Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-02-13

From The Speech Of Mr.. Calhoun, IN Senats, on
the Removal of The Deposites, delivered Jan
uary l3, 1884.
'sThe Secretary tclls.us, in the same spirit,
that the bank i'll b - wasteful Of the public
funds. That it has spent some thirty, forty,
or fifty thousand dollars, do not remember
the exact amount-(trihes have no weight in
the determination Of SO great question: in cir
IcuIatng essays and speeches of defence the
institution, Of which sum, one fifth part--some
Z thousand dollars-belongt to the Government.
Well sir, if the band has really iOasied this
amount Of public money, it is u grave charge.
1t has not n r ghl to waste single cent, but
say, in defence Of the bank, that, assailcd as it
was by the Executive, it would have been I'M
faithful to its trust, both to the stockholders and
ltothe public, had it not resorted to every prop
Ter means in its power to de(endils conduct, and
among others the free circulaionof able and
judicious publications.
But, admit that the bank has been guilty Of
wasting the public funds, to the full extent
charged BY the Secretary would ask If he,
the head Of the financial department Of the
Government, is not under as high and solemn
obligation TO take care ofthe monied interest
of the public as the bank itselfl would ask
him TO answer me few simple questions:--
How has he performed his duty in relation to
the interest which the public holdsin the bank?
Has he been less wastefu than he has charged
the bank to have been2 Has he not wasted
thousands where the bank, even according to
his own statement, has hundredsi Has he not,
by withdrawing the deposites and placing in the
State Banks, where the public receives not q
cent OF interest greatly affected the individuals
ofthe Bank ofthe United States, in which the
as stockholder,i is loser TO the ,
amount Of one-fifih Of the dimnutiona-a sum
which will venture to predict will many fold
exceed the entire amount which the bank has
expended in its defence. But this is small
Of the public loss, in consequence OF
the course which the Executive has pursued
in relationto the bank, and which has reduced
the value fthe shares, from $50 to l08--(a
Senator near me says much more. It may DO,
am not particular in such things,)--a OH
which the public suslains a corresponding loss
On its share Of the stock, amounting to seven
millions of dolars-a sum more than two hun
lred fold greater than the waste which he has
charged upon the bank. Other administrations
may ercced this in talents patriotism and honesty,
in andacity, In eGroHtery, Ii stands
Without a parallel!
But while shallnot cohdesccrd to notice the
charges Of the Secretary against the Bank,
beyond the extent which Lhave stated, sense
Of duty tothe institution, and regard to the part
which took in its creation, compels me to mo-
tice two allegations against (which have fallen
from anotherq quarter. 1t is said that the Bank
had no agency, or at least efficient agency, in
the restoration Of specie payment ia 1917, and
that it had failed to furnish the country witha
uniform and sound currency, us had been
promised at its creation. Bothof these aeCa-
lions pronounceto be without just foundation.
TO enter into minute examination Of them,
would carry me TOO far from the subject, and
must content myself with saying, that having
been on the political stage without interrupt
lion, from that day TO this having been an
attentlveo bscycraot the question Of the cur
rency, throughout the whole period--that the
Bank, has been an Indispensable agent inthe
Of specie Payments; and without il,
the restoration. could not have, been effected.
short Of the utter prostfation ot all the monied
institutions id the country, and an entire de-
probation Of Bank paper; and that it has not
only restored specie payment, but has given a
currency Gar more uniform, between the ex-
lremes Of the country, than was anticipated or
even dreamed osat the time OF its creation, |
will say Tor myself, that did not believe, at
that time, that the exchange between the Al.