Thirty Years' View (Vol. I of 2)

"Messrs. C. and W. had attacked the President for objecting to foreign stockholders in the Bank of the United States. Mr. B. maintained the solidity of the objection, and exposed the futility of the argument urged by the duplicate senators. They had asked if foreigners did not hold stock in road and canal companies? Mr. B. said, yes! but these road and canal companies did not happen to be the bankers of the United States! The foreign stockholders in this bank were the bankers of the United States. They held its moneys; they collected its revenues; they almost controlled its finances; they were to give or withhold aid in war as well as peace, and, it might be, against their own government. Was the United States to depend upon foreigners in a point so material to our existence? The bank was a national institution. Ought a national institution to be the private property of aliens? It was called the Bank of the United States, and ought it to be the bank of the nobility and gentry of Great Britain? The senator from Kentucky had once objected to foreign stockholders himself. He did this in his speech against the bank in 1811; and although he had revoked the constitutional doctrines of that speech, he [Mr. B.] never understood that he had revoked the sentiments then expressed of the danger of corruption in our councils and elections, if foreigners wielded the moneyed power of our country. He told us then that the power of the purse commanded that of the sword – and would he commit both to the hands of foreigners? All the lessons of history, said Mr. B., admonish us to keep clear of foreign influence. The most dangerous influence from foreigners is through money. The corruption of orators and statesmen, is the ready way to poison the councils, and to betray the interest of a country. Foreigners now own one fourth of this bank; they may own the whole of it! What a temptation to them to engage in our elections! By carrying a President, and a majority of Congress, to suit themselves, they not only become masters of the moneyed power, but also of the political power, of this republic. And can it be supposed that the British stockholders are indifferent to the issue of this election? that they, and their agents, can see with indifference, the re-election of a man who may disappoint their hopes of fortune, and whose achievement at New Orleans is a continued memento of the most signal defeat the arms of England ever sustained?

"The President, in his message, had characterized the exclusive privilege of the bank as 'a monopoly.' To this Mr. Webster had taken exception, and ascended to the Greek root of the word to demonstrate its true signification, and the incorrectness of the President's application. Mr. B. defended the President's use of the term, and said that he would give authority too, but not Greek authority. He would ascend, not to the Greek root, but to the English test of the word, and show that a whig baronet had applied the term to the Bank of England with still more offensive epithets than any the President had used. Mr. B. then read, and commented upon several passages of a speech of Sir William Pulteney, in the British House of Commons, against renewing the charter of the Bank of England, in which the term monopoly was repeatedly applied to that bank; and other terms to display its dangerous and odious charter. In one of the passages the whig baronet said: 'The bank has been supported, and is still supported, by the fear and terror which, by the means of its monopoly, it has had the power to inspire.' In another, he said: 'I consider the power given by the monopoly to be of the nature of all other despotic power, which corrupts the despot as much as it corrupts the slave!' In a third passage he said: 'Whatever language the private bankers may feel themselves bound to hold, he could not believe they had any satisfaction in remaining subject to a power which might destroy them at any moment.' In a fourth: 'No man in France was heard to complain of the Bastile while it existed; yet when it fell, it came down amidst the universal acclamations of the nation!'

"Here, continued Mr. B., is authority, English authority, for calling the British bank in England a monopoly; and the British bank in America is copied from it. Sir Wm. Pulteney goes further than President Jackson. He says, that the Bank of England rules by fear and terror. He calls it a despot, and a corrupt despot. He speaks of the slaves corrupted by the bank; by whom he doubtless means the nominal debtors who have received ostensible loans, real douceurs – never to be repaid, except in dishonorable services. He considers the praises of the country bankers as the unwilling homage of the weak and helpless to the corrupt and powerful. He assimilates the Bank of England, by the terrors which it inspires, to the old Bastile in France, and anticipates the same burst of emancipated joy on the fall of the bank, which was heard in France on the fall of the Bastile. And is he not right? And may not every word of his invective be applied to the British bank in America, and find its appropriate application in well-known, and incontestable facts here? Well has he likened it to the Bastile; well will the term apply in our own country. Great is the fear and terror now inspired by this bank. Silent are millions of tongues, under its terrors which are impatient for the downfall of the monument of despotism, that they may break forth into joy and thanksgiving. The real Bastile was terrible to all France; the figurative Bastile is terrible to all America; but above all to the West, where the duplicate senators of Kentucky and Massachusetts, have pointed to the reign of terror that is approaching, and drawn up the victims for an anticipated immolation. But, exclaimed Mr. B., this is the month of July; a month auspicious to liberty, and fatal to Bastiles. Our dependence on the crown of Great Britain ceased in the month of July; the Bastile in France fell in the month of July; Charles X. was chased from France by the three glorious days of July; and the veto message, which is the Declaration of Independence against the British bank, originated on the fourth of July, and is the signal for the downfall of the American Bastile, and the end of despotism. The time is auspicious; the work will go on; down with the British bank; down with the Bastile; away with the tyrant, will be the patriotic cry of Americans; and down it will go.

"The duplicate senators, said Mr. B., have occupied themselves with criticising the President's idea of the obligation of his oath in construing the constitution for himself. They also think that the President ought to be bound, the Congress ought to be bound, to take the constitution which the Supreme Court may deal out to them! If so, why take an oath? The oath is to bind the conscience, not to enlighten the head. Every officer takes the oath for himself; the President took the oath for himself; administered by the Chief Justice, but not to the Chief Justice. He bound himself to observe the constitution, not the Chief Justice's interpretation of the constitution; and his message is in conformity to his oath. This is the oath of duty and of right. It is the path of Jefferson, also, who has laid it down in his writings, that each department judges the constitution for itself, and that the President is as independent of the Supreme Court as the Supreme Court is of the President.

"The senators from Kentucky and Massachusetts have not only attacked the President's idea of his own independence in construing the constitution, but also the construction he has put upon it in reference to this bank. They deny its correctness, and enter into arguments to disprove it, and have even quoted authorities which may be quoted on both sides. One of the senators, the gentleman from Kentucky, might have spared his objection to the President on this point. He happened to think the same way once himself; and while all will accord to him the right of changing for himself, few will allow him the privilege of rebuking others for not keeping up with him in the rigadoon dance of changeable opinions.

"The President is assailed for showing the drain upon the resources of the West, which is made by this bank. How assailed? With any documents to show that he is in error? No! not at all! no such document exists. The President is right, and the fact goes to a far greater extent than is stated in his message. He took the dividend profits of the bank, – the net, and not the gross profits; the latter is the true measure of the burthen upon the people. The annual drain for net dividends from the West, is $1,600,000. This is an enormous tax. But the gross profits are still larger. Then there is the specie drain, which now exceeds three millions of dollars per annum. Then there is the annual mortgage of the growing crop to redeem the fictitious and usurious bills of exchange which are now substituted for ordinary loans, and which sweeps off the staple products of the South and West to the Northeastern cities. – The West is ravaged by this bank. New Orleans, especially, is ravaged by it; and in her impoverishment, the whole West suffers; for she is thereby disabled from giving adequate prices for Western produce. Mr. B. declared that this British bank, in his opinion, had done, and would do, more pecuniary damage to New Orleans, than the British army would have done if they had conquered it in 1815. He verified this opinion by referring to the immense dividend, upwards of half a million a year, drawn from the branch there; the immense amounts of specie drawn from it; the produce carried off to meet the domestic bills of exchange; and the eight and a half millions of debt existing there, of which five millions were created in the last two years to answer electioneering purposes, and the collection of which must paralyze, for years, the growth of the city. From further damage to New Orleans, the veto message would save that great city. Jackson would be her saviour a second time. He would save her from the British bank as he had done from the British army; and if any federal bank must be there, let it be an independent one; a separate and distinct bank, which would save to that city, and to the Valley of the Mississippi, of which it was the great and cherished emporium, the command of their own moneyed system, the regulation of their own commerce and finances, and the accommodation of their own citizens.

"Mr. B. addressed himself to the Jackson bank men, present and absent. They might continue to be for a bank and for Jackson; but they could not be for this bank, and for Jackson. This bank is now the open, as it long has been the secret, enemy of Jackson. It is now in the hands of his enemies, wielding all its own money – wielding even the revenues and the credit of the Union – wielding twelve millions of dollars, half of which were intended to be paid to the public creditors on the first day of July, but which the bank has retained to itself by a false representation in the pretended behalf of the merchants. All this moneyed power, with an organization which pervades the continent, working every where with unseen hands, is now operating against the President; and it is impossible to be in favor of this power and also in favor of him at the same time. Choose ye between them! To those who think a bank to be indispensable, other alternatives present themselves. They are not bound nor wedded to this. New American banks may be created. Read, sir, Henry Parnell. See his invincible reasoning, and indisputable facts, to show that the Bank of England is too powerful for the monarchy of Great Britain! Study his plan for breaking up that gigantic institution, and establishing three or four independent banks in its place, which would be so much less dangerous to liberty, and so much safer and better for the people. In these alternatives, the friends of Jackson, who are in favor of national banks, may find the accomplishment of their wishes without a sacrifice of their principles, and without committing the suicidal solecism of fighting against him while professing to be for him.

"Mr. B. addressed himself to the West – the great, the generous, the brave, the patriotic, the devoted West. It was the selected field of battle. There the combined forces, the national republicans, and the national republican bank, were to work together, and to fight together. The holy allies understand each other. They are able to speak in each other's names, and to promise and threaten in each other's behalf. For this campaign the bank created its debt of thirty millions in the West; in this campaign the associate leaders use that debt for their own purposes. Vote for Jackson! and suits, judgments, and executions shall sweep, like the besom of destruction, throughout the vast region of the West! Vote against him! and indefinite indulgence is basely promised! The debt itself, it is pretended, will, perhaps, be forgiven; or, at all events, hardly ever collected! Thus, an open bribe of thirty millions is virtually offered to the West; and, lest the seductions of the bribe may not be sufficient on one hand, the terrors of destruction are brandished on the other! Wretched, infatuated men, cried Mr. B. Do they think the West is to be bought? Little do they know of the generous sons of that magnificent region! poor, indeed, in point of money, but rich in all the treasures of the heart! rich in all the qualities of freemen and republicans! rich in all the noble feelings which look with equal scorn upon a bribe or a threat. The hunter of the West, with moccasins on his feet, and a hunting shirt drawn around him, would repel with indignation the highest bribe that the bank could offer him. The wretch (said Mr. Benton, with a significant gesture) who dared to offer it, would expiate the insult with his blood.

"Mr. B. rapidly summed up with a view of the dangerous power of the bank, and the present audacity of her conduct. She wielded a debt of seventy millions of dollars, with an organization which extended to every part of the Union, and she was sole mistress of the moneyed power of the republic. She had thrown herself into the political arena, to control and govern the presidential election. If she succeeded in that election, she would wish to consolidate her power by getting control of all other elections. Governors of States, judges of the courts, representatives and senators in Congress, all must belong to her. The Senate especially must belong to her; for, there lay the power to confirm nominations and to try impeachments; and, to get possession of the Senate, the legislatures of a majority of the States would have to be acquired. The war is now upon Jackson, and if he is defeated, all the rest will fall an easy prey. What individual could stand in the States against the power of the bank, and that bank flushed with a victory over the conqueror of the conquerors of Bonaparte? The whole government would fall into the hands of this moneyed power. An oligarchy would be immediately established; and that oligarchy, in a few generations, would ripen into a monarchy. All governments must have their end; in the lapse of time, this republic must perish; but that time, he now trusted, was far distant; and when it comes, it should come in glory, and not in shame. Rome had her Pharsalia, and Greece her Chæronea; and this republic, more illustrious in her birth than Greece or Rome, was entitled to a death as glorious as theirs. She would not die by poison – perish in corruption – no! A field of arms, and of glory, should be her end. She had a right to a battle – a great, immortal battle – where heroes and patriots could die with the liberty which they scorned to survive, and consecrate, with their blood, the spot which marked a nation's fall.

"After Mr. B. had concluded his remarks, Mr. Clay rose and said: —

"The senator from Missouri expresses dissatisfaction that the speeches of some senators should fill the galleries. He has no ground for uneasiness on this score. For if it be the fortune of some senators to fill the galleries when they speak, it is the fortune of others to empty them, with whatever else they fill the chamber. The senator from Missouri has every reason to be well satisfied with the effect of his performance to-day; for among his auditors is a lady of great literary eminence. [Pointing to Mrs. Royal.] The senator intimates, that in my remarks on the message of the President, I was deficient in a proper degree of courtesy towards that officer. Whether my deportment here be decorous or not, I should not choose to be decided upon by the gentleman from Missouri. I answered the President's arguments, and gave my own views of the facts and inferences introduced by him into his message. The President states that the bank has an injurious operation on the interests of the West, and dwells upon its exhausting effects, its stripping the country of its currency, &c., and upon these views and statements I commented in a manner which the occasion called for. But, if I am to be indoctrinated in the rules of decorum, I shall not look to the gentleman for instruction. I shall not strip him of his Indian blankets to go to Boon's Lick for lessons in deportment, nor yet to the Court of Versailles, which he eulogizes. There are some peculiar reasons why I should not go to that senator for my views of decorum, in regard to my bearing towards the chief magistrate, and why he is not a fit instructor. I never had any personal rencontre with the President of the United States. I never complained of any outrages on my person committed by him. I never published any bulletins respecting his private brawls. The gentleman will understand my allusion. [Mr. B. said: He will understand you, sir, and so will you him.] I never complained, that while a brother of mine was down on the ground, senseless or dead, he received another blow. I have never made any declaration like these relative to the individual who is President. There is also a singular prophecy as to the consequences of the election of this individual, which far surpasses, in evil foreboding, whatever I may have ever said in regard to his election. I never made any prediction so sinister, nor made any declaration so harsh, as that which is contained in the prediction to which I allude. I never declared my apprehension and belief, that if he were elected, we should be obliged to legislate with pistols and dirks by our side. At this last stage of the session I do not rise to renew the discussion of this question. I only rose to give the senator from Missouri a full acquittance, and I trust there will be no further occasion for opening a new account with him.

"Mr. B. replied. It is true, sir, that I had an affray with General Jackson, and that I did complain of his conduct. We fought, sir; and we fought, I hope, like men. When the explosion was over, there remained no ill will, on either side. No vituperation or system of petty persecution was kept up between us. Yes, sir, it is true, that I had the personal difficulty, which the senator from Kentucky has had the delicacy to bring before the Senate. But let me tell the senator from Kentucky there is no 'adjourned question of veracity' between me and General Jackson. All difficulty between us ended with the conflict; and a few months after it, I believe that either party would cheerfully have relieved the other from any peril; and now we shake hands and are friendly when we meet. I repeat, sir, that there is no 'adjourned question of veracity' between me and General Jackson, standing over for settlement. If there had been, a gulf would have separated us as deep as hell.

"Mr. B. then referred to the prediction alleged by Mr. Clay, to have been made by him. I have seen, he said, a placard, first issued in Missouri, and republished lately. It first appeared in 1825; and stated that I had said, in a public address, that if General Jackson should be elected, we must be guarded with pistols and dirks to defend ourselves while legislating here. This went the rounds of the papers at the time. A gentleman, well acquainted in the State of Missouri (Col. Lawless), published a handbill denying the truth of the statement, and calling upon any person in the State to name the time and place, when and where, any such address had been heard from me, or any such declaration made. Colonel Lawless was perfectly familiar with the campaign, but he could never meet with a single individual, man, woman, or child, in the State, who could recollect to have ever heard any such remarks from me. No one came forward to reply to the call. No one had ever heard me make the declaration which was charged upon me. The same thing has lately been printed here, and, in the night, stuck up in a placard upon the posts and walls of this city. While its author remained concealed, it was impossible for me to hold him to account, nor could I make him responsible, who, in the dark, sticks it to the posts and walls: but since it is in open day introduced into this chamber I am enabled to meet it as it deserves to be met. I see who it is that uses it here, and to his face [pointing to Mr. Clay] I am enabled to pronounce it, as I now do, an atrocious calumny.

"Mr. Clay. – The assertion that there is 'an adjourned question of veracity' between me and Gen. Jackson, is, whether made by man or master absolutely false. The President made a certain charge against me, and he referred to witnesses to prove it. I denied the truth of the charge. He called upon his witness to prove it. I leave it to the country to say, whether that witness sustained the truth of the President's allegation. That witness is now on his passage to St. Petersburg, with a commission in his pocket. [Mr. B. here said aloud, in his place, the Mississippi and the fisheries – Mr. Adams and the fisheries – every body understands it.] Mr. C. said, I do not yet understand the senator. He then remarked upon the 'prediction' which the senator from Missouri had disclaimed. Can he, said Mr. C, look to me, and say that he never used the language attributed to him in the placard which he refers to? He says, Col. Lawless denies that he used the words in the State of Missouri. Can you look me in the face, sir [addressing Mr. B.], and say that you never used that language out of the State of Missouri?

"Mr. B. I look, sir, and repeat that it is an atrocious calumny; and I will pin it to him who repeats it here.

"Mr. Clay. Then I declare before the Senate that you said to me the very words —

"[Mr. B. in his place, while Mr. Clay was yet speaking, several times loudly repeated the word 'false, false, false.']

Mr. Clay said, I fling back the charge of atrocious calumny upon the senator from Missouri.

A call to order was here heard from several senators.

"The President, pro tem., said, the senator from Kentucky is not in order, and must take his seat.

"Mr. Clay. Will the Chair state the point of order?

"The Chair, said Mr. Tazewell (the President pro tem.), can enter in no explanations with the senator.

"Mr. Clay. I shall be heard. I demand to know what point of order can be taken against me, which was not equally applicable to the senator from Missouri.

"The President, pro tem., stated, that he considered the whole discussion as out of order. He would not have permitted it, had he been in the chair at its commencement.

"Mr. Poindexter said, he was in the chair at the commencement of the discussion, and did not then see fit to check it. But he was now of the opinion that it was not in order.

"Mr. B. I apologize to the Senate for the manner in which I have spoken; but not to the senator from Kentucky.

"Mr. Clay. To the Senate I also offer an apology. To the senator from Missouri none.

"The question was here called for, by several senators, and it was taken, as heretofore reported."

The conclusion of the debate on the side of the bank was in the most impressive form to the fears and apprehensions of the country, and well calculated to alarm and rouse a community.' Mr. Webster concluded with this peroration, presenting a direful picture of distress if the veto was sustained, and portrayed the death of the constitution before it had attained the fiftieth year of its age. He concluded thus – little foreseeing in how few years he was to invoke the charity of the world's silence and oblivion for the institution which his rhetoric then exalted into a great and beneficent power, indispensable to the well working of the government, and the well conducting of their affairs by all the people:

"Mr. President, we have arrived at a new epoch. We are entering on experiments with the government and the constitution of the country, hitherto untried, and of fearful and appalling aspect. This message calls us to the contemplation of a future, which little resembles the past. Its principles are at war with all that public opinion has sustained, and all which the experience of the government has sanctioned. It denies first principles. It contradicts truths heretofore received as indisputable. It denies to the judiciary the interpretation of law, and demands to divide with Congress the origination of statutes. It extends the grasp of Executive pretension over every power of the government. But this is not all. It presents the Chief Magistrate of the Union in the attitude of arguing away the powers of that government over which he has been chosen to preside; and adopting, for this purpose, modes of reasoning which, even under the influence of all proper feeling towards high official station, it is difficult to regard as respectable. It appeals to every prejudice which may betray men into a mistaken view of their own interests; and to every passion which may lead them to disobey the impulses of their understanding. It urges all the specious topics of State rights, and national encroachment, against that which a great majority of the States have affirmed to be rightful, and in which all of them have acquiesced. It sows, in an unsparing manner, the seeds of jealousy and ill-will against that government of which its author is the official head. It raises a cry that liberty is in danger, at the very moment when it puts forth claims to power heretofore unknown and unheard of. It affects alarm for the public freedom, when nothing so much endangers that freedom as its own unparalleled pretences. This, even, is not all. It manifestly seeks to influence the poor against the rich. It wantonly attacks whole classes of the people, for the purpose of turning against them the prejudices and resentments of other classes. It is a state paper which finds no topic too exciting for its use; no passion too inflammable for its address and its solicitation. Such is this message. It remains, now, for the people of the United States to choose between the principles here avowed and their government. These cannot subsist together. The one or the other must be rejected. If the sentiments of the message shall receive general approbation, the constitution will have perished even earlier than the moment which its enemies originally allowed for the termination of its existence. It will not have survived to its fiftieth year."