Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-20
Mr.. CALHOUN'S SPEECH,
fcoNTINUED.

The Secretary next tells us, in the saiile spu
il that the bank has been wasteful OF the pup
lie finds That it has spent some thlity, 1oit
or fifty thousand dollars, do not reineIoei .i
exact amount-(trihes have no weiSnt III Wv
determination of so great quesuonJ In Cur Gu
Iating ESSAYS and speeches IN aelehce Vi lli'
institution, of which sum, one-nith paie Sn1'
ISL, thonsand dolars-belonged to the Gov
ernment. Well, sir, if the bank has realJ
,nasted this amount of the public money 1t IS q
crave charge 1t has not q right 10 waste Q
Single cent but must say, IN defence Vi tite
hank. that assaulted as it was by the EXecuIltt'
il would have been unfaithful TO us uus 49, nt
70 the stockholders and to the puoiic' lau ~ No'
resorted TO every proper means III us power ~
800 ;ts cond4ct and among others the free
Circulation of able and judicious publications.
Rnt admit that the bank has been gmIty oi
r,aCtinu the publc funds, to the full extern
CHARGED by the Secretary, would ask II ne, tile
head of the financial department OF the UoVelh
rnent is not under as high and solemn op!ls"
ton to take care ofthe momed Ll'elGs' y. -
nnbic as the bank itself? would ask MN "
answer me a few simple questions: How mas
he performed this duty in relation to the inter
est with the public holds in the DanKf mas ne
been less wastefll than he has charSeu tLe oaiia
10 have been? Has he not wasted thousands llt
where the bank, even ACCORDING 10 iilS wv w
statement has hundreds? Has he not, oy WIFI
state Banks. where the public receives not d
cant of interest greatly affected the dlvldenos
~ tho Rank of the United States IN whlcn the
Government. as a stockholder, is a loser 10 the
amount of one fifth of the dlmlnuuonF-a sum
which will venture to predict VIII many Iolu
exceed the entire amount winch the oahh mas
expended in its defence. But this is small
verv small proportion ofthe public loss IN con-
sentence of the course which the Executive mas
Dnrsued in relation to the bank, and which mas
rraduced the value of the shares, from l3O 10
1O3-(a Senator near me says mucn more 1t
NAV be- / am not particular IN such tmhSs]-
and on which the public sustalns a correSpoh-
ding loss on its share of the stock, amounting
10 seven millions of dollars-a sum more IMAM
two huadred fold greater than the waste which
no has charged upon the bank. Other admin
jstrations NAV exceed this in talents, PATRIOTISM,
and honesty but certainly in audacity, IN ef-
trontery, it stands without parellel
The Secretary has brought forward many ana
grievous charges against the Bank. VIII not
condescend to notice them-it is the conduct OF
the Secretary, and not that of the Bank, when
is Immediately under examination, ana ne mas
no right to drag the conduct OF the BANK lnto
the issue, beyond its operations IN regard 10 the
deposites To that extent l am prepared 10
examine his allegations against 1t; but beyond
that he has no right-no not the leastcto az
raipn the conduct of the Bank; and Tor one,
will not by noticing his charges beyond that
noint, sanction his authority to call It's conduct
IN question But let the point IN issue be deter
mined, and l. as far as my voice extenos, VIII
rive to those who desire IT, the means OF tue
freest and most unlimited inquiry INTO us
conduct. I am connected with it in no way,
bv monied or political ties | might say, with
trnth that the Bank owes as much to me as TO
anv other Individual in the country; and i
might even add that, had it not been tor my Ell
forts il would not have been chartered. STAND
ing in this relation to the institution, hgh sense
of delicacy-a regard TO independence anu
character has restrained me from any CotIlloa ~
ion with the institution whatever, except some
tYif1ing accommodations, in the way OF Drama
~ business. which were not OF the slightest I'M
portance either to the Bank or myself.
Rut while shall not condescend TO notice the
charges the Secretary against the BANK, De-
yond the extent which have stated, sense OF
duty to the institution, and regard to the part
which took in its creation, compels me to no.
tice two allegations against 1t which have 1aIleI
from another quarter. 1t is said that the BANK
had no agency, or at least efhclent agency, IN
the restoration of specie payment In 1917, and
that il had failed to furnish the country with q
uniform and sound currency, as had oeen
promised at its creation. Both OF these aHega-
lions pronounce to be without just tOundauon
To enter into a minute examination OF them
would carry me too far from the subject, ana
must content myself with saying, that having
been on the political stage without interruption
from that day to this-having been an attentive
observer of the question of the currency
throughout the whole period-that the Bank has
been an indispensable agent in the restoration
ofspecie payments; that without it. the restora
ton could not have been effected, short OF the
inter prostraton of all the monied institutions o
the country, and an entire depreciation OF Bank
Daper; and that it has not only restored specie
payment, but has given a currency lar more
uniform. between the extremes OF the country
than was anticipated or even dreamed OF at the
time of its creation. | will say for myself, that
did not believe, at that time, that the exchange
between the Atlantic and the west would OF
brought lower than two and half per cent, tht
estimated expense then, including insurance
and loss of time, transporting specie between
the two points How much it Iva, was t below WITH tn
Commercial world knows that it was not
fourth part at the time of the removal OF the de
posites. ,,.,.i Tho,,rh
win not notice the charges of the Secretary TO
the reasons already stated, will take the loer
ty of propounding to those who support then
on this floor, few plain questions II there D.