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about the work of reconstruction and restora-considered, each House which adopted, and tion. The Republican' Secretary of the the President which signed it, were strongly Treasury, Alexander J. Dallas, reported to of the Republican' faith. It was a measure Congress that nothing but a National Bank of that party, so far as it was the act of any would bring order out of the subsisting chaos. party, 80 supported and opposed, and so reHis views were seconded by the great majority garded by the Country, of the Republicans' in Congress-by Mr. This Bank went immediately into operaClay, whom five years' bitter experience tion; but the sanguine anticipations of publie had fully convinced of the necessity of a advantage from its action were not imme

Bank; by Mr. CRAWFORD, as aforesaid; by diately realized. The whole Country was John C. CALHOUN, the young and energetic overwhelmed with Debt, public and private; champion of the Republican' faith, who the Currency was in a most deplorable conhad entered Congress about the beginning of dition; and all our Manufacturing Interests the War, and had rapidly risen to the respon- were just breaking down, under the pressure sible station of Chairman of the Committee of of Two Hundred Millions' worth of Foreign Ways and Means, in which capacity he re- fabrics poured in upon us at the restoration ported, ably advocated, and carried through of Peace, and rattled off at any price. The the House, the bill chartering the late Bank Bank attempted to sustain and restore every of the United States.

thing by affording facilities of business and This bill passed the House by Eighty Yeas exchange; but this, under the circumstances, to Seventy-one Nays, and the Senate by was impossible. The attempt, daringly perTwenty-two Yeas to Tweloe Nays. Of the sisted in, came near stopping the Bank itself. Yeas, more than two-thirds were •Republi- Time and a more efficient Tarift were required cans;' of the Nays, about three-fourths were to bring about the restoration of soundness in Federalists. Among the votes for the bill the local Currency, however efficient the cowere those eminent Republicans' Messrs. operation of the Bank. Soon, however, the Calhoun, Middleton, and Lowndes, of S. C.; Bank was placed under better management; S. Smith and Pinkney, of Md.; Taylor, the Tariff was raised, and the Country began Wilkin and Throop, of 'N. York; Barbour, to emerge from its embarrassments. From (J.) Mason and Gholson, of Va. Among the 1819-20 the Currency steadily improved until Federalists in the negative were Messrs. it became, and continued for years down to Dana and Pitkin, of Conn.; Webster and 1834, the best practical Currency in the Mason, of N. H.; Tichenor and Langdon, of world, yielding every assistance to the busiVt.; Christopher Gore, Timothy Pickering ness of the Country. and' J. Reed, of Mass.; Rufus King, D. Gen. Jackson was elected President in Cady and Gold, of N. York; Hopkinson, of 1828. During the canvass which preceded Pa.; Goldsborough, of Md.; Sheffey, of Va. that result his election was urged on every &c. &c. It was almost á party division plausible or imaginable ground, yet no man -the men who about the same time nomina- whispered that the overthrow of the United ted Jas. MONROE for President and Dan'l D. States Bank was one of the ends to be accomTOMPKINS for Vice President generally voting plished by that elevation. Mr. Adams's Adfor the bill; those who opposed them nearly ministration was blamed for the cupidity of all opposing the Bank. But many of those Great Britain in shutting her West India who voted against the bill were favorable to ports against us, for not permitting the Cheroa Bank. Thus Gen. ,Root of this State, and kee Indias to be robbed and exiled, for every Mr. Webster of N. H. (now of Mass.) both unwelcone occurrence-even the failure of voted against the bill from hostility to the the harvests in particular localities was ad

provision of the Charter which authorized duced as evidence that nothing could flourish subscriptions in stocks of the United States under sich rule-but no man complained of (which were then below par)--they insisting the Currency, or demanded a radical change that a Bank should be based upon nothing in our Banking system. But Gen. Jackson but cash. They voted Nay to arrest the bill was inaugurated, and soon involved himself and throw it back into Committee, where in a controversy with the management of the

they hoped to have the obnoxious feature ex- United States Bank. His Secretary of the Spunged, and then vote for the bill. Others Treasury demanded the removal of the Presi.

voted Nay on the same or similar grounds. dent* of the Branch Bank at Portsmouth, N. Mr. Madison, who had repeatedly urged Con-H, as a man obnoxious to the friends of the

gress to do something for the restoration of Administration in the neighborhood of that soundness to the Currency and Finances, Branch; but this demand was unaccompapromptly gave his assent to the bill. nied by any allegation of misconduct or inca

Thus was the second Bank of the United pacity on the part of that officer, and compliStates chartered, and this time clearly by the ance was necessarily declined. The whole Democratic' party. It was solely Demo

* Jeremiah Mason, formerly U. 9. Senator, now of cratic in its origin, and each Committee which Boston.




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country was thereupon surprised by the ap- is so justly entitled, from the eminent station and high pearance in Gen. Jackson's Annual Message, character of the citizen by, whom it is eitertuined, the that the rechartering of the Bank was a ques- but decided dissent from it.

Human tion which must soon demand the attention wisdom has bever etfand in any other country, a of Congress, and should meantime be consid- nearer approach to unitorinity in currency than that ered by the Country, and that both the Con- therefore, it can be shown that the bills of the United stitutionality and expediency of such an insti- Frates are of equal value with silver nt all points of the tution had been well questioned.'. The por- nude ont, bia the Bank has

an omplished the tion of the Message containing this aspertion end of establishing a uniform and sound currency.

freat was committed by the House to its Commit

For all the purposes of the revenue, it (the tee of Ways and Mears, of which Kon. Bank gives to the National Currency that pưrfect uni

ideal perfection, to which a currency of GEORGE MCDUFFIE of s. C. was Chairman gold and silrer, in so extrnsive a country, could have -the House, the Committee and its Chair- no pretensions.

Ihen it is, moreover, conman being all stanch supporters of Gen. lous punctuality, the stipulation to transfer the funds of

sidered, that the Bank performs, with the most ecrupu. Jackson. This Committee gave a deliberate the Government to any peint where they may be wanted, consideration to the whole subject, and made free of expense, it must be upparent that the Coinmit a long and able Report, of which the spirit Bank has furnished both to the Goremment and to the and the conclusions may be seen by the fol- people, a currency of absolutely uniform value in all lowing extracts

the first in reference to the places for all the purposes of paying the public conPresident's intimation that the Constitution-* “Upon the whole, then, itinay be contidently asality of such a Bank was doubtful :

serted, that no country in the world bas a circulating "If the concurrence of all the Departments of Go- medium of greater uniformity !han the United States; vemment, at different periods of our history, under every and that no country of any thing like the same geo Administration, and during the ascendency of both the graphical extent has a curreney at all comparable to great political parties into which the country has been that of the United States on the score of unitormity. * divided, soon after the adoption of the present Consti But the salutary agency of the Bank of the tution, shall be regarded as having the authority to United States, in furnishing a sound and uniform cur

quch sanctions by the common consent of all well regu- rency, is not contined to that portion of the currency lated communities, the constitutional power of Con- which consists of its own bills. One of the most imporgress to incorporate a Bank may be assumed as a pos

tant purposes which the Bank was designated to actulate no longer open to controversy. In little more

complisti, and which, it is confidently believed, no other than two years after the Government went into opera

human agency could have effected under our federative tion, and at a period when most of the distinguished system of goveriment, was the enforcement of specie members of the Federal Convention were either in the payments on the part of numerous loral Banks deriving Executive or Legislative Councils, the act incorpora- their charers from the several States, and whose paper, ting the first Bank of the United States, passed both irredeemable in parie, and illimitable in quantity, conbranches of Congress by large majorities, and received the stituted the almost entire curreny of the country. deliberate sanction of President Washington, who had Alike is the present conditions of these Luithen recently presided over the deliberations of the Con- ted States in their currency: vention. The constitutional power of Congress to pass " If'the Bank of the United States were destroyod, and this act of incorporation, was thoroughly investigated, local institutions hit without its restrowing influence, both in the Executive Cabinet and in Congress, under the curreary would almost certainly relapse into a stare circumstances, in all respects, propitious to a dispus-of 12 undness. The pressure which the present Bank sionate discussion. There was, at that time, no or- in winding up its concerns, would compel them either to ganization of political parties, and the question was, curtail thai dirounts, whea most nooded, or to sus: therefore, decided by those, who from their knowledge and specie joyment. It is not ditticult to predict which &nd experience, were peculiarly qualitied to decide cor- of thiese alternatives they would adopt, under the cir; rectly, and who were entirely free from the influence of that party excitement and prejudice, which would in this vier of the unit, it does and ar to the Com

runtances in which thy would be placed. justly impair, in the estimation of posterity, the au- mitte, that none of the institutions of the country, not

thority of a legislative interpretation of the constitu- ercepting the Arnau or .Navy, is of mure vital import tional Charter. No person can be more competent en tance than NATIO 41. Bank. It has this decided adgive & just construction of the Constitution, than those who had a principal agency in forming it; and no advantaover the Amy and Navy; while they are on

scarcely any value, except in war, the Bank is not less ministration cao clain a more perfect exemption from in pace. It has another allvantage still greater. If. all those intluerres, which sometimes prevent the judge - 11' like the Army or Navy, theit hould cost the nament, even of the most wise and patriotic, than that of Hon milions aonually to sustain it, the expediency of the T'THER OF 19 COUNTRY during the tirst term of 1 ful than either of them in war, and is also useful bis service."

the expenditure might be doubted. But when it actuProgressing in the Report with such rea-ally saves to the Government and to the country more soning, the Committee further say:

millions annuolly than are expended in supporting both * Todeed, Bank credit and Bank paper are so exten- the Amy and Navy, i woukl seem ihat, if there was sively interwoven with the commercial operations of 40-am one measure of national po'icy upon which all pociety, that, even if Congress had the constitutional power litical parties of the country should be brought to

be to , it is change in the monetary system of the country, as to that of maintaining a NATIONAL BANK. abolish the agency of Banks of discount, without in

Of a National Bank founded on the credits polving the community in all the distressing embar- of the Goverment and its revenues as Gen. rassments usually attendant on great politicol reco. Jackson recommended, the Committee in

Let the bitter and end experience of our conclusion discourse thus: country answer these plain and sensible truths.

Deeply impressed with the connection that the weak

point of a free Government is the absorbing, tendency ot But the Report continues:

executive patronage, and sincerely believing that the "The Chief Magistrate, in that part of his message proposed Bank (op the funds of the nation) would inwhich relates to the Bank of the United States, ex-vest that branch of the Government with a weight of PRESS the opinion, that it has failed in the great end money intiueace more dangerous in its character, and

of establishing a uniforin and sound currency. After more powerful in its operation, then the engine mass of giving to this opinion all the consideration to which it its present patronage, the Committed have fait that

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they were imperiously called upon, by the bighest con- Treasury Circular in that year; the expanșiderations of public duty, to express the views they!sion

of the Paper Currency under the stimuhave presented with a frankness and freedom demanded by the occasion.'

lus given to State Banking by the distribution This Report was concurred in by Congress, of the Public Moneys among them consequent and the subject so dismissed fur lie time.-- on the Removal ví tile Deposites; the excesBut Gen. Jackson continued to press it upon sive speculations, importations, foreign and the attention of Congress, and at length, in domestic indebtedness which ensued, result1832, a bill was reported by a Jackson Com-ing in heavy exportations of Specie, and a mittee of the Senate and passed through both general prostration of Business and Currency Houses of a strongly Jackson Congress, re- in the stoppage of Specie Payment by nearly chartering the United States Bank. °Its lead- all the Banks in 1837; the Extra Session of ing champions were George M. Dallas, Wil-Congress in that year, and the recommendaliam Wilkins, and Henry Horn-all leading tion of the Sub-Treasury project by Mr. Van Jackson men—and of the Jackson Delegation Buren at the opening of that Session, are well from Pennsylvania only one inan (Adam known to the whole Country. The struggles King) voted against the bill, and he was beat- which ensued; the passage of the Sub-Treaen directly after in a strongly Jackson Dis- sury in 1840, and the signal defeat of Mr. Van trict. The Jackson Legislature of Pennsyl- Buren at the close of that year; the Inauguvania had previously passed, in response toration and Death of Gen. Harrison; the sucGovernor Wolf, resolutions unanimously re- cession of Vice President Tyler to the Presicommending the Recharter.

dency; the Extra Session of Congress, and Gen. Jackson vetoed the bill, but in his the passage therein of two successive Bank Veto. explicitly affirmed that if he had been bills, both defeated by the Vetoes of Mr. Ty. applied to, he would have furnished the plan ler-these are too familiar to be dwelt on, and of a Charter which would have been consti- bring down the history of our Financial politutional. His authority, therefore, stands ex-cy to the present time. At present, the Reveplicitly in favor of the Constitutionality of a nues of the Government are collected through National Bank, though not of the late one.- and kept on Deposite in State Banksa poliHe also, after having repeatedly urged Con-cy condemned as unsound in principle and gress to take up and pass upon the question unsafe in practice by the great majority of of Recharter, so that the Country could know the People of all parties. This policy canwhat to expect, and accommodate itself to the not, in the nature of things, endure; the Counpolicy decided on, now most strangely repre-try will resolve to return to the system of hended Congress for acting on the subject Washington and Madison, under which Four prematurely, while the Bank had yet several Hundred Millions of Dollars have, through years of its first Charter unexpired !-An at- forty years, been collected and disbursed tempt to pass the bill over the head of the without loss or charge to the Government; or Veto failed in the Senate, receiving a majority it must fall back on the Sub-Treasury system of the votes, but not the two-thirds required of Van Buren, and enforce the collection of by the Constitution. Gen. Jackson was soon all Duties, Land Payments and Postages in after re-elected, and then it was distinctly Specie exclusively, to the destruction, so far made known that he would consent to no Re- as the Government can effect it, of all Paper charter of that Bank on any, terms. So it Currency whatever. If a return to the old was determined that the National existence policy should be resolved on, doubtless great of that Bank should terininate in the year 1836. inodifications, improvements and safeguards

The subsequent proceedings in regard to would be devised but the essential principle the Bank-the arbitrary Removal of the De- of making the collection and keeping of the posites from it in 1833; the consequent con- Public Revenues assist and facilitate, not devulsion and pressure of 1834; the State Char-press and embarrass, the Business and Exter of the Bank of Pennsylvania in 1836; the changes of the Country, is one which ought exaction of Specie for all Public Lands by alnever to be lost sight of. PRESIDENTS OF THE UNITED STATES. Inaug.1

Born. Inaug. GEORGE WASHINGTON,.. Feb. 22. 1732 1789 JOAN Q. ADAM,

July 11, 1761 Joix ADAM8,

1797 ANDREW JACKSON,.. .March 15, 176T 1829 VUOMAS JEFFERSON,.. April 2, 1743 1801 MARTIN VAN BUREN,

Dec. 5. 1782


March 5, 1751 1809 WILLIAM H. HARRISON,... .Feb. 9, 1773 1841 JAMES MONROE, April 2, 1759 1817 JOHN TYLER,(by death of H.)..Mar. 29. 1790

1841 It is remarkable that every President down to... Q: Adams finished his term in the 66th year of his age, and if Mr. A. bad been re-elected, be would have retiried in his 66th year.


Inauztuatad. JOHN ADAMS,








Oct. 19. 1735


1333 105



In a former essay, I attempted to show that the expediency, there can be no doubt of the the doctrine of protection was designed not so constitutionality of protection. much for the rich, as for the poor-not for the The propriety of sustaining our own intercapitalist, but for the laborer; and that this ests, and fostering our own industry, is so obdoctrine was interwoven with our institutions, vious, that little need be said upon the subso that the object for which our government ject, further than to answer some of the prinwas formed could not be secured without its cipal objections which have been made against exercise. I also attempted to show, and I this policy. But before we consider these obthink succeeded in showing, that this doctrine jections, it may be well to take a passing nowas free from all constitutional objections. tice of the doctrine of “free trade," which is It was there seen that the power to lay du- put forth at the present day with some degree ties" was restrained by nothing but the “gen- of confidence. And what is this boasted doceral welfare” of the country, and that this trine of free trade? If it means anything general welfare required the exercise of the which is intelligible, it means that all duties protective principle. It was also clearly on imports should be removed; and that all shown that the phrase, “to regulate com- laws and treaties which secure any advantage merce," engrafted upon the constitution, was to our own commerce and shipping, over that

understood by the people to include the power of other nations, should be annulled. In a "to encourage manufactures;" that this mean-word, this doctrine goes on the ground that ing of the phrase was settled by the usage of an American Congress should cease to legisall nations, and particularly by the usage of late for the American people, and legislate the States under the confederation; and that, for the world. I do not say that the advowhen this power was granted to Congress, it cates of free trade avow this, or that this is was understood by the framers of the consti- their design; but I do say that their princitution, and by the people who ratified it, that ples involve this idea—and if they were carthe commercial power thus granted included fried out to their full extent, such would be the power to foster our own industry, and the practical result. The doctrine of free protect our manufacturing interests. It was trade also implies “ direct taxation; and the further shown that the first Congress which advocate of it must, to be consistent, maintain

assembled under the constitution, composed that all the burdens of the government should of many of the distinguished statesmen who be borne by a direct tax upon the people. framed the constitution, and who were mem Now who is prepared for this? Who is bers of the state conventions where that in- willing that all restrictions should be removed strument was ratified--that this Congress from our commerce, and that no preference were unanimous in the opinion that the con- should be given to American, over foreign stitution gave full power in the premises; and productions? The most numerous class of that they passed a protective tariff bill, set- free trade men will probably be found among ring forth, in the preamble, that duties were our merchants, and those engaged in the naimposed "for the discharge of the debt of the vigating interest. They maintain that all re

United States, and for the encouragement and strictive tariffs impair our commerce, and protection of manufactures.” li was like- hence should be removed. But while they wise shown that this cotemporaneous con- are pleading for free trade for others, they are struction of the constitution, given by its au- enjoying protection for themselves. From the thors, had heen acquiesced in by all depart- establishment of the government to the prements of the government, for more than half sent time, a preference has been given to a century; that every President and every American shipping. A duty on tonnage, for Congress had given it their support; and that the express purpose of securing our own car. there had never been a moment, since the rying trade to our own shipping, was imposed passage of the first tariff by the first Congress, by the first Congress; and other provisions when protection had not been the law of the have been added, from time to time, seeking land.

the same end. We are far from objecting to From this view of the argument, I think it these provisions; we contend that they are will be seen that woutever may be thought of wine and proper-chat, in our navigation and



coasting trade, there should be a preference attempt to adopt it would be destructive of given to American bottoms. But it is totally our best interests. inconsistent for those who are enjoying this Suppose we should at once repeal our tariff's protection to advocate free trade. It would of duties, and blot from our statuie-book every seem, however, that, like many other theo-act which gives a preference to American rists, they hate the 'doctrine for others-not shipping--would this constitute free trade? for themşelves. Great Britain, since the days Take our commerce with England for examof Adain Smith, has been for froe trade in ple. We open all our ports to her, and retheory; but whenever she has been called ceive her commodities free of duty: What

upon to carry this doctrine into practical ef- treatment do we receive from her in return? fect, she has always felt herself “free" to Does she open her ports, and admit our sta

adopt such regulations as were the most pro-ples free of duty? No-in her revised tariff ductive of her own interests, regardless of the of 1842, she imposes a duty which, if carried

interests of other nations. And so of our out ad valorem, would amount to the followour commercial men, who advocate free trade. ing rates: Salted beef, 59 per cent; bacon,

They demand protection for themselves, but 109 per cent; butter, 70 per cent; Indian dený it to others. Is it not so? Are those corn, average, 30 per cent; flour, average, 30 concerned in navigation willing that all laws per cent; rosin, 76 per cent; sperm oil, 33 per imposing duties on foreign tonnage should be cent; sperm candles, 33 per cent; tobacco, repealed, and that foreigners be permitted to unmanufactured, 1000 per cent; tobacco, mancompete with them for our carrying and coast- ufactured, 1200 per cent; salted pork, 33 per

ing trade? Are the ship-builders disposed to cent; soup, 200 per cent; spirits from grain, yield the protection which is extended to 500 per cent; spirits from molasses, 1,600 per them? Until they are disposed to give up the cent. advantages which they derive from our legis Here is the free trade which Great Britain lation, the cry of “free trade” comes from extends to us. She imposes such duties as them with an ill grace.

her own iuterest requires. It is an absurdity There is another class of free trade men, to talk of free trade, unless it is reciprocated. who shrink from the necessary corollary, di- Opening our ports to Great Britain, and adrect taxation. They would have all duties initting her commodities duty free, while she on imports repealed, and hence all revenue pursues her present policy, is far from con. from that source cut off; but, at the same stituting what can with any propriety be time, they would not consent to impose a di- called free reciprocal commerce. But there? rect tax upon the people! Now I should like is a sort of looseness in the phrase, “free to know what such men would liave? If they trade,” which renders this discussion enare in favor of free trade, let them come up to burrassing. The advocates of this doctrine the work like men, and provide the means for do not tell us with sufficient precision what carrying on the government by a direct tax. they mean by the plırase. If they mean that

But they tell us that they are in favor of a we should take off all restrictions from comtariff for revenue; that they go for a 20 per merce, whether other nations or not, it is cent horizontal rate of duty. But what can one thing; but if they mean that we should be inore absurd than this? Opposed to all do it towards those nations which will recip-} restrictions upon commerce, and at the same rocate the favor, is quite another thing. But

time in favor of a duty of 20 per cent upon all ar- the phrase must imply a trade which is muticles! This is as für removed from free trade, tually beneficial, or it must not. If it does as our present system. During the last com- not iinply a trade that is mutually unrestrict, mercial year, the free articles imported into ed and mutually beneficial, that is a good the country exceeded $66,000,000-being but reason for rejecting it. I have not made sufa fraction short of one-half of our foreign in- ficient proficiency in the science of political ports; and if to these we'add the articles pay- non-resistance, to advocate a system of trade ing less than 20 per cent, it would ainount to which enriches other nations by impoverishconsiderably more than one-half of our entire ing us. I cannot consent to open our ports, imports. Now, according to this notion of duty free, to those pations which throw every unrestricted commerce, one-half of all our embarrassment in the way of our commerce. imports which are now free, or nearly so, are My political creed does not require me to love to be einbarrassed by a duty of 20 per cent ; other nations better than my own. But if and this is called "free trade!"

free trade implies a traile inutually advanI mention these things, to show the cx- tageons, I ain willing to adopt it; but this can tremes into which the advocates of free trade never be done by taking off all commercial are compelled to go. Beginning with a sys- restrictions. If the trade is to be mutually tem which is totally impracticable, they are beneficiai, it must not only imply a reciprocompelled to have recourse to almost every city in commercial relations, but a similarity subterfuge to defend it. The fact is, free trade in condition. The position of one nation may is impossible in the nature of things; and an give her such an advantage, that the removai

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