APBIL 3, 1834.] The Public Deposites. [H. OF R. mmense capital from the use of the people to whom it ites; thereby furnishing a plentiful and sound currency Delonged, and has devoted it exclusively to the use and equal to gold and silver, for the general use. But when Denefit of a few local banks in the cities where the collec- these aids shall be entirely withdrawn from us; when the Lions are made. Our revenue, being collected on foreign merchandise, is, of course, received in the seaports, and above half of the whole is received in the single city of New York. United States Bank shall be wound up, and the public money confined to the use of the cities on the seaboard, our State will see the length and breadth of the ruin that will follow the destruction of the national currency. Sir, contrast the former and present plan. During the dministration of the Treasury by the United States Bank, the capital of the branch of that institution situated in the by the sagacious agent of the Treasury, who selected the ity of New York was two millions five hundred thousand State banks of deposite. He says, in a letter to a person Collars just one-fourteenth part of the whole capital- in New York, dated 18th of October, 1833: "You menbout a just proportion of the public deposites. But tion that the Merchants' Bank drew $60,000 from the now, when all of the revenue collected in that city is de- branch of the United States Bank; this will be followed Posited in its local banks, it has the exclusive use of more by other drafts, until the United States Bank will find it han one-half of the revenue, in place of the former propor- difficult to sustain the branch in your city. As things ion of a fourteenth part. While the public money re- now are this institution must keep means there to meet ained in the United States Bank, the people received almost all its entire circulation, and it will have to become ty thousand dollars per annum interest on the public a great collector of specie from every quarter of the deck; but since the Secretary took it away from the Union, for the ultimate use of your bank, and others who eople's bank, and divided it out among the local banks, The effect of this measure of taking away from the people the use of their own money is most truly described ot a cent of interest is paid. That an American minister should, without reason or ecessity, withdraw from the people the use of their own money, where it was used in a way so profitable to them, and place it out in doubtful banks, without interest, and where the principal is unsafe, seems so strange and unac may want it in New York." Could any one believe that a deliberately settled plan could have been formed by the Treasury Department, the effects of which were fully foreseen, to collect the specie from all parts of the Union, to exhaust all parts of the country, for the benefit of the banks of New York? The fatal effects of this measure are but too truly described in coustable, that we could, with difficulty, bring our minds this letter. All parts of the Union are sinking under the to believe the fact, if we were not hourly reminded of its draining process. New York is the centre of the great truth by the cries of distress from all parts of the country. money operations of the country; the people of the UniA prosperous and happy people reduced to our pres-ted States pay fifteen millions of revenue, which is colent condition by a cause so unexpected, so unnecessary, lected in this single city, and which is deposited in the No unreasonable, so cruel, has no parallel in history. city banks. New York will, under this system, very soon At the commencement of this session, in an incidental furnish the currency and exchanges for the whole Union, bate, when it was not in order to go into the whole sub- and the whole Union will thus become tributary to this jert, I briefly remarked that the heaviest part of this un-gigantic emporium of commerce. Sir, there is a deep accountable measure of the administration would ulti-stake in the rear of all, that is not seen, and which Pennately fall upon the Western country. It is true they sylvania has not yet observed, that New York is playing will feel it last; but it is also true, they will, in the end, for-and that is the engrossment of the entire Western feel it most deeply. The Western people were the last to commerce. The great current of Western trade, invited emplam, and they will also be the very last to quit the through the Ohio and New York canals, by the immense ld, until the edifice of the public liberty shall be recon-concentration of capital in the city of New York, will, dructed. It is manifest how this measure will work more under the present system, soon take that direction. ury in the West than elsewhere. In Kentucky, for ex- It has heretofore been the object of our statesmen to imple, no part of the public revenue is collected; of cause, as far as practicable, a general and equal diffusion Curve there never will be any deposites which can be of money and property among the people. The extremes Ded as a banking capital. I estimate the amount of the of wealth and poverty have ever been held unfriendly and reque paid by Kentucky into the federal treasury at adverse to the spirit of our free republican institutions. mething over $1,200,000; this money is paid at the great The project of the Treasury plan for collecting the speaports, and, by the new arrangement, is deposited in cie from all parts of the Union, for the benefit of the the local banks of those cities. Thus the people of Ken- New York banks, produced universal consternation and Meky are deprived of all participation in the use of their alarm; because it was seen at once that this plan would in money, it being scattered in the city banks without concentrate the wealth of the nation in a few cities; that Merest, and where, in all probability, a part of the prin- it would cause an unequal distribution of property; and pal will be lost. would throw wealth in the hands of the few, at the expense But, sir, there is another view of this subject to show of the many; that it was a plan for making the rich richer, be inequal operation of this fatal measure on the West. and the poor poorer. The great expenditures of public money are all in the At- Sir, will the people of the United States permanently the fortifications, the thousand submit to this system? I call upon the gentlemen from be States, the navy, Jublic works that are progressing on the sea-board ex- the West to say whether the people of that country will st, annually, millions. And among the strange events submit to have their own money taken from them for the this strange and eventful period in our history, I hear benefit of the local banks in the city of New York? Ought administration eulogized in this House for having they to submit to a plan that is sustained by no principle rushed internal improvements, while the documents on of justice--by no apology; that is exhausting their counhe table show that near $4,000,000 have been expended try, breaking down the currency, destroying their comworks of that character since 1829. But, by some merce, and paralyzing their labor, and filling the land Aange construction of the constitution, which I could with rag money? For one, sir, I say boldly that the peoNever comprehend, Kentucky has been construed out of ple beyond the mountains ought not, and will not, long participation in the expenditures of public money. submit to this glaring outrage upon their rights. From that State there is a continual drain of taxes and no Among the evidences of a deep scheme for concentraturn; for this drain alleviation was found in the United ting the resources of the nation in the city of New York, a States Bank. That institution diffused through the West proposition has been made that a bank, with a great capiEastern capital, and a just proportion of the public depos-tal, should be located in that city, chartered by State au H. OF R.] The Public Deposites. FAPRIL 3, 1834 thority, with power to locate branches in such of the produce in Kentucky to New Orleans were to draw bi other States as would receive them. This insolent pro- bill of exchange on Orleans for $20,000, which the Lex posal to subject the property of the citizens of one State ington branch would buy and pay for in notes on the to the legislation and banking operations of another, will branch. With these notes the shipper would pay the no doubt be indignantly rejected by every State in the farmers for their produce. These notes would pass int Union. A state that would submit to such an imposition general currency, and would there be detained for a long --to such a degradation--would deserve to be driven out of the confederacy. The following tabular view will present the operations of the Bank of the United States in the valley of the Mississippi, and the amount of capital there employed in the year 1832: Discounts. Domestic Totals. Capital. Bills. time in the circuits of commerce, before the gener causes which I have described would throw them upon the Eastern cities, whither they would tinally go. Befa which time, the $20,000 bill would be paid into the branc at New Orleans; a draft for which from the Lexingt branch, sold to an Eastern merchant, who wished to mak purshases at Orleans, would take up the notes of th Lexington branch, thus closing the circle of the operation This single illustration will show how the bank toch tates the internal exchanges of the produce of labor. But, perhaps, another view will show more conclusi ly how the bank can sustain a greater circulation is th New Orleans, $6,763,758 $2,975,056 $9,738,814 $1,000,000 West than in the East. As I have explained the tender Natchez, St. Louis, Nashville, Cincinnati, Pittsburg, Lexington, 1,336,609 1,236,066 2,572,675 1,150,121 636,595 1,786,716 $17,735,876 $9,553,816 $27,289,695 of money from all parts of the Union is to the Eastern 1,000,000 capitals, then, when a bank in an Eastern city throws o 1,000,000 into circulation, the tendency of commerce is to tiro 1,700,000 back the notes at once. But when a Western brand 700,000 issues notes, the tendency of commerce is to carry th 1,000,000 notes away from the bank from which they are issued, ar continue to recede through all the windings of trade, ur they reach their destiny in the commercial emporiums. $6,400,000 Thus we see, in 1832, the banks between Pittsbur and Orleans, in bills and discounts, employed the ent mous sum of $29,400,000. Every one knows how t West has grown and prospered since the people enjoy these facilities. When the Bank of the United States shall be wound up, and all this capital and all these facilities shall be with drawn from us, I call upon the gentlemen from the West who have more experience than myself, to tell me what substitute they have to offer the people? With what do I remember with pain the gloomy period prior to its exi they intend to fill the great void that will be thus ocasion-ence, and am filled with apprehensions not less gloan ed? Where do they expect to get a supply of capital? as to what will come upon us when the people shall How do they calculate that the people of Kentucky will forced, in the short space of two years, to pay the bal be able to sustain the drain of twelve hundred thousand a and have all of its aid taken from them. year into the federal treasury, when not a dollar is ever returned for the expenditure upon public works? The following view will show where the public money is expended: From the 4th of March, 1798, to the 31st of December, 1832, there was received in the Treasury of the United States the sum of $752,000,000. Of this sum, not a dollar has been expended in the State of Kentucky, on any work of internal improvement. In the Atlantic States there has been expended In the naval establishment, For light-houses, For internal improvements, Sir, when the Western people recollect that their fortunes have been brought on them in part by the ar trary and unjust withdrawal from them of their own ney, for the purpose of sustaining local banks in the cil in which they have no interest or concern, they will w against this oppresion an opposition that will never but with the redress of the outrage upon their violat rights. Having considered this subject in relation, 1, To the rency; 2, To the Treasury; and 3, To the equal diffus $101,656,137 34 of the banking capital of the United States, I will cont 15,000,000 00 my remarks after a very brief examination of the politi 3,500,000 00 aspect of the question. 8,000,000 00 Does the custody and control of the public treasury The concentration of capital in the Eastern cities, their long to the Executive or Legislative department of position in the commercial world, and the expenditure of Government? I understand the Secretary of the Treasu the vast revenues of the republic in the Atlantic States, in the report before us, to maintain that his Departm are circumstances, when all combined, that do form an is an executive department; that he is bound to dispos attraction sufficiently powerful to draw the money from the public money in obedience to the President's c all parts of the Union to these points. This strong ten-mand; that Congress had parted with all right over dency of capital from the West to the East was more than public deposites; that it is his duty to place the depos neutralized by the effect and operation of the Bank of the in whosesoever hands or in whatsoever banks the Presid United States. The commercial position of the Western shall direct. I understand the Secretary to say, country renders it by far the most advantageous theatre report before us, that, in pursuance of these princip for the profitable employment of banking capital of any he has taken the public money and placed it in pa where his friends in this House admit that the people's section of the Union. It was, no doubt, in this view of the subject that such a resentatives have no power or right to examine or ing large proportion of the capital of the Bank of the United whether it be safe or unsafe. States was used in the West. The cities of Louisville and I had supposed, if there was any principle in our sys Cincinnati, together, having a population of forty thou- uncontested, it was the principle that the people had sand, have of the capital of the bank $2,700,000; while right to control their own money, through the agent the city of New York, with a population of over two hun- their immediate representatives. It is a principle sedu dred thousand, has of the capital of the same bank but with the utmost care in every one of the constitution $2,500,000. This is easily explained. Bank notes, the American States. The sages who formed the fed thrown out in New York, soon return to the bank whence constitution secured this fundamental principle of lib they were issued. On the contrary, say that a shipper of to the people in the following plain language: APRIL 3, 1834.] * * * "All bills for raising revenue shall originate in the King of Great Britain. He has been shown to us with the House of Repesentatives." "Congress shall diadem sparkling on his brow, and the imperial purple mave power to lay and collect taxes, duties, imposts, and flowing in his train. He has been seated on a throne, excises, to pay the debts," &c. "No money surrounded by minions, giving audience to the envoys shall be drawn from the Treasury but in consequence of of foreign potentates in all the supercilious pomp of appropriations made by law; and a regular statement and majesty." account of the receipts and expenditures of all public This outline, sketched at the time by the fancy of the money shall be published from time to time." writer, it is to be feared will be filled up by reality before * To raise and support armies; but no appropriation of many years. The first orator and statesman in the Virginia convention, in his celebrated speech against the extent of the executive power, says: "If your American chief be a man of ambition and The power to originate money bills was not even given a the Senate, so determined were the people to keep his great power in the hands of their immediate repre- abilities, how easy is it for him to render himself absolute! entatives; and, for the support of armies, even this House s no power to make appropriations for a longer term than wo years. The President has no more power than the very humBlest individual in the nation to draw one dollar from the Treasury, until a bill, which must have originated in this Horse, has passed into a law, giving him permission to do by a special appropriation. In the face of these plain constitutional provisions, the lic treasury has been transferred to the guardianship of the Executive department. The army is in his hands, and, if he be a man of address, it will be attached to him; and it will be the subject of long meditation with him to seize the first auspicious moment to accomplish his design." We are warned by all history, we are admonished by the voice of our departed sages and patriots, to beware of the encroachments of executive power. We are taught to believe that there is concealed in this power the germe of monarchy-a germe that will soon grow to such a size that the public liberty will be crushed under its Herculean strength. The first fatal error that crept into our system The vital principle in every scheme of free government of government, was the power conferred in 1789 upon in the retention by the people of the money power. the President to remove public off.cers-a power given To this power Englishmen owe all the liberty they to the popularity of President Washington, and which he erom The Commons of England, with this power in never abused-a power that remained harmless in the their hands, maintain their ascendency in the Govern- statute book for forty years. This power has been called ment, and control the monarch by withholding his sup-up from its long slumber; it has displayed its character. pies. Pven the war power in the hands of the King is The attention of this nation is now awakened to observe perfectly impotent, while the money power is in the hands of the Commons. On a late occasion, when the English nation had determined on the great reform in Parliament, the King fal the origin, progress, and the present effects of this power. It is by the power of removal that the powers of the sword and money have been united. I will here take leave to read some extracts from the tered. The Commons brought him to terms, and com- speeches in the Congress of 1789, when the bill was unpeled his Majesty to bow obedience to the majesty of der discussion to confer this tremendous power of removal pake opinion, by only a threat that they would wield upon the President. As this whole subject is now brought upon him the money power, by withholding supplies. It before the public, and as other gentlemen have read such mpossible to enslave a people with the money power parts of the debates of 1789 as suited their views, I will their hands; and it is equally impossible for them to refer to such parts as suit mine. stain their liberty without it. Mr. Smith, of South Carolina, said: "I imagine, sir, In the history of all usurpations, the control of the we are declaring a power in the President which may se is the first great point that has been ever aimed at. hereafter be greatly abused, for we are not always to In tracing the rise and fall of republics, we behold, expect a Chief Magistrate in whom such entire confidence dream the beginning to the end of their career, a constant can be placed as in the present. Perhaps gentlemen are Cumulation of power in the hands of their rulers. This so much dazzled with the splendor of the virtues of the process has in all countries enslaved the mass of mankind. present President, as not to be able to see into futurity. sir, this tendency of encroachment upon the liberties The framers of the constitution did not confine their views of the people, this watchful principle by which authority to the first person who was looked up to to fill the presiamassed and concentrated, appertains to the executive dential chair; if they had, they might have omitted those power in government; the power that wields the sword, checks and guards with which the powers of the ExccuWhat commands the armies and navies of nations, has ever tive are surrounded: they knew, from the course of hueen the grave in which the general liberty of mankind man events, that they could not expect to be so highly been buried. These truths are so well known to favored of heaven as to have the blessings of his adminisevery reader, that it is unnecessary to take up time in tration more than seven or fourteen years, after which Deferring to particular instances. The tyranny of Marius, they supposed a man might get into power, who, it was the dictatorship of Sylla, the usurpations of Cæsar, the possible, might misbehave. We ought to follow their Werthrow of the power of the people in England by example, and contemplate this power in the hands of an Cromwell, the subversion of the French republic by Bo- ambitious man, who might apply it to dangerous puraparte, are stories with which schoolboys are familiar. poses. If we give this power [of removal] to the Presiwas this great lesson of the dangerous tendencies of dent, he may, from caprice, remove the most worthy men ecutive power, taught mankind by the concurring testi- from office, his will and pleasure will be the slight tenure mony of all nations, that induced many sages and patriots by which an office is to be held; and, of consequence, America to oppose the adoption of the federal consti- you render the officer the mere state dependant, the ubon, because of the vast amount of power conferred abject slave of a person who may be disposed to abuse the confidence his fellow-citizens have placed in him." pon the Executive. I will read a passage from page 420 of the Federalist. Mr. Smith said: "Cannot he [the President] dragoon The writer, in describing the character of the publica-your officers into a compliance with his designs, by tions which had appeared against the executive power, threatening them with a removal, by which his reputation #ays: "He [the President] has been decorated with at- and property would be destroyed? If the officer was tributes superior in dignity and splendor to those of a established on a better tenure, he would dare to be hon H. OF R.] The Public Deposites. [APRIL 3, 1834. est; he would know himself invulnerable in his integrity, This power, that is cankering all of our institutions, coand defy the shafts of malevolence; he would be a bar- tained its sanction in 1789, by the casting vote of the Vice rier to your executive officer, and save the state from President. ruin." * * Experience has brought to us, in bitterness, the tro Mr. Livermore said: "When an important and confi- of all the gloomy forebodings and anticipations of the dential trust is reposed in a man, it is worse than death to patriots of '89 who opposed this power. The power him to be displaced without cause; his reputation de-removal, for opinion's sake, at once saps the foundati pends upon the single will of the President, who may ruin of republican Government, and introduces the spirit him on bare suspicion; nay, a new President may turn monarchy. him out on mere caprice, or in order to make room for a In republics, the public offices are created for the bon favorite. Every person ought to have a efit of the people; and the character and safety of the hearing before he is punished." ficer depends on the faithful discharge of his duty tol Mr. Jackson said: "It has been maintained that in all country. In despotisms, the offices are for the benefits governments the executive magistrate had the power of the despot, and the safety of the officer depends on dismissing officers under him. This may hold good in devotion to his master. This power of removal exti Europe, where monarchs claim their powers jure divino, guishes the love of country, and unites the party on the but it never can be admitted in America, under a consti- narrow principle of selfishness. In such a state of things tution delegating only enumerated powers." how is the officer to hold to his office, to his salary, " dent? * * * * * "It has been observed that the President ought to have the means by which he lives? Not by serving boll this power to remove a man when he becomes obnoxious and honestly, and independently, his country, but bị to the people, or disagreeable to himself. Are we, then, bowing down in servile submission at the footstool of pow to have all the officers the mere creatures of the Presi-er. Thus every officer is detached from the people, a Let it be remembered that the con- bound to the dictation, and will, and fortunes of him wh stitution gives the President the command of the military. can punish disobedience with proscription. At the ver If you give him complete power over the man with the entrance upon office, the officer has to lay down his free strong box, he will have the liberty of America under his dom at the feet of his master, and agree that he will thumb. It is easy to see the evil which may result. if think nor have any opinion of his own. Under this po he wants to establish an arbitrary authority, and finds the er, the officers of the land become a standing army Secretary of Finance not inclined to second his endeavors, partisans, with interests distinct from the great body he has nothing more to do than to remove him, and get the people; an army under the command of one chie one appointed of principles more congenial with his own. whose word is law, from whose decisions there is no al Then, says he, I have got the army; let me have but the peal. money, and I will establish my throne upon the ruins of There is not even the intervention of a court-martia your visionary republic. Let no gentleman say I am contemplating imaginary dangers. * * * The sentence is pronounced, and the victim sacrifices Behold and no one dare inquire into the cause of his overthrow the baleful influence of the royal prerogative; all of- The public money of the nation is openly declared ficers, until lately, held their commissions during the be the spoil that shall reward the services and victor pleasure of the Crown. With the present Chief Magis- of this army. trate [Washington] every power may be safely lodged. This power of removal, in its origin, was not intende But alas, he cannot always be with us. to go further than to the removal of officers for whose co And can we know the virtues or vices of his successors in duct the President is immediately responsible. But a few years? For my part, I think this power late the broad ground is taken that he can command a too great to be safely trusted in the hands of a single man, remove those for whose conduct he is not responsible. especially in the hands of a man that has so much consti- The power thus widened, places all the powers of Go tutional power. I cannot agree to extend ernment in the hands of the Executive. It puts und power, because I conceive it may, at some future period, his control the executive officers in the legislative be exercised in such a way as to subvert the liberties of judicial departments. Take the case of the Secretary my country." Mr. Page said, "I venture to assert that this clause of the bill [power of removal] contains in it the seeds of royal prerogative." Mr. Sherman said, "they know that the Crown of Great Rritain, by having that prerogative, [the power of appointment and removal of officers] has been enabled to swallow up the whole administration." the Treasury-an officer of Congress, appointed to under the laws of Congress, bound to report to Co gress, and responsible to Congress; charged under Co gress with the duty of administering the finances of country, and for whose conduct the President was new held responsible. The President assumes the right to control the pub money; claims it as a part of his executive duties, Mr. Livermore said, ** "So in the case of appoint- commands the Secretary to obey him. But Mr. Secre ing officers; if it can be truly said that these heads of de-ry Duane says, No. You have no such power by the h partments are the servants of the President alone, we and constitution. The public treasure is under the g shall make the executive department a dangerous one." ernment of the representatives of the people; and I, as Mr. Gerry said, "If he [the President] has such pow- faithful officer, cannot violate my oath and betray er, [of removal,] it can only be made useful to himself by trust. My duty is due to the country, and not being the means of procuring him a re-election, but can the President; I am responsible to Congress, and not never be useful to the people, by inducing him to ap- the Executive. but denounced as a refractory subordinate as a corrup and bribed man. point good officers, or remove bad ones. It appears to For this manly and faithful discharge of duty, th me that such unbounded power violates the principles of patriot was sacrificed-was not only hurled from office the constitution; and the officers, instead of being the machinery of the Government, moving in the regular order prescribed by the Legislature, will be the mere puppets of the President, to be employed or thrown aside as useless lumber, according to his prevailing fancy. If gen tlemen will take this step they must take another. * * * * They must elect the President for life or make his office hereditary." And thus this mighty despotic power of removal in enabled the Executive, by one step, to add to his othe colossal powers, the power of money. The whole res enues of this country are added to the spoil to stimula the army of officers to achieve new victories. We no not deceive ourselves. This despotic power and liber 1 APREL 3, 1834.] The Public Deposites. [H. or R. annot live together. In the course of a few ages, this acter, and melt the whole down into a great consolidated ower would convert this republic into an empire, your empire. President into an Emperor, and the people into slaves. We have heard it proclaimed over and over again in I do not accuse the President of any design to subvert both Houses, that the panic in the country has been prohe Government. I agree that his advanced age and duced by the speeches of the members. What a stateeminent public services may stand as a guarantee for the ment to go forth from these Halls to the world! That purity of his motives. But I suppose, like all other men, the people of the United States are so ignorant as to be he is liable to error; and, while I speak of him person-put into a panic by the speeches of statesmen! This is ly with all due respect, I must be allowed to speak a fine commentary on representative government to go to reely of his measures, which, I solemnly believe, if not Europe! The people of the United States thrown into Lecked, will overthrow the liberty of this country. In theory, every body is for principles, and none for ben; but unfortunately for human liberty, over the face the whole earth, the most important questions are too consternation by free discussion in the temples of liberty! Now, sir, if this is true: if the people cannot bear the freedom of debate of their representatives in the open forum, then let the train-bands of Cromwell and Bona fen settled in reference to the men who happen to be parte come and clear these Halls of the public nuisance, power at the time. In the formation of the federal and let the people repose in the calm security of despotstitution, the history of the time proves that the ism. If the people are capable of self-government, it mount of power conferred on the Executive proceed- must be through the agency of representation, for they , in a considerable degree, from the confidence repo- cannot assemble to legislate for themselves. The prined in General Washington, who was looked to by all as ciple of representation has ever been considered the prinhe first President. ciple upon which depended the fate of American liberty; The disposition in mankind to confer power on popular the principle of the revolution; the principle above all rulers accounts for the short duration of republics. We others to be revered. While we are taught by all history, Lase now a popular President, in whom his friends have and admonished by all our sages, to repose our hopes on much confidence that they feel very sure that he the legislative power, as the guarantee of liberty, we are ald not abuse imperial power. Suppose in this they warned to beware of the Executive power, as containing are not mistaken; yet it should be remembered that the the germe of despotism. Sir, if the freedom of debate is power we confer upon the present Chief Magistrate will working so much mischief, and ought to be prevented, de claimed by all who shall come after him. Examples why not take another step, and assail the liberty of the become as much the basis of future administrations as the press? stitution itself. But, sir, there is one point of view in which this report But a few years more, and General Jackson, and all of the Secretary of the Treasury will undoubtedly be of of us that are now engaged in public affairs, will have great service to this people. It will greatly subserve the passed away forever. We should, therefore, not per-cause of free Government. It is one of the attributes of mit any personal or party considerations to control us, power, in every step of its progress, to enlarge the bounbat have a single eye to the effect of our doings upon daries of its authority; but it usually advances so slowly, the liberty of our children. and with so much caution, that its approaches are not Sir, pause and contemplate the powers, now assumed perceived by the people. But the present Secretary, by the Executive, exercised by a young, enterprising, and dropping all disguise, marches at once over every tious President. constitutional barrier, and boldly places the purse of the Dispensing the patronage of a Government that has, in nation in the hand that holds the sword. Sir, the docis infancy, a revenue of thirty millions of dollars-a trines proclaimed in this most extraordinary paper are aling army of fifty thousand officers, holding their so new, so startling, so utterly inconsistent with constitupaces at his will-being at the head of the army and na- tional liberty, so revolting to the genius of American inry-and, above all, holding in his hand the great mechan- stitutions, that they will rouse up and awaken the people al power in politics-the power of money. Under to a re-examination of first principles. The Government Sara a President, in times of peace, his favorites would will be brought back, placed in the constitutional limits, lace your money; and, in times of war, the places of de- and fortified at the same time against such future enpaste would be the pockets of his generals of divisions, croachments. This signal, undisguised effort to transfer Marshals of the empire, and admirals of his Majesty's the legislative power of this Government to the executive The absolute command of the officers, the money, and Ne sword of this nation, will enable the American Presdents to appoint their successors, until some bold and lang spirit shall make the office hereditary. As we advance in the direction of royal power, we of department will form an era in our history; and it will be the time from which the revival of correct principles will be dated. The final decision of this controversy by this nation will be, first, that the currency shall be regulated by Congress, and not by the States or State banks; second, that se recede from republicanism. Thus it has ever the State banks shall not be the fiscal agents of the Treasen. The first evidences of the decline of Roman liber- ury; third, that the public treasure shall be used as a were displayed in efforts to degrade the Senate, and Carobe it of its just powers. There is, in the aspect of the times, an evident tenency to bring down the legislative power in this country. banking capital, for the benefit of the whole Union, and not for the exclusive use of the cities in which it is collected; and fourth, that the public treasure shall be placed under the control of Congress. The vote of the last Congress was disregarded, upon the It is in vain to disguise the fact that the Jackson party Gegation that the action of that body had been controlled disapprove of the acts of the administration upon which by bribery. The action of the present Congress was I have been commenting. The opposition which comticipated and prevented, upon the apprehension that menced in the cabinet pervades the party in every section the same corrupt means would control its delibera- of the Union. Who can behold what is daily passing around us; who, that looks upon the face of man, and The American Senate is denounced as a revolutionary notices the public press, and hears discourse in all circles, Committee. The people are appealed to, to change the and sees persons from all sections of the country, can stitution of the Senate, by making its members rep- doubt the fact? If there be a hesitating, reluctant vote resent not the States but the people, according to num- of approval, on the part of this House, as I presume there bers; and thus sweep from our system its federative char-will be, the people will, notwithstanding, soon start from ns. |