argument from the similar distress in England, he showed the difference between the character of the pecuniary difficulties in England and this country; no redundancy of currency there-the increase being there only one and a half per cent., but here it was ninety-six per cent. Our foreign debt, instead of being only thirty millions, is upwards of one hundred millions. He showed the mischievous effects of the removal of the deposits in depreciating our staples at home, increasing the import of specie, the increase of paper currency, speculation, indebtedness, and bank suspension. He commented on the specie circular, and on its mischiefs; but for this order, he believed there would have been no bank suspension.

He spoke favorably of the late National Bank, though he had always been opposed to the whole paper system. He had always acted with the Democratic party. The separation of the banks from the Government he did not object to, if we could provide safely for the public money; but he thought the bill both imperfect and obscure. On the restriction of all public dues to payment in specie, he could never think without instructions from his constituents. He regarded the project as impracticable, unnecessary, and in many ways injurious; and moved to postpone the subject to the first Monday in December.

Mr. Pope, of Kentucky, made a speech on the same bill, in the House of Representatives. He had aided in the election of the late Chief Magistrate, and had ever been unwilling to assail him or his measures; but he had disapproved of his veto of the Bank bill, the removal of the deposits, and other acts tending to increase the Executive power. He expressed himself strongly in favor of a National Bank, as a useful institution. He

was decidedly opposed to the scheme of a sub-treasury, and against an exclusive metallic curreney, as not suited to the circumstances and habits of the people. It would be productive of the most disastrous consequences.

He adverted to the "cant phrase" of a divorce of the Government from the Banks, which, when closely looked to is a divorce of the States, banks, and people, from the States, banks, and people. He urged that we were bound to exert all our power to redeem our country from the evils and dangers which surround it. He was decidedly in favor of a National Bank, which he regarded as constitutional.

Mr. Graves, of Kentucky, was also opposed to the subtreasury scheme, in his speech on the postponement of the fourth instalment to the States. He regarded the failure to charter the Bank of the United States as the cause of all the present difficulties of the country.

Mr. Talmadge, of New York, was also opposed to the subtreasury scheme. He was from the same State as the President, and had long been intimate with him. It was with regret, then, that he found himself compelled to dif fer from him on a question touching the public interest. His mind had long been made up against this scheme. It was brought forward, in 1834, by a member of the Opposition, and condemned by every friend of the Administration. Then the State banks were the favorite depositories of the public money. The people were congratulated on the better currency, and the reduction in the rates of exchange. The scheme has confessedly failed; but does the failure remove the objection to a measure so loudly condemned as dangerous, disorganizing, and revolutionary?

The mischiefs of the specie circular were brought to notice. He said that the suspension of the banks pro

ceeded from causes that were beyond their control. He defended the credit system; maintained that the proposed policy would not only give to the country a depreciated currency, but would eventually deprive it of all currency whatever; and that, if the banks were to resume cash payments, under the new system they would be compelled to stop again. The abuses to which this plan of keeping the public money are exposed were much insisted on; and he looked forward to the consequences with the most fearful forebodings.

Mr. Adams also made a long speech on the bill for regulating the deposit banks, in opposition to the course which the Administration wished to pursue, and which had been zealously supported by Mr. Cambreling, of New York. He endeavored to prove, by very copious and minute details, that the Administration had shown great injustice and favoritism in the distribution of the Government deposits.

The sub-treasury scheme was also very fully discussed by Mr. Webster in the Senate. He began by saying he was opposed to the doctrines of the President's message, and also to the amendment proposed by Mr. Calhoun. It was his purpose to discuss the subject as a question of practical politics.

He gave a historical review of the United States Bank. The experiment of the State banks having failed, the Government was bound either to take the currency into its own keeping, or leave it to take care of itself.

The object of the message is to seek relief to the Government, but not to afford it to the people; and he asked if the Government owes no duties, except to itself. He thought it existed, not for its own ends, but for the public utility. His purpose was to maintain two propositions:

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First. That it is the constitutional duty of this Government to see that a proper currency be maintained and preserved.

Second. That the message, the bill, and the proposed amendment, deny any such duty, disclaim all such power, and confine the obligation of government to the mere regulation of coins, and the care of its own

revenue.

The argument in support of his first proposition was very copious and elaborate. To prove the second, he quoted several passages from the President's late message. On these questions he was willing to abide the test of time, and the judgment of the people.

Mr. Garland, of Virginia, was also opposed to the subtreasury scheme, and made a speech in support of his views. They were very similar to those which have been stated.

Several speakers supported the President's views, as Mr. Buchanan, of Pennsylvania, Mr. Strange, of North Carolina, and some others.

The result of this discussion was, that a motion to lay the bill on the table, on the fourteenth of October, was carried by one hundred and twenty votes to one hundred and seven. A reconsideration having been moved, a motion to lay the question of reconsideration on the table was carried by one hundred and nineteen votes to one hundred and four.

And thus the only remedial measures passed at this extra session, called for the express purpose of making provision for the difficulties and embarrassments of the the country, were two bills-one to postpone the payment of the fourth instalment of the surplus fund among the States; and the other, to authorise the Administra'Niles's Register, Vol. LII., page 43.

tion to issue treasury-notes to the amount of ten or twelve millions: and Congress adjourned on the sixteenth of October, after a continuous session of six weeks, on the single subject of the currency.

The principle urged by the President, that it was not the proper province of the Government to afford relief in cases of commercial or pecuniary difficulty, or in facilitating the means of exchange, presented to the Opposition their chief ground of attack on the message, and was calculated to procure for the Administration more enemies than friends. Such cold and heartless policy found no compensation even with the masses of the Democratic party, for its saving of the public money. On the whole, it appeared that the Administration had not been able to gain, by its measures or its doctrines in the extra session of Congress, even if it gained at all, enough to counterbalance what it had lost of popular favor by the general bank suspension, and the pecuniary difficulties which followed it. By the election in the President's own State, in November, the Whigs, who, last year, had but thirty-four votes out of one hundred and thirty-eight in the State Legislature, had this year one hundred and one votes, equal to a majority of seventy-four. Similar results, though not so decisive, took place in other States which then held their popular elections. A more sudden revolution of parties was never known; and while all seemed to admit that no one of a party whose policy had proved so ruinous, and was then so unpopular, stood any chance of being elected President at the next election, a very large majority settled down in the belief that the honor would be bestowed on Henry Clay, who, from many of his former opponents, as well as his friends, already received, in anticipation, much of the court that is commonly bestowed on him who has so