The Arkansas banner., 1844-06-19

trici he found the most formidable opposition
 mustered against him for his course upon this
 question The friends of the United States
 Band held meeting at Nashville to denouncs
 his report. The most interruptions misrep-
 Iresentations were resorted to, in order to
 prove that he had destroyed the credit of the
 West, by proclaiming that his countrymen were unworthy of mercantile confidence.- The result, however, was. that after violent
 contest, MT. Polk was re elected by major
 ity of more than three thousand Fortunately for the stability of our institutions. the panics which ''lrighten cities from their proprietv.n do not sweep with the same desolatinp force
 over the scattered dwellings of the country. rl In September, 1883, the President, indir-
 nant at the open defiance of law by the Bank
 of the United States, and the unhushing cor
 ruption which it practised, determined upon
 the bold and saluary measure of the removal
 of the deposites, which was effected in the
 following month. The act produced much
 excitement throughout the country, and it
 was foreseen that great and doubtful con-
 flict was about to ensue. At such crisis 1t
 became important to have at the head of the z Committee of Ways and Means, man of
 courage to meet, and firmness to sustain, tho
 formidable shock. Such a man was found iii Mir. Polk, and he proved himself equal to
 the occasion. Congress met, and tho con flict proved even fiercer than had been anti- , cipated. The cause of the Bank was sup- ported in the House by such men as McDuffie,
 Adams, and Binnev, not to mention host :, of other names. It is instructive to look ' back in calmcr times, to the reign of terror, ,' known as the Panic Session. The Bank. :, with the whole commerce of the country at ' it's feet, alternately torturing and easing ita :, miserable pensioners ns they increased or - - relaxed their cries of financial agony; public ~ :, meetings held in every city with scarcely the z intermlssion of day, denouneng the Prosi- = = dent as tyrant and the enemy of his coun- ~ try; deputations nocking from the towns to ' extort from him reluctant submission; Whig ~ orators traversing the country, and stimulating ; the passions of excited multitudes, without respect even to the sanctity of the Sabbath i; r T milammatory memorials poured into Con- II :, gross from every quarter; the Senate almost - decreeing itself into state of permanent in- surrecton, and procaiming that revolution had already begun; all the business of legis- a lation in both wings of the Capitol postponed :, to that of agitation and panic; an extrajudi- '' cial and branding sentence pronounced upon
 the Chief Magistrate of the nation, in violar s :, lion of usage and of the Constituencies U U features present but faint picture of tho Il alarm and confusion which prevailed Con- ' sternation had almost seized upon the Rc- t 4 publican ranks, ,hinned by assertions and II harrassed by distracting doubts and fears.-- 5 But the stern resolve of him whose iron arm guided the helm of state, conducted the peri-
 lous conflict to a successful issue. Nor
 should we forget the eminent services of the . individual who presided over the Committee
 of Ways and Means. His coolness, prornpti- tude, and abundant resources were never at \ ,. fault. His opening speech in vindieation of ' the Presidents measure, contains ali the ma ' :, iefial facts and reasons on the Republican U side of the question, enforced with much ' power, and illustrated by great search. To this speech almost every member of the Y Opposition, who spoke upon the question, , attempted to reply, but the arguments which ' it's author brought forward to establish tho V power of the President under the Consttu- . ton, as elucidaled by contemporaneous or U early exposition, to do the act, which had T. been so boldly denounced as a high-handed 0 and tyrannical usurpaton, could neither be S reluted nor weakened Mir. McDuf1ie, the . distinguished leader of the Opposition in u this cventtul conflict, bore testimony, in his concluding remarks, to the ssboldncss and r manlinesso with which Mr. Polk had assumed !, :, the only position which could be judiciously U taken. The financial portion of his speech, Y and that in which he exposed the giarng ' misdeeds of the Bank, were no less efficient : When Mir. McDuffie had concluded the re- !, !, marks to which we have alluded, member u U from Virginia, after few pertinent pbscrya- E tons, demand the previous question. Amore 'e intense excitement was never felt in Congress-
 than at this thrilling moment. The two s- parties looked at each other for space, in IS sullen silence, like two armies on the eve of ol deadly conflict. The motion of Mir. Ma V son prevailed, the debate was arrested, and S. the division proved triumphant victory for 10 the Republican cause. The Bank then gave ic up the contest in despair.
 lel The position of the Chairman of the Cons m mttec of Ways and Means, at all times a ? most arduous and responsible one, was dou- j ply so at this session, which will form an > epoch in the political annals of tic country. n MT. Polk occupied it for the first time. From $ it's organization and the nature of its duties, al this committee must be at all times the chief a- organ of every administration in the House. ,h At this session it was for obvious reasons pes ge cniarly so To attack it, then, was to strike Is at the Government; to cnlbarrass its action 1e was to thwart the course of the Administra. a ton. Extraordinary and indiscriminate op- ie position was accordingly made to all the aT- ,d propriation bills. It was avowed in debate, m that it was within the scope of legitimate op, to position to withhold even the ordinary sup C. plies until the deposits were restored 10 the IT. Bank of the United States; that this restitu- SC ton must be made, or revolution ensue. The 1T, Bank must triumph, CT the wheels ofGovern, a. ment be arrested The people should never of forget the perls of a contest in which they es were almost constrained to succumb The on recollection should warn them not to bnild as ,r ,fra;r novvar in tho Ctata oe e,,cL cc.v~~: