Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-05-05

<.r,mittes of the Whole House on 'he s'a's VI 'io
Union
Mr.. CALEB b. SMITH. of Indiana, addressed the
committee as follows
Mr. CHnpMAx-Being DESTROYS of presenting my views
4, relation 70 this measure, admon.hed by the past
r,;on of the House Of the necessity Of embracing me
earliest opportunity for that purpose The frequent ana
relentless manner in which that potent legislative gag
the precious question: used by the aory IN TINS ia''
for tho purpose Of sitting discussion and carrying through
party measures furnishes ample evidence that freedom
Of debate will be tolerated in relation 10 this
The party here for the purpose OF showing
that they harmoniousy at least one ques-
ton will unite in f.vor of this BILL and pass
1t with but debate delay. During the last Con-
re.s the same measure carried through the House
by strict party vote while tho minority nanacied and
gagged by the previous question: were prevented from
expressing the reasons of their opposition
In desiring discuss this question, am not inenced
by the vain expectation that any thing which may say
can effect the about to be given But although the
car party here may be deaf all that may be urged
against the BILL the country whose vast interests to
affected by will be Indifferent to the discussion
The financial history Of this country for the last thr-
" years furnishes lesson for the statesman
well the people During that period we have pass
ed through many changes. embracing periods Of great
prosperity, well of extraordinary embar-
rassInent and disaster In discussing measure which
and important change IN our fnancia poi
ICY may with great prof, look back upon tho past,
and derive from history and experience some light to
guide future This be fruitIess and I'M
necessary him who consde his allegiance to his party
ss paramount to his duty to his country. For him no
other guide may be than the beck of party
leader, and other information desired than that which
enables him discern the democratic side of tho ques
ton to who look to the effect is to
produce upon the country rather than to its influence
refer foa may he nsp full
propose, Mr.. Chairman, to occupy aportion of the
hour allotted in calling up "reminiscences of
past connected with financial history From the
year 1920 until the year 1893, embracing period of
thirteen years. enjoyed currency equal in value to
god and silver. and much more convenient was con-
vcrbe into specie the pleasure of the holder and sup
Piled every of the people, connected with circula
and exchange, which sound currency could supply
With this currency the whole country satisfied. No
dissatisfaction existed murniurs complaints were
heard No desires for change expressed. no wish
for a "bcttcr crency entertained In the fall
Of latter year General Jackson then President Of the
United States removed the Government depostcs from
the United States Bank, which the first in that
Of "erpeiments upon the currency essayed by the
Democratic party, which have been fruitful Of his
chief and disaster.
This step was taken, not only without the sanction Of
Congress, but in violation of the expressed wishes and
opinions Of the peoples representatives. On the ?
March, 1893 the House of Represc by vote Of
100 to 46, adopted the following resolutions to wit.
"Resored That the Government dc posites may, in tho
opinion this House, be safely continued in tho Bank
Of tho United States
In House of Representatives, majority of which
the political friends of President Jackson, this
phaic declaration mado in favor OF retaining the
public money in the United States Bank by of al
most three in its favor to against it. And yet, not
w,h.,anding this resolution fully sustained by
public sentmont that not dsse mt among the people
heard the President, before the meeting of Con-
gress of his will. and upon his responsibility,
removed the public funds from this institution, where
they had been placed by law. This act of the
the of hostility the United States Bank, pur
sued by Cen Jacksons administration, which resulted
the overthrow Of that institution. Tho bank when first
assaiIed by Gen. Jackson popular. No institution
had been favor with the great body CT the
people 1t had answered the chief ends of lis
TO the entire satisfaction of the country The great pop
uarity Of Gen Jackson, the hold which he had upon the
people, and more especially the blind and needless serv
ity with which his partzans and followers moulded their
opinions and shaped their suit his viows ena-
bcd him 10 change the of popular opinion from
feeling Of ardent attachment this
OF bitter and violent hatred. Possessing currency
good ii possible for the ingenuity of DEVISE
ihe people yet deuded with the promise Jct3e
currency Under tho influence of this deluson,
stution winch had been rsally regarded
jcct of pride and admiration with the people, sudden
" conve rted into a "moRster''
The forts of Cen ackson 10 destroy il
full. The ''ronsser ras crushed and public attention
10 be directed TO other by which the du
ties Of fiscal agent to the Government be per-
formed. and the country be supplied with 4 cur
rency \ new "erperimcnt' in finance TO be tried
from which the people were promised golden harvest
This next 'eTperimeat the depositing the Gov
eminent funds the local banks denom mated in com
parlGnce. the pet bank system This system was
10 the especial consideration Of
and the country by Cen Jackson and received the favor
and support of his friends 1t carried into
by an Of Congress in the wear 1885 will not Do.
the committee read tke high reurlt euleris-
which then pronounced upon the local banks by the
democratic party They may be found in the messages
Of the then President. General Jackson the speeches