millions of money. It was contempla
ted by the distribution bill to withdraw this
sum in eighteen months. That itself was
regarded by most men "ho were best in
formed, as a 'rial which the banks could not
stand ; but they did. Yes, sir, ami more.
The Secretary ofthe Treasury, instead of
allowing eighteen months for this .remeti
dous operation, actually executed it in six
months. I tv’ll not say, as some ofhispre
senl friends have said, that it was done to
defeat the salutary effects of the measure.
But lie did it, ~nd, to the astonishment of
every one, the banks sustained themselves
under this terrible trial, and paid over at
oiice about forty millions. No man would,
a priori, have said that It was possible. ThL
is not all. Atthe period of the suspension,
in 1837, the banks held on account of the
Government twenty-three millions. Con
gress granted them indulgence for eighteen
months. 'They paid ail but about two mil
lions in less than six months—-refusing to
avail themselves of your indulgence ; and
have secured, as the Secretary tells us, all
the balance. If this be faithlessness and
fraud, commend me to faithlessness and
fraud for the balance of my life. I have
shown that indulgence to the banks and the
merchants was not the cause ofthe issue of
these Treasury notes; an issue of a Gov
ernment currency which, l have heretofore
shown in an argument which no one has at
tempted to answer, was a gross and dan
gerous violation of the Constitution. Tiie
xt’cond statement is equally untrue, that the
whole r,f the Treasury notes would have
been extinguished if the Treasury* could
have teali/.ed the Stuns due from banks.
'The amount due from banks is less than
two millions; the amount of Treasury notes
out,landing is two millions and threemirths,
besides interest. Tli • last instalment from
the United States Bank is not due until
next September. The third anil last, and
much the most important, is, that the re
sources ofthe Government for the next year
will be adequate to its wants without any
increased burdens ol io ms nr taxes. We
were told the same thing in the last annua!
message, almost in the same words. I said
then that it was tint true. What was tiie
result ? Why, sir. anew issue of Treasury
notes. So it will be now.
The President may not have known that
this statement was incorrect, but I sun very
sure that no man on this flopr who regards
his character wiii venture to endorse this
opinion. Why. sir, every body knows that
it istjot true. The Secretary of the Trea
sury very well knows it. Although he docs
HOt directly ask tor a law to aulliori/.e the
issue often millions more of Treasury unit s.
a whole column and a separate subdivision
of his report, is devoted to proving the ue
ecssit vof providing sour- fund to meet a
contingent deficiency, Wt at fund does he
moan ? Why, Treosmy notes and entiling
else ; the expedient ofthe spctnUhift who
h is w asted his patrimony—(ogive Ills note.
The President tells us that the resources of
the Government will he adequate to its
wants. 1 tell you they will not. The Pre
sident has much better opportunities of
judging than I have, and is under the same
obligations to disclose the truth to tiie coun
trv. Now, sir, mark Iho result, and see
who is right. Before six months we shall
be asked to issue ten millions at least of
Treasury notes, or to make a loan in some
o.her form. W!t v i' the truth not now told
ns? For he other reason than the shame of
,she avowal, od the part of the President,
hat. coining into power in a time of pro
found peace and general prosperity, with a .
Treasury overflowing, he has in three years
expended thirty millions over ansi above the
accruing revenue, and caused an almost u
nivers and ruin and insolvency iu the land.
Tnere was, when the President entered on
tiie du'i -s of his office, nine millions which
wax lobe deposited wttli the States, five
milho.is of surplus besides, and upwards of
live millions due and which lias been paid
by the Bank of the United States, and there
is now near three millions of Treasury notes
outstanding, mokinu twenty-three millions,
to which add at least ten millions for (lie
p.t's-ul year, and we have in three years of
this ecnuoinicai deifersonian Ailininistrati >;i
au excess of expenditure over income of
thirty three millions. Asto the future, 1
Imk to it with absolute dismay; no eye
can penetrtite the gloom of tint future.
We must pay to England alone next year,
for excess ol i nportsuver exports and inter
est on State debts, not less than sixty mil
iums. 'The same produce cannot pay this
debt and also pay f.i goods from wbic.li re
venue ia to lie derived ; and wlien our pro
duce fails, the dtbt can only !»•• paid iu spe
cie, and tilt* specie will be exported by laws
of commerce. a< fixe I and certain as desti
ny i'self. ISo certain, sir. am i of these
results, that all other feelings are forgotten
in a sympathy with tiie siitferiugs of the
country; and if I had an enemy among the
authors of this measure, 1 would and sire lor
hint no other punishment than that which
awaiishini iathe wrath and indignation of
an si'itis,al and deceived people. That day
is coming, and is not far distant, and I shall
liav- no other, if I desire no other, consol
ation than to he able to sav to those who
have confided their interests to me, that I
have done all that I could to avert these
calamities.
I -ce no human power now to avert the
impending distress. This debt inus: be paid
cither with our productions—and then we
cannot make our usual importations,and, of
consequence the demand for our cotton is
cut off, and tlie article not only falls still
lower in price, but cannot be sold at all—
or else this debt must bs paid in specie,
and that, in the present condition of the
country, will be ruin at once ; not to the
banks, but to the People. Not, I repeat, to
the banks, but to tiie People. If the banks
are forced to pay, the People their debtors,
must pay them. The batiks owe the Peo
ple one hundred and fifty millions, tiie Peo
ple owe them five hundred millions. On
whom will the bolt fall most heavily? It
will be a golden harvest for shavers and s.su
rers—they w II fatten and grow rich upon
tli” sufferings and distress of the communi
ty. They and they only, will be benefited,
'■id, if I am riot mistaken, it is this class,
together with those who either owe no
money, or, if they do, are beyond the reach
ol i he law, and have no sympathy with those
who do owe, who are the loudest advocates
ol this most vital and dangerous revolution
in she monetary affairs ofthe country ; men
who have a most philosophical and praise
worthy indifference to the sufferings of ev
ery one else Inst themselves. No Govern
ment has the right to m ike such an experi
ment upon the happiness of its people—to
carry out any theory, however plausible.
The debts of the country were contract
ed upon the faith ol and with reference to
•in existing state ol tilings which tin Gov
ernment has the moral right to subvert all
at once, upon the authority of any argument
<t priori.
One word more as to the nine millions yet
to lie deposit-al with the States. ! like
sometimes to look back "9 well as forward.
It is often profitable to do so. We were
told two years ago that the act was not le
pealed. Oh no! The payment was only
postponed. And ir was vaunted ; n my own
State as a great achievement tr> postpone
the payment instead of repealing the law.
When are we to get it, sir? Not, sir, un
til the day of judgment- Or, what is the
same thing, until your present Secretary
siia'l put an end to the Florida war. No,
sir, 1 will f-eely forgive the balance of that
debt, il the Government can only be kept
along. 1 repeat, sir, that no intelligent man
will sty that the resources for tin* next and
succeeding years will meet our wants. Those
resources are greatly exaggerated, whilst
the deinatuls on the Treasury are under
rated. From the excessive importation of
the last year, and the universal pressure in
the money market, added to our immense
foreign debt, the revenue from imports for
the ensuing year must be very small less!
venture to say. than any one anticipates : ve
ry much less than the estimate of the Se
cretary of ,he Treasury. From the public
I unis ! look hereafter for little revenue.
First, because so much of the public do
main lias gone into the hands of private
speculators, who will supersede the Gov
ernment in tire market, because they own
the best lands, and can sell on and
for paper money ; and, secondly because
these lands are likely to he used by political
speculator® as the corn in the public grana!
rics was used in the days of the decline of
the Ron rn empire. No,sir, instead of re
duced taxes, we shall be forced to raise the
taxes, and. 1 believe, up to the extreme
point fixed by the compromise of 1832.
By-the-oy sir, as to this tariff question:
T was told by more than otic, who, 1 think
enjoy the President's confidence, that the
message would be up to the hub with the
South on the tariff—that it would even
be ultra. I was glad to hear It. I was gl.ul
to know that we were id get aid from so in
flucntial a quarter, from whatever motive;
as I owe no such allegiance ; pc ty or per
sona! ; any wlie <*, and never will, as to
prevent isle from rallying to the support of
those who rally to the support of just prin
ciple . I loot.ed fortlie passage, hut I look
ed in vain ! s:w exactly the place for it,
hut it was not tiiere. No, sir, it was not
there; but i:i it; place 1 found all those off
Copland mu ai'iurt ors about rendering our
selves i idepeailent of the currency and
commer e of England, which have hereto
fore been, hhd may be titiain, used in gttp
port of a protective tariff more appropriate
ly than they are used in t' e message for
another purpose. Sir, it is degrading to
the intelligence of our age and country to
talk In this wav. We had as well talk of
rendering ourselves independent of the titles
I ’ r tin* winds of Heaven. Why, let me list;,
is this anti tariff ground not taken in the
message ? Iwj 1 1 tell you, sir. 1 have been
given to understand that it is because a ve
ry important political event is to take place
next autumn, and that the thoroughly tariff
Stag's, Pennsylvania and Ohio ; States now
doubtful, to say the least; will hive an
important influence upon that event, ami
that it may not be very discreet, at this !
particular time to take ground against the ■
tariff; and although he doubtless possesses :
an the other parts ot valor, no one fi.rs ever j
denied to ine President that beit* r part of j
it, “discretion.” Especially need, he not I
doso when nothin” is lobe gained bv it j
Tiie South is clearly Iris already, ly ‘deed
and convenant duly executed ; and ii would 1
be mere wantoairews thus unnecessarily to i
risk JPeuusylvaui* aud Ohio. 1 tiav-e been i
told however, to wait, and that in due time
this grousd will be assumed, in other]
words, I cm to aid in cheating the tariff States
out ol their votes. What security have we
that we shall not be deceived ourselves, as
we have been already once on this very same
subject, and by the very same person ? No,
sir: no great end was ever yet accomplish
ed by such m ans. If no power is left me
to resist the odious and dishonest operation
of the tariff policy but fraud and trick, 1
have no confidence in them, and should not
resort to them if 1 had.
It is due to the country th it the opinions
of the President should have been known
upon a great and exeituig question which
must very soon cotne up. It is especial
ly so, as he lias set up the dangerous pre
tension of being (as repeated usurpations,
not the Constitution, ha»e really made
him) “a component part of the legislative
power.” If he has one half of the confi
dence in the judgment and patriotism ofthe
People which he habitually professes, he
nee I not tear to disclose his true opinions,
j Let him take one side or the other, lie
has no right to take both. I do not wish
to cheat others, njr to be again cheated my
self.
I have a word or two to sny upon the
gieat subject of the me- -age : the curtency
question. Our worthy Pr *-d ’me s-ems to
h ive a regular intermittent upon tins subject
, At ite extra session the hard money f- ver
was upon him, hut at the ia.st session there
was a clear intermission ol tuis f i v”r even,
sir, a chill had supervened, tie tneusiid
‘ Dike other Slate establishments, they
(banks) may be used or not, in conducting
the affairs ot the Government” “When the
Government can accomplish a financial
operation better with the aid of the
banks than without it, it siiouldbe at
liberty to seek that aid,” A:e. The dan
gerous tendency of tlm cotltie.xion of
the Government with banks was then to be
arrested, by giving to the Executive the
undivided power and iincon’rolled discre
tion to employ them or not. It was dan
gerous, in other words, to trust this power
to the Executive and Congress, b it perfect
ly safe to confide it altogether to the Exe
cutive.
It is a rnelan holy trtr h that, whilst there
is a party in this country who watch every
encroachment of tlie Federal Government
upon the rights of th” States weal! seem to
shut our eyes to the not less dangerous us
urpitioiis of the Executive upon the
other and coordinate .departments ofthe
Federal Government. A more daring en
croachment ofthat sort lias never been nude
than in this ; that ir is dangerous to the
public liberty to trust this .aoimoxiou nirh
the banks to Congress; the immediate a
gents and Representatives of the People;
but that the discretionary pow.-r to use
banks nr not shall be given to the President.
Brought up, sir. in the creed of the Re
publican party; the old. the true, tiie once
respectable Republican party; one of my
earliest and most fixed political opinions
lias been to look to the Executive depart
ment as the point of real danger, an I to re
sist thesmallest beginnings of Executive
encroachment.
\Y e were also tolu in the la**t message of
the beneficial resit its from 1 eeivinr' the
notes of specie-pa ving bmk<=. and the bill
introduced a* the Government measure did
not contain the specie teature. I had some
hopes that it was abandoned. I regret t<>
see that it nor only has not been, but that
the mask is now thrown off, and tiie pur
pose distinctly avowed, not only to require
Government dues in sptcic, but’ to do this
with the view of driving out of circulation
bank paper altogether, and to roduce the
• tanks exclusively to offices of discount and
deposite. Is the country prepared fortius?
I rejoice that the true purpose is at last a
vowed. 1 huv” known from the beginning
that such was the purpose. I h ive been
accused ofuisitigenuousness for saving so.
I have, therefore, a personal satisfaction that
I now stand vindicated : still more do I
rejoice that tins monstrous proposition is
no v exhibited in its naked deformity.
Il anything, in these times, was to he
wondered at, it would be that State rights
politicians should advocate this mea
snte, r.ot for its direct financial efiW-ts as to
the Federal Government, Imf for its indirect
influence upon State institutions ; the banks.
Ail aonwt the right ot the States to charter
banks ; none will assert tire right of the
Federal Government to destroy or even
control these corporations by direct legi-da
tion ; but tiie power to do so is claimed,
and by State rights [men, under the idirert
use of a power given fora wholly different
purposs- ll the revenue power may thus
be perverted from its legitimate purpose,
witv may not the same revenue power be
used for the indirect purpose of protecting
manufactures ? If you may use a granted
power to effect, and with the riav to effect
a purpose for which tt v.as not and never
would have been granted, what is i!c*re to
prevent the power of taxation from being
used to effect abolition, by a tax sav of fifty
dollars for every person held in bondage 1
If you can control or destroy one State in
slitulion, the banks- why may you not do
the same with another, domestic slavery?
1 defy any man to suggest the slndowof a
reason fertile one which docs not apply
with equal force to the other.
We are (old thafbanks, in some form, will
always exist in this country, and are urged
to place these hanks on the footing on
wliicn they exist in some o'hcr countries',
that is, banks ol deposite and discount, not
of issue. “Credit currency and credit
commerce” are denounced as the sources
ofal! our troubles. Now, what docs lie
me;m by credit currency? Nothing. He
c,tn mean nothing but hank notes over arid
nlmve the specie in hand, “dollar, for dol
lar. and guilder lor guilder.” Mere, sir, is
a distinct avowal of a purpose to bring the
country to an exclusively metiPic currency.
No one will say that there is any practical
difference between a metallic currency and
a paper currency representing gold and sil
ver. d< liar for dolbr. If there is. in other
words, fifty inillioiisnf specie in the coun
try we are to have only fifty millions of
paper i-sued. and that not to'be added to
the specie but the specie to be withdrawn
and locked up, and the paper only tocircu
laie. No, tuat, as to the amount of curren
cy, no-me will pretend that we shall have
any more than if that currency were in gold
and stiver only. Is the country prepared
for that ?
H ot, 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 verv
shallow thinkers, or those wlm know better,
have said so. Is there no basis of credit
but gold and silver ? Ts nothing else of any
real value Is there no other property in
the land ? Is not the note of John Jacob
Astor for a thousand dollars good, and so
regarded, although it may be known tin t he
his not fifty in specie ? It is time that this
absurd slang about specie should be exposed.
Specie is not only not the sole foundation I
ol the oiedit of bank paper—-it is not even I
the principal foundation, but the property i
ot tlie debtors of the banks, and the stork j
itself is tfoe chief foundation ofthat credit.
Is it not so as to the credit of individuals !
Is credit given because of a known amount
of specie hel-i by the debtor ? Clearly not ;
lor in tliat c ise lie would need 110 credit,
but would use his specie. No, sir; I re
peat, it is property to which credit is given i
that property of which gold aud silver is the
mere yard stick.
is this not true? After the banks had
suspended, and it was known that they had
no specie, have we not only seen their noyes
passing, but passing at par for every tiling
else but specie ? An’dasto that it is not
the fall in the value of the note, but the rise
in tiie market value ofthe specie. Yes sir,
when in that erudition, every one is willing
to exchange the very best individual notes,
drawing interest, for tiiose bank notes draw-
I ing none. Why is this, if specie is tiie sole
I basis of their credit ? Ido not intend to be
I misunderstood. lam no indiscriminate ad
vocate of the banking system, still less of its
excesses and vices. I go* further ; I know
that reforms, vital and radical, are required,
arm l believe that, if these reforms are nut
made, tiie system will be rundown, lam
no apologist for bank suspensions- 1 think
the last one without excuse. Specie is ne
cessary ; it is tile only measure by which we
are to know when batik issues are excessive:
but to bring the country, in its present con
dition, and with the paper system now pre
vailing nptm t throughout the world, to a
metallic currency, is a project absurd and
i mposs hie. I have no apprehensions what
j ever of tin:; my fears are of a different cliar
loi ler. Ido not doubt that, by the swing
| ot the pendulum, as natural in the nicral as
m tlie p.iysic il world, the reaction will lie
to reinstate the paper system iu its utmost
excesses, and most probably to establish a
Government hank---an institution which I
do not hesitate to say the public liberty will
not long sur-ivc. No such tretneudious re
volution iu the personal circmnstsuces of
men as that proposed ever can be effected
but by the iron band of despotism. It never
will be done where the People have the pow
er in their own hands. It is in the nature
ot mail to disregard ultimate results in seek
ing present rebel from pressin ; calamities,
and there is no such calamity as a rapidly
diminishing currency. My life an it, tbe
People will not bear it.
infinite as have been the losses, the stifler
itigs, am! the misery which have already
resul. ed f out tlii> fa a I cxperime: t.’vehav,
not yet see 1 tiie worst. t hare pas been a
.general forbearance ; it cannot be so always,
i'lte advocates of this haul money policy
well know it. Thete is no single Slate in
the Union tliat would not instantly crush
the exp-iinieut and the experimenters, il
they wore cat.e l 0.1 tj ooy direct taxes in
specie. Is this denied ? If it is to act ben
eficially on the banks bv crea-iug a practi
cal drain for specie, that isa reason equally
strong for demanding Si ate taxes in specie.
Why has no one ever had the boldness to
propose this m any State Legislature ?
Why sir, because those taxes are collect
ed directly, and the People would not bear
it; and yet we see ami-tariff men, by the
secret and unseen operation of that law,
doing what they would not due openly to
propose.
The St ite which I in part, represent is
regarded as aim .si upani.oou, in favor ol
this specie policy. Its Legislature may be
said to be so. I have for the ititilligence
ami purity and patriotism ,*f that People a
respect and deference which [ cannot here
express, and I allude to these things for no
unworthy ortltsiegpccffji purpose, but it is a
fair illustrations of what will he the result of
tins humbug every where.
A portion of our banks have suspended
specie payments, some of them with twice
as much specie on h ind as they have Dills
out. A proposition was made to the last
Legislature toco”rcea resumption bv these
banks of specie, payments. And what do
you think was the result ? It was rejected
by aparge majority. This was not all: we
haven State batik, owned by the State ex
gli'ively. It was proposed at a preceding
session to receive nothing so taxes Intt spe
cie or the bills 01 this State bank—a verv
reasonable proposition surely. Did it pass
the legislature—-this sub-treasury hard mo
ney Legislature. Oh no, sir. but the tax
collectors were ordered to receive the bills
of ah: the nanks— non-specie paying bank
rags and all- They did more; whilst inveigh
ing against hanks and the credit system, tiiev
doubted the chartered bank capital of the
State, and have created a larger debt for
the State than was done by all former Leg
islatures from the beginning of the Govern
ment.
A cases!;!! mote striking is furnished by
tiie recent action ofthe Admini-dr turn par
ty, a hard-money, Sub-Treasury Legisla
ture. with the sanction of the hard money
Governor of tiie enlightened and patriotic
State of Georgia. The Legislature ofthat
State, w hich has just adjourned, lias estab
lished a Irani* more thoroughly a paper hank
tln.ll anv that ever has existed in anv eoun
n bank, sir, which would amaze .I dm
Daw himse'f it he could be allowed to se<-
wbat is now going on. He, sir, would be
shocked at this wild excess of the pnpcrsrs
tem. The Central Bank of Georgia, whose
affairs at th” last report stood thus—specie.
$43,001): circulation, SBO,OOO, anti bonds
and notes amounting to a ! >o. 1 $3,000,000
is ordered (not authorized, bur ordered) to
issue six millions ol notes—double the cur
rency ofthe State—and to loan rhe money
in the respective counties according to pop
illation, on bonds due in twelve months.—
They issue six millions of paper on forty-six
thousand of specie, and promise to pnv spe
c's mi demand, when the debts to the bank
arc not doe for a year. They cannot oven
pay bank notes fora year, and yet they p r «-
miseto pay iu specie on demand ; and this,
too, sir, when a dr»ft ofthe State for three'
hundred thousand dollars has been recently
protested, without any provision whatever
being made to meet it ; ; but, on the contrary,
stock which was hypothecated for its pay
ment is ordered to be sold for other purpo
ses. This law was signed on Friday, and
the hank suspended the next Monday.—
These, sir, are clinrartcristm signs of ivliat
"tli be the general feeling and the general
results, in the end, of this most disastrous
experiment upon the I'appinoss, and for
tunes, and business of the People l rejoice,
therefore, that the purpose* ofthe Admin
istration are at length ;t7owed. If these ob
jects are sanctioned arty where, t shall
be disappointed. If there is one man i»
South Carolina who is in favorof abolishing
bank paper a* a currency, I have never seen
him.
We tvere told, when this measure wa
first brought forward, that it would especi
ally oenefit the South. That it was our i-t i
p!e-, which would be exchanged for specie,
and that additional' value would be given to
those staples. Has this been so ? ilas in
doeff the ain r»unt of specie in the country
increased lor the last two years f It has not .
Wby not? We were told-to drive out* pa
per, and specie would take its pl.ee One
hall ol te« batik notes h ive been driven out
- has their place been filled 1 No, sir; that
place is literally ‘au aching void.” 1
thought at first, and was confirmed in |Ji at
opinion by the authority of such men as
Dallas and Crawford, than whom this coun
try has produced none abler or better, and
they spoke not from abstact and delusive
speculatoin, but from actual experience
that it would enrich New York, t| le grea i
centre of commerce—the place at which
not from which, payments were to be made
at the expense of all the rest o‘‘the country
las it not so turned out? Gold and silver
abound even to excess in that citv wl.il ,
every where else there is, amongst busi. ess
men dtsmay and despair. Benefit Ule
Smith ! W hv, sir, it has been, and will b e
a protective tariff in its worst form, de
duce ours to a hard money country and
reduce prices accordingly, and w ho does not
see that the manufacture* ofthe rest ofthe
world where the papar system prevails
cmnot be sold here/ and an absolve
monopoly is given to the American nianu!
ficturers, a' prices nominally 'cheaper, ac
tually and relatively higher—destrox in e
our great market for Southern staples at a
turn- when the supply of those staples must
be enormously im teased from suspension of
works of internal improvement, and an im
"tense time flu; ot labor is about 10 be thrown
again upon agriculture to sav nothing 01
other causes? In all sincerity I say, sir [
"em|)!e when I look to the future, esneei
ally in the South.
The President attaches much impor
tance to the f-.ct which lie states.jihat there
is never any ! rge omo tnt nr an\ one time
to the hands of collectors, dte. Who did
not know that ? Who did not know that
the profligate waste «f the paidh- money
i>v tilts spendthrift Adminsitraiion, at the
same time that our revenues were greatly
diminished, had forced the Government
literally to live, from hand to mouth ? Nay
more, sir, to resort so thu most despicable
shifts to “raise the wind no other phrase
will so well express the idea. To do that
which would irretrievably disgrace a pri
vate man—to draw for money* w err* they
knew thev had none on which to draw?
Rut str, this state of things, it is to Ite hoped
is not to l ist always. If we should ,i* r
again h; v>-a (nil Treasury, the currency
will be disastrously contracted, and. what is
more, 'our sub-Treastirer, with large a
mount- of go and and silver on hand, may ruin
at will every bank in the country. * Will
not ti.K give a political power over those
list it n : ions which may well be dreaded ?
i was very mu* il surprised to see that sty
ahl--.nd a,him n writer as the President
should have been guilty of so gins* an in
consistency a* I find in the Message. The
great argument ofthe Message in^favor of
the measure is not that it will gAe a geo.l
currency, gold and silver, lor tlPe use ofthe
Government, .mt the effect dmt it is in have
tin the hank*. To this end it is said that
it w ill he all-powerful. How can ir be so
but by causing the banks, by reason of this
constant drain of specie, greatly to ics'.rii t
there issues? \nd vet we are inmiedia'.c
ly afterwards told i|,at the sum required ;«r
the uses of the Government wdl be so verv
small that it will really hardly affect the
banks at all- a very Hercules at one mo
nvnf-as powerless as ".sleeping infant the
next.
I must apologise for detain; the house so
long, i> t r. !eh it to be my dulv to call the
public attention to some of the points of
litis Message, especially to the start ting
proposition to abokso. ir: idled, bank pain r,
and thus to npomte on State insuitimis by
tiie indirect i.se of a power grained lor o’-
tlier and different purpose—a potter winch
never would li i.e been granted for ihepur
pose for " hie! 1 ir is now proposed t- be made.
| EXECUTIVE APPOINTMENTS,
; theckXthalbank.
• Perhapsthe present Executive has had i.o
duty to perform, since the day of his inau
guration as (inventor of the State of Geor
gia, involving in its discharge so much re
sponsibility, as that of making a selection
01, and appointing a comnetent direction
to manage the affairs of the Central Hank-
Indeetl, we, at left, .are satisfied, that there
can be no act of his administration-, in which
the character of the State, and the interests
of the people tire so deeply involved. By
a prudent selection, the one nav be niai'e
to recover her lost iredit among her sister
States) and the other to be greatly advanced.
Otherwise, both to be sacrificed upon the
unholy alter of party ! j/ir ty / parti) !! !
It was, w.fh in* small degree of anxiety that
we awaited the announcement, by hi*
Excellency's official organ, the Federal Un
ion, of (lie individuals appointed to entitle!
and direct the affairs of fins Insitution. lit
the mean time, rumor with her “/ hr.nsand
t>>.'><)uis had been busily engaged in re
vealing in our peaceable community the fuel
that there was THOU RLE IN’ THE C\P-
Ii ; 'and that his Exeeldettcv had met
wiih "‘i/nerpci ,/(/ ’(mark the word, reailii)
difficulty m making ids ap|x>intmeiit of
Directors. *>n the day preeding tire nn
nouneeiH'nt id the Federal Union, it was
genera! y know n that ad s inguished goule
inan ot this city, belonging to the U’ ion
Party, one high in tin ir confidence, trio, h id
resisted Executive dictation, in u matdv awl'
*[iti tied sty le—that lie indignantly tefugert
upon "cerhrin Oil A N Y CON
DI ! IONS AT ALT., to accept an ap
pointment of Directorship, tenderd to hint
previously—and that, under the circum
stances, ids Excellency hail made another
appointment in the place of the gentleman
alluded ft*. Our readers may be assured
that all this tended to inflame our curiosity,
nay, anxiety to hear the result. We there
fore seized upon the Federal Unionoflast
Tuesday morning with avidity, and weie
not a little surprised to see that Dr. Tosi
l.tNsox Fort, Cot. Augustus H. Kkn
an, and W». [). Jarkatt. Ksijr., were
announced as Directors of the Central
Bank. We are astonished at the announce
ment of this appontmenf, well knowing——
but we must lefrntn, for the present, with
the inflection that, it is a blind man only
that cannot see. The game played in refer*
ence to the appointment of Directors of tins
Insitution, previous to, during the session
of the Legislature, and since, was not
played behind the curtain but before ti e
world. We shall tevr-aJ every act of/he
drama to tl e astonished eyes of our readers,
in our future numbers. I u the meantime
we sh vllga on to relate what has transpired
since the -official organ of his Excellency.
ventured to make ihe anouncetnent. Col,
Kenan, for masons, so we have beard,
assigned to H,is Excellency, refused to ac
cept the appointment. Those reasons we
understand, will be made public. It was
then tenderd to Mr Deal! of this city, whex
also refused to accept it. It lias since been
accented bv Wm, Y. Hansel, Esqr.
Believing as we do thet affairs of the
Institution will be conducted in a inane,
similar to that which characterised it in
1836 ami ’7, we confess that we are astonish
ed at the course of the Governor. It :s well
known to all, that, at the period alluded to,
the shatter of this Institution was not what
it now is. Thou, the Directors were acting
under restrictions in the charter. which
should have prevented, with an efficient di
rectum, tint crippled state of the bank in
it. Bta» turned nxaMmtegfb- --