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

396 ABRIDGMENT OF THE H. oF R.] Removal of the Deposits. [DECEMBER, 1833. duce even a drilled majority to do that which, comparison of the Liverpool and Charleston if already done upon his responsibility, it might prices current, that the price of cotton has been be induced to sanction. He is a military man, habitually five cents lower in this country, at sir, and he knows the effect produced in des- any given time, than the European prices pubperate emergencies, when the general throws lished at the same time here. I presume all himself into the breach, and calls upon his sol- other descriptions of property have experienced diers to rush to his rescue, or witness his de- a similar depression, and can well imagine that struction. There could not have been selected all property in stocks, public or private, must a time for performing this act better calculated have suffered even in a greater degree. It is to show the President's defiance of the legislative stated, on good authority, that the stock of the authority. And yet, sir, the Secretary of the Girard Bank, the one selected in Philadelphia Treasury has come here with the miserable-I to receive the Government deposits, has fallen had almost said impudent-pretence that he from 70 to 54, since the 1st of October. was constrained to do it by the necessities of And now, sir, in concluding my remarks, I the country. It is not true, sir. the President must be permitted to say, that, if we ratify this had only to announce that the deposits would proceeding of the President and Secretary of not be removed until the question should be first the Treasury, by refusing to order the restorasubmitted to Congress, and the public mind tion of the deposits, in addition to the present would have been put at ease. The Secretary suffering and distress of the people, we shall well knew this. But the Executive Govern- permit a system of political banking to be enment has thought proper to thrust itself for- tailed upon the country, utterly incompatible ward, and place the subject in such a position with public liberty. If we intend that it shall as almost to deprive Congress of its free agen- ever be arrested, it must be done now; for if cy. We are now told by a gentleman from we give time to complete the establishment of New York, (Mr. CAMBRELENG,) that the resto- this confederacy between the Executive Govration of the deposits to the Bank 6f the United ernment and the State banks in all its ramificaStates was an idea that struck him with alarm; tions of dependent interests, I will defy all huthat the country had already suffered too much man power to break the league or resist the from one removal to be able to endure the ef- man who wields its power. Is it not apparent fects of another. It is for this reason that I that it will convert the deposit banks into dehave made my resolution prospective. I am pendants and partisans of the President? Is it not so reckless of the sufferings of the commu- not equally apparent that the politican who nity as to take away the money which has been controls these banks will indirectly control all actually deposited in the selected banks. I know those who are indebted to them, and thus obwe shall be told that the picture of public dis- tain an absolute control over the public will? tress is exaggerated. One gentleman, indeed, If this House shall confirm the act of the Presi(Mr. VANDERPOEL,) told us the other day that dent, it will be, in my humble opinion, estabit was all a humbug to ascribe the prevailing lishing in perpetuity a corrupting connection distress to the removal of the deposits. If this between the banking capital and the political be a humbug, it is a very melancholy one. But power of the country, and placing them both in whatever gentlemen may have thought three the hands of one man. I trust in God that the days ago, I believe there is no one' who would country will not be destined to such a condition now be bold enough to say that the removal of by the vote of this House. If it should, I can the deposits has had no agency in producing only pray that a power more than human may the public distress. The calamity can hardly be interposed for its rescue. be over-estimated. Any idea which we can form of it here, will fall short of the sad reality. I confess, sir, I have been astonished at MONDAY, December 30. the accounts brought by every mail. I did not believe that a scene of distress so sudden and The Deposit Questiom. extensive could have been produced by the The House resumed the consideration of the miserable tampering of the Government with motion to refer to the Committee of Ways and the system of commercial credit. It is a mis- Means the reasons assigned by the Secretary take to suppose that it is confined to the mer- of the Treasury for the removal of the public chants or to the commercial cities. It will ex- deposits, with Mr. McDurrIE's motion for tend like a wave, until it affects every class, and instructing the committee to report a bill for reaches the farthest limits of the country. In restoring them to the Bank of the United relation to one of the great national interests, States. I can speak with positive knowledge as to Mr. POLE: said the gentleman from South the depression this measure has produced in Carolina opened his argument by assuming the value of property. I confidently believe that the public deposits had been unlawfully that every cotton planter who did not sell his removed from the Bank of the United States; crop at the commencement of the season has that the President is, by reason thereof, a lost two cents on every pound of his cotton, in usurper and a tyrant; and he informed us that consequence of this measure. It is a fact with- this was the great constitutional question we out precedent, but conclusively shown, by a were about to examine. Yet, sir, the gentle

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 396
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

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