H. OF R.]

The Public Deposites.

[MARCH 21, 1834

had been also said, that, if the States had the power of he said, vast and complicated evils existed, which woule creating banks, it was impossible for the United States to not be tolerated for a moment in the State Governments regulate the currency. And whence, he asked, did the Abuses of power often strengthened the power to abuse United States get the right of regulating the currency? Certainly, said Mr. G., the constitution conferred upon it no such authority, except the power of regulating the

coin.

Mr. G. then proceeded to consider the inexpediency rechartering the bank. It had been said that whilst th currency furnished by the United States Bank was th best in the world, (better than gold and silver,) the Stat

Mr. G. said there was no fact, in relation to the state banks were wholly unable to redeem their notes in specie of the public mind, more discouraging to his own exer- He said that the statement was partly true, but that th tions in defending the institutions of the country, than the inability of the State banks to redeem their notes was the slight impression ion which violations of the constitution pro- consequence of the operations of the United States Bank duced upon the feelings of the people. The same indif- The receivability of the United States Bank bills in th ference was constantly exhibited by their representatives payment of all Government dues, the possession of the in the investigation of the principles of the Government. public money, and the establishment of its branches i He said that all the arguments against the unconstitution-every part of the United States, had given such an ex ality of the United States Bank were answered usually by tended and universal credit to the bills of the Unite the display of the force of precedents, or the opinions of States Bank as to drive specie from circulation. Tha

distinguished politicians. He observed, that one of the greatest securities provided by the people of the States, for the perpetual continuance of the constitution in its original form and spirit, was to be found in the oath required to be taken by every officer engaged in the public

effect was increased by the use which the United State Bank had made of the notes of the State banks. He kne it had been said that one of the great benefits of the Unite States Bank had been to control over-issues by the Stat banks, so as to make their bills convertible into specie

service to support the constitution. The obligation thus The reverse was true, both of the present and first bank created was imperative upon each individual. It was the The disproportion between the paper of the State bank highest obligation which could arise out of the relation of in circulation and the specie in their vaults was nevers citizen and Government, and could alone be discharged great as at present, and at the time of the expiration c by each person's judgment and conscience, acting for the charter of the first bank. The expiration of the cha itself in the performance of what were his own convictions, ter of the United States Bank would be the destruction Mr. G. said, it was but trifling with the importance of the that extended eredit by which the notes of the State bank subject to justify the violation of the securities provided had ceased to be convertible into specie, especially if a for the preservation of the people's liberty, by the exam-companied by judicious legislation on the part of the Gen ple of others. All must examine the constitution for eral and State Governments. The want of confidence themselves, and obtain their own results. It was thus the banks would be the people's security against the alone that the sacred charter of our rights could remain over-issuing.

the same a thousand years hence, that it was when first But it had been asked, How was exchange to be reg formed and ratified. lated between different parts of the country? He replic Mr. G. remarked that, before he proceeded to discuss as it was then between New York and Liverpool. Th the last question which he had proposed for examination, productions which each section furnished the other w viz: the inexpediency of rechartering the bank, he thought the principal medium through which mutual commerc it proper to make a brief reply to what had been said of would be carried on. The payment of balances wow State Governments and State banks. The losses from be made, he said, in the bills of commercial houses broken State banks, and the depreciation of State bank established credit, in bills furnished by the State bank paper, had been described in strong terms, for the pur- or in gold coin. Mr. G. said that it was exceedingly in pose of proving the folly of the State Governments to be portant for keeping the rate of exchange uniform, and so great as to render them inadequate to exercise the a fair price, that Congress should regulate the value power of chartering and governing banking institutions, the gold coin, by increasing its nominal value so as and the unfitness of those institutions to supply a beneficial retain it within the country, and so to direct the colle tion of the public revenue as to force the State banks Mr. G. said that, in the legislation of newly-formed make their bills convertible into coin at the will of th communities, like most of our States, there would always holders.

currency.

be great errors committed. It was, however, the pecu- Mr. G. said that he considered the project of makin liar genius of our State Governments to profit by expe- the currency of the country altogether a hard-money cu rience. They were founded upon the capacity of the rency to be utterly visionary, and, if practicable, not people to govern themselves. That capacity was often be desired. He said that, in a large portion of the Unite most strikingly exhibited in the recuperative energy with States, the accumulation of surplus capital was far fro which the State Governments recovered from great mis- being sufficient to supply the constant demand which i takes. This very quality of our free representative Gov-dustry, enterprise, and skill made upon it. Individus ernments was never more clearly exhibited than in the and banking credit, therefore, formed an essential sourc history of banking. In the new States, whilst capital was of private profit and public wealth.

always scarce, the demand for it was necessarily very ac- Mr. G. said that the House had been warned of th tive and urgent. Many banks had, under such circum-dangerous influence which had been given to the Pres stances, been created without capital, to supply the place dent over popular elections if the State banks were mad of capital by bank credit. Such banks had, of course, the depository of the public money. He said that con failed to pay when specie was demanded. What was the mercial men and bank directors were too much occup situation of those States where the evil of broken banks ordinarily with their own peculiar and engrossing pe had been most felt? Look, said Mr. G., at the rapidly-in-suits to devote themselves to elections. The directors creasing wealth and rising importance of Kentucky, Ohio, State banks were connected, he said, rather with lo and Tennessee. Mistakes in banking, and all other errors, interests and the State Governments than with the affar would correct themselves without difficulty in Govern- of the whole Union. They derived their charters fro ments which were practically the agents of a free, active, the State Governments, and would be dependent upa and intelligent people. Such was not, he said, the them for their renewal. With these safeguards ther operations of Governments whose power was not directly would not be any very great danger from the exercise responsible to the people. In our General Government, corrupt political influence by the directors of the Sta MARCH 21, 1834.]

The Public Deposites.

[H. or R

banks in support of the policy of any President. But, the same general political opinions with himself separated whether such an influence would be exercised or not, it from him upon the subject of the proper disposition of was, he said, within the power (as it was assuredly the the public deposites, and the recharter of the Bank of the

He

duty) of Congress to fix by law the banks of deposite, and United States. He had neither the right nor the disposito prescribe the terms upon which they should receive tion to scrutinize into the reasons of their course. the public money. The reason why the public money had subjected his own course to the strictest examination shouldbe placed in the banks rather than in the Treasury, that he could impose upon himself. He avowed his entire or in the hands of the collectors of the revenue, he had unconsciousness of the operation of the slightest influence already endeavored to explain. upon himself in directing his vote, except his conviction Mr. G. then proceeded to point out the dangerous con- that the public good forbade the restoration of the deposequences which must follow from the continuation of a sites to the Bank of the United States. He had never national bank. Such an institution would, he said, neces- owned one dollar of bank stock either in the State or the sarily have the power of rendering the Government, in United States Bank, or any other stock whatever. He some degree, subsidiary to it in time of war, and of chang- had never borrowed a dollar of any bank: his rule was, not ing, at its will, the price of all property by its command to be indebted at all. He had never committed an act of of the currency, and of speculating, through its directors, speculation: he held his personal independence of higher spon all the staple productions of the country by enlarg- value than any consideration connected with the acquisiing and curtailing its discounts. There were other ob- tion of property. He had never asked from the United jections to which he desired to call the special attention of States office for himself nor for any relation of his: he the friends of constitutional liberty and the rights of the would never receive any office from the hands of any States. He said that the Government of the United President. He had no connexion with General Jackson States had, in practice, proved to be very different from whatever: he was personally unknown to the President. what had been anticipated by those who formed it. The He had, Mr. G. said, but a single object of ambition conchecks which it was supposed would prevent the exten- nected with the public service; he desired not only to disSon of its powers beyond the limits prescribed by the con- charge his duty faithfully to the people of his State, but stitution, had long since proved wholly insufficient for that that they should be able to appreciate the motives by purpose. It had gradually assumed the legislative direc- which he endeavored to direct his conduct in guarding tion over every right and interest of the people, until it their rights and defending their interest. He discharged had been declared, by proclamation by the Executive but the obligation he owed to those he represented, when Department, and sustained by the Legislative, that the he urged them not to be carried off from the maintenance laws of the United States were the supreme law of the of the rights of the States and the people by the contest land, in violation of the express condition in the constitu- for power among the ambitious aspirants for the first oftion that the laws of the United States, to be the supreme fice of the country. He had endeavored to withdraw the law of the land, should have been passed in pursuance of veil which had been thrown between them and the truth the constitution.

in relation to the rights of the bank to the public de

if, said Mr. G., there was so strong a tendency in the posites. It was not true that the bank was entitled to the General Government to draw all power into its own hands, possession of the money collected of the people for the should that tendency be increased by adding to it, per- use of the Government. The bank had neither bought manently, the influence of the bank? Money was power. the possession of the public deposites, nor could the GovShould that power remain with the people and the States, ernment so far betray the trust conferred upon it by the or be united to the General Government, to form addi- people of the States as to make such a sale. If the bank tional means of controlling the popular will? Was each was not to be rechartered, the public deposites, if restorCitizen, instead of knowing that he was master of his own ed, could not remain with it. The bank could not accomToney and property, to be made to feel that its value de- modate the people by increasing its discounts by the pospended upon the will and promises of a bank! Was the session of the deposites if its charter was to expire. The independence, the spirit, and the power of the people to bank, he said, was now curtailing its business, either with defend their rights from violation to be broken down by the view of its approaching end, or for the purpose of the constant sense of dependence upon the bank, itself distressing the people: if for the purpose of gradually the creature and agent of the Government? Were all the closing its concerns, the deposites could be of no advanState institutions to be made subservient to the same tage to it, since its capital was amply sufficient for all the power? Were the States to be deprived of the most ef- purposes of its business; siness: if with the design of distressing tective means of defending their just authority from usurp- the people, in order to procure a recharter, would Constion? He urged the friends of the rights of the States gress, he repeated, aid such an effort by placing the pubto resist every attempt to confirm to the United States its lic money in its hands? Believing that the creation of the usurped power over the money of the people by the re- bank was an unauthorized exercise of power by Congress, charter of the bank. The effort, he said, must be made and that its recharter would take from the people and the Low or never. Unite the Government and the bank for States the most efficient means of guarding against acts of twenty years longer, and the advocation of the rights of oppression and usurpation, he should not only oppose the the States would become folly. Upon this question, Mr. restoration of the public deposites to the Bank of the G. said, was formed the first marked distinction between United States, but every other measure which had for its the federal and anti-federal parties-between the advo- object the recharter of the bank.

cates for the individual freedom of the citizen and the ad- Mr. G. became so exhausted from his feeble state of vocates for controlling power in the Government-between health, that he was compelled to take his seat. He was those who considered government but as the agent of the afterwards permitted by the House to lay upon the table people, and those who looked to it as the great dispenser the following resolutions, with which he had intended to of power and profit.

conclude his remarks:

Mr. G. said that the opinions which he had then ex- Resolved, That the right to control the possession of the pressed were not those of yesterday; they were the set- public money is a trust delegated to the Government, of Led convictions of his mind; they had been formed with which it cannot divest itself; and, therefore, that Congress Jus first examination into the structure of the Government, has no power to sell to the Bank of the United States, or and his mature observation and experience had but added confirmation to the truth of his first judgment. It was with regret that he found many of those who professed

other corporation, or to any individual, the right to possess the money of the United States.

Resolved, That the Congress of the United States did

H. or R.]

Remission of Duties-Virginia Resolutions.

not, by the sixteenth section of the act to incorporate the subscribers of the Bank of the United States, which directs that the deposites of the money of the United States shall be placed in the Bank of the United States and its branches, unless the Secretary of the Treasury shall, at any time, otherwise order and direct, relinquish its right of controlling the deposites of the money of the United States, whenever the public interest should require its exercise.

[MARCH 22, 24, 183

SATURDAY, MARCH 22.

Mr. McKIM moved to suspend the rules of the Hous in order to take up the bill to extend the Cumberlan road from Vandalia to the Mississippi river.

Mr. MERCER moved as an amendment, to include the motion, the bill for the Potomac bridge.

Mr. ASHLEY moved to include also the bill to exter the Cumberland road from the Mississippi to Jefferson Missouri.

Resolved, That the right of Congress to fix, by law, the place of deposite for the money of the United States, does not depend in any degree upon the sufficiency or insuffi- ing taken, on the several motions, the first two were

ciency of the reasons assigned to Congress by the Secretary of the Treasury, at the commencement of its present session, for the removal of the money of the United States from the Bank of the United States.

Mr. PARKER demanded the yeas and nays, which b succession lost; and the last was then withdrawn. REMISSION OF DUTIES.

The bill to return the duties on certain pieces of scul ture (the capitals of the columns of the Philadelphia E change) being on its third reading,

Mr. FILLMORE opposed the bill; and

Mr. BINNEY explained the circumstances of the cas though, being slightly interested in it, he declined votirg or pressing the bill with any earnestness.

A debate arose, in which Messrs. BINNEY, HUNT INGTON of Connecticut, and EVERETT of Massach setts, advocated, and Messrs. WILLIAMS, FILLMORE PARKER, MCKINLEY, and HARDIN opposed the pa sage of the bill.

Resolved, That the application to Congress for a recharter of the Bank of the United States, at the session immediately preceding the last presidential election, the rejection of that application by the deliberate action of the Government, the general embarrassment of all business which had been carried on by banking credit, the great interest which the Bank of the United States has to increase that embarrassment, and to occasion general distress throughout the country, the power which the United States Bank would possess of compelling most of the State banks to stop the payment of specie and all accommodation to the people, if the deposites of the money of the tals were models of sculpture of the most perfect kind, United States were restored to the Bank of the United perfect that, at Naples and Carara, casts had been take States, conspire to render it the imperative duty of Con- to preserve their forms, for Italy; that the tariff law e gress to deposite the money of the United States in some empted all works of this kind from duty; that this w other place than the Bank of the United States.

Resolved, That the United States possess no powers of Government, except such as have been delegated to it by the States through the constitution.

Resolved, That the power to grant charters of incorporation is an attribute of sovereignty, and belongs to the States or the people, it never having been delegated to the United States.

Resolved, That the authority granted to the United States by the last clause of the eighth section of the first article of the constitution, to pass all laws necessary and proper for carrying into execution the powers conferred upon them, does not justify the assumption of any sovereign power by the United States which belongs to the States or the people.

Resolved, That the creation of a national bank, or the rechartering of the present Bank of the United States, is not only an exercise of power not authorized by the constitution, but dangerous to the individual independence of the people, to the power of the States to resist the usurpation of their rights, and to the continuance of our present free institutions.

[The bill was advocated on the ground that these cap

due to the encouragement of the fine arts in this countr that, although the building in which they were to b placed was owned by a private company, it was a com pany actuated by no desire or hope of gain, but who, fro public motives, had combined to erect this build though certain of some personal loss: in evidence of whic it was stated that on the day for opening of the Exchang its stock stood at thirty per cent. below par. Preceden were cited where similar exemptions had been allowed.

The bill was opposed on the ground that these capita were private, not public property: had not been importe as models for our artists, but ornaments to the Exchang and that to admit them free of duty would be setting bad precedent. Several cases were quoted in whic similar applications had been rejected, and, in other passed by very small majorities.]

The question on the passage of the bill being taken t yeas and nays, there were in its favor 45, against it 12 votes.

So the bill was rejected.

And then the House adjourned.

MONDAY, MARCH 24.
VIRGINIA RESOLUTIONS.

Resolved, That the money collected from the people for the use of the Government, ought to be placed in the State banks until it shall be drawn therefrom in consequence of appropriations made by law, instead of permitting it to The order of the morning was the consideration of ti remain the possession of the public officers; because, Virginia Resolutions on the removal of the deposite through the banks the money may be made to return im- but Mr. PINCKNEY, who had the floor, being absent, a mediately into circulation, thereby lessening the burdens tempts were made by Mr. GAMBLE, of Georgia, and M of taxation, keeping the quantity of circulating medium ADAMS, of Massachusetts, to obtain it; but Mr. MASON, equal, and adding to the activity and prosperity of the Virginia, having moved that the resolutions be laid on t

community.

Resolved, That the State banks to be made the depositories of the public money ought to be designated by law as soon as possible, and the conditions and restrictions prescribed upon which they shall receive the public money, and transfer it to such places as the Government may require. When Mr. G. had concluded

Mr. CLAY, of Alabama, obtained the floor, and being without certain documents he wanted, to enable him to proceed in his argument, moved an adjournment, which prevailed. And the House adjourned.

table and printed, the motion prevailed, and the resol tions were accordingly laid on the table.

The CHAIR then resumed the call of the States fi

petitions and memorials, commencing with the State New York.

Numerous memorials were thereupon presented, amor which were the following:

CUMBERLAND COUNTY (Pa.) MEMORIAL. Mr. MILLER presented the proceedings of a meetin of the citizens of Cumberland county, Pennsylvania, be at the Borough of Carlisle, on the 22d of February las

MARCH 24, 1834.]

Pennsylvania Memorials.

[H. or R.

Mr. M. stated that he had received these proceed with the presentation of thirteen additional memorials, of ings several days ago, perhaps weeks, but that this was like import, signed by about seven hundred and fifty of the first opportunity that had been afforded to present the farmers, mechanics, and other citizens of the county them to the House. This meeting, said he, complain by of Lancaster, Pennsylvania. I deem it proper to state

their resolutions of a deranged state of the currency, and of pecuniary embarrassment, which they attribute to the removal of the deposites of the public moneys from the Bank of the United States, and recommend a restoration of them to the bank, and a recharter of that institution.

that, amongst these signatures, I recognise the names of a number of those who have heretofore been among the most active, efficient, and constant friends of the present Chief Magistrate. They pray for the restoration of the public deposites to the United States Bank, and for the

It was not his purpose to call in question or to canvass rechartering of that institution with proper amendments, the political character or motives of any portion of his if any be necessary, as, in their view, the only means of constituents. He might be permitted to say, however, removing the present embarrassment of the country, and that, so far as he knew the individuals who composed the restoring its wonted prosperity. And, sir, I will barely mecting, they were respectable. Of the number attend- add, that the pecuniary embarrassment of the country ing the meeting, he had not been informed, but he had must be deeply and sensibly felt by all classes of peono doubt it was respectable in point of number as well as ple, to induce between three and four thousand citizens of character; and that they were entitled to respectful con- that almost exclusively agricultural (and hitherto flourishsileration. [The proceedings were laid on the table, and ing) county, to present before this House, in the manly ordered to be printed.] and dignified tone of freemen, their grievances, and to Mr. M. also presented the proceedings of a meeting of solicit its intercession between Executive wrongs and the the citizens of Carlisle and vicinity, at which resolutions prosperity of the country. They are a class of citizens were adopted, approving of the removal of the deposites, too intelligent and honest to be moved by the mere clamand opposed to the recharter of the Bank of the United or of 66 pot-house politicians," or trivial causes, upon States. This meeting, he was informed, was numerously any occasion. And when they speak in such an emphatic attended, and was respectable in point of character as well manner, their prayers deserve, as I trust they will receive, as number. [The proceedings were ordered to be print- the serious and respectful consideration of Congress. ed, and laid on the table.]

The memorials were read, and ordered to be printed.

FRANKLIN COUNTY (Pa.) MEMORIAL.

He also presented the proceedings of a meeting of citizens of Buffalo township, in the county of Perry, Pennsylvania, disapproving of the removal of the deposites, Mr. CHAMBERS remarked, that he was requested to and, in favor of rechartering of the bank. The citizens present to the House the proceedings of a public meeting of the citizens of Franklin county, Pennsylvania, composing this meeting were also respectable, but they held at Chambersburg on the 15th instant. Also, a had introduced matters of a political character, not con- memorial from the inhabitants of the township of Washnected with legislation, which he thought had better

have been omitted. But as they were sent to him, he

thought it was his duty to present them. [The proceedings were laid on the table, and ordered to be printed.] BERKS AND LANCASTER COUNTY (Pa.) MEMO.

RIALS.

ington, in said county. Together with memorials from

inhabitants of other parts the same county. They were all of the same tenor-on the subject of the public deposites, the Bank of the United States, and the derangement of trade and the currency.

A respectable committee had been appointed, to bring to this House these proceedings and memorials, and who are in attendance, that they may confer with the individual members of the House, and make known the nature and

Mr. HIESTER said: I have been requested to present a memorial, signed by about 200 citizens of Berks county, Pennsylvania, who state that the general depression operation of the pressure in the interior of the country; and the prices of produce, and the consequent pecuniary that they may also learn from their representatives, what dtress now pervading the country, is seriously felt by relief is to be expected from Congress, by a suflering and Them. This they ascribe to the removal of the public alarmed community. From that committee, on whose deposites from the Bank of the United States. And, as accuracy and veracity every reliance can be placed, I a remedy for the prevailing embarrassment and pressure, learn that the memorials now before me are signed by they pray for their restoration. I have the pleasure of upwards of one thousand eight hundred voters of the being personally acquainted with a number of these county of Franklin. Of these, it is estimated that oneTemorialists, as well as with many of those whose memorial half are farmers, who cultivate their lands by the labor of Was presented here a few weeks ago, by my colleague, their own hands, and that of their families. Amongst the from the same county. And I take this occasion to bear others, a large portion are engaged in the primary mantestimony to their general intelligence and high respect-ufacture of iron, from the mines; and the remainder are ability. They are principally composed of the honest millers, mechanics, and others, embracing all classes, Sand unpretending yeomanry of that county, who always conditions, and occupations. I have not given to the meet the object they desire to attain in an open, undis- memorials the attention, or made the inquiry, to ascerguised, and straight-forward manner. As an evidence tain who or how many of the memorialists were for that a great proportion of those memorialists have here- or against the administration, in time past or present. tofore been the friends and supporters of the present Did I know the fact, I would not consider it my duty to Executive, I will barely state that they are about double state it to the House, as this House represents all in number to the whole opposition vote against him in the the people, and is bound to legislate alike for all, county, at the last two Presidential elections. Among the without discrimination. The memorialists represent signitures there are a number in the German character; that, but a few months since, their district of country and, as a manifestation that the German part of them had was in a state of prosperity, having but a short time every opportunity afforded them of understanding what before recovered from embarrassment and sacrifices of thy were signing, the memorial is now presented, as it property, that attended and followed a spirit of speculaWas Circulated, in the German as well as the English lan- tion and adventure, occasioned, in Pennsylvania, by the guage, the one being a counterpart of the other. depreciated paper currency with which that State was The memorial was read, laid on the table, and order- flooded from 1811 to 1817. They further represent that ed to be printed. they were in the enjoyment of a sound paper currency, Mr. HIESTER further said: I have also been charged equal in value to gold and silver, but for the purposes of

H. oF R.]

Philadelphia Memorials.

[MARCH 24, 185

trade and exchange more convenient. Industry was the further prosecution of this experiment by the Exec encouraged, and enterprise excited, which was exhibited tive, by which many thousands will be ruined, they ask in the erection of manufacturing establishments, dwell- be relieved by the interposition and legislation of Com ings, and other improvements. The Commonwealth of gress. They also ask that the public deposites shall b Pennsylvania, availing herself of the spirit of the times restored to the Bank of the United States. They furthe for internal improvement, projected and embarked, a ask, that the Bank of the United States may be recharte few years since, in public works, on a most extensive ed, with such modification and provisions as will provid scale, involving that State in a present debt of upwards for the wants and protect the interests of the comm of twenty millions of dollars. These works are un-nity.

finished and unproductive--requiring many more mil

lions of dollars for their completion. It is also a matter

PHILADELPHIA MEMORIALS.

of notoriety that, though this State, within the last year, Mr. BINNEY presented various resolutions and pet went into the market for her loans, on the most advan- tions, praying the restoration of the deposites, from th tageous terms, yet, within the last few months, though building mechanics, coach-makers, cabinet-makers, gile her State authorities advertised for part of a former loan, ers, painters, boot-makers, &c. of the city of Phils they were without a single offer at the time appointed, delphia; and a memorial also on the same subject from and though the advertisement has since been renewed, it the young men of Philadelphia.

is doubtful whether any offer is yet made that can be accepted. They further represent that, when they expected to realize some advantages from the public works,

Mr. B. stated a number of facts, going to show the reality and [the extent of the distress prevailing amon the mechanics, as well as other classes of the community as well as individual improvements, they have been the great and unprecedented decline and stagnation c disappointed; their prospects have been blasted, and their business, and the prospect of increased difficultie their hopes withered. They further allege that the and sufferings with which they were threatened. A pressure is felt in the derangement of the moneyed sys. Mr. B. was going into a general eulogy of the characte tem of the country, and the interruptions of trade. They of the mechanics of the Union, he was interrupted by do not represent that they are reduced to a state of The SPEAKER, who, expressing his entire coinc bankruptcy or pauperism. Nor do I conceive that this dence in the sentiments Mr. B. had expressed, reminde House requires any such standard of pressure and embarrassment as bankruptcy or pauperism, as the only one for the attention and redress of this House.

[The SPEAKER reminded Mr. C. that his remarks must be confined to the memorials, &c.]

Mr. C. proceeded to state that it was represented that the products of all branches of industry were reduced in price, and the measures of value were rendered so uncertain, that the buyer and seller knew not what, in the course of trade, to give or receive. The farmer was obliged to sell his grain at reduced prices of from twenty to thirty-three per cent., and it is an article that must go into the market at this season, without regard to the price or state of the market. The manufacturer is represented as embarrassed by the interruptions of his accustomed channels of trade; and being deprived of the facilities of having his drafts or acceptances cashed, by which he was enabled to raise, on his credit sales, the necessary money for the prompt payment of his laborers,

him that the rule confined him strictly to the contents e the memorial.

The memorials, &c. were read, ordered to be printed and laid on the table.

Mr. WATMOUGH presented several memorials from citizens of his district, praying the restoration of the deposites, and the recharter of the United States Bank also the resolutions of a meeting held in that distric condemning the measures of the present administration Mr. W. also presented the proceedings of a meeting the third congressional district, in favor of a restora tion of the deposites.

In presenting the above memorials, Mr. W. addresse the Chair as follows:

It becomes my duty, said Mr. W., to lay before the House the several memorials I hold in my hand. In per forming this duty, I shall endeavor to keep closely with the limits of the rule so impartially enforced to-day, sin and occupy as little of the time of the House as the nature he is obliged to limit and contract his business; though in of the subject, and its importance in reference to the doing so, he throws out of employment many an industri- opinions and privileges of the freemen whose interests ous man, or his wages are reduced, to the discomfort of am most proud to represent, will allow. himself and family. The miller, mechanic, and others, In noticing the proceedings I am about to present, i necessarily participate in this interruption and change of becomes necessary to refer to the past action of my con the course of business. This pressure and embarrass- stituents on the absorbing questions which at presen ment is attributed to the act of the Executive in removing agitate the minds of all men, as that action has been the public deposites from the Bank of the United States. brought to the notice of this House.

It is not merely the removal of the deposites of which [Here the SPEAKER interfered, and reminded the complaint is made, but the circumstances under which honorable gentleman that any such reference would no that removal was made, and the attitude of hostility be deemed in order.]

exhibited and maintained by the Executive against ainst the Mr. W. continued: The Speaker of the House wil Bank of the United States. They further represent that pardon me, and I shall endeavor not to trespass. On the the experience of forty years shows, conclusively, that a 10th February last, I had the honor to present a series on United States bank is indispensably necessary, as an resolutions, expressing the sense, as it was believed, of agent, to the fiscal operations of the Government in the collection and transmission of its revenue and moneys; and as the instrument of maintaining, under the legislation

majority of the inhabitants of the Northern Liberties, on the subject of the removal of the public deposites from the Bank of the United States.

and control of Congress, a sound currency, and a moder- These resolutions denounce the act of removal, in the ate rate of exchange. They further represent that the first place, as a gross violation of the laws of Congress; in experiment of a State bank paper currency was tried the second, as a violation of the constitution of the United after the expiration of the charter of the first Bank of the States; thirdly, as an alarming and dangerous usurpaUnited States; the effect of which was to banish from tion or abuse of power on the part of the Executive circulation the metallic currency, flood the country with alike criminal and derogatory to the rights of the people, a depreciated bank paper, unsettle the values of all pro- and as being, not only without law, but against law perty, and occasion losses to the Government and individ- fourthly, as dangerous to the public interest as it is inuals which have not been repaired to this day. From consistent with the constitution and the laws; and,