SPEECH

OF THE

HON. DANIEL WEBSTER,

THE   SUB-TREASURY BILL.
mxvmn
IN THE SENATE OF THE UNITED STATES,

JANUARY 31 , 1838.

—9%-

WASHINGTON :
PRINTED BY GALES AND SEATON. %

1838. ~

SPEE CH.

 

“ Let the Government attend to its own business, and let the people attend to
theirs.-”

“ Let the Government take care that it secures in sound currency for its own use,
and let it leave all the rest to the States and to the people.”

These ominous sentences, Mr. President, have been ringing in my ears
ever since they were uttered yesterday, by Illfi Inember ll“0m New York-
Let the. Government take care of itself, and let the people take care of
themselves. This is the whole principle and policy of the administration,
at the present most critical moment, and on this great and all-absorbing
question ofthe currency. _

Sir, this is an illwboding announcement. It has notl':ai1,g of consolation, of
solace, or of hope in it.

It will carry through all the classes of commerce and business, nothing but
more discouragenient, and deeper Years. And yet it is but repetition. It is
only a renewed exhibition of the same spirit, which was hx'eatl’l2ccl by the
niessage, and the bill of the last session, of which this bill is also full, and
which has pervaded all the recommendations, and all the measures of Gov-
ernrnont, since May. Yet I confess that I am not, even yet, so familiar with it,
so accustomed to hear such sentiments avowed, as that they cease to astonish
me. I am either groping in thick. and palpable darkness myself, in regard to
the true objects of the constitution, and the duties of Congress under it, or
else these principles of public policy, thus declared, are at war with our most
positive and urgent obligations. ‘l M

The honorable member made other observations indicative of the same
general tone ofpolitical feeling. Among his chosen topics ofcormnendation

of the bill before us, a prominent one was, to shelter the administration from

that shower of imputations, as he expressed the idea, which would always

beat upon it, as it beats now, when disasters should happen to the currency. 

Indeed! And why should the administration, now or ever, be sheltered
from that shower’! Is not currency a subject over which the power and

duty of Governrnent extend’! Is not Governmcntjustly responsible for its ‘

condition? Is it not, of necessity, Wholly and entirely under the control and
regulation of political power’! Is it not a matter, in regard to which, the
people cannot, by any possibility, protect themselves, any more than they
can, by their own individual efforts, supersede the necessity of the exercise, by
Government, of any other political power '9, ‘What-can the people do for them-

~se:l-ues to lmpl‘0V3,1ll]t3’,i’(3{UI?1’l§‘IlltC?_‘§72 Sir, the Government is justly answerable

forthe disasters of the currency, saving always those accidents which cannot
atall-timers beforeseen‘ or provided against. It is at least answerable for its
own neglect, if itshall be guilty of it, in not exercising all its constitutional
authority for thecorrection, and restoration of the currency. Why does it,-
how can it, shrink from this responsibility? Why does it retreat from its
own duty? Why does it seek, not the laurels of victory, not the reputation
evenof manly contest, but the poor honors of studied and eager escape’!

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Sir, it never can escape. ,The, common sense of all men pronounces that
the Government is, and ought to he, and must be, answerable for the regu-i
lation of the currency of the country ; that it ought to abide, and must abide,
the peltings ofthe storm ofimputation, so long as it turns its back upon this
momentous question, and seeks to shelter itself in the safes and the
vaults, the cells and the caverns, ofa sub-Treasury system.

Butsof all Governments that ever existed, the present administration has
least excuse for withdrawing its care from the currency, or shrinking from “
its just responsibility in regard to it.

Its predecessor, in whose footsteps it professes to tread, has interfered, fatally
interfered, with that subject. That interference was, and has been, the produc-
tive cause of our disasters. Did the administration disclaim power over the
currency in 1833, when it removed the deposites? And -what meant all its
subsequent transactions, all its professions, and all its efforts, for that better
currency which it promised, if in truth it did not hold itself responsible to»
the people of the United States, for a good currency? From the very first.
year of the late administration to the last, there was hardly a session, ifthere
was a single session, in which this duty of Government was not acltnowledged, .
promises of high improvement put forth, or loud claims of merit asserted, for
benefits already conferred. It professed to erect the great temple of its
glory on improvements of the currency. And, sir, the better currency which-i
has been so long promised, was not a currency for the Government, but a
currency for the people. It was not for the use of revenue‘ merely, but for
the use of the whole commerce, trade, and business ofthe nation. And now,.
when the whole industry, business, and labor of the country, is harassed
and distressed, by the evils brought upon us by its own interference, Grovv-
erntnent talks with all possible coolness, of the great advantage it will be to
adopt a system, which shall shield itself from a thick-falling shower of im-
putations. It disclaims, it renounces, it abandons its duties, and then seeks
an inglorious shelter in its professed want of power to relieve the people.

We demand the better currency; We insist on the fulfilment of the high
and flattering promises; and surely there never was a Government on the
face of the rearth, that could, with less propriety, resist the demand; yet, we
see it seek refuge in a bold, cold, and heartless denial of the competency of
its own constitutional powers. It falls back from its own undertakings, and
flatly contradicts its own pretensions. In my opinion, it can find no refuge,
where the public voice will not reach it. There can be no shelter while
these times last, into which Government can retreat, wherein it can hide,
and screen itself from the loud voice of the countr , calling upon it to
come forth to fulfil its promises ; or, at least, now that these premises are all
broken, to perform its duties. The evils of a disordered currency are evils
which do not naturally correct or cure themselves. Nor does chance, or
good luck, often relieve that community which is sufi"ering under them.
They require political remedy; they require provision to be made by Gov»
ernment; they demand the skilful hand of experienced statesmen. ‘Until
some just remedy be applied, they are likely to continue, with more or less

of aggravation, and no man can tell when or how they will end. It is vain,
therefore, quite vain, for Governtnent, to hope that it may retreat from this

great duty, shi'elcl,itself under a system, no way agreeing either with its.

powers or its obligations, and thus escape reproaches, by attempting to e_s,cape- »

responsibility.

Mr. President, there is fault, andlfailure somewhere. Either the Consti-A-t

tution has failed, or its adtninistration fails. The great end of auniform audit

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"satisfactory regulation of commerce is not answered, because the national

currency, an indispensable instrument of that commerce, is not preserved in ,

a sound and uniform state.

Is the fault in the constitution itself? Those who afiirm that it is, must

-show how it was, if that be so, that other administrations, in other times, have

been able to give the people abundantsatisfaction in relation to the currency.
I suppose it will be said, in answer to this, that the constitution has been

tiviolatecl; that it was originally misconstrued; that those who made it did

not understand it; and that the sage and more enlightened politicians of our
times see deeper, and judge more justly of the constitution,.than VVashiug--
"ton and Madison. Certain it is that they have more respect for their own
sagacity than for all the wisdom of others, and all the experience of the
country ; or else they find themselves, by their party politics and party com-
mitments, cut off from all ability of administering the constitution according
to former successful practice. -

Mr. President, when 1 contemplate the condition of the country; when I
behold this utter breaking down of the currency ; this wide-spread evil among
all the industrious classes; this achnowledgetl inability of Government to
pay its debts legally ; this prostration of commerce and manufactures; this

l-shoclting derangement of internal exchange, and the general crash of credit

and confidence; and when I see that three hundred representatives of the
people are here assembled to consult on the public eaigency; and that, re-
pudiating the wisdom of our predecessors, and rejecting all the lights of our
own experience, nothing is proposed, for our adoption, to meet an emergency
of this character, but the bill beforeus, I confess, sir, the whole scene seems
to me to be some strange illusion. I can hardly persuade myselfthat we are
all in our waking senses. It appears like a dream---lilte some phantasy of

the night, that the opening light of the niox'ning usually dispels.

There is so little oi" apparent relation of means to ends; the measure be--

fore us has so little to promise for the relief’ of existing evils; it is so alien,

so outlandish, so abstracted, so remote from the causes which press down all

the great public interests, that I really find it difficult to regard as real what

is thus around me.
Sir some of us are stranctel in error. The difference between us is so
a s .

wide ; the views which we talte of public affairs so opposite ; our opinions,

both of the causes of‘ present evils, and their appropriate remedies, so totally

unlike, that one side or the other ntustibe under the influence ofsome strange
delusion. Darlmess, thick darkness, hangs either over the supporters of

this measure, or over its opponents. Time and the public judgment, I trust,
-wilisooner or later disperse these mists, and men and measures will be seen
in their true character. I think, indeed,that I see already some lifting up

i of the fog.

The honorable member from New York has said that we have now, alrea-
dy existing, a mode of conducting the fiscal afliairs of the country, substanti-
ally such as that will be which this bill will establish. We rnayjudge, there-
fore, he says, of the fixture by the present, A sub-Treasury system, in fact,
he contends is now in operation; and he hopes the country sees so much
good in it, as to be willing to nnake it permanent and perpetual.

The present system, he insists, must at least be admitted not to have ob»

structed or impeded the beneficial action ofthe immense resources ofthe coun-
“try. Sir, this seems to me a most extraordinary declaration. ,The operation
and energy of the resources of the country not obstructed 1 The business of
«the community not impeded 1 Why, sir, this can only be true, upon the sup-

6

position that present evils are no way attributable to the policy of Govern-
rnent; that theyall spring from some extraneous and independent cause.
If the honorable member means that the disasters which have fallen upon
us arise from causes which Government cannot control, such as overtrading
or speculatiomand that Government is answerable for nothing, I can under-‘
stand him, though I do not at all concur with him. But that the resources or
the country are not now in a state of great depression and stagnation, is
what I had supposed none would assert. Sir, what are the resources of‘ the
country? The first o‘i' all, doubtless, is labor. Does this meet no impedi--

l rnent? Does labor tied itself rewarded, as heretofore, by high prices, paid

in good money? The whole mass of industry employed in commerce and
manufhctures, does it meet with no obstruction, or hinderance, 0rdiscoorage-
ment? A-.2ir.l commerce and manui‘actures, in the aggregt-rte, pntlrraciug cap-
ital as well as labor, are they, too, in a high career of success’! Is notlring
of impediment or obstruction found connected with their present condition’!
Again, sir; among our Arnerican resources, from the very first origin of
this Grovernrneut, credit and confidence have held a high and foremost rank.
We owe more to credit and to commercial confidence than any 1‘ratiou. which
ever existed ; and ten times more than any nation, except Eriglrand. Credit
and confidence hagve been the life of’ our system, and powerfully productive

causes ofall our prosperity. They have covered the seas with our comrnerce,

replenished the Treasury, paid off the national debt, excited and stimulated
the mz"tlN1il1Cttll‘l1'3g industry, encourergetl labor to put forth the whole strength
of its sinews, felled the forests, and multiplied our numbers, and augmented
the national wealth, so far beyond all example as to leave us or phenomenon
for older nations to look at with wonder. And this credit, and this confi-
dence, are they now no way obstructed or impeded? Are they now actirrg
with their usual efficiency, and their usual success, on the concerns of so-
ciety? ,

The honorable member refers to the exchanges. No doubt, sir, the
rate of foreign exchange has nothing in it alarming; nor has it had, if our
domestic concerns lied been in a proper condition. But that the internal
exchanges are in a healthful condition, as the honorable member alleges, is
what I can by no means admit. i I look upon the clerrmgerneut of the inter-
nal exchanges as the “precise form in which existing evils most xnariifestly
exhibit themselt-*es.. ‘Why, sir, look at the rates between large cities in the
neighborhood of each other. Elxcliazige between Boston and New Yorlzz,
and also between Philadelphiaand New York, is 1;, :12 per cent. This

i could never happen but frornya deranged current: t; and can this be called a

healthful state of domestic excliaugel l l
I understand that the cotton crop has done much towards equalising ex-
change between New Orleans and New York; and yet I have seen,not
many days since, that in other places of the South, I believe Mobile, ex-
change on New York was at a prerniom oflive to ten per cent. it i
r r The manufacturers of the North cansay how they have found, and how
they now find, the facilities of exchange. I do not mean, exclusively, or
principally, the large rnanufhcturerspof cotttou and woollen fabrics; but the

‘smaller monufhcturers, rnen who, while they employ many others, stilllbestow
rthe,1r own laboron their own capital; the shop rnanul'acturers,rs?uch menu»-

facturers as it abound in"l\letv Jersey, Connecticut, andothepr-it parts of the
North. l I would ask the gentlemen from these States how theseneighrbors of
theirs find exchanges, and the means of remittance, between tliem and their
correspondents and "purchasers in the South. ~ The carriage noaltersy, the fur-
niture makers, the lratters, the dealers in leather,in all its branches, the

7

dealers in domestic hardware; I should like to hear the resultsof the ex-
perience of allthese persons, on the state of the internal exchaiiges, as well as
the general question, whether the industry of the country has encountered
any obstacle, in the present state of the currency.

Mr. President, the honorable member from New York stated correctly,
that this bill has two leading objects.

The first is, a separation of the revenue, and the funds ofthe Government,

from all connexion with the concerns of individuals, and of corporations;

and especially a separation of these funds from all connexion with any banks.

The second is, a gradual change in our systemof currency, to be carried
outill we can accomplish the object ofau exclusive specie or metallic circu-
lation, at least in all payments to Government, and all disbursements by
Government.

Now, sir, I am against both these propositions, ends as well as means.

I am against this separation of Government and people, as unnaturai, self-
ish, and an abandonment of the most important political duties.

I am for having but one currency, and that a good one, both for the people
and the Govornnnent.

I an: opposed to the doctrines of the message of September, and to every
thing which grows out of those doctrines. I feel as if I were on some other
sphere, as it I were not home, as if this could not be Anni-f.rica, when I see
schemes of public policy proposed, having for their object the convenience
of Government only, and leaving the people to shift for themselves, in a
matter which naturally and necessarily belongs, and in every other country
is admitted to belong, to the solemn obligations, and the undoubted power of

Govornrnent. Is it America, where the Governmenuand men in the Gov-
ernment, are to be better off than the people? Is it .ALlTle'l‘iCfl, where Gov--

ernment is to shut its eyes, and its ears, to public complaint, and to take care
only of itself’! Is it America, Mr. President, is it your countr ,and my
country, in which, at at time of great public distress, when all eyes are turned
to tCongress, and when most men feel that substantial and practical relief can
come only from Congress, that Congress, nevertheless, has nothing on earth
to propose, but bolts and bars, safes and vaults, cells and hidingwplaces, for
the better security ofits own money, and nothing on earth, not a beneficont
law, not even  kind word, for the people themselves? is it our country, in
which the interest of Government has reached such an ascendancy over the
interest of i the people, in the estimate of the representatives of the people?
Has this, air, come to be the state of tltinigs, in the old thirteen, with the new
thirteen added to thorn’! For one, I confess, I know not what is American,
in policya inpublic interest, or in public feeling, if these measures be deemed
American. , t

The first general aspect, or feature of the bill, the character Written
broadly on its front, is this abandonment of all concern for the general cur-
rency of the country. This is enough for me. It secures my opposition to

the hill in all stages. Sir, this .bill ouglit to have had a preamble. It ought

to have been introduced by a recital,setting forth that, whereas the currency
of the countryhas become totally dex'anged ; and whereas it has heretofore
been thought the bounden duty of this Government to take proper care of

that great branch oflthenational interest‘; and whereas that opinion is erro-
neous, obsolete, and heretical; and whereas, according to the true reading ,

oftthe constitution, the great duty ofthis Government, and its exclusive duty,
so fares currency is concerned, is to take care of itself; and iwhereasgf
Government can but secure a sound currency for itself, thelpeople may very

I

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well be left to such a currency as the States, or the banks, or their own good
fortune, or bad fortune, may give them ; therefore be it enacted, tSLc. doc. dzac.

The very first provision of the bill is in keeping with its general objects,
and general character. It abandons all the sentiments of civilized mankind,
on the subject of credit and confidence, and carries us back to the dark ages.
The first that we hear, is of sales, and vaults, and cells, and cloisters. From
an intellectual, it goes back. to a physical age. From commerce, and credit,
it returns to hoarding, and hiding; from confidence, and trust, it retreats to
bolts, and bars, to locks with double keys, and to pains and penalties for
touching hidden treasure. It is a law for the times ofthe feudal system ; or
a law forthe heads and governors" of the piratical States of Barbary. It is
a measure lit for times when there is no security in law, no value in com-
merce, no active industry among mankind. Here, it is altogether out of
time, and out of place. It has no sympathy with the general sentiments of
this age, still less has it any congeniality with our American character,
any relish of our hitherto approved and successful policy, or any agreement
or conformity with thevgeneral feeling of the country.

The gentleman, in stating the provisions of the first section, proceeds to
say, that it is strange, that none of our laws, heretofore, has ever attempted
to give to the Treasury of the United States a “local habitation.” Hence
it is the object of this first section of the bill to provide and define such local
habitation. A local habitation for the Treasury of a great commercial coun-:
try, in the nineteenth century! Why, sir, what isthe Treasury’! The ex-
isting laws call it a “ Department.” They say, there shall be a Department,
with various officers, and a proper assignment of their duties and functions;
and that this shall be the Department of the Treasury. It is, thus, an or-
ganized part of Government; an important and indispensable branch of the
general aclministration, conducting the fiscal affairs of the country, and con-
trolling subordinate agents. . 

But this bill does away with all legal and political ideas, and brings this
important Department down to a thing. of bricks and mortar. It enacts that
certain rooms, in the new building, with their safes and vaults, shall consti~
tute the Treasury of the United States! And this adoption of new and
strange notions, and this abandonment of all old ideas, is all for the purpose
oftaccomplishing the great object of separating the affairs of the Government
from the affairs of the country. The nature of the means shows the nature
of the object; both are novel, strange, untried, and unheard of. The scheme,
sir, finds no precedent, either in our own history, or the history of any other
respectable nation. It is admitted to be new, original, experimental; and
yet its adoption is urged upon us as confidently as if it had come down from
our ancestors, and had been the cherished policy of the countryin all past times.

I am against it, altogether. I look not to see whetlier the means be adapted
to the end. That end itself iswhat I oppose, and I oppose all the means
leading to it. I oppose all attempts tormake a separate ‘currency for the
Government, because I insist upon it, and shall insist upon it, until I see and

feel the pillars of the constitution falling around me, and upon my head, that

it is the duty of this Government to provide a good currency for the country,
and for the people, as well as for itself. I y l t p , ~ l p i
I put it to gentlemen to say, whether currency be not a part of commerce,

or an indispensable agent of commerce; and something, therefore, which

this Government is bound to regulate, and to take c-are of’! " Gentlemetnt will
not meet the argument. They shun the question. Wedemand that the just

power of the constitution shall be administered. tWe assert that Congress has

9

power to regulate commerce, and currency as a part of commerce; we insist
that the public exigency, at the present moment, calls loudly for the exercise of
this power,—--—and what do they do? They labor to convince us that the Gov»-

ernment itself can get on very well without providing a currency for the people,

and they bertake themselves, therefore, to the sub-Treasury system, its unas-
sailable walls, its iron chests, and doubly-secured doors. And having satisfied
themselves that, in this way, Government may be kept going, they are satisfied.
A sound currency for Government, a safe currency for revenue; these are
the only tliings promised, the only things proposed. But these are not the
old promise. The country, the country itself, and the whole people, were
promised a better currency for their own use ; at better general currency; 3.
better currency for all the purposes of trade and business. This was the
promise solemnly given by the Government in 1833, and so often afterwards
renewed, through all successive years, down to May last. life heard nothing,
all that time, of a separation between Government and people. No, sir,
not a word. Both were to have an improved currency. Sir, I did not be-
lieve a word of all this ; I thought it all more pretence or empty boasting.
I had no faith in these promises, not a particle. But the honorable member
from New York was confident; confident then as he is now ; confident of the
success of the first scheme, which was plausible, as he is cont-ident of this,
which is strange, alien, and repulsive in its whole aspect. He was then as
sure of being able to furnish a currency for the country, as he is new of fur»
nishing a currency for Government. He told ‘us, at that time, that he be-
lieved the system adopted by the late administration was fully competent to
its object. He felt no alarm for the result. He believed all the President
had done, from the removal of the deposites downwards, was constitutional
and legal ; and he was determined to place himself by the side of the Presi-
dent, and desired only to stand or fall in the estimation of his constituents,
as they should determine in the result; and that result has now come.

As I have said, sir, I had no faith at all in all the promises of the admin-
istration, made before and at that time, and constantly repeated. I felt no
confidence whatever in the whole project; I deemed it rash, headstrong, and
presumptuous, to the last degree. And at the risk. of the charge of some

.ofl‘ence against good taste, I will read a paragrapltfrom some remarks ofmine,

in February, 1834, which sufliciently shows what my opinion and my appre-—
hensions then were. , .

“I have already endeavored to warn the country against irredeernahle
paper; against bank paper, when banks do not pay specie for their own
notes; against that miserable, abominable, and fraudulent policy, which at--
tempts to give value to any paper of any bank, one single moment longer
than such paper is redeemable on demand in gold and silver. And I wish,
most solemnly and earnestly, to repeat that warning. I see danger of that
state of t/tings aimed. I see IMMINENT DANG-ER '1‘r~.m'r MORE on rowan. on
‘THE S'1‘A'I‘E BANKS WILL error SPECIE PAYMENT. The late measure of the
Secretary, and the infatuation with which it seems to be supported, tend di-
rectly and strongly to that result. Under pretence, then, of a design to re»
turn to a currency which shall be all specie, we are likely to have a currency
in which there shall be no specie at all. l/Va are in danger‘ of being overw-
wltelmcd with irredeemable paper-----more paper, repre'sarzz"ing not gold’ nor
isilver; no, sir, re_79resenting rzotizirzg but BROKEN rnomrsns, nan FAITH,

BANKRUPT GORPORATIONS, CHEATED CREDITORS, AND A

:RUINED PEOPLE!” ~

And now, sir, we seelthe upshot of the Experiment. We see around us

30

bankrupt corporations, and broken promises; butwe see no promises more
really and emphatically brolten, than all those promises of the administration,
which gave us assurance of a better currency. These promises, now bro-
ken, notoriously and opeulylbrohen, if they cannot be performed, ought‘ at

least to be aclmowledged. The Government ought not, in common fairness

and-common honesty, todeuy its own responsibility, seek to escape ii-:om'the
demands of the people, and to hide itself out of the way, and beyond the
reach of the process of public opinion, by retreating into this sub-Treasury
.systero. Let it at least come forth; let it bear a. port of honesty and can-
dor; let it confess its promises, if it cannot perform them ; and, above all,
now, even now, at this late hour, let it renounce schemes and projects, the
inventions of presumption, and the resorts of desperation, and let it address
itself, in all good faith, to the great work: of restoring the currency by ap-
proved and constitutional means.

But, sir, so for is any such course from all probability of being adopts ,
so little ground of hope is there that this snb-Treasury system will be aban-
doned, that the honorable member from New Yorl; has contended and argued in
his place, that the public opinion is more favorable to this measure how pro-
posed, than to any other which has been suggested. He claims for it the
character of a favorite with thepeopie. He makes out this subg~'i"rea,sury
plan to be quite high in popular estiimatiorn Certainly, sir, if thehonorable
member thinks so, he and I see with diiiihreut eyes, hear with difierent ears, or
gather the means of opinion from very diliiereut sources. But what is the
'geutlemau’s argument ? It is this. The two Houses of Congress, he says,

reflect the wishes and opinions of the people ; and with the two Houses of

Congress, this system, he supposes, is more acceptable than any other.

Now sir with the utmost res aect for the two Houses of Con ress and all ‘
3 3 i g 3

their members, I must be perrnitted to express a. doubt, and indeed a good
deal more than a doubt, whether, on tiuisbuiiject, and at the present moment,
the two Houses do exactly reflect the opinions and wishes of the people. I
should not have adverted to the state of opinion here, compared with the
state of public opinion in the country, if the gentleman had not founded an
argument, on the supposed disposition of the two Houses, and on the fact,
that they truly set forth the public opinion. But since he has brought for-
ward such an argument, it is proper to examine its foundation.

In a general sense, undoubtedly, sir, the members of the two Iiouises must
‘be understood to represent the sentiments of their constituents, the people of
the United States. Their acts bind them, as their representatives, and they

«must be considered, in legal understanding, as conforming to the will of their

constituents. But, owing to the manner of our organization, and to the pe-
riods and times of election, it certainly may happen, that at a particular mo—-
ment, and on a particular subject, opiuionout doors may be one way, while
opinion here is another. And how is it now, if we may judge byithe usual

l indications? Does the gentlemant hope for no vote, inthis body, for his bill,

but such as shall be, in his opinion, in strict accordance‘ with the wishes, as
generally understood, and most recently expressed, in the State from which
that vote shall come’! ‘ t  r  - V A  V p

"I shallbe exceedingly sorry, sir, “for iustance,~*to see a vote from 1 Maine
lgivenfor this bill. I hope‘ I rnaylnot. But if there should be such alvote,

can the gentleman say» the-the believes, in his conscience, it will express the
..wisheso.f a majority»-of the people of that State’! ,tAudso, of New Jersety,

and one, if not more States inithe West. I am quitesure thatgentlemen

t who may give their votes, will discharge} their duty, according to their own

1'1

enlightened judgrnents,.and they are no way accountable to me for the man---
net in which they discharge it; but when the honorable menoher from New
York contends that this body now accurately represents the public opinion,
on the stth-Treasury system, we must look at the facts. And with all pos-
sible respect for the ltonorahle member, I must even take leave to ask him,
whether, in his juclgment, ho, ltirnself, is truly reflecting the opinions and

wishes of’ a majority of the people of New York, while he is.proposingand I

supporting this bill? VVltet+e does he find evidence,lofthe favor of the peo-
ple ofthat State, towards this measure 3 Does he find it inithe city? In the
country? In the recently elected House of Assembly’! In the recently
elected noembers of the Senate? Can he name a place»--can he lay a venue,

for the popularity of this measure, in the whole State of New Yorlt? Be-- 4
tween Montault point and Cattaraugus, and between the mountains of Penn- 1

sylvania and the north and of lake Champlain, can he any wltere put his fin»
ger on the map and say, here is a spot where the sub-'l‘reasury is popular?
He may find places, no doubt, though they are somewhat scarce, where his
friends have been able to maintain their ascendancy, 7z.0twiz‘}zstanah'-ng the
unpopularity of the measure; but can he find one place, one spot of any ex-
tent, in tvltich this measure of relief is the choice, the favorite, of a majority
of the people? ' t t

Mr. President, the honorable member has long been in public life, and has
tvitnessecl, often, the changes and fiuctuations of political parties and political
opinions. And I will aslt. him what he thinks of the hurricane which swept
over New Yorl-1 in the first week of last Novetnher. Did he ever know the
like? Has he bet'ore'evet~ been called on to withstand such a whirlwind i 01‘
had he previotisly any suspicion that such an onthreal~: in the political ele-
ments was at hand’! I am persuaded, Sit‘, that he feared such a. thing much
less than I hoped for it; and my own hopes, although I had hopes, and strong
hopes, I mustconft:-ss, fell for short of the actual result. And to tne,lV.lr. Pres-
ident, it seems perfectly plain, that the cause of this astonishing change in
public opinion is to be found, mainly, in the message of September, and the
sub-Treasttry bill of the last session. The message, with its anti-social,
anti-commercial, anti-popular doctrines and dogmas»---the message whichgset
at nattgltt all our own manners and usages, rejectecl all the teachings of ex-
perience, threatened the State institutions, and, anxious only to take good
care of Government, abandoned the people to their fate----the message----the
message, it was, that did the great work in New York, and elsewhere.

The message was that cave of Eoius,,out of which the carecring winds

t issued :

“Una Eurusque notusque ruunt, crebet-que procellis
“ A.fz*icus"'

 

 

mingling seas and skies, dispersing the most powerful political combi-
nations, and scattering their fragments on the rocks and shores. I might
quote the poet further, Sit‘, V

“ et vastos volvunt ad litters. fluctus.”

The politicaldeep seemed agitated, to the vet~.yloottom,and its heaving
bosom moved onward and forward the “ vastos fltt.cz‘2ts,” in nautical phrase,
the big rollers of public opinion..

The honorable member may say, or may thinlt, that all this was but the
result of a transient impulse, a feverish ebullition, a sudden surprise, or a
change superficial, and apparent only, not deep and real. Sir, I cannot say,
but I must confess that if thetmovement in New York, last fall, was not real,

12

it looked more like reality, than any fanciful exhibition which I ever saw.

»-if the people were not in earnest, they certainly had a very sober and earnest

way of being in jest.

And, now, sir, can the honorable member, can any man, say, that in re-
“-gard to this measure, even the House of‘ Representatives is certain, at this
moment, truly to refiect the public judgment’! Though nearer to the peo-
-ple than ourselves, and more frequently chosen, yet it is known that the
present members were elected, nearly all of them, before the appearance of
-the message of September. And will the honorable member allow me to ask,
whether if a new election of members of Congress were to take place in his
own State, to-morrow, and the newly elected members should take their seats

V immediately, he should entertain the slightest expectation of the passage of

this bill through that House?

Mr. President, in 1884, the honorable member presented to the Senate,
resolutions of the Legislature of New York, approving the previous courses
of the administration in relation to the currency. He then urged strongly,
but none too strongly, the weight due to those resolutions, because, he argu-
-ed, they expressed the undoubted sense of the people, as well asthat of the
Legislature. He said there was not, at that time, a single member in the
popular branch of the Legislature, who was not in favor of those resolutions,
either from the cities of hltxdson, Albany, Troy, Schenectady, Utica, or an

. almost endless number of incorporated trading towns and villages, or the

great city of New Yorlt itself, which he justly calls the commercial empo-
riurn of the country; all these cities and villages being surrounded, as he
mostjustly said, by an intelligent population ; and cities, villages, and coun-
try, altogether comprising near two millions of souls. All this was very well.
It was true. The facts were with the honorable member. And although I
most exceedingly regretted and deplored that it was so, I could not deny it.
And he was entitled to enjoy, and did enjoy, the whole benefit of this respect»
:able support. But, sir, how stands the matter now’! What say these two
millions of souls to the sub-Treasury? In the first place, what says the city
of New York, that great commercial emporium, worthy the gentleman’s
commendation in 1834, and worthy of his commendation, and my commen-
dation, and all commendation, at all times 1 What sentiments, what opinions,
what feelings, are proclaimed by the thousands of her merchants, traders,
rnanufacturers, and laborers? VVhat is the united shout of all the voices of

all her classes’! What is it, but that you will put down this t~1etv--f'at1gle,d.

-sub--Treasury system, alilte alien to their interests and their feelings, at once,
and for ever’! i What is it, but that in mercy to the mercantile interest, the
trading interest, the shipping interest, the rnantfiacturinginterest, the laboring
class, and all classes, you will give up useless and pernicious political schernes
and projects, and return to the plain, straight course of wise and wholesome
legislation’! The sentiments of the city cannot be misunderstood. A thou»
sand pens, and ten thousand tongues, and a spirited press, malted them all
known. If we have not already yet. heard enough, we shall hear more.
Embarrassed, vexed, pressed, and distressed, as are her citizens at this mo-
ment, yet their resolution is not shal«:ejn, their spirit is not broken; and, de-
pend upon it, they will notxsee their “commerce, their business, their prosperw
ity, and their happiness, all sacrificed to preposterous schemes‘ and political
empiricisrn, without another, and a yet more vigorous, struggle. And Hudson,
and -Albany, and Troy, and Schenectady, and Utica———-pray, sir, why may
-not the citizens of these cities have as ‘much weight with the honorable
«member now, as they justly had in 1834:? And does he, can he, doubt of

is

what they think of his bill? Ay, sir, and Rochester, and Batavia, and‘

Buffalo, and the entire western district of the State, does the honorable XIIGIII-~~

V her suppose that, in the whole‘ of it, he would be able, by careful search, to i

do more than to find, now and then, so rare at bird,‘as a single approver of
this system? I “

Mr. President, if this system must come, let it come. If we must bow to
it, why, then, put it upon us. Do it. Do it by the power of Congress and
the President. Congress and the President have the power. But spare us,
I beseech you, spare the people from the imputation, that it is done under
clear proof and evidence of their own approbation. Let it not be said it is
their choice. Save them, in all mercy, from that reproacl .

Sir, I think there is a revolution in public opinion now going on, what-
ever may be the opinion of the member from New York, or others. I think
the fall elections prove this, and that other more recent events confirm it. I
th_inl«: it is a revolt against the absolute dictation of party, a revolt against co-
ercion, on the public judgment; and especially a revolt, against the adoption
of new mischievous expedients, on questions of deep public interest; a revolt
against the rash and unbridled spirit of change; a revolution, in short, against
further revolution. , I hope, most sincerely, that this revolution may go on ;.
not, sir, for the sake of men, but for the sake of measures, and for the sake

of the country. I wish it to proceed till the whole country, with an impera— I

tive unity of voice, shall call back Congress to the true policy of the Gov--V
ernment.  V
I The honorable member from New York is of opinion, sir, that there are

only three courses open to us. We must, he urges, either adopt this meas» .

ure, or return to a system of deposites with the State banlts, or establish a
national banlt. Now, sir, suppose this to he as the gentleman states, then,
I say, that either of the others is better than this. I would prefer doing
almost any thing, and I would vastly prefer doing nothing, to taking this bill.

I need not conceal my own opinions. I am in favor of a national insti-
tution, with such provisions and securities as Congress may think proper, to-

guard against danger and against abuse. But the honorable member dis-~.
poses of this, at once, by the declaration, that he himself can never consent r

to a bank, being utterly opposed to it, both on constitutional grounds and
grounds of expediency. The gent1eman’s opinion, sir, always respected, is
certainly of great weight and importance, from the public situation he occu-
pies. But although these are his opinions, is it certain that a majority of
the people of the country agree with him in this particular? I think not. I
verily believe a majorityof the people of the United States are now of the-

, opinion, that a national bank, properly constituted, limited, and guarded, is

both constitutional and expedient, and ought now to be established. So far‘
as I can learn, three-fourt_hs of the VVestern people are for it. Their repre-
sentatives here can form a better judgment; but such is my opinion, upon,
the best information which I can obtain. The South may be more divided,
or may be against a national institution; but looking, again, to. the centre,
the North and the East, and comprehending the whole in one view, I believe-
the prevalent sentiment is such as I have stated.

At the last session great pains were taken to obtain a vote, of this and the-
other House, against a bank; for the obvious purpose of placing such an in-
stitution out of the list of remedies, and so reconciling the people to the
sub-treasury scheme. Well,sir, and did those votes producecany effect?
None at all. The people did not, and do not, care a rush for them. I never
have seen or hearld a single man, who paid the slightest respect to those-

14:

votes ofours. , Thehonorable member, to-day,opposed as he isto a bank,
has not even alluded topthem. Soeutirely vain is it, sir, in -this country, to
attempt to lforestall, commit, or coerce the public judgment. Allvthose reso-

lutions fell perfectlydead on the tables of the two'Houses. We may resolve a

what we please, and resolve it when we please; but if the people do not like

it, atttheir own good pleasure they will rescind it; and they are not likely, to

continue their approbation long to any system of measures, however plausi-
ble, which te-rrninates in deep disappointment of all theirhopes foritheir own

, prosperity. '” t ,

Ihave said, sir, that, in preference to this bil1,«Iwould‘try some modifica---
tion of the State bank system; and I will cheerfully do so, “although every
body knows, that Italways opposed that system. Still, I think it less objec-
tionable than this. Mr. President, in myopinion, theireal source of the evil
lies in the tone, and spirit,.and general feeling, which have pervaded the
administration for some years past. I verily believe the origin is there.
That spirit, I fully believe,has been deeply anti-commercial, and of late de-
cid«edl:y unfriendly totthe State institutions. ,iDo theleading presses in favor
of the administration speak its own sentiments’! If you think they do,then
look at thelangnage and spirit of those: presses. Do they not manifest an
unceasing and bitter hostility to the mercantile classes, and to the institutions
of the States? I certainlyinever supposed the State banks fit agents for
furnishing.orregulating a national currency; but I have thought them use»
ful in their proper places. At any rate, the States had power to establish
them, and have established them, and we have no right to endeavor to de-
stroy them. How is it, then, that generally, every leading press, which sup-
ports the administration, joins in the g'itx1ei'al “cry against these institutions of
the States’! How is it, if it be not that a spirit hostile to these institutions
has come to pervade the administration itself?

In rnyiopinion, the State banks, on every ground, demand other treatment;
and the interest of the country requires that they should receive other treat-
ment. The Government has used them, and why should it now not only
desert, but abuse them? That some of the selected banks have behaved
very unworthily, is no doubt true. The best behaviour is not always to be
expected from pets. Butthat thebanlts, generally, deserved this unrestrained
warfare upon them, at the hands of Government, 1 cannot believe. It ap-
pears -~to.me to be both ungrateful and unjust.

The banks, sir, are now making an efibrt, which I hope may be success-
ful, to resume specie payments. The process of resumption W0‘1“kS,al1Cl’
must work, with severity upori the country. Yet I most earnestly hope the
banker may beable to accomplish the object. But in all this etiort, they get
novaidi from Government, no succor from Government, not even ta: ltindwordi

from ‘Groverinment. They get nothing but denunciation‘, and t abuse. They lg
work alone,» and therefore the attainment of the endgis the more diflilctult.-

They hope to reach the.t.endt only, or mainly, by redutction and curtailment.

If, ubyitilteset means,..pay;ment-in specie can beiresumed; and maintained, their A

result will prove the existence of great solidity, both of the banltsiand of the
mercantile classes. The Byanlttoft England’ did not accomprlishwresumption‘
by ‘curtailment 1alone.. She had the direct raid of Government. And the

banker of -the United”. States“, tin~181"6, did not rélyttovn cturtailment*‘ alone.
a They hadhthexaid of the then‘ new--cr.eatre\d?>B~ank of the United States, and-

all the tp;outntenancie,...assista‘nce,* and’ friendly support, which the‘ Govern'me'nt;
could .g1ve~.them. Still,.»Itpwould not discourage the eiiortsiyof the "banlts. I
trusttheywill succeed, and thatitheytwil~l.-resutne specie payments atithe earn-t

I5

llt3ot,pracitic«a£ble‘moment; lbut~i»ttis-, at the same. time, my full: conviction, theta

by a.notherand"a hettercourselof public policy, the Government mig.ht»most~
materiallylassist thotbanks tobring about resumptipn ; 3.I'Id“l‘.l'lT3.‘ll' by Go?ve~rn-s
merit aid, itlnti-gl,ltt~be~ brought about with infinitely less of l publlic incon‘-a
veuience and ~ irtdtliiviflual distress.

For azniiealsy resumption of specie payments, thereis« mainly treated a
revival» of trust, the re'sto=ra~tion of confidence, and a harmonious action, hee-
tweeu the~Go~vernmen—t andthe: monefyedinstitutions oi the country. But in‘-
steadoi" efforts toinsp_ire trust, and create confidence, we see and hear,noth7-e-
ing but denunciation; instead~of' harmonious action, we find‘ nothing but
unrelenting hostility.

Mr. President, you and I were in Congress, in 1815, during the time: of’;
the suspensiottt of-specie payments-by the banks. What wasthet spirit of the
Government at that time, sir’! Was it hostile, acrimonious, belligerent to«-
wards the State institutions’! Did it look on them only to frown? Did it
touch them only to distress? Did it put them all under the scourge’! You
know, sir, it was far otherwise. You know, that the Secretary of that day
entered iinto friendly correspondence. with them, and assured them that he
woultl second their efforts for resumption, by all the means in his power.
You ltnow, sir, that in fact, he did render most essential aid. And do you
see, sir, any similar effort now? Do you behold, in the bill before us, any
tltinglof the spirit or the policy of'Mr. Madison, on an occasion very like the
present? Mr. Madison was a man ofsuch subdued self»-respect, that he was
willing; to yield to experience and to the opinion of his country; a man, too,
ofso ntuch wisdom and true patriotism, that notliiug was allowed to stand he-
twleon him and his clear perception of the public good. Do you see, sir, any
thing oi‘ this spirit---of the wisdom, of the mild,and healing, and restoring
policy, oi‘Mr. Madison, in this measure? Anotherillustrious man, now num-
bered with the dead, was then with us, and was acting an important part, in
the councils of the country. I mean Mr. Lowndos; a man not deficient in
force an-';l genius, but still more distinguished for that large and comprehen-
sive ‘Vit~‘3W of things which is more necessary to malts great men, and is also
much rarer, than more positive talent—--—-ancl for an impartial, well-balanced

jtidgntent, which ltept him free from prejudice and error, and which gave great i

andjust influence to all his opinions. Do you see, sir, any thing of the spirit,
the temper, the cool judgment, or the long-sigl“1ted policy of Mr. Lowndes,
in all that is now before us’! And Mr. Crawford, then at the head of the
Treasury, arduously striving to restore the finances, to re-establish both public
and private credit, and to place the currency once more upon its safe and
proper foundation; do you see, sir, thermal-its oi'Mr. Crawford"s hands in the
measure now presented for our approbation’? l

Mr, President, I have little to say of the subordinate provisions of this bill,
of the receivers general, or of the dangerous power, given to the Secretary,
ofintrestiitg the public money in State stocks of his own selection. My oppo-
sition to the bill, is to the whole of it. It is general, uncompromising, and
decided. I oppose all its ‘ends, objects, and purposes; I foppose all its
means, its inventions, and its contrivances, I am opposed to the separation
of Government and people; I am opposed, now and at all times, to an
exclusive metallic currency; I arnopposed to the spirit in which the meas-
ure originates, and to all and every emanation and ebullition of th l
I solemnly declare, that in thus studying our own safety, and renouncing
all care over the general currency, we are, in my opinion, abandoning one

at spirit-

of the plains-st: and most important of our constitutional duties. If, sir, we

16

were, at this moment, at war with a powerful enemy, and ifhis fleets and
armies were new ravzxgizag our shores, and it were proposed in ‘Congress to
take care of onrselvess, to defend the Capitol, and abandon the country to
its fate, it would he, certainly, a more striking, a more flagrant and daring,
but in my judgment not a more clear and tnnnitest clereliétion of duty, than
we cotnmit. in this open and professed abandonment of our constitutional
power and constitutionalldnty, over the great interest of the national cnrren-—
cy. I mean to maintain that constitutional power, and that constitutional
duty, to the last.’ It shall not be with my consent, that our ancient policy
shall be overturned. It shall not be with my consent, that the country
shall he plunged, further and further, into the unfathoxned depths of new
expeclientrs. It shall not be without ‘a voice of remonstrance from me, that
one “great and important pmpose for which this Government was framed?
shall now be utterly surrendered and abandoned forever.

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