Register of Debates in Congress, Comprising the Leading Debates and Incidents of the First Session of the Twenty-Third Congress Page: 1,537
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1537
OF DEBATES IN CONGRESS,
1538
AmiL 29, 1834.] Huntingdon Proceedings.—EdgecomhefN. C.J Resolutions.—New Hampshire Memorials. [Senate.
who has bat this morning' informed me that the returns
from Virginia show that ancient commonwealth to be in
decided opposition to the late acts of the Executive. I
hardly, however, required any information of that kind
to instruct me as to iter course. I knew that the mother
of statesmen, ay, and of States too, would not be found
wanting, in this struggle, to her known devotion to prin-
ciple, and to lier ancient renown. And now that her ban-
ner is shaken loose to the wind, I feel that it will be a
rallying signal to her talented sons, from the shores of
the Potomac to the banks of the Sabine.
The honorable Senator seems delighted that they were
not beaten in New York. This is now1 the burden of the
song of those who, before the late expression of opinion
there, claimed the State as their own. i tell the Senator,
however, they were beaten there. They have lost the
whole administration of the city, save its chief magistrate,
and he has succeeded but by a majority of 183, when
liis party, in the contest preceding, had a majority of 6,000
votes. Does the gentleman quote, this, too, as evidence
of public opinion being in favor of the Executive, and is
he glad of it? Beit sa—he is certainly grateful for small
mercies.
As to the price of agricultural products, the gentleman
did well to dwell on flour alone. This is an article of
first necessity; it enters largely into the food of man;
and the gentleman's assertion amounts to nothing more
than that the people are not actually starving. Does not
the honorable Senator see, that, whether the people who
are deprived of employment eat bread at their own ex-
pense, or at that of others, there can be little or no dif-
ference in the price? If, however, the Senator had car-
ried his inquiries beyond articles of primary necessity,
he would have found a material change in their value.
Had he done so, and convinced me that sugar had
maintained its price, the intelligence would have been
of much more importace to me than all the other mat-
ters lie has communicated to the House-
But there was another subject touched on by the
honorable Senator, which Mr. P. said he could not
allow to remain unnoticed. A sense of justice forbade
< him. He could not remain silent, and hear the charge
which the gentleman had made againt the bank. He
says the distress which now pervades the country is pro-
duced by the machinations of that institution, in with-
drawing its capital, in contracting its discounts. Sir,
said Mr. P., I am surprised—I am actually astonished to
hear on this floor such assertions made by a gentleman—
anil by a gentleman too, of known integrity and talents.
Sir, I call on him to show how the bank has produced
this distress. I demand of him his evidence for the as
sertion he has made. If the allegation be true, the facts
must be known on which it is based. Give us then, those
facts. If you have not the facts, you are not justified in
making the accusation. Sir, as the gentleman seems in
some difficulty in this matter, I will help him to some
facts, with which he should have been familiar before he
put forth his charge. 1 hold in my band, sir, the last
official document of the bank. Its veracity cannot be
called in question. Well, sir, what do we see by it'
Why these conclusive facts: that, from the 1 st of October
to the 7th of March—
1st. The reduction of the loans has not been, by up-
wards of four millions of dollars, as great as the reduc-
tion of the deposites.
2d. That the withdrawal of nearly eight millions of
dollars of those funds on which the bank has based its
accommodation to the community, has not yet been fol-
lowed by a reduction of accommodation equal to one-lialf
the amount ot funds thus withdrawn.
3d. That, from the 1st of January to the 1st of March,
the increase in the line of domestic bills amounted to
nearly two millions and a half of dollars.
Vox, X.—97
4th. That, during the same period, there has been an
actual increase in the total loans of the bank of one mil-
lion two hundred and fifty-six thousand three hundred
and sixty*eight dollars sixteen cents.
How, said Mr. P., after this exposition of facts, any
one can still remain under the delusion that the bank has
caused the present distress, is more than I can compre-
hend,
EDGECOMBE (N. C.) RESOLUTIONS.
Mr. BROWN presented the proceedings and resolu-
tions ofa meeting ofthe inhabitants of Edgecombe county,
N. C. Among the resolutions, Mr. B. said, was one
which denied the power of the Government to incorpo-
rate a national bank. If any doubts had previously ex-
isted as to the injurious tendency of such an institution
as the Bank of the United States, the great power which
it was now exercising over the country, the despair
which prevailed, the statement which had been made,
that many of our citizens had been deprived of their break-
fasts and suppers, ought to remove those doubts. He
concurred fully with the resolutions which he had the
honor to present, and believed the resolutionists might
have added, that the systematic effort which had been
making throughout America to destroy credit, and cause
runs upon the local banks, was also to be attributed to
the Bank of the United States. Without further com-
ment, he would ask that the resolutions and proceedings
be read and referred to the Committee on Finance.
The resolutions were then read, and referred.
Mr. CLAY presented the following resolutions, which
were considered and adopted:
Resolved, That the Secretary of the Treasury be direct-
ed to report to the Senate the gross amount of the pro-
ceeds of the sales of the public lands, and the number of
acres which have been sold during the year 1833, includ-
ing the Jast quarter of the year, and distinguishing the
amount received, and number of acres sold, in each State
and Territory.
Resolved, also, That he report to the Senate the man-
ner in which has been ascertained at the Treasury, from
time to time, the "twentieth part of the nett proceeds
of the lands lying within the said State, (Ohio,) sold by
Congress, from and after the 30th day of June next,
(1802,) after deducting all expenses incident to the
same," which, by the compact with Ohio, was set apart
for laying out and making public roads; and the manner
in which the like allowance made to other new States has
been ascertained at the Treasury, showing, especially,
the deductions made from the gross amount to ascertain
the nett proceeds.
PRESIDENT'S PROTEST.
The Senate then proceeded to the consideration of the
special order, being the resolutions offered by Mr. Poix-
jexteh, as modified by Mr. Clay.
The question being on tile motion of Mr. Bibb to
amend,
Mr. BIBB resumed and concluded his remarks, as giv-
en entire in the proceedings of Friday last.
On motion of Mr. GRUNDY,
The Senate then adjourned.
Tuesday, Arnii. 29.
NEW HAMPSHIRE MEMORIALS.
Mr. BELL presented a memorial from Somersworth,
in the State of New Hampshire, signed by 452 citizens
of that place, and another from Dover, in the same State,
signed by more than 500 of its citizens, both complaining1
of great and unparalleled distress, general stagnation of
business, and reduced demand for the products of indus-
try; all of which the memorialists ascribe to the measures
of the Executive in relation to the Bank of the United
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Gales, Joseph, 1761-1841. Register of Debates in Congress, Comprising the Leading Debates and Incidents of the First Session of the Twenty-Third Congress, book, 1834; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc30746/m1/74/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.