Abridgment of the Debates of Congress, from 1789 to 1856.

DEBATES OF CONGRESS. 283 MARCH, 1834.] Rechartering. Bank United States. [SENAR pose that they have withdrawn from circula- table, and however widely he may differ as to tion and redeemed from $4,000,000 to $5,000,000 their views of the bank, they all hold to you of their notes, within the last sixty or seventy this language, " Act speedily, and finally settle days. The effect of this extensive curtailment the question." upon the merchants, and, indeed, upon all But we are told, sir, that the country cannot classes of the community, must be severe, but sustain the winding up of the affairs of this bank. self-protection and self-preservation require the Is this so? What does experience teach us upon course at the hands of the banks, and they this subject? The old Bank of the United have no volition. It would be madness for States, within four months of the close of its them not to prepare for their defence, when charter, was more extended in proportion to they are publicly told that this immense mon- the amount of its capital than the present bank eyed power, with $35,000,000 of capital at is at this moment, and still it is almost two command, is about to aim a deadly blow at years to the close of its charter. The old bank them; when they know it has vaunted its struggled as this does for a re-existence; the power over them, and proved upon oath that country was then alarmed, memorials in favor its forbearance was the tenure by which they of the bank were then, as now, piled upon the held their existence. The banks, then, cannot tables of the members of Congress; the cries extend themselves while this all-powerful enemy of distress rung through these halls then as stands ready to take the first advantage of their distinctly as they now do; nay, more, gentleexposure, and to push it to their ruin. Sir, is men were then sent here from the commercial there. any other cause for this rapid curtail- cities to be examined upon oath, before the ment, and this close defensive position assumed committees of Congress, to prove the existence by the State banks? I know of none. There and the extent of the distress; business was can be none. There is no peculiar demand for then in a state of the utmost depression in all specie growing out of the state of trade and parts of the Union; commerce was literally the condition of exchange; but, on the contra- suspended by the restrictive measures of the ry, the reverse is to a greater extent true than Government; trade was dull beyond any it has been at any former period of our history. former example; property of all kinds was Specie is, at this moment, abundant in the unusually depressed in price; and the country country, and its flow is to, not from us. was on the eve of a war with the most powerful I cannot, then, be mistaken when I say, that nation in the world. Still Congress was unif the Bank of the United States would cease moved, and the old bank was not rechartered. its efforts for, and its hopes of, a re-existence, Such is the history of that period, and, with and would endeavor to perform its duty to the final action of Congress, all knowledge of the country, by closing its affairs with as little the distress ceased. Who has ever heard of injury as possible to any individual or public disasters to the business of the country prointerest, the State banks would be able to ceeding from the winding up of the old bank? extend their loans, confidence would be restored, I, sir, can find no trace of any such conseand the pressure upon the money. market would quences. I do find that, in a period of about soon cease. Apprehension, a just apprehen- eighteen months after the expiration of the sion of the hostile movements of this great charter, the bank disposed of its other obligainstitution, is the most powerful cause of the tions, and divided to its stockholders about present scarcity of money. This scarcity must eighty-eight per cent. upon their stock. exist so long as this apprehension continues. It is now admitted on all hands, that the How, then, is it to be allayed, would seem to country is rich and prosperous in an unusual be the pertinent inquiry? The honorable degree; property of all kinds is abundant; Senator from Massachusetts answers us by the commerce is free and extensive and flourishing, bill upon your table. Recharter the bank; and business of every description is healthful appease the monster by prolonging its existence and vigorous. If, then, we cannot, in this conand increasing its power! I say, No, sir; but dition of things, sustain the closing of the affairs act promptly and refuse its wish; destroy its of this great moneyed incorporation, it is safe to hope of a recharter, and you destroy its in- assume that the country will never see the ducement to be hostile to the State institutions. time when it can do it. Grant it longer life A different interest, the interest of its stock- and deeper root, and in vain shall we try in holders to wind up its affairs as profitably to future to shake it from us. It will dictate its themselves as possible, becomes its ruling object, own terms, and command its own existence. and will direct its policy. The more prosper- Indeed, Mr. President, the whole tendency of ous the country, the more plenty the money of the honorable Senator's argument, seemed to other institutions, the more easily and safely me to be to prove the necessity of a perpetual can this object be accomplished; and every bank of this description, and we have been hope of a continued existence being destroyed, repeatedly told, during the debate of the last that this will be the object of the bank is as three months, that this free, and rich, and certain as that its moneyed interest governs a prosperous country, cannot get on without a moneyed incorporation. Mr. President, this is great moneyed power of this description to unquestionably the opinion of the country. regulate its affairs. The bill before the Senate Look, sir, at the files of memorials upon your proposes to repeal the monopolizing provision

Pages

About this Item

Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 283
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

Technical Details

Collection: Making of America Books
Link to this Item: https://name.umdl.umich.edu/ahj4053.0012.001
Link to this scan: https://quod.lib.umich.edu/m/moa/ahj4053.0012.001/285

Rights and Permissions

These pages may be freely searched and displayed. Permission must be received for subsequent distribution in print or electronically. Please go to http://www.umdl.umich.edu/ for more information.

IIIF

Manifest: https://quod.lib.umich.edu/cgi/t/text/api/manifest/moa:ahj4053.0012.001

Cite this Item

Full citation: "Abridgment of the Debates of Congress, from 1789 to 1856." In the digital collection Making of America Books. https://name.umdl.umich.edu/ahj4053.0012.001. University of Michigan Library Digital Collections. Accessed June 8, 2025.

Abridgment of the Debates of Congress, from 1789 to 1856.

Annotations Tools

Actions

About this Item

Technical Details

Rights and Permissions

Related Links

IIIF

Cite this Item