MAY 5, 1834.]

Onondaga county (N. Y.) Memorial.

[H. OF R.

administration, intimately connected with that policy which was going on, they were not needed, and would which had most clearly received the sanction of the peo: not be used as a basis for discounting, and placing them ple, and the appointment of one of well-known different in those banks that would, and that have used them for this views, and who, in the exercise of that power intrusted purpose, could produce any pressure, but, on the consolely to his discretion, by the act incorporating the bank, trary, believing it was calculated to afford relief, they has carried into effect that which, according to the dic- have looked for other and more natural causes, and have tates of his own judgment, and in the opinion of the Ex-assigned reasons which appear to me much more just, ecutive, the public good required, by ordering and direct- satisfactory, and correct. They tell us that they "be ing the deposites to be made in the local banks; I say in lieve the late pressure, and consequent prostration of all this, they have not been able to discover any violation business, have been caused principally by the policy of the of law, or usurpation of power; and they have resolved bank, designedly seizing upon a period when our trading that, among other enumerated reasons, the Chief Ma- and a change from credit to cash duties favored its wicked gistrate is entitled to the gratitude of his countrymen for purpose of coercing, through the distresses of the counhis observance of the constitution, and the just limits of try, the renewal of its charter." Executive power."

I shall not detain the House to notice but one other resThey have resolved "that they do not find the power olution adopted at this meeting, and that an approval of to create a bank incorporation granted in the federal con- the measure recently recommended by the Governor of stitution," and "that the existence of a great national that State, and which has already become a law, wherebanking institution is formidable and dangerous to liberty." by the credit of the State is to be pledged, if needful, for The charges on which the bank, in the opinion of this the preservation of confidence, and for the protection meeting, "stands condemned at the bar of public senti- of its citizens against any measures, on the part of the ment,' are expressed in one of their resolutions, in clear, bank, that might embarrass them, or obstruct the sucforcible and concise terms, which, as I shall ask for the cessful prosecution of business. This measure I should reading of the resolutions, I will not now repeat. It not here have noticed, but from the fact that it seemed will be noticed, sir, that, in one of their resolutions, they to give the honorable gentleman from Ohio, [Mr. CoRspeak of the " pressure and consequent prostration of wiN,] and some others, much serious alarm. But, sir, I business" as something that has been, but does not now must confess that, in this most judicious and patriotic measexist. They say "the late pressure," &c.; and, al- ure, which has met the approbation of this meeting, and, though they may not be entirely relieved from its influ- I believe, of a vast majority of the people of that State, ence, yet I understand, from sources entitled to the full- I have not been able to discover any thing that need exest credit, that the times are much improved, business cite alarm in the breast of that honorable gentleman, or has resumed its accustomed activity, and the produce of any one else, except, indeed, it be such as might feel the country in western New York, instead of being re- alarmed for those political prospects that would be liable duced one-third below its ordinary value, as was stated to be darkened by the restoration of confidence, the suba few days since by my honorable colleague, [Mr. FILL-siding of the panic, and the active and prosperous renewMORE,] is now nearly or quite up to former prices. The al of business. Such, and such only, as see, or fancy that fullest evidence of the activity of business may be found they see, their political of party prospects brighten in in the weekly statements of the amount of tolls collected proportion as the distresses of the country increase, might on the canals of that State; from which it appears that, perhaps, in this respect, justly see in this measure some during the first week of navigation, $14,642 were re- cause of alarm. But, sir, I apprehend that many who ceived for tolls, notwithstanding the reduction of the have not taken the trouble to inform themselves upon this rates of tolls of 25 per cent. on merchandise, and 10 per subject, entertain the erroneous impression that this cent on most articles of country produce, since last year. measure is designed to sustain what is generally called The following statement in the Onondaga Standard of the safety-fund banks of that State, which were supApril 30, which I have just received, will show the ac- posed to be in imminent danger. If so, I beg leave to tivity and prospects of business in that section of the say, that the safety and solvency of these banks is not, country, the predictions to the contrary notwithstanding: and has not been, questioned by the people of that State, Mr. Webster would blush for his credulity if he were and the most perfect security is felt by the holders of here to witness, in person, the activity which prevails up- their notes; a security and confidence never so generally on the canal. Instead of being reduced, business is evi- felt before the establishment of that system. But, in dently greatly on the increase The amount of tolls receiv- consequence of the attitude assumed by the United States ed at the office here, upon all other shipments except lum- Bank, its official declaration of ability to crush the local ber, the most of which this season is cleared at Salina, is banks, and the evident indications of a disposition to make materially larger than for the same time last spring. For a demonstration of its power upon the institutions of that several days past the crowd of boats near this village has State, has rendered it prudent, on the part of the banks, been excessive, and all of them are deeply freighted. to diminish their circulation and curtail their discounts, The quantity of merchandise coming up is increasing, in order to be prepared for the worst. This has necesand such is the pressure below, that a line whose boats sarily deprived the people of their ordinary banking acwere designed to run no further west than this place, commodations, and produced a scarcity of money. have taken freight through to Buffalo. In short, no enable the city banks to afford the necessary facilities for doubt can be entertained that the business of the season the transaction of its extensive business, and to meet any will be greater and more profitable than it ever has been." emergency that may arise, as well as to preserve public This statement of facts, about which there can be no mis- confidence, and to render to the people of the State at take, is worthy of notice, as it exhibits a widely different large such aid as circumstances may possibly require, and far more gratifying prospect than might be appre- the credit of the State is to be pledged for the loan of hended from some other memorials and resolutions which six millions of dollars, four millions of which is to be have just been read. loaned to the banks of the city of New York, if, in the

Το

It will be noticed that, in one of these resolutions, they opinion of the board of commissioners constituted to have given us their opinion of the causes of that pressure conduct this business, "the public exigencies shall reand embarrassment in business which has been experien- quire it," and the remainder to pass into the hands of the ced. And, sir, not being able to comprehend how the commissioners of loans in the several counties of the removal of the Government deposites from the United State, to be by them loaned to individuals on security of States Bank, where, under the curtailment of its discounts real estate, if the boards of supervisors in the several

counties shall determine that their citizens require it." very moment of establishing an office in the distric But, sir, it is hoped, and even believed, that this loan may not be called for, or required; for, seeing confidence restored, business resuming its accustomed channels and activity, and the agis of State protection cast over the enterprise, the business, and the institutions of the State, the bank will hardly be disposed to make a demonstration of its power in that quarter, if it had so designed; and, relieved from all embarrassing apprehensions of this sort, the local banks are amply sufficient for all the wants of the enterprise and the business of the people.

ONEIDA COUNTY (N. Y.) MEMORIAL. Mr. SELDEN stated that he had been intrusted with a memorial from the citizens of the county of Oneida, in the State of New York. It related to the engrossing subject which has so long and so deeply occupied the attention of Congress and the country. It was signed by six thousand citizens of that county. Unlike many of the memorials presented, it had not only received the signatures of those engaged in trade and manufactures, but also of the farmers in the agricultural portions of the district.

member is selected who has ever since been uniform his opposition. It seems to have the power of making litical enemies, not friends. The mind should be reli from anxiety in this respect, when it is ascertained neither by the dispensation of favors, the extension loans, nor the influence of wealth, has the bank able to preserve the original strength of the party which it is charged to have associated; and that, in county, the question whether the representation w favor or against the bank was deemed of minor im tance to those qualifications which, against all fo example, rendered him the favorite candidate of people. Even now, we should not have heard from county of Oneida had not her citizens become alarm the threatening aspect of our affairs, the dangerou tent of executive power claimed, exercised, and de ed, and the determination avowed by the President many of those who sustain his administration, that shall be no Bank of the United States; that the p institution shall be put down by executive force, and none other shall be reared upon its ruins. They hav come alarmed at these disclosures, and now lay the The number and character of those who presented this morial before this House. A majority, as is believ memorial, indicated the strong interest which this part all the voters of the county of Oneida have united i of New York took in the question. With others, they scribing to the principles therein contained, althoug complain of the unnecessary and unwise interference by eral towns were but partially visited to obtain signa the Executive department with the agent selected by It was transmitted with a letter signed by a commi law to preserve in safety the national treasure; they com- the highest respectability-among others, the first plain of the hostile attitude assumed by the President chosen for the city of Utica, and that by a unan towards the Bank of the United States, at a period so vote. near the meeting of Congress, when the institution might | have been made to undergo that legal examination of its conduct and affairs which the public interest should require, and to have been subjected to such legislative action as the honor and faith of the Government would justify.

The period when the memorial was circulate transmitted gives it additional force. The opini their representative had been expressed here. arguments which talent and industry could bring t on the question were put forth, enforced by one in the memorialists had confidence, sustained by an They complain of the effect of the measure of the and zeal which that distinguished gentleman is s President upon their own interests and business; sha- able to exhibit. His speech, circulated throug king confidence in the stability of our institutions, and in county, read by his constituents, was insufficient to the security of property. They complain of it in its ope- them converts to his doctrines. They examined his ration upon the currency and upon the extensive relation ositions, and rejected them as unsound in theor of debtor and creditor. They bear testimony to the ad- unsafe and dangerous in practice. In view of the vantage and necessity of a well-regulated paper circula- matter, they thought they could not at the same ti tion, produced and directed by a Bank of the United prove of and sustain these opinions, and preser States. They consider it highly useful to our commerce, laws of the land, the honor and good faith of the producing benefits outweighing by far any real or imagi- the integrity of the constitution, and the great inte inary evils. They recommend the renewal of the char- the people. ter of the present bank, improved in its organization in those particulars wherein time and experience has shown it to be defective.

Mr. S. observed that, in presenting this memo would make one further effort, although he did faint, perhaps idle hope, that something would b The county of Oneida may be considered the centre of upon a minor branch of the subject so long discuss the State: It is second only to the city of New York in would present for the consideration of the House population, and third in wealth. It is filled with beauti- lution to raise a committee, of one from each S ful villages, and in it is situated the city of Utica, the take into consideration the condition of the who fourth in point of magnitude and trade of those rising rency, to ascertain if the House were willing to ad cities and towns which are advancing with such wonder- means of relief; and that he should move to have ful rapidity in the interior of that State. Her sisters have morial referred to that committee. He had exam already been heard from. The manufactures of this plan of the Committee of Ways and Means, and county exceed those of any other, affording, through Secretary of the Treasury, accompanying their those engaged, an ample market for its various products. He had examined the bill based upon the report No one who has visited this section could refrain from ter, and confidently believed that it would not be su remarking the enterprise and industry of its inhabitants, by the House. If adopted, it would produce a and the signs of prosperity and comfort every where dis-opposite effect from that anticipated by the Secret played. committee. The plan is founded upon the p A branch of the Bank of the United States was estab- that Congress will be able, through the agency lished in this county a few years since-about the period Government deposites, to increase the quantity of when the present member from that district was first elect-in circulation, diminish the amount of bank note ed to represent it on this floor. Previous to his election, and presently put an end to notes less than fi tion, it had been represented by a distinguished individ- lars, and finally those less than ten dollars. The ual of a different political party. One cannot but re- of executing the plan, as proposed by the bill, is mark how little is to be apprehended from the political quire the banks selected to receive the revenue influence of a bank of the United States, when, at the stain from issuing bills less than those denominatio

MAY 5, 1834.]

bills less than those denominations.

to refuse to receive the notes of other banks which issue and county of New York. As an agricultural region, it was, perhaps, unsurpassed by any other; while it emSuppose the deposite banks come into the arrangement, braced, within its limits, the city of Utica, with a populaupon the ground that they find the advantage gained by tion of nine or ten thousand souls, and some thirty fourthe deposites more than sufficient to counterbalance the ishing villages. I think, sir, (said Mr. B.,) that I may loss arising from being deprived of their inferior circula-say with truth, that few, if any, of the interior counties tion, will the banks in the neighborhood, whose bills are of the Union are more highly commercial than this is; now received by the deposite banks, find it for their in- while its agricultural, manufacturing, mechanic, and artterest to come into the arrangement? Of what impor- san interests will endure any comparison which may be tance is it to them whether or not their notes are received instituted.

in payment of Government dues?-they will not thereby It is not my design (said Mr B.) to contrast its population be discredited. The revenue transactions bear too small with that of other regions in our common country. It would a proportion to all the transactions of commerce to effect be invidious to do so. But I trust that I may, without inany material result. Their bills will not be discredited; delicacy or offence, express the conviction of my own they will circulate as freely as ever. As a consequence, mind, that, in intelligence and virtue, in moral purity, and, the banks not selected will supply the small notes with- indeed, in every thing which constitutes an industrious, drawn by the selected banks; and the public will receive an enterprising, and a happy community-a community the same quantity, based upon a diminished security. full of public spirit and patriotic devotion,--those of whom Besides, checks upon the unselected banks will be re- I speak do no discredit to the American character. I, ceived, if their notes are not. This is now the ordinary sir, might herhaps be pardoned for saying more of them; course of business; despatch and convenience in making I feel that they deserve much more. I have lived among payments require it. them for more than twenty years; have witnessed their Suppose, however, the plan of the Secretary goes into progress in improvement and in wealth; their prosperity, more extensive operation, and that the neighboring banks their happiness, their devotion to country: to them I am consent to discontinue the issue of small notes, does it indebted for what I am, and for all this world's good not strike the mind of every one that, for the very reason which I possess or expect. It were worse than indiffer. assigned by the Secretary for the continued increase of ence and ingratitude for me not to admire and reverence bank note circulation, the void created by withdrawing this community, my neighbors, my friends; those who the small notes issued at the points where the revenue have repeatedly honored me with their highest confiis collected will be supplied by the small notes of the banks in the interior? In other words, the cities on the Atlantic, especially the city of New York, where the greatest proportion of the revenue is received, will be flooded with country paper, issued by remote banks, which have no connexion with the revenue, inferior in point of value, because at a distance from the place of redemption; increased in quantity, because of the difficulty of sending them home, except at a loss, for redemption.

dence. Sir, they can never be forgotten by me; and under no circumstances of prosperous or adverse life will I ever knowingly desert, or betray, or surrender, what I may believe to be their true interest and honor. This memorial asks a restoration of the public deposites to the Bank of the United States, and a recharter of that institution. The latter is its predominant purpose; for the former, whatever might be its present effect, would be of but temporary duration, unless followed by the latter. A brief retrospect will render this memorial the more intelligible to the House.

It will not certainly accord with the opinion of the House, to increase in our seaports the difficulties of the paper currency now complained of, and encourage the In the summer of 1830 the United States Bank estabexcessive issues of the inland banks, now too great for lished a branch at Utica, and which still remains in operasafety. Nor can it be the object to produce a contest tion at that place. I speak what I know, when I declare between the banks thus situated, which must terminate that report, on the establishment of that branch, gave injuriously all around, as well to the banks as to the coun- out as the sentiment of some of its directors, that it was try. The plan is manifestly defective, subversive of the destined to revolutionize the politics of the county and very results sought to be produced. It has not emanated secure the election of several members to this House, from practical experience. It must and will fail. The de- who would favor the recharter of the parent bank. The fects in the bill cannot be supplied by amendments, but by first selection of directors was significant of such a design, some entirely different plan. All will terminate in a Bank and to those who looked more to the acts than the proof the United States. The time already employed, and fessions of men, for their real motives and designs, it the attention directed to the subject, afford the strongest afforded strong ground for apprehension that objects evidence that this is the best project which can be formed were in view, which honest men should not encourage, through the agency of State banks. It will not answer and which no man would be hardy enough to avow. The the purpose intended. The resolution offered is to cause apparent design was to bring into direction, in that and to have in preparation, from the hands of a selected com- the adjacent counties, not those whose occupations and mittee, a sufficient substitute. business would render them particularly useful to a bank,

Mr. BEARDSLEY thereupon rose and said that the or a bank of any special importance to them; but those memorial which had just been read was from a part of who possessed other requisites, the chief of which was, his constituents. He did not complain that it had been that they should be prominent and influential members of forwarded to a gentleman from another district, although the dominant political party. Sir, I could give instances it would have given him sincere pleasure to present it and names of such individuals, of gentlemen who ento the House. He thought some remarks, by way of ex-joyed, in an eminent degree, the confidence of their fel planation, were called for, and he asked the indulgence low-citizens, and who have since filled public stations of of the House for that purpose. a high grade in this Government, and in that of New York. Of such individuals, who refused the proffered

Leave having been grantedMr. B. proceeded: He thanked the House for the courtrust, the paltry bait was thrown away on them. They tesy it had extended to him, and would repay it, as he could not be drawn into a position which might, as to knew would be most satisfactory, by the brevity of his them, imply a dereliction of political principles, and a remarks. He observed that the memorial was from the subservience to the great corporation. Other efforts of a inhabitants of the county of Oneida, in the State of New similar character were made; but to dwell upon them York. Oneida was a central county in that State, and, in would lead to unnecessary detail. Suffice it to say, that the number of its population, was second only to the city [indications of a design to make a political lodgment at

H. OF R.]

Oneida county (N. Y.) Memorial.

[MAY 5, 1834.

Utica, were manifest from the moment of the establishment of the branch at that place.

"UTICA, March 10, 1834.

"SIR: You will herewith receive a copy of a memorial The congressional election was to come on in the au- to be forwarded to Congress, which has been approved tumn of that year; and I allude to what was then perfectly and adopted by the business men of Utica. It is earnestnotorious, in s'ating that the most unwearied efforts were ly desired that every friend of his country should sign it, made to put a director of the branch bank in nomination without distinction of party. You are desired to give it for Congress, as the candidate of the democracy of the a prompt and general circulation throughout your town, county. These efforts failed; and the successful candidate and to return it as early as possible, to our chairman. was met and denounced, and opposed at the polls, on the We hope ten days will collect the united sentiment of the ground of his hostility to the recharter of the bank. This, county. If it is necessary to employ one or more active where the election was most severely contested, was the men, to give it a circulation, be pleased to do it, and forabsorbing topic of controversy. The result showed that ward the bills, which shall be at once paid. Let energy the people were unmoved by the clamor of the partisans of and unanimity characterize all your movements, that the voice of Oneida may be heard and heeded.

the bank.

Shortly after that election, sir, a new newspaper, "The Lever," was planted at Utica, in close juxtaposition, if not in close affinity with the branch. The origin and paternity of this stranger were unknown or denied. It claimed, however, to be purely democratic, but friendly to a renewal of the bank charter. How it subsisted, and by whom sustained, I believe was known to but very few. It struggled onward, however, for a few short months, and then passed into the "receptable of things lost to the world," and to its owners. I seek not to recall it; but should the committee of investigation think proper to enter into an examination of branches of the United States Bank, and of branch bank directors, as such, I commend to its special attention certain former directors of the branch at Utica, who, I doubt not, can give every explanation about the small "Lever" at Utica, which, for aught I know, may have sprung from the great lever at Philadelphia.

This circular letter is signed by a chairman and a committee of fifteen, all of whom reside in Utica. I know them well. They are gentlemen of character, respecta bility, and influence. I intend not the slightest reflection upon them by any remarks of mine, yet I deem it only proper to apprize the House, that one and all of them are now, and were at the last presidential election, array. ed as partisans against the present Chief Magistrate. I do not allege that with these gentlemen this is a partisan effort; but I do say that it has the aspect of many such efforts, which I have heretofore witnessed, emanating from the same class of individuals, and sought, yet sought in vain, to be rendered effective in the same way.

Sir, the individual who was chosen by the citizens of Oneida county, to represent them in the last Congress, voted against a renewal of the bank charter, and, to the best of his humble efforts, sustained, at all times and places, the principles of the veto message of the President. Sir, let us note the language of this letter. It states Subsequent to that event, he was again a candidate for that the memorial had been approved and adopted by the seat which he now holds in this House; was opposed, the business men of Utica." As I reside in Utica, I ought as it was natural he should be, for the vote he had given to know something of its business population. I have in opposition to the bank. That, indeed, was the prominent political objection, and was urged in all forms to the electors. It was unavailing--the people were determined in their hostility to the bank--they knew its powers; they feared its purpose; they would not consent again to submit themselves to a power over which they could exert no influence or control, and which they saw might be wielded to their own embarrassment, if not

utter ruin.

looked at the signatures to the memorial, and I aver that a very large number and proportion of the active business population of that place have not signed the memorial. Those who have signed it, like the gentlemen of the com mittee, are chiefly members of an organized opposition to the administration. That others disapprove of the removal of the deposites, as is stated in the circular, I will not undertake to deny; but their disapproval is not indicated by their signatures to the memorial, nor do I suppose Sir, thus chosen and rechosen in despite of the parti- it has been in any other way whatever. "If the business sans of the bank; convinced myself of its dangerous, if men of Utica" were all of one side in politics, this memo not fatal tendency; coming here from a conflict in which rial would probably have received the signature of every the wishes and the jugdment of my constituents were person there of that description; but this happens not to unequivocally expressed, and believing as I do, that their be the fact. The committee, therefore, should be underview's are still unchanged, I cannot, I dare not, I will not, stood to speak of "business men" who are of their own vote a recharter, or designedly do any act which shall political stamp, and not of others. tend to produce that result. I would not if I dare; for conscience and honor forbid. The deep and abiding convictions of my soul are, that, in doing so, I should give a fearful wound to every thing which should be dear to the heart of a freeman, and which a patriot should prize. While, therefore, for these memorialists every sentiment of respect is felt and cherished, I must yet say, that my views are unchanged, and that my answer to the memorial may be found in votes which I have already given in

It is "earnestly desired," say the committee, that the memorial should be signed "without distinction of party." This catch phrase is from a committee all of one party. It is their desire: they call upon men without distinction of party"-but will they come? Will the republicans of Oneida do their bidding? There is the rub. Will they abjure their principles, and forsake the President of their choice at the bidding of a party committee? I opine not, have no cause for believing that they will. They have too often been invited, without success, from the same Sir, I have but little to say of this memorial, yet it may quarter, and that, too, without distinction of party," now not be amiss to inform the House how it came here. I to be caught by such chaff. have been furnished with a copy of a printed letter, This is not all. Hired emissaries were to traverse the which was sent into the several towns of the county of county with this memorial to collect petitioners, always, Oneida, and which will serve as a key to decipher what be it understood, "without distinction of party;"-"em might otherwise speak a very different language. I beg ploy one or more active men," "forward the bills, which permission to read this letter. shall be at once paid." This is the language of the letter.

this Hall.

Y 5, 1834.]

Oneida county (N. Y. Memorial.

[H

yield in this struggle. That they have felt, and sti the pressure and the distress of the times, I well and callous must be the heart which does not ex them its sympathies, and in every practicable way a what it cannot prevent or remove.

Let us pause, sir, for a moment, to reflect upon what and subdue and crush their free spirits, before th st have been the condition of Oneida county for a few -s succeding the issuing of this circular. The chairman 1 committee, provided with ample funds to pay all bills, quietly at home, "calm as a summer's morning,' ile the process of panic-making is going on around -m. "Active men," who are to be at once paid,"| read themselves over the county, to create, if they do t find distress and alarm. The movement in all direcns is simultaneous; every neighborhood and hamlet; ery village and manufacturing establishment, are attack at the same time and in the same way. Insolvency druin are the watch-words and the universal cry echanics are represented as out of employment, and milies destitute of bread; merchants failing, and universal nkruptcy confidently predicted.

Sir, I am but an humble individual, and not more from the perils of these times than most of my citizens; but never-no, never-will I consent to the fountains and sources of intelligence and virt corrupt the influences by which a free Governt moved and impelled; to establish the dominion of th over the laws and institutions of my country. Tho sent me here would spurn and contemn me if I did execrations, now poured out, as in justice they be, upon this heartless institution, would then be t Sir, if panic was not found, it was thus created; if dis-in peals of fury, upon me. Men who inherit the s ess was before a stranger, it was thus brought home to their revolutionary sires; men who in the late war ery man's door. We may well suppose that the whole ed en masse at the call of their country to a hostil unty was thrown into consternation and commotion. tier; men who have not been frightened by pred That was not real could be well supplied by fancy, until of war, pestilence, and famine," are not now to sery evil which can be named found an imaginary, if before "any other scourge" which demagogues a ot a real existence, in a region abounding in plenty, and bank can inflict upon them. all the essentials of prosperity and happiness. Sir, I beg to add but one or two suggestions, a Sir, at any time a party committee representing "the then close. I have stated what I believe to be the t usiness men of Utica," and with a fund at hand to pay and judgment of a majority of my constituents up 1 charges, might, doubtless, with proper efforts, work subject in question. I may add strength to the ev p a good degree of commotion in the county. The which I have given in support of my opinion. T gnatures to a political letter of credit, like the one I posites, it will be recollected, were removed on the ave read, would secure the hearty co-operation of one October, and the annual election in New York wa arty, while the efforts and appliances of "active men," early in the succeeding month of November. II hose bills were to be at once paid," ought certainly home for this place about the 20th of that month. I o effect something with the other. If much could thus that whole period, and notwithstanding an imp e effected in ordinary times and by ordinary means, much election intervened, yet the subject of the removal nore would be expected when these "active men" hur- deposites was in no respect agitated in that comm ed through the county with cries of distress which did and as for pecuniary distress, it was neither talk ut at all exist to the extent alleged, and of suffering, dreamed of there. It was not, sir, until subsequent which, as far as it had any existence, was magnified and arrival here, and when the notes of distress had ggravated by every species of exaggeration. Sir, the sounded long and loud in this capital, and thence d picture presented in this memorial is highly wrought and nated through the country by men and presses, colored. I do not allege that it is untrue, although I hope and believe that many grains of allowance should be made or party passion, and for the agitation and alarm in a noment of panic and consternation.

The following is an extract from the memorial: "Now, the people are distressed and alarmed; the currency of the country is deranged; the local banks are compelled to withhold their usual loans; public and comnercial confidence is not only shaken, but almost destroyed; commerce is languishing; merchants are failing; many nanufactories have already ceased their operations, and heir laborers are deprived of the means of subsistence, while others are struggling for existence; agricultural products are greatly reduced in value, and will scarcely command money at any price; and mechanics and artisans are, to a great extent, unemployed."

up like cattle in the market;" it was not, sir, unti things had occurred, that "the men of business in U or any other part of my constituents, took up the panic and distress. They felt none before. I imp unworthy motives to any gentlemen, but in my estin the effect of what has transpired here during the la months, has been most pernicious in its influenc most disastrous to the interests of this country.

Credit and confidence are indispensable in b transactions. The Union Committee of New York that the "fatal injury" resulting from the removal deposites, "was its effect on general confidence." confidence and credit have been greatly impaired true; but can these effects justly be imputed to a re of the deposites? That is the controverted point. not until the war-cry was raised here that confiden "Is this fact, or is it fancy?" Is this a true picture of impaired. It was only by the efforts of panic-make the condition of Oneida county, or of any part of this panic-venders, and not by a removal of the deposite country? Let the people, who know their own condition,

answer.

Sir, I have adverted to the political character of the committee, and of the character of this movement. It has much the aspect of a regular partisan effort, such as is not unfrequently made in every section of the country, and I am warranted in saying that it is so regarded at home. Its result can thus be readily anticipated: it received the hearty approval of one party, and very little countenance from the other.

confidence was ultimately destroyed.

A panic having been raised, it was deemed ne to aggravate it as far as practicable. Editors, w received the price of treachery; wretched spies & formers, whose daily occupation was eves-droppin simulation, were the ready and proper instrume this purpose; and many, quite too many, of the m tile and trading classes have contributed, with ap alacrity and joy, to the same object. Individual lived on their own credit, aided by the guarantee Sir, I must unlearn all I have known of the freemen of friends, have appeared ready to put every thing at Oneida, if they can ever be driven to abandon this ad- to overthrow this administration, and establish ministration and sustain this bank, without other and minion of the bank. The suicidal effort to destro better cause than vists at this time. If I have known own credit, in order to build up a political party, ha them aright, they st forget their cherished principles, made; and made, it must be admitted, as to them