The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-10-27

! times, Tor people 10 realize the degree q
| excitement and connection which were
/ produced by the org ,nized attempt e.
produce the panic and distress But it
| must have been real Il is incredible
| that the widespread feeling of distress,
of the suspension of business, and Of
| hard times could have been imaginary,
or that it could have been produced by
the speeches of public men, and the sen
sational stories of the newspapers.
Doubtless the course of the bank, after
| the veto. and the removal of the depos-
its, prompted by the purpose of awak-
ening sympathy, had much to do with
| the collapse of business enterprises. MIR.
Biddle, as the event finally made clear,
was no. an over scrupulous man, and
was doubtless ready to make the power
of the bank felt, in the political contro
versies of the day. But apart from what
the bank may have done, with view to
bringing distress upon the country, there
C IN be no doubt that the overthrow OF
the bank, by the administration, would
necessarily tend to disorganize business
| operations
The famous controversy about the E.
punging Resolutions, introduced and
carried through the Senate by Mr.. Ben
ton, solitary and alone" was an in
cident of the bank controversy On the
26rh of De emher, 1888, Mr.. Clay iutro.
duced the following resolutions:
81. Resolved, That by dismissing the
late Secretary Of the Treasury, because
he would not, contrary to his sense Of
his own duty, remove the money of the
United States in deposit with the Bank
of the United States and It's branches,
in conformity with the Presidents opin-
| ion, and by appointing his successor to
| effect such removal, which has been
done, the President has assumed the ex
ercise of power over the Treasury Of
| the United States, not granted to him
| by the Constitution and laws and dan
gerous to the liberties of the people
SO Resolved, That the reasons as
signed by the Secretary of the Treasury
for the removal of the money of the
United States deposited in the Bank of
the United States and its branches, com
municated to Congress on the 81 day of
December, 1888, are unsatisfactory and
insufficient"
These resolutions were discussed, and
the first one, declaring that the President
had exceeded his constitutional authority
in dismissing Mr. Duane, was amended
so as to read as recited in the expunging
resolution of Mr.. Benton, as follows:
Resolved, That the resolution adopted
by the Senate on the 23d day Of March,
in the year 1884, in the following words
'FResolyed, That the President in the
late executive proceedings in relation to
the public revenue, has assumed upon
himself authority and power not con-
ferred by the Constitution and laws, but
in derogation of both be, aud the same
hereby Is ordered TO be expunged from
the journals of the Senate, because the
said resolution is illegal aud unjust, of
evil example, Indefinite and vague, ex-
pressing q criminal charge without
specification; and was irregularly and
uncoustitu,ionallya adopted by the Senate,
in subgersion of the rights of de-
fence which belong to an accused
and improbable officer; and at a
time, and under circumstances to in
volve peculiar injury to the political
rights and pecuniary interests Of the
people of the United states.
Mr.. Clay's resolution, which Mr.. Ben
ton here proposed to expunga, was
adopted March %, 1884, by the follow
ing vote: Yeas Aessrs Bibb and Clay,
OF Kentucky; Back and POindexter, of
Mississippi; Calhoun and Preston, of
South Carolina; Clayton and NaudaiD, Of
Delaware; Ewing, Of Ohio; Frelinghuy-
sen aud Southland, of New Jersey; Kent,
of Maryland; Knight and Robbins, of
Rhode Island; Leigh and Tyler, of Vir
ginia; Mangum, of North Carolina; Por-
ter and Waggerman, of Louisiana; Prem
tiss and Swift, of Vermont; Silsbee and
Webster, of Massachusetts; Sprague, Of
Maine; Smith and Tomlinson, of Connec-
ticut-26
Nays -Messrs Benton and Linn, of
Missouri Brown, of North Carolina;
Forsyth and King, of Georgia;
Grundy and White, of Tennessee;
Hendricks and Upton, OF Indi
ana; Hill, of New Hampshire;
Kane and Robinson, of Illinois King
and Moore, Of Alabama; Mexican and
wilkins, Of Pennsylvania; Morris, of
Ohio; S1epley, of Maine; Tallnadge and
Wright, of New York-20
Two of the Affirmative votes, those of
Me ,srs. Calhoun and Tyler, in view Of
their subsequent career, aust. be re
garded as singular. 1t is true that Mr.
Calhoun may be said to have been the
originator of the bank, which President
Jackson vetoed bat he had ceased to be
a friend of banks before this bank CON
troversy originated; and he distin
guished himself afterwards as an anti
bank man. He abandoned the Wings in
1887, and went over to the support of
Mr.. Van Burens policy Of an Independ-
ent Treasury, as it was styled, in law
but which the Wings nick-named "the
Sub Trt asury" Aud in 1841, Mr. Cal
houn was strong supporter OF Mr..
Tyler, in bis veto OF the several bank
bills that were laid before him.
AS to Tyler, who had bcen leader in
opposition to Gen. Jackson's anti bank
policy, who was on the Senate commit
tee, which reported against the removal
Of the deposits, and read the report to