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removal, with the certainty of creating so much alarm, and of producing so much positive evil and suffering, such derangement of the currency, such pressure and distress in all the branches of the business of private life, is an act which the committee think the Senate is called on to disapprove.

The reasons which have thus been stated apply to the whole proceedings of the Secretary in relation to the public deposits, and make it unnecessary to consider whether there be any difference between his power over moneys already in the bank, and his power to suspend future deposits. The committee forbear, also, to consider the propriety of the measures adopted by the Secretary for the safe-keeping of the public moneys since their withdrawal from the bank. They forbear, too, from entering into any discussion at present of the course of legislation proper to be adopted by Congress under the existing state of things. In this report, they have confined themselves to the consideration of the removal of the deposits, the reasons assigned for it, and its immediate consequences; and on these points they have formed the opinions which have now been expressed.

They recommend to the Senate the adoption of the resolu tion which has been referred to them.

THE CONTINUANCE OF THE BANK CHARTER.*

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MR. PRESIDENT, — I rise, pursuant to notice, to ask leave to bring in a bill to continue for six years the act incorporating the subscribers to the Bank of the United States; and I shall hope for that indulgence of the Senate which is usually granted on such occasions, if I accompany its introduction with some remarks on the general state of the country, as well as on the nature of the measure proposed. If leave be granted, it is my purpose to move to refer the bill to the Committee on Finance, that it may take the usual course, and come up for the consideration of the Senate in due season.

Mr. President, in the midst of ample means of national and individual happiness, we have, unexpectedly, fallen into severe distress. Our course has been suddenly arrested. The general pulse of life stands still, and the activity and industry of the country feel a pause. A vastly extended and beneficent commerce is checked; manufactures are suspended, with incalculable injury to those concerned in them; and the labors of agriculture threatened with the loss of their usual reward. Our resources are, nevertheless, at the same time, abundant, and all external circumstances highly favorable and advantageous; such as fairly promised us, not only a continuance of that degree of prosperity which we have actually enjoyed, but its rapid advancement to still higher stages.

The condition of the country is, indeed, singular. It is like that of a strong man chained. In full health, with strength unabated and all its faculties unimpaired, it is yet incapable of

* A Speech delivered in the Senate, on the 18th of March, 1834, on moving for leave to introduce a Bill to continue the Bank of the United States for Six Years.

performing its accustomed action. Fetters and manacles are on all its limbs. If we could but unbind it, if we could break these iron chains, if we could once more set it free, it would in a moment resume its activity, and go on again in its rapid career. It is our duty, Sir, to relieve this restraint, to unshackle the industry of the people, and give play, once more, to their common action and their common energies. The evils, all the evils, which we now feel, and feel so acutely, result from political measures; and by political measures, and political measures alone, can they be redressed. They have their origin in acts of government, and they must find their cure in other acts of gov

ernment.

Only six months ago, Sir, the country presented an aspect, in regard to all its great interests, exceedingly satisfactory and gratifying. Our commerce was highly prosperous, and our manufactures, for the present at least, flourishing. Agricultural products commanded fair prices, and the general appearance of things exhibited more than a usual degree of activity. The year elapsing between the autumn of 1832 and that of 1833 was a year of great prosperity. In the activity of commerce, it is possible enough that some degree of over-trading had taken place; but there is nothing to show that great excess had been committed in that particular. In general, the state of things was one of real prosperity. The commerce of the country had reached, I think, to a greater extent than in any former year; the amount of the exports for 1833 being, according to the treasury estimate, no less than ninety millions of dollars, and that of the imports no less than one hundred and nine millions. The internal and coasting trade was in a still more flourishing condition. This branch of the national industry has grown into the very highest importance, affording a vast field for active usefulness, enriching all parts of the country by its mutual exchanges of commodities, and furnishing profitable employment to great numbers of the people. It was carried on last year, both by sea and land, with great vigor; and the situation of the currency of the country gave it facilities such as never existed elsewhere, to such an extent. The money circulation was free, and the banks in good credit. They were, doubtless, somewhat too economical in the use of specie, and sustained their credit on a basis not sufficiently broad to be quite secure.

But no great degree of danger to the circulation was generally feared.

Such was our condition in September last; and the change which has since taken place must strike all minds. How do we stand now, in respect to these great interests? Let us look to our commerce, the main source of our revenue, as well as a source of wealth, and let us see how that is affected, or likely to be affected, by recent occurrences. I have stated the amount of exports and imports for the last year; those for the present year cannot, of course, be yet estimated with accuracy; but we are not without some means of forming an opinion upon this interesting point. I think it is evident that there must be a falling off in the imports, and consequently a falling off in the revenue. I shall be very glad to find myself mistaken in this opinion; but it appears to me there is much reason to entertain it. As one of the Committee on Finance, I have felt it my duty, of course, to look to the state of the treasury, and to form some opinion, if I could, of what may be its future condition. Its present state, as we learn from the Secretary's report, with his estimate of the receipts and expenditures of the year, is substantially as follows:

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Estimated balance in the treasury, January 1, 1834, $ 7,983,790 But from this deduct the amount of appropriations already made, and which remain unsatisfied, which amount, the Secretary supposes, may yet be required for the objects for which it was appropriated,

Balance remaining in the treasury, unappropriated,
Estimated amount of receipts for 1834:

Customs,

Land,.

Bank dividends and miscellaneous,

Total of means for the use of 1834, .
Estimated expenditures for 1834, .

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5,190,287

$2,793,503

$ 15,000,000

3,000,000
500,000

18,500,000

$21,293,503 23,501,994

This statement would seem to threaten a deficit of more than two millions; and this will doubtless be the result, should the appropriations for the year all be called for within the year; but experience shows that this is not to be expected. What amount

of appropriations may remain uncalled for, however, is necessarily uncertain. Among the expenditures, it is to be observed, is included the sum of five millions, within a fraction, for the payment of the balance of the public debt, which becomes "reimbursable" at the commencement of next year. The Secretary supposes, even without making any allowance for the effect of recent measures, that the receipts for 1835 will be still less than those for 1834; and that, unless the revenue should be more productive than is anticipated, it will be necessary, in two years from this time, to retrace our steps, and to impose duties on articles which are now free, in order to meet the current expenses of the government. If such were the prospects of the country in regard to revenue before the late measures had so much disturbed its commerce, it cannot but be expected that, under the influence of that cause, there may be a very considerable deficiency, especially should the cause continue. It is not very easy to ascertain to what extent the importations of the year may fall short of previous importations, in consequence of the disturbed state of things; but I know the opinion is entertained among those who have the best means of forming a correct judgment, that there may be a falling off in the receipts of the customs of from a quarter to a third of the amount anticipated. Should this prove to be true, which there is certainly too much reason to fear, Congress may be called on, much earlier than within two years, to provide additional means of revenue.

The diminution will be mainly felt in the last half of the year, it being generally understood that orders for fall importations have been countermanded to a great extent. It is not thought improbable, that the receipts of the year from customs, estimated at fifteen millions, will fall down to twelve. This, should it happen, would no otherwise disturb the intended course of things than as it would postpone the payment of the balance of the public debt; but this effect it is not unlikely to produce. On such subjects, however, no very sure anticipations can be founded, and therefore I speak with no positiveness. But it is my expectation that the receipts for the year will fall below the estimate, and probably to the extent I have mentioned; and that this effect will be produced by no other cause than the deranged state of things occasioned by the removal of the public moneys from the Bank of the United States.

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