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ment, which had been suspended in the country for thirty years, was resumed, and gold and silver became the currency of the land; inspiring confidence in all the pursuits of industry.

As indicative of the position of the de

session. It was immediately assailed by several members as violent and unconstitutional, tending to civil war, and denounced as 66 the bloody bill"-the "force bill," &c. The bill was vindicated in the Senate, by its author, who showed that it contained no novel principle; was sub-mocratic party at that date, on the subject stantially a revival of laws previously in of the kind of money authorized by the force; with the authority superadded to Constitution, Mr. Benton's speech in the remove the office of customs from one Senate is of interest. He said: "In the building or place to another in case of first place, he was one of those who beneed. The bill was vehemently opposed, lieved that the government of the United and every effort made to render it odious States was intended to be a hard money to the people, and even extend the odium government; that it was the intention and to the President, and to every person the declaration of the Constitution of the urging or aiding in its passage. Mr. United States, that the federal currency Webster justly rebuked all this vitupera- should consist of gold and silver, and that tion, and justified the bill, both for the there is no power in Congress to issue, or equity of its provisions, and the necessity to authorize any company of individuals for enacting them. He said, that an un- to issue, any species of federal paper curlawful combination threatened the integ-rency whatsoever. Every clause in the ity of the Union; that the crisis called Constitution (said Mr. B.) which bears for a mild, temperate, forbearing but un- upon the subject of money-every early flexibly firm execution of the laws; and statute of Congress which interprets the finally, that public opinion sets with an meaning of these clauses-and every hisirresistible force in favor of the Union, in toric recollection which refers to them, go favor of the measures recommended by hand in hand in giving to that instrument the President, and against the new doc- the meaning which this proposition ascribes trines which threatened the dissolution of to it. The power granted to Congress to the Union. The support which Mr. Web-coin money is an authority to stamp mester gave to these measures was the regular tallic money, and is not an authority for result of the principles which he laid down in his first speeches against nullification in the debate with Mr. Hayne, and he could not have done less without being derelict to his own principles then avowed. He supported with transcendent ability, the cause of the constitution and of the country, in the person of a President to whom he was politically opposed, whose gratitude and admiration he earned for his patriotic endeavors. The country, without distinction of party, felt the same; and the universality of the feeling was one of the grateful instances of popular applause and justice when great talents are seen exerting themselves for the good of the country. He was the colossal figure on the political stage during that eventful time; and his labors, splendid in their day, survive for the benefit of distant posterity.

emitting slips of paper containing promises to pay money. The authority granted to Congress to regulate the value of coin, is an authority to regulate the value of the metallic money, not of paper. The prohibition upon the States against making anything but gold and silver a legal tender, is a moral prohibition, founded in virtue and honesty, and is just as binding upon the Federal Government as upon the State Governments; and that without a written prohibition; for the difference in the nature of the two governments is such, that the States may do all things which they are not forbid to do; and the Federal Government can do nothing which it is not authorized by the Constitution to do. The framers of the Constitution (said Mr. B.) created a hard money government. They intended the new government to recognize nothing for money but gold and silver; and every word admitted into the Constitution, upon the subject of money, defines and establishes that sacred intention.

During the discussion over the re-charter of the Bank of the United States, which as before mentioned, occupied the attention of Congress for several years, the country suffered from a money panic, and a Legislative enactment came quickly to general financial depression and distress the aid of constitutional intention and was generally prevalent. In 1834 a mea-historic recollection. The fifth statute sure was introduced into the House, for passed at the first session of the first Conequalizing the value of gold and silver, gress that ever sat under the present Conand legalizing the tender of foreign coin, stitution was full and explicit on this head. of both metals. The good effects of the It declared, "that the fees and duties paybill were immediately seen. Gold began able to the federal government shall be to flow into the country through all the received in gold and silver coin only." It channels of commerce, foreign and domes- was under General Hamilton, as Secretary tic; the mint was busy; and specie pay-of the Treasury, in 1791, that the policy

or in the treatment of them within any of the States; it remaining with the several States to provide any regulations therein which humanity and true policy may require."

of the government underwent a change. [of Friends of Philadelphia, urging the In the act constituting the Bank of the abolition of slavery in the District of CoUnited States, he brought forward his ce-lumbia. These petitions were referred to lebrated plan for the support of the public Committees after an acrimonious debate credit-that plan which unfolded the en- as to whether they should be received or tire scheme of the paper system and imme- not. The position of the government at diately developed the great political line that time is embodied in the following between the federalists and the republi- resolution which was adopted in the House cans. The establishment of a national of Representatives as early as 1790, and bank was the leading and predominant substantially re-affirmed in 1836, as folfeature of that plan; and the original re-lows: "That Congress have no authority port of the secretary, in favor of establish- to interfere in the emancipation of slaves, ing the bank, contained this fatal and deplorable recommendation: "The bills and notes of the bank, originally made payable, or which shall have become payable, on demand, in gold and silver coin, shall be receivable in all payments to the United In the Summer preceding the PresiStates." From the moment of the adop-dential election of 1836, a measure was intion of this policy, the moneyed character troduced into Congress, which became very of the government stood changed and re-nearly a party measure, and which in its versed. Federal bank notes took the place results proved disastrous to the Democratof hard money; and the whole edifice of ic party in after years. It was a plan for the government slid, at once, from the solid distributing the public land money among rock of gold and silver money, on which the States either in the shape of credit its framers had placed it, into the troubled distribution, or in the disguise of a deposit and tempestuous ocean of paper currency. of surplus revenue; and this for the purThe first session of the 35th Congress pose of enhancing the value of the State opened December 1835. Mr. James K. stocks held by the United States Bank, Polk was elected Speaker of the House by which institution, aided by the party which a large majority over Mr. John Bell, the it favored, led by Mr. Clay, was the prime previous Speaker; the former being sup-mover in the plan. That gentleman was ported by the administration party, and the author of the scheme, and great calthe latter having become identified with culations were made by the party which those who, on siding with Mr. Hugh L. favored the distribution upon its effect in White as a candidate for the presidency, adding to their popularity. The Bill passed were considered as having divided from the Senate in its original form, but met the democratic party. The chief subject with less favor in the House where it was of the President's message was the rela- found necessary. To effectuate substantions of our country with France relative tially the same end, a Senate Bill was into the continued non-payment of the stip-troduced to regulate the keeping of the ulated indemnity provided for in the treaty public money in the deposit banks, and of 1831 for French spoliations of Ameri- this was turned into distribution of the can shipping. The obligation to pay was surplus public moneys with the States, in admitted, and the money even voted for proportion to their representation in Conthat purpose; but offense was taken at the gress, to be returned when Congress should President's message, and payment refused call for it; and this was called a deposit until an apology should be made. The with the States, and the faith of the States President commented on this in his mes- pledged for a return of the money. It sage, and the Senate had under consider- was stigmatized by its opponents in Conation measures authorizing reprisals on gress, as a distribution in disguise-as a French shipping. At this point Great deposit never to be reclaimed; as a misBritain offered her services as mediator be-erable evasion of the Constitution; as an tween the nations, and as a result the indemnity was shortly afterwards paid.

attempt to debauch the people with their own money; as plundering instead of deAgitation of the slavery question in the fending the country. The Bill passed both United States really began about this houses, mainly by the efforts of a half time. Evil-disposed persons had largely dozen aspirants to the Presidency, who circulated through the Southern states, sought to thus increase their popularity. pamphlets and circulars tending to stir up They were doomed to disappointment in strife and insurrection; and this had be- this respect. Politically, it was no advancome so intolerable that it was referred to tage to its numerous and emulous supportby the President in his message. Congress ers, and of no disservice to its few deterat the session of 1836 was flooded with pe- mined opponents. It was a most unfortutitions and memorials urging federal inter-nate act, a plain evasion of the Constituference to abolish slavery in the States; tion for a bad purpose; and it soon gave a beginning with the petition of the Society sad overthrow to the democracy and disap

pointed every calculation made upon it. I cratic school, as understood at the original To the States it was no advantage, raising formation of parties. expectations which were not fulfilled, and The President, however, was scarcely upon which many of them acted as reali- settled in his new office when a financial ties. The Bill was signed by the Presi-panic struck the country with irresistible dent, but it is simple justice to him to say force. A general suspension of the banks, that he did it with a repugnance of feel- a depreciated currency, and insolvency of ing, and a recoil of judgment, which it re- the federal treasury were at hand. The quired great efforts of his friends to over- public money had been placed in the cuscome, and with a regret for it afterwards tody of the local banks, and the notes of all which he often and publicly expressed. In these banks, and of all others in the couna party point of view, the passage of this try, were received in payment of public measure was the commencement of calam-dues. On the 10th of May, 1837, the ities, being an efficient cause in that gen-banks throughout the country suspended eral suspension of specie payments, which specie payments. The stoppage of the dequickly occurred, and brought so much posit banks was the stoppage of the Treaembarrassment on the Van Buren admin-sury. Non-payment by the government istration, ending in the great democratic was an excuse for non-payment by others. defeat of 1840. The suspension was now complete; and it was evident, and as good as admitted by those who had made it, that it was the effect of contrivance on the part of politi

The presidential election of 1836 resulted in the choice of the democratic candidate, Mr. Van Buren, who was elected by 170 electoral votes; his opponent, Gene-cians and the so-called Bank of the United ral Harrison, receiving seventy-three elec- States (which, after the expiration of its toral votes. Scattering votes were given national charter, had become a State corfor Mr. Webster, Mr. Mangum, and Mr. poration chartered by the Legislature of Hugh L. White, the last named represent- Pennsylvania in January, 1836) for the ing a fragment of the democracy who, in a purpose of restoring themselves to power. spirit of disaffection, attempted to divide The whole proceeding became clear to the democratic party and defeat Mr. Van those who could see nothing while it was Buren. At the opening of the second ses-in progress. Even those of the democratic sion of the twenty-fourth Congress, Decem- party whose votes had helped to do the ber, 1836, President Jackson delivered his mischief, could now see that the attempt to last annual message, under circumstances deposit forty millions with the States was exceedingly gratifying to him. The power-destruction to the deposit banks; that the ful opposition in Congress had been broken repeal of President Jackson's order, known down, and he had the satisfaction of seeing as the "specie circular"-requiring payfull majorities of ardent and tried friends ment for public lands to be in coin-was to in each House. The country was in peace fill the treasury with paper money, to be and friendship with all the world; all ex- found useless when wanted; that distress citing questions quieted at home; industry was purposely created to throw blame of in all its branches prosperous, and the it upon the party in power; that the revenue abundant. And as a happy promptitude with which the Bank of the sequence of this state of affairs, the Senate United States had been brought forward on the 16th of March, 1837, expunged as a remedy for the distress, showed that it from the Journal the resolution, adopted had been held in reserve for that purpose; three years previously, censuring the Presi- and the delight with which the whig party dent for ordering the removal of the de-saluted the general calamity, showed that posits of public money in the United States they considered it their own passport to Bank. He retired from the presidency power. Financial embarrassment and with high honors, and died eight years general stagnation of business diminished afterwards at his home, the celebrated the current receipts from lands and "Hermitage," in Tennessee, in full posses- customs, and actually caused an absolute sion of all his faculties, and strong to the deficit in the public treasury. In conselast in the ruling passion of his soul-love quence, the President found it an inexoraof country. ble necessity to issue his proclamation convening Congress in extra session.

The 4th of March, 1837, ushered in another Democratic administration-the beginning of the term of Martin Van Buren as President of the United States. In his inaugural address he commented on the prosperous condition of the country, and declared it to be his policy to strictly abide by the Constitution as written-no latitudinarian constructions permitted, or doubtful powers assumed; that his political chart should be the doctrines of the demo

The first session of the twenty-fifth Congress met in extra session, at the call of the President, on the first Monday of September, 1837. The message was a review of the events and causes which had brought about the panic; a defense of the policy of the "specie circular," and a recommendation to break off all connection with any bank of issue in any form; looking to the establishment of an Independent Treasury,

and that the Government provide for the deficit in the treasury by the issue of treasury notes and by withholding the deposit due to the States under the act then in force. The message and its recommendations were violently assailed both in the Senate and House by able and effective speakers, notably by Messrs. Clay and Webster, and also by Mr. Caleb Cushing, of Massachusetts, who made a formal and elaborate reply to the whole document under thirty-two distinct heads, and reciting therein all the points of accusation against the democratic policy from the beginning of the government down to that day. The result was that the measures proposed by the Executive were in substance enacted; and their passage marks an era in our financial history-making a total and complete separation of Bank and State, and firmly establishing the principle that the government revenues should be receivable in coin only.

The measures of consequence discussed and adopted at this session, were the graduation of price of public lands under the pre-emption system, which was adopted; the bill to create an independent Treasury, which passed the Senate, but failed in the House; and the question of the re-charter of the district banks, the proportion for reserve, and the establishment of such institutions on a specie basis. The slavery question was again agitated in consequence of petitions from citizens and societies in the Northern States, and a memorial from the General Assembly of Vermont, praying for the abolition of slavery in the District of Columbia and territories, and for the exclusion of future slave states from the Union. These petitions and memorials were disposed of adversely; and Mr. Calhoun, representing the ultra-Southern interest, in several able speeches, approved of the Missouri compromise, he urged and obtained of the Senate several resolutions declaring that the federal government had no power to interfere with slavery in the States; and that it would be inexpedient and impolitic to interfere, abolish or control it in the District of Columbia and the territories. These movements for and against slavery in the session of 1837-38 deserve to be noticed, as of disturbing effect at the time, and as having acquired new importance from subsequent events.

date, who was elected by the full Whig vote with the aid of a few democratsfriends of Mr. Calhoun, who had for several previous sessions been acting with the Whigs on several occasions. The House excluding the five contested seats from New Jersey, was really Democratic; having 122 members, and the Whigs 113 members. The contest for the Speakership was long and arduous, neither party adhering to its original caucus candidate. Twenty scattering votes, eleven of whom were classed as Whigs, and nine as Democrats, prevented a choice on the earlier ballots, and it was really Mr. Calhoun's Democratic friends uniting with a solid Whig vote on the final ballot that gained that party the election. The issue involved was a vital party question as involving the organization of the House. The chief measure, of public importance, adopted at this session of Congress was an act to provide for the collection, safe-keeping, and disbursing of the public money. It practically revolutionized the system previously in force, and was a complete and effectual separation of the federal treasury and the Government, from the banks and moneyed corporations of the States. It was violently opposed by the Whig members, led by Mr. Clay, and supported by Mr. Cushing, but was finally passed in both Houses by a close vote.

At this time, and in the House of Representatives, was exhibited for the first time in the history of Congress, the present practice of members "pairing off," as it is called; that is to say, two members of opposite political parties, or of opposite views on any particular subject, agreeing to absent themselves from the duties of the House, for the time being. The practice was condemned on the floor of the House by Mr. John Quincy Adams, who introduced a resolution: "That the practice, first openly avowed at the present session of Congress, of pairing off, involves, on the part of the members resorting to it, the violation of the Constitution of the United States, of an express rule of this House, and of the duties of both parties in the transaction, to their immediate constituents, to this House, and to their country." This resolution was placed in the calendar to take its turn, but not being reached during the session, was not voted on. That was the first instance of this justly condemned practice, fifty years after the establishment of the Government; but since then it has become common, even inveterate, and is now carried to great lengths.

The first session of the twenty-sixth Congress opened December, 1839. The organization of the House was delayed by a closely and earnestly contested election from the State of New Jersey. Five De- The last session of the twenty-sixth Conmocrats claiming seats as against an equal gress was barren of measures, and neces number of Whigs. Neither set was admit- sarily so, as being the last of our administed until after the election of Speaker, tration superseded by the popular voice, which resulted in the choice of Robert M. and soon to expire; and therefore restricT. Hunter, of Virginia, the Whig candi-ted by a sense of propriety, during the

brief remainder of its existence, to the de- | ballots, and report the result of the same tails of business and the routine of service. to their several delegations, together with The cause of this was the result of the such facts as may bear upon the nominapresidential election of 1840. The same tion; and said delegation shall forthwith candidates who fought the battle of 1836 re-assemble and ballot again for candidates were again in the field. Mr. Van Buren for the above offices, and again commit was the Democratic candidate. His ad- the result to the above committees, and if ministration had been satisfactory to his it shall appear that a majority of the balparty, and his nomination for a second lots are for any one man for candidate for term was commended by the party in the President, said committee shall report the different States in appointing their dele- result to the convention for its consideragates; so that the proceedings of the con- tion; but if there shall be no such majorivention which nominated him were en- ty, then the delegation shall repeat the tirely harmonious and formal in their na- balloting until such a majority shall be ture. Mr. Richard M. Johnson, the ac- obtained, and then report the same to the tual Vice-President, was also nominated convention for its consideration. That the for Vice-President. vote of a majority of each delegation shall be reported as the vote of that State; and each State represented here shall vote its full electoral vote by such delegation in the committee." This was a sum in political algebra, whose quotient was known, but the quantity unknown except to those who planned it; and the result was-for General Scott, 16 votes; for Mr. Clay, 90 votes; for General Harrison, 148 votes. And as the law of the convention impliedly requires the absorption of all minorities, the 106 votes were swallowed up by the 148 votes and made to count for General Harrison, presenting him as the unani

defeated candidates and all their friends bound to join in his support. And in this way the election of 1840 was effected—a process certainly not within the purview of those framers of the constitution who supposed they were giving to the nation the choice of its own chief magistrate.

On the Whig ticket, General William Henry Harrison, of Ohio, was the candidate for President, and Mr. John Tyler, of Virginia, for Vice-President. The leading statesmen of the Whig party were again put aside, to make way for a military man, prompted by the example in the nomination of General Jackson, the men who managed presidential elections believing then as now that military renown was a passport to popularity and rendered a candidate more sure of election. Availability for the purpose-was the only ability asked for. Mr. Clay, the most prominent Whig in the country, and the ac-mity candidate of the convention, and the knowledged head of the party, was not deemed available; and though Mr. Clay was a candidate before the convention, the proceedings were so regulated that his nomination was referred to a committee, ingeniously devised and directed for the afterwards avowed purpose of preventing his nomination and securing that of Gene- The contest before the people was a ral Harrison; and of producing the intend- long and bitter one, the severest ever ed result without showing the design, and known in the country, up to that time, and without leaving a trace behind to show scarcely equalled since. The whole Whig what was done. The scheme (a modifica-party and the large league of suspended tion of which has since been applied to banks, headed by the Bank of the United subsequent national conventions, and out States making its last struggle for a new of which many bitter dissensions have again national charter in the effort to elect a and again arisen) is embodied and was President friendly to it, were arrayed executed in and by means of the following against the Democrats, whose hard-money resolution adopted by the convention: policy and independent treasury schemes, Ordered, That the delegates from each met with little favor in the then depressed State be requested to assemble as a delega- condition of the country. Meetings were tion, and appoint a committee, not exceed-held in every State, county and town; the ing three in number, to receive the views and opinions of such delegation, and communicate the same to the assembled committes of all the delegations, to be by them respectively reported to their principals; and that thereupon the delegates from each State be requested to assemble as a delegation, and ballot for candidates for the offices of President and Vice-President, and having done so, to commit the ballot designating the votes of each candidate, and by whom given, to its committee, and thereupon all the committees shall assemble and compare the several

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people thoroughly aroused; and every argument made in favor of the respective candidates and parties, which could possibly have any effect upon the voters. The canvass was a thorough one, and the election was carried for the Whig candidates, who received 234 electoral votes coming from 19 States. The remaining 60 electoral votes of the other 9 States, were given to the Democratic candidate; though the popular vote was not so unevenly divided; the actual figures being 1,275,611 for the Whig ticket, against 1,135,761 for the Democratic ticket. It was a complete rout

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