was going to establish a working man's party, it should be on the basis of hard money; a hard money party against a paper party.

[FEB. 2, 1831.

and the reduced expenditures of the Government will be made where the money is collected. The army and the navy, after the extinction of the debt, will be the chief I would prefer to see the charter expire without any objects of expenditure; and they will require the money, substitute; but I am willing to vote for the substitute re- either on the frontiers, convenient to the land office, or Thus commended by the President, stripped as it is of all power on the seaboard, convenient to the custom-houses. to make loans and discounts. Divested of that power, it will transfers of revenue become unnecessary. 3. "To loses the essential feature, and had as well lose the name, make loans to the Federal Government." That is nothing: of a bank. It becomes an office in the treasury, limited for the Federal Government will want no loans in time of to the issue of a species of exchequer bills, differing from peace, not even out of its own deposites; and the prosthe English bills of that name in the vital particular of a pect of war is rather too distant at present to make new Such bills loans on that account. 4. "To pay the pensioners." prompt and universal convertibility into coin. would be in fact, as well as in name, the promissory notes That is something now, I admit, when the pensioners are of the United States of America. They would be paya- still fifteen thousand, and the payments exceed a million But what will it be after 1836? When the ble at every land office, custom-house, and post office, per annum.

and by every collector of public moneys, in the Union. hand of death, and the scythe of time, shall have commitPayable every where, they would be at par every where. ted five years more of ravages in their senile ranks. The Equal to gold and silver on the spot, they would be supe-mass of these heroical monuments are the men of the Rerior to it for travelling and remittances. This is not volution. They are far advanced upon that allegorical opinion, but history. Our own country, this Federal Go-bridge so beautifully described in the vision of Mirza. vernment, has proved it; and that on a scale sufficiently They have passed the seventy arches which are sound and large to test its operation, and recent enough to be re entire, and are now treading upon the broken ones, where membered by every citizen. I allude to the Mississippi the bridge is full of holes, and the clouds and darkness scrip, issued from the Treasury some fifteen years ago. setting in. At every step some one stumbles and falls This scrip was no way equal to the proposed exchequer through, and is lost in the ocean beneath. In a few steps bills: for its reception was limited to a single branch of more the last will be gone. Surely it cannot be necessary the revenue, namely, lands, and to a small part of them; to keep up for twenty years, the vast establishment of the and the quantity of scrip, five millions of dollars, was federal bank to pay the brief stipends of these fleeting excessive, compared to the fund for its redemption; yet, shadows. Their country can do it--can pay the pensions as soon as the land offices of Alabama and Mississippi as well as give them--and do it for the little time that reopened, the scrip was at par, and currently exchanged for mains, with no other regret than that the grateful task is gold and silver, dollar for dollar. Such, and better, would to cease so soon. 5. To regulate the currency." I be the proposed bills. To the amount of the revenues, answer, the joint resolution of 1816 will do that, and will they would be founded on silver. This amount, after the effect the regulation without destroying on one hand, and payment of the public debt, (post office included,) may without raising up a new power, above regulation, on the be about fifteen millions of dollars. They would supply other. Besides, there is some mistake in this phrase curthe place of the United States' notes as they retired; and, rency. The word in the constitution is coin. It is the issuing from the Treasury only in payments, or exchange value of coin which Congress is to regulate; and to include for hard money, all room for favoritism, or undue influ- bank notes under that term, is to assume a power, not of ence, would be completely cut off. If the Federal Go-construction--for no construction can be wild and boundvernment is to recognise any paper, let it be this. Let it less enough to construe coin, that is to say, metallic mo.

be its own.

ney, melted, cast, and stamped, into paper notes printed I have said that the charter of the Bank of the United and written--but it is to assume a power of life and death States cannot be renewed. And in saying this, I wish to over the constitution; a power to dethrone and murder be considered, not as a heedless denunciator, supplying one of its true and lawful words, and to set up a bastard the place of argument by empty menace, but as a Sena- pretender in its place. I invoke the spirit of America tor, considering well what he says, after having attentively upon the daring attempt! 6. "To equalize exchanges, surveyed his subject. I repeat, then, that the charter and sell bills of exchange for the half of one per cent." cannot be renewed! And, in coming to the conclusion of This is a broker's argument; very fit and proper to deterthis peremptory opinion, I acknowledge no necessity to mine a question of brokerage; but very insufficient to look beyond the walls of this Capitol-bright as may be determine a question of great national policy, of State the consolation which rises on the vision from the other rights, of constitutional difficulty, of grievous taxation, end of the avenue!-I confine my view to the halls of and of public and private subjugation to the beck and nod Congress, and joyfully exclaim, it is no longer the year of a great moneyed oligarchy. 7. "A bonus of a million 1816! Fifteen years have gone by; times have changed; and a half of dollars." This, Mr. President, is Esau's and former arguments have lost their application. We view of the subject; a very seductive view to an improvi were then fresh from war, loaded with debt, and with all dent young man, who is willing to give up the remainder the embarrassments which follow in the train of war. We of his life to chains and poverty, provided he can be soare now settled down in peace and tranquillity, with all laced for the present with a momentary and insignificant the blessings attendant upon quiet and repose. There is gratification. But what is it to the United States?--to the no longer a single consideration urged in favor of charter- United States of 1836! without a shilling of debt, and ing the bank in 1816, which can have the least weight or mainly occupied with the reduction of taxes! Still this application, in favor of rechartering it now. This is my bonus is the only consideration that can now be offered, assertion! a bold one it may be; but no less true than bold. and surely it is the last one that ought to be accepted. Let us see! What were the arguments of 1816? Why, We do not want the money; and, if we did, the recourse first, "to pay the public creditors." I answer this is no to a bonus would be the most execrable form in which we longer any thing: for before 1836, that function will cease: could raise it. What is a bonus? Why, in monarchies, it is there will be no more creditors to pay. 2. "To transfer a price paid to the King for the privilege of extorting money the public moneys." That will be nothing: for after the out of his subjects; with us, it is a price paid to ourselves payment of the public debt, we shall have no moneys to for the privilege of extorting money out of ourselves. transfer. The twelve millions of dollars which are now The more of it the worse; for it all has to be paid back transferred annually to the Northeast, to pay the public to the extortioners, with a great interest upon it. It is recreditors, will then remain in the pockets of the people, [lated by the English historian, Clarendon, who cannot be

Webster, Willey--23.

[SENATE.

suspected of overstating any fact to the prejudice of the avail themselves of their intelligences, and their means, Stuart Kings, that for £1,500 advanced to Charles the to buy out the small stockholders on the eve of the reFirst in bonuses, not less than £200,000 were extorted newal. These would be the owners. And where would from his subjects: being at the rate of £133 taken from all this power and money centre? In the great cities the subject for £1 advanced to the King. What the Bank to the northeast, which have been for forty years, and of the United States will have made out of the people of the that by force of federal legislation, the lion's den of United States, in twenty years, in return for its bonus of Southern and Western money-that den into which all the $1,500,000, (which, I must repeat, has been advanced to tracks point inwards; from which the returning track of us out of our own money,) has been shown to be about a solitary dollar has never yet been seen. And, this is sixty-six millions of dollars. What it would make in the the institution for which a renewed existence is soughtnext twenty years, when secure possession of the renewed for which the votes of the people's representatives are charter should free the institution from every restraint, claimed! But, no! Impossible! It cannot be! The bank and leave it at full liberty to pursue the money, goods, is done. The arguments of 1816 will no longer apply. and lands of the people in every direction, cannot be as- Times have changed; and the policy of the Republic certained. Enough can be ascertained, however, to show changes with the times. The war made the bank; peace that it must be infinitely beyond what it has been. There will unmake it. The baleful planet of fire, and blood, are some data upon which some partial and imperfect cal- and every human woe, did bring that pestilence upon us; culations can be made, and let us essay them. In the first the benignant star of peace shall chase it away. Having place, the rise of the stock, which cannot be less than that concluded-of the Bank of England, in its flourishing days, (probably) Mr. WEBSTER demanded the yeas and nays on the more, as all Europe is now seeking investments here,) question to grant leave for the introduction of the resolumay reach 250 per cent., or 150 above par. This, upon tion; and the vote being taken, was decided, without fura capital of 35 millions, would give a profit of $42,500,000; ther debate, as follows: a very pretty sum to be cleared by operation of law!-to YEAS--Messrs. Barnard, Benton, Bibb, Brown, Dickbe added to the fortunes of some individuals, aliens as well erson, Dudley, Forsyth, Grundy, Hayne, Iredell, King, as citizens, by the mere passage of an act of Congress! In M'Kinley, Poindexter, Sanford, Smith, of S. C., Tazethe next place, the regular dividends, assuming them to well, Troup, Tyler, White, Woodbury-20. equal those of the Bank of England in its meridian, would NAYS-Messrs. Barton, Bell, Burnet, Chase, Clayton, be ten per cent. per annum. This would give $3,500,000 Foot, Frelinghuysen, Hendricks, Holmes, Johnston, for the annual dividend; and $70,000,000 for the aggre- Knight, Livingston, Marks, Noble, Robbins, Robinson, gate of twenty years. In the third place, the direct ex- Ruggles, Seymour, Silsbee, Smith, of Md., Sprague, penses of the institution, now less than $400,000 per annum, would, under the new and magnificent expansion which the operations of the bank would take, probably exceed half a million per annum; say $10,000,000 for the whole term. Putting these three items together, which is as far as data in hand will enable us to calculate, and we have $122,500,000 of profits made out of the people, equal to a tax of $6,000,000 per annum. How much more may follow is wholly unascertainable, and would depend upon the moderation, the justice, the clemency, the mercy and forbearance of the supreme central directory, who, sitting on their tripods, and shaking their tridents over the moneyed ocean, are able to raise, and repress, the golden waves at pleasure; who, being chief purchasers of real estate, may take in towns and cities, and the whole country round, at one fell swoop; who, being sole lenders of money, may take usury, not only at 46, but at 460 per cent.; who, being masters of all other banks, and of the Federal Government itself, may compel these tributary establishments to ransom their servile existences with the heavy, and repeated, exactions of Algerine cupidity. The gains of such an institution defy calculation. There is no The resolution of Mr. GRUNDY, on the subject of example on earth to which to compare it. The bank of certain witnesses proposed to be examined in relation to England, in its proudest days, would afford but an inade- the causes of their removal from the Post Office Departquate and imperfect exemplar; for the power of that bank ment, was taken up, and again, in consequence of the was counterpoised, and its exactions limited, by the wealth absence of the honorable Senator, laid on the table. of the landed aristocracy, and the princely revenues of great merchants and private bankers. But with us, there would be no counterpoise, no limit, no boundary, to the On motion of Mr. DUDLEY, the bill from the House extent of exactions. All would depend upon the will of granting an annuity of $6,000 to the Seneca tribe of Inthe supreme central directory. The nearest approach dians was taken up, together with the amendments of to the value of this terrific stock, which my reading has Mr. SMITH, of Md., and considered as in Committee of suggested, would be found in the history of the famous the Whole.

So the Senate refused leave for the introduction of the resolution.

Mr. GRUNDY said, that, in the select committee appointed to examine into the condition of the Post Office Department, a serious difference of opinion existed in relation to the description of testimony to be brought before them; and that he, for one, was unwilling that the opinions of part of that committee should prevail, without the concurrence of the Senate. He, therefore, submitted the following resolution:

Resolved, That the select committee appointed on the 15th day of December last, to inquire into the condition of the Post Office Department, are not authorized to call before them the persons who have been dismissed from office, for the purpose of ascertaining the reasons or causes of their removal. Adjourned.

THURSDAY, FEBRUARY 3.

INDIAN ANNUITY.

South Sea Company of the last century, whose shares Mr. SMITH, of Md., said, that, when this bill was rose in leaps from 100 to 500, and from 500 to 1,000 per laid on the table, some days ago, he had addressed a letcent.; but, with this immeasurable and lamentable differ- ter to the Secretary of War, asking information on the ence that that was a bubble! this, a reality! And who subject, and, in consequence, he had received an answer would be the owners of this imperial stock? Widows from the Secretary, enclosing a letter from a Mr. Nourse, and orphans, think you? as ostentatiously set forth in the one of the clerks in the Register's Office, addressed to report of last session? No, sir! a few great capitalists; him, containing all the facts that were necessary for a aliens, denizens, naturalized subjects, and some native proper understanding of the matter. There would be citizens, already the richest of the land, and who would some little confusion, Mr. S. said, in the accounts be

SENATE ]

Indian Annuity.

[FEB. 3, 1831.

tween the Indians and the United States, in passing the the President of the Unitad States, to settle the disposibill in its original shape, as it came from the House, inas-tion of it. The same authority that constituted him a much as it would be giving an annuity of $6,000 without trustee, and enabled him to invest or transfer that stock, any equivalent for it. He had, therefore, introduced the would also authorize him to sell it, and make such disamendment to transfer the stock, which was now held posal of it as might be deemed expedient.

for the use of the Indians, to the United States, inasmuch| But there is another view of this subject, said Mr. F. as they required nothing more than the annuity, and the The letter from the War Department, just now submitted United States would be justly entitled to the stock for to us by the gentleman from Maryland, [Mr. SMITH,] guarantying it to them. Upon the tribe's becoming ex- informs us that the Holland Land Company, looking fortinct, the stock would, of course, revert to the United ward to the extinguishment of this tribe, contemplated, States; and it would therefore be better to transfer it at on the consummation of that event, setting up a claim to once than pursue the course originally pointed out in the this $100,000 of stock. They say it then belongs to bill. It would be simplifying what was complex; the them. Suppose, after our making this compulsory consubject would be put an end to; and the Indians and tract with the Senecas to pay them $6,000 annually, the the Government would be relieved from any further diffi- Holland Land Company should establish their claim to culties in relation to it. the reversion of this $100,000; in what light would the proposed measure be viewed, if adopted?

Mr. FORSYTH said he could not perceive the necessity of any legislation upon this subject. It is now, said Mr. F. concluded by repeating, he saw no sort of neMr. F., well understood that the Government of the cessity for further legislation upon this subject. If the United States has never received any benefit from the Indians were willing to take the product of their stock, Seneca tribe of Indians, for which this claim is made. as it is, in the three per cents., let them, in Heaven's The President of the United States has been made their name, have it. The matter, according to his views, laid trustee has assumed a guardianship, in which the Con- just where it should lay, and he hoped it might remain gress of the United States has no concern; and all he so. He, therefore, moved an indefinite postponement of has to do with it is to see that the stock entrusted to him the bill.

is vested in the best possible manner, and that they duly Mr. SANFORD said the gentleman from Georgia supreceive the amount accruing from it. There was a time posed that there was no obligation on the part of the Gowhen these Indians received more than six thousand dol-vernment of the United States to do justice to the Senelars per annum for their hundred thousand dollars worth ca Indians; that the fund belonging to them had been of stock; that is, when their fund was invested in Bank placed in the hands of the President, as trustee, in his of the United States' stock, when they received seven per individual, and not in his official, capacity. Pray, sir, cent. When their stock produced more than six thou- said Mr. S., how comes it, then, that this subject has sand dollars, the whole amount was paid to them; but, been brought before us by the President himself? Is it since that stock had been less productive, since it had not to be found in his message of the last session, in been invested in three percents, all that had been done had which he says he cannot do justice to these Indians withtended to impose on the United States a pecuniary bur- out the intervention of Congress? If the gentleman then. The terms of the contract were not, that the Pre- would please to refer to the message of the President, sident of the United States should see that the fund al-and the report of the Secretary of war, he would find ways yielded six per cent. per annum; but that he should that those officers of the Government deemed it a matmake the best disposition of it in his power; and this, it ter in which the United States was concerned. was admitted, had been done. There was then no fur- The gentleman was mistaken in supposing that the ther obligation on him, or on the Government. But it trusteeship of the President imposed no obligation on seemed the United States were considered as bound to the Government. The President, as the official organ these Indians, because the President of the United States of the Government, became the voluntary trustee. The had become the trustee of funds paid by the Holland Indians sold their lands to Robert Morris, with the conLand Company for lands sold by the Indians to that sent and approbation of the Government, and the GoCompany. vernment voluntarily assumed the office of trustee for This matter had already cost the Government a very the safe investment of the purchase money. It was well considerable amount over and above the product of the known that it never was the practice of the Government stock, and now the question arises, are we bound to do to suffer any treaty to be held with the Indians without more, after doing all we have already gratuitously per- becoming a party to it; and, in the treaty held for the formed? But it is said the Indians have been given to sale of these lands, the agent of the Government attendunderstand that the full amount of six thousand dollars ed and sanctioned the whole proceedings. The gentleshould be paid to them. Who gave them to understand man from Georgia remarked, that the President might this? Who had a right to do so? And yet it was on sell the stock, pay the Indians their $100,000, and get such loose declarations that the whole merits of this claim rid of the business. Mr. S. did not know, but he beseemed to rest. It is contended that the Government is lieved the Indians would be as glad to get their bound to realize to these Indians any expectations they $100,000, and get rid of the business, as the gentleman may have been induced to entertain. It is true, it is said from Georgia; that is, if they were to have no income, that the late President of the United States, when the they would rather have their money. But this could not subject was before him, had given them these assurances. be done without legislation. The President had preThis, however, did not establish the justice of the de-sented the subject to the consideration of Congress; and, mand. He could see no sort of obligation on the part of even if the Indians were to be paid back their money, the Government to pay them more than the amount pro- the action of Congress would be necessary. But it had duced by their stock. The original arrangement (which, been urged that various changes had been made; the by the way, he considered a very foolish one, though it money had first been invested in stock of the Bank of was made by the authority of Congress,) was to create the United States, then in six per cents., and lastly in three the President of the United States a trustee or guardian per cents. Suppose we refuse to pay the Indians, befor the safe keeping of this fund of one hundred thou-cause of these changes; would that be just? Who made sand dollars, which they had undoubted right to-it was those changes? Not the Indians, but ourselves. The theirs; and it remained between them and their trustee, investments were made by the trustee, according to his

FEB. 3, 1831.]

Indian Annuity.

[SENATE.

best judgment, without the knowledge or consent of the ment of the Indian title to these lands. A treaty was enIndians; and they were always contented as long as they tered into, and the lands were sold to Robert Morris for received what they considered a sufficient interest on one hundred thousand dollars, which was invested in the their money. Mr. S. then urged that the amendment stock of the old Bank of the United States. The whole was unnecessary; he hoped it would not be persisted in, matter was reported to Congress, and approved of by that inasmuch as it would again change the relations between body. By the terms of the treaty itself, the guardianship the United States and the Indians without their consent. of this money was invested in the political personage deAfter some further arguments in favor of the bill, and nominated by the constitution, the President of the United against the amendment, Mr. S. concluded, by expressing States. The arrangement did not contemplate entrusting his hope that the Senate would do full justice to the Sen- the money to a Washington and Adams, or to any other eca Indians, and not leave them in a situation to receive individual. It was, therefore, an act of the Government, only two or three thousand dollars interest on their capital, and an officer of that Government was made, ex officio, the when they had always been taught to believe themselves repository of the fund in question. And are we, the Gofairly entitled to an interest of six thousand dollars. vernment of the United States, to lead these poor savages Mr. FORSYTH said, perhaps he did not understand astray? Shall we take advantage of their ignorance, simthis subject so well as the gentleman from New York, ply because we have them in our power? Now, if there [Mr. SANFORD;] but he must repeat, that he did not yet is a principle on earth, said Mr. B., that I hold more sasee a necessity for any legislation on this subject. The cred than another, it is that the Government should act stock is invested at the discretion of the President, as the with magnanimity, justice, and equity, towards these savatrustee of the Indians. He is bound to render them an ges. The Government make treaties with them, in their account of it, and is ready to do so. He has the power to own form; they write them down, in their own way; and sell out the stock, and return them their money, if they shall we write articles of agreement with them in our own wish it. This would, probably, be the most simple and language, and interpret them to suit our own purposes? equitable method that could be adopted. At all events, God forbid! This stock, to be sure, was first invested in said Mr. F., we have nothing to do with it. He con- the stock of the Bank of the United States; but what did demned the foolish plan by which the President was in- they know of the nature of the Bank of the United States? volved in such guardianships. It was imposing upon him They supposed that, by the terms of their treaty, they had duties and responsibilities which did not rightfully pertain secured to themselves, and their tribe, a permanent fund to his station. The gentleman from New York supposes of six thousand dollars per annum. But how are their exthat there was an obligation on the part of the United pectations realized? I call it an act of the Government, States to guaranty that the stock yield perpetually the said Mr. B., as it undoubtedly is. The President is the annual sum of six thousand dollars. Where did the gen- agent, ex officio, and the fund is vested, in good faith, in tleman get that idea? He, Mr. F., could find nothing of the hands of the Government. Inasmuch as they have it in the documents belonging to the case. If the original done all this, shall we not preserve our faith towards them? contract was that the Indians should receive six per cent., What do they know of five or six per cent. stocks? It is why did they for so many years get seven per cent.? On utterly beyond their comprehension. Mr. B. said he the reasoning of the gentleman, the Government was as looked upon it as a mere matter of equity, that the Gomuch bound to give seven as six per cent. But the honor-vernment should be willing to abide by the rules which able gentleman says the subject has been brought to the she metes out to others. It was no more than just that notice of Congress by the President himself! Well, sir, she should allow the same rate of interest for debts due in so doing, the President has but done his duty. He from her, as she demands from those indebted to her. found, on coming into office, that his predecessor had From public debtors she exacts an interest of six per cent., been paying out of the coffers of the treasury $6,000, in- and I know of no better rule to be applied to the present stead of $3,190, without the shadow of authority; and case. Mr. B. also disapproved of the attempt on the part finding that the Indians expected a continuance of a prac- of the gentleman from Maryland, [Mr. SMITH,] to detice he could not sanction, he very properly brought the crease the amount to be paid to the Indians, as this seemaffair before Congress. Does any one, said Mr. F., ques-ed to be the purport of his amendment. He contended tion the correctness of the course pursued by the Presi- that the Government had already received this money. It dent in this matter? No one did. It had been admitted was already paid into the treasury, and he trusted that a on all hands to be perfectly correct. Well, sir, shall we, majority of the Senate would come to the just conclusion by legislation, sanction a proceeding which the President of guarantying to the Senecas a permanent annuity of six condemns? It is not pretended that the Government is in per cent. on their stock, or six thousand dollars per anany way bound, except by the guardianship of the fund so num, and thus preserve that justice, good faith, and scruthoughtlessly undertaken. But, at that time, these Indians pulous integrity towards them, which it was so essential were the wards of the United States; that wardship has to the national honor should be preserved. ceased, and they are now, with the exception of those Mr. WHITE observed, that he did not think it made going to Green Bay, under the guardianship of the State much difference to the parties, whether the bill passed as of New York. Mr. F. was for leaving the matter as it it came from the House of Representatives, or as amended stood. If the Indians were dissatisfied, it was not the fault by the gentleman from Maryland, [Mr. SMITH.] He, for of the Government. The same authority that vested the his part, would prefer the original bill, inasmuch as it stock in the President's hands, could authorize him to sell would, if it passed here with the amendment, be embarit. It would now bring one hundred and four thousand rassed, by having to undergo the revision of the other dollars. If they preferred the money to the stock, let House. It had been stated that, when the treaty was them have it. He did not know whether this would be held with the Seneca Indians for the sale of their lands, proper, but, for his own part, he would willingly vote for an appropriation for the purchase of the stock. If they wish to sell, the Government has as much a right to buy as any other individual.

the agent of the United States was present, and sanctioned the agreement by which the President became the trustee for the disposition of the purchase money. This, he believed, was correct. The Indians being about to sell, and Mr. BIBB said, he conceived this to be a most just and wishing to make some permanent arrangement by which equitable claim. It accrued under the superintendence of the sum to be paid them should be safely invested, agreed the Government, by its agents, in the purchase of the In- that the President of the United States, not as an indi dian lands. Massachusetts, New York, and the General vidual, but describing him in his official character, should, Government, were severally anxious for the extinguish- as their trustee, invest this money in stock of the Bank of

VOL. VII.--6

SENATE.]

Indian Annuity.

[FEB. 3, 1831.

the amount produced by their stock? No, sir, such a claim would not be sustained for a moment.

the United States, to be held for their use, the interest on which to be annually paid them. This was done; and as long as the bank continued in operation, there was no If any gentleman here, said Mr. F., can show the slightdifficulty whatever. The Indians annually received their est obligation on the part of the Government to pay the interest, and were perfectly satisfied. But when the Senecas one extra dollar, he would be content. But it is charter of the bank expired, the President, without con- contended that they should receive the produce of their sulting them, but believing he was doing that which was fund. So they should, but no more. But we are bound the most conducive to their interests, vested their funds to pay them an interest of six per cent., says one. If we in United States' six per cents. This investment created were debtors, the argument might hold good; but the no difficulty, for the Indians still annually received an in- Government are represented, from the same source, in the terest which they conceived equivalent to the value of light of trustees. If the stock does not produce as much their capital. On the paying off, however, of the six per as they wish, the remedy must be found elsewhere than cents, the President, with the like good motives, again supplying the deficiency from the public coffers. One invested this Indian fund in United States' three per cents, President has gone on thus to fulfil their expectations, which not yielding the six thousand dollars per annum and shall we continue to do so against all law, and every they had been accustomed to receive, they became dis- color of law? The amount of money was surely of no satisfied. Then it was that they were assured by the Pre-consequence whatever; he could heartily wish these poor sident that they should lose nothing by this last invest- creatures had it; but he could not vote it to them at the ment; but that the difference between the interest on the expense of principle, and violation of the constitution. three per cents, and the six thousand dollars, would be The question was then taken on indefinitely postponing made up to them by the Government. On this assurance the bill, and lost without a division. the Indians were satisfied; and they continued to receive The question then recurred on the motion of Mr. SMITH, their six thousand dollars until the present administration of Maryland, to amend the bill by inserting a provision came into office, when the President not conceiving him- that the stock held for the benefit of the Indians be transself authorized to pay more than the bare interest on the ferred to the United States. stock, and the Indians refusing to receive that sum, the Mr. SMITH, of Maryland, said that the effect of the subject was presented to the consideration of Congress. amendment was simply this: that the three per cent. stock, Under these circumstances, Mr. W. thought it would be now held for the benefit of the Indians, should become the expedient, as well as just, to grant the Indians' demands. property of the United States; while we bind ourselves, It would be hard, he said, by refusing to pass the bill, to said he, to pay to them, in perpetuity, the annual sum of disturb the understanding they had so long held of the six thousand dollars. It was precisely on the principle of matter. They had always looked upon the transaction, a tontine. The stock would be transferred to the United by which the trusteeship was created, to be the transac- States, and the Indians would receive annually their six tion of the United States, and would feel themselves hard- thousand dollars. They never could get more. The Prely dealt with if the Government, at this late period, took sident, Mr. S. thought, had done right in laying the suba different view of the subject. Whether the arrange-ject before Congress. Mr. S. could not conceive how the ment, when made, had been right or wrong, Mr. W. con- former President of the United States could feel himself ceived that the United States were now placed in such a authorized to give six thousand dollars per annum in lieu situation, that it became a moral obligation on them to of three thousand one hundred and eighty dollars, the infulfil the expectations of the Indians. As to any ultimate terest on the stock; but he did not care about the money; claim which the New Holland Company might make upon he believed it had been done with a benevolent motive, this fund, after the tribe became extinct, Mr. W. knew and he was glad that the Indians got the money. He wishnothing of it. If this company should be found to be just-ed to get rid of the business at once; and he believed that, ly entitled to the money, they would receive it; if not, it if his amendment prevailed, it would be the most advanwould, of course, remain the property of the United States. tageous arrangement, both for the United States and the After some further remarks, Mr. W. concluded, by ex- Indians. pressing himself highly in favor of the objects of the bill, Mr. WHITE said, from documents which he had exwhich he hoped would pass without the amendment. amined, it appeared that, when this tribe of Indians beMr. FORSYTH said he had already consumed more of came extinct, a claim would be set up by the Holland the time of the Senate on this subject, than he meant to Land Company to this sum of one hundred thousand dolhave devoted to it. But, after what had been said, parti- lars; and the disposal which we are now about to make of cularly by the gentleman from Kentucky, [Mr. BIBB,] in that stock, as contemplated by the amendment of the genrelation to a violation of the public faith, he felt bound to tleman from Maryland, [Mr. SMITH,] might not prove acreply. It seemed to him that gentlemen took an incorrect ceptable to that company, should their claim prove a valid view of the whole transaction. He could see no hardships one. Mr. W. thought the amendment would only emin the matter. It was a mere question, whether we were barrass the subject. Should the Seneca nation become to go on paying to these Indians an annuity, for which we extinct, we then have the stock in our hands, ready for receive no equivalent. We have received no bonds from such disposal as justice may demand. He conceived the them. The Government, if you please, acted as guardian Government to be placed somewhat in the situation of a for them, to prevent their being defrauded in their con- trustee who had violated his trust, and was compelled to tract with Robert Morris. This was the simple state of render an account, with legal interest. He thought it was the case, and it was impossible to read the original con- far better that we should pay the Indians much more than tract without so understanding it. The Government had their actual due, than that we should wrong them out of not only paid to them all that it was bound to pay, but it one cent. From these considerations, he preferred the had paid thirteen thousand dollars more than it was bound bill in its present shape.

to pay. The only question, then, now is, shall we con- Mr. SMITH, of Maryland, said he certainly could not tinue thus to pay them, and overpay them? Because a vote for the bill in its original shape, though, if the amendPresident of the United States had chosen to create a ment prevailed, it would meet with his hearty concurrence. hope in the breasts of the Indians, that they should con- With respect to any claim the Holland Company might tinue to receive a certain sum, was that a reason for the hereafter make, it made not one doit of difference as to appropriation? Mr. F. said, suppose such a claim as this the present legislation of Congress. If that company came were set up by white people, instead of red ones, would forward with any claim after the extinction of the tribe, any one contend that they should receive one cent over its validity must be decided on by the Supreme Court;