CHAPTER XCI.

"M. Mouton: 'De nuit tous les chats sont gris.'"

"Mr.Buchanan: What is all that?"

"Mr.Benton: It is this: Our friend, Sancho Panza, says that, in the dark all the cats are of one color. [A laugh.] So of these banks. Ina state of suspension they are all of one credit; but as the light of a candle soon discriminates the black cats from the white ones, so would the touch of a bankrupt act speedily show the difference between a rotten bank and a solvent one.

But currency—currency—a national currency of uniform value, and universal circulation: this is what modern whigs demand, and call upon Congress to give it; meaning all the while a national currency of paper money. I deny the power of Congress to give it, and aver its folly if it had. The word currency is not in the constitution, nor any word which can be made to signify paper money. Coin is the only thing mentioned in that instrument; and the only power of Congress over it is to regulate its value. It is an interpolation, and a violation of truth to say that the constitution authorizes Congress to regulate the value of paper money, or to create paper money. It is a calumny upon the constitution to say any such thing; and I defy the whole phalanx of the paper money party to produce one word in that instrument to justify their imputation. Coin, and not paper, is the thing to be regulated; coin, and not paper, is the currency mentioned and intended; and this coin it is the duty of Congress to preserve, instead of banishing it from circulation. Paper banishes coin; and by creating, or encouraging paper, Congress commits a double violation of the constitution;first, by favoring a thing which the constitution condemns; and,secondly, by destroying the thing which it meant to preserve. But the paper money party say there is not gold and silver enough in the world to answer the purposes of a currency; and, therefore, they must have paper. I answer, if this was true, we must first alter our constitution before we can create, or adopt paper money. But it is not true! the assertion is unfounded and erroneous to the last degree, and implies the most lamentable ignorance of the specie resources of commercial and agricultural countries. The world happens to contain more specie than such countries can use; and it depends upon each one to have its share when it pleases. This is an assertion as easily proved as made; and I proceed to the proof of it, because it is a point on which there is much misunderstanding; and on which the public good requires authentic information. I will speak first of our own country, and of our own times—literally, my own times.

I have some tabular statements on hand, Mr. President, made at the Treasury, on my motion, and which show our specie acquisitions during the time that I have sat in this chair: I say, sat inthischair, for I always sit in the same place. I never change my position, and therefore never have to find it or define it. These tables show our imports of gold and silver during this time—a period of twenty-one years—to have been on the custom-house books, 182 millions of dollars: making an allowance for the amounts brought by passengers, and not entered on the books, and the total importation cannot be less than 200 millions. The coinage at our Mint during the same period, is 66 millions of dollars. The product of our gold mines during that period has been several millions; and many millions of gold have been dragged from their hiding places and restored to circulation by the gold bill of 1834. Putting all together, and our specie acquisitions must have amounted to 220 or 230 millions of dollars in these twenty-one years; being at the average rate of ten or eleven millions per annum.

Not specie enough in the world to do the business of the country! What an insane idea! Do people who talk in that way know any thing about the quantity of specie that there is in the world, or even in Europe and America, and the amount that different nations, according to their pursuits, can employ in their business? If they do not, let them listen to what Gallatin and Gouge say upon the subject, and let them learn something which a man should know before he ventures an opinion upon currency. Mr. Gallatin, in 1831, thus speaks of the quantity of gold and silver in Europe and America:

"The total amount of gold and silver produced by the mines of America, to the year 1803, inclusively, and remaining there or exported to Europe, has been estimated by Humboldt at about five thousand six hundred millions of dollars; and the product of the years 1804-1830, may be estimated at seven hundred and fifty millions. If to this we add one hundred millions, the nearly ascertained product, to this time, of the mines of Siberia, about four hundred and fifty millions for the African gold dust, and for the product of the mines of Europe (which yielded about three millions a year, in the beginning of this century), from the discovery of America to this day, and three hundred millionsfor the amount existing in Europe prior to the discovery of America, we find a total not widely differing from the fact, of seven thousand two hundred millions of dollars. It is much more difficult to ascertain the amount which now remains in Europe and America together. The loss by friction and accidents might be estimated, and researches made respecting the total amount which has been exported to countries beyond the Cape of Good Hope; but that which has been actually consumed in gilding, plated ware, and other manufactures of the same character, cannot be correctly ascertained. From the imperfect data within our reach, it may, we think, be affirmed, that the amount still existing in Europe and America certainly exceeds four thousand, and most probably falls short of five thousand millions of dollars. Of the medium, or four thousand five hundred millions, which we have assumed, it appears that from one-third to two-fifths is used as currency, and that the residue consists of plate, jewels, and other manufactured articles. It is known, that of the gross amount of seven thousand two hundred millions of dollars, about eighteen hundred millions, or one-fourth of the whole in value, and one-forty-eighth in weight, consisted of gold. Of the four thousand five hundred millions, the presumed remaining amount in gold and silver, the proportion of gold is probably greater, on account of the exportation to India and China having been exclusively in silver, and of the greater care in preventing every possible waste in an article so valuable as gold."

Upon this statement, Mr. Gouge, in his Journal of Banking, makes the following remarks:

"We begin to-day with Mr. Gallatin's estimate of the quantity of gold and silver in Europe and America. In a work published by him in 1831, entitled 'Considerations on the Currency and Banking system of the United States,' he estimates the amount of precious metals in these two quarters of the world at between four thousand and five thousand million dollars. This, it will be recollected, was ten years ago. The amount has since been considerably increased, as the mines have annually produced millions, and the demand for the China trade has been greatly diminished."Taking the medium, however, of the two sums stated by Mr. Gallatin—four thousand five hundred million dollars—and supposing the population of Europe and America to be two hundred and seventy-seven millions, it will amount to sixteen dollars and upwards for every man, woman, and child, on the two continents. The same gentleman estimates the whole amount of currency in the United States in 1829, paper and specie together at only six dollars a head."It is not too much to say, that if the natural laws of supply and demand had not been interfered with, the United States would have, in proportion to population, four, five, six, seven, yea, eight times as much gold and silver as many of the countries of Europe. Take it at only the double of the average for the population of the two continents, and it will amount to thirty-two dollars a head, or to five hundred and fourteen millions. This would give us one-ninth part of the stock of gold and silver of Europe and America, while our population is but one-sixteenth: but for the reasons already stated, under a natural order of things, we should have, man for man, a much larger portion of the precious metals, than falls to the lot of most countries of Europe."Suppose, however, we had but the average of sixteen dollars a head. This would amount to two hundred and fifty-seven millions."On two points do people (that is, some people) capitally err. First, in regard to the quantity of gold and silver in the world: this is much greater than they imagine it to be. Next, in regard to the amount of money required for commercial purposes: this is much smaller than they suppose it to be. Under a sound money, sound credit, and sound banking system, ten dollars a head would probably be amply sufficient in the United States."

"Taking the medium, however, of the two sums stated by Mr. Gallatin—four thousand five hundred million dollars—and supposing the population of Europe and America to be two hundred and seventy-seven millions, it will amount to sixteen dollars and upwards for every man, woman, and child, on the two continents. The same gentleman estimates the whole amount of currency in the United States in 1829, paper and specie together at only six dollars a head.

"It is not too much to say, that if the natural laws of supply and demand had not been interfered with, the United States would have, in proportion to population, four, five, six, seven, yea, eight times as much gold and silver as many of the countries of Europe. Take it at only the double of the average for the population of the two continents, and it will amount to thirty-two dollars a head, or to five hundred and fourteen millions. This would give us one-ninth part of the stock of gold and silver of Europe and America, while our population is but one-sixteenth: but for the reasons already stated, under a natural order of things, we should have, man for man, a much larger portion of the precious metals, than falls to the lot of most countries of Europe.

"Suppose, however, we had but the average of sixteen dollars a head. This would amount to two hundred and fifty-seven millions.

"On two points do people (that is, some people) capitally err. First, in regard to the quantity of gold and silver in the world: this is much greater than they imagine it to be. Next, in regard to the amount of money required for commercial purposes: this is much smaller than they suppose it to be. Under a sound money, sound credit, and sound banking system, ten dollars a head would probably be amply sufficient in the United States."

The points on which the statesman's attention should be fixed in these statements are: 1. The quantity of gold and silver in Europe and America, to wit, $4,500,000,000. 2. Our fair proportion of that quantity, to wit, $257,000,000, or $16 per head. 3. Our inability to use more than $10 a head. 4. The actual amount of our whole currency, paper and specie, in 1830 (when the Bank of the United States was in all its glory), and which was only $6 a head. 5. The ease with which the United States can supply itself with its full proportion of the whole quantity if it pleased, and have $16 per head (if it could use it, which it cannot) for every human being in the Union.

These are the facts which demand our attention, and it is only at a single point that I now propose to illustrate, or to enforce them; and that is, as to the quantity of money per head which any nation can use. This differs among different nations according to their pursuits, the commercial and manufacturing people requiring most, because their payments are daily or weekly for every thing they use: food, raiment, labor and raw materials. With agricultural people it is less, because they produce most of what they consume, and their large payments are madeannually from the proceeds of the crops. Thus, England and France (both highly manufacturing and commercial) are ascertained to employ fourteen dollars per head (specie and paper combined) for their whole population: Russia, an agricultural country, is ascertained to employ only four dollars per head; and the United States, which is chiefly agricultural, but with some considerable admixture of commerce and manufactures, ten dollars are believed to be the maximum which they could employ. In this opinion I concur. I think ten dollars per head, an ample average circulation for the Union; and it is four dollars more than we had in 1830, when the Bank of the United States was at the zenith of its glory. The manufacturing and commercial districts might require more—all the agricultural States less;—and perhaps an agricultural State without a commercial town, or manufactures, like Mississippi, could not employ five dollars per head. Here then are the results: Our proportion of the gold and silver in Europe and America is two hundred and fifty-seven millions of dollars: we had but twenty millions in 1830: we have ninety millions now; and would require but eighty millions more (one hundred and seventy millions in the whole) in the present state of our population, slaves included (for their labor is to be represented by money and themselves supported), to furnish as much currency, and that in gold and silver, as the country could possibly use; consequently sustaining the prices of labor and property at their maximum amount. Of that sum, we now have about the one-half in the country, to wit, ninety millions; making five dollars per head; and as that sum was gained in seven years of Jacksonian policy, it follows of course, that another seven years of the same policy, would give us the maximum supply that we could use of the precious metals; and that gold, silver, and the commercial bill of exchange, could then constitute the safe, solid, constitutional, moral, and never-failing currency of the Union.

The facility with which any industrious country can supply itself with a hard-money currency—can lift itself out of the mud and mire of depreciated paper, and mount the high and clean road of gold and silver; the ease with which any industrious people can do this, has been sufficiently proved in our own country, and in many others. We saw it in the ease with which the Jackson policy gained us ninety millions of dollars in seven years. We saw it at the close of the Revolution, when the paper money sunk to nothing, ceased to circulate, and specie re-appeared, as by magic. I have asked the venerable Mr.Maconhow long it was after paper stopped, before specie re-appeared at that period of our history? his answer was: No time at all. As soon as one stopped, the other came. We have seen it in England at the end of the long bank suspension, which terminated in 1823. Parliament allowed the bank four years to prepare for resumption: at the end of two years—half the time—she reported herself ready—having in that short space accumulated a mass of twenty millions sterling (one hundred millions of dollars) in gold; and, above all, we have seen it in France, where the great Emperor restored the currency in the short space of six years, from the lowest degree of debasement to the highest point of brilliancy. On becoming First Consul, in 1800, he found nothing but depreciated assignats in the county:—in six years his immortal campaigns—Austerlitz, Jena, Friedland—all the expenses of his imperial court, surpassing in splendor that of the Romans, and rivalling the almost fabulous magnificence of the Caliphs of Bagdad—all his internal improvements—all his docks, forts, and ships—all the commerce of his forty millions of subjects—all these were carried on by gold and silver alone; and from having the basest currency in the world, France, in six years, had near the best; and still retains it. These instances show how easy it is for any country that pleases to supply itself with an ample currency of gold and silver—how easy it will be for us to complete our supplies—that in six or seven years we could saturate the land with specie! and yet we have a formal cabinet proposition to set up a manufactory of paper money!

The senator from Mississippi [Mr.Walker] who sits on my right, has just visited the island of Cuba, and has told us what he has seen there—a pure metallic currency of gold—twelve millions of dollars of it to a population of one million of souls, half slaves—not a particle of paper money—prices of labor and property higher than in the United States—industry active—commerce flourishing: a foreign trade of twenty-four millions of dollars, which, compared to population and territory, is so much greater than oursthat it would require ours to be four hundred and twenty-five millions to be equal to it! This is what the senator from Mississippi tells us that he has seen; and would to God that we had all seen it. Would to God that the whole American Congress had seen it. Devoutly do I wish that it was the custom now, as in ancient times, for legislators to examine the institutions of older countries before they altered those of their own country. The Solons and Lycurguses of antiquity would visit Egypt, and Crete, and other renowned places in the East, before they would touch the laws of Sparta or Athens; in like manner I should rejoice to see our legislators visit the hard money countries—Holland, France, Cuba—before they went further with paper money schemes in our own country. The cabinet, I think, should be actually put upon such a voyage. After what they have done, I think they should be shipped on a visit to the lands of hard money. And although it might seem strange, under our form of government, thus to travel our President and cabinet, yet I must be permitted to say that I can find constitutional authority for doing so, just as soon as they can find constitutional authority for sending such a scheme of finance and currency as they have spread before us.

Holland and Cuba have the best currencies in the world: it is gold and the commercial bill of exchange, with small silver for change, and not a particle of bank paper. France has the next best: it is gold, with the commercial bill of exchange, much silver, and not a bank note below five hundred francs (say one hundred dollars). And here let me do justice to the wisdom and firmness of the present king of the French. The Bank of France lately resolved to reduce the minimum size of its notes to two hundred francs (say forty dollars). The king gave them notice that if they did it, the government would consider it an injury to the currency, and would take steps to correct the movement. The Bank rescinded its resolution; and Louis Philippe, in that single act (to say nothing of others) showed himself to be a patriot king, worthy of every good man's praise, and of every legislator's imitation. The United States have the basest currency in the world: it is paper, down to cents; and that paper supplied by irresponsible corporations, which exercise the privilege of paying, or not, just as it suits their interest or politics. We have the basest currency upon the face of the earth; but it will not remain so. Reform is at hand; probably from the mild operation of law; if not, certainly from the strong arm of ruin. God has prescribed morality, law, order, government, for the conduct of human affairs; and he will not permit these to be too long outraged and trampled under foot. The day of vindicating the outraged law and order of our country, is at hand; and its dawn is now visible. The excess of bank enormity will cure itself under the decrees of Providence; and the cure will be more complete and perfect, than any that could come from the hands of man.

It may seem paradoxical, but it is true, that there is no abundant currency, low interest, and facility of loans, except in hard money countries: paper makes scarcity, high interest, usury, extortion, and difficulty of borrowing. Ignorance supposes that to make money plenty, you must have paper: this is pure nonsense. Paper drives away all specie, and then dies itself for want of specie; and leaves the country penniless until it can recruit.

The Roman historians, Mr. President, inform us of a strange species of madness which afflicted the soldiers of Mark Antony on their retreat from the Parthian war. Pressed by hunger they ate of unknown roots and herbs which they found along the base of the Armenian mountains, and among the rest, of one which had the effect of depriving the unfortunate man of memory and judgment. Those who ate of this root forgot that they were Romans—that they had arms—a general—a camp, and their lives, to defend. And wholly possessed of a single idea, which became fixed, they neglected all their duties and went about turning over all the stones they could find, under the firm conviction that there was a great treasure under it which would make them rich and happy. Nothing could be more deplorable, say the historians, than to see these heroic veterans, the pride of a thousand fields, wholly given up to this visionary pursuit, their bodies prone to the earth, day after day, and turning over stones in search of this treasure, until death from famine, or the Parthian arrow, put an end at once to their folly and their misery. Such is the account which historians give us of this strange madness amongst Antony's soldiers; and it doesseem to me that something like it has happened to a great number of our Americans, and even to our cabinet council—that they have forgotten that we have such a thing as a constitution—that there are such things as gold and silver—that there are limitations upon government power—and that man is to get his living by toil and labor, and the sweat of his brow, and not by government contrivances; that they have forgot all this, and have become possessed of a fixed idea, that paper money is thesummum bonumof human life; that lamp-black and rags, perfumed with the odor of nationality, is a treasure which is to make everybody rich and happy; and, thereupon incontinently pursue this visionary treasure—this figment of the brain—this disease of the mind. Possessed of this idea, they direct all their thoughts to the erection of a national institution—no matter what—to strike paper money, and circulate it upon the faith of the credit and revenues of the Union: and no argument, no reason, no experience of our own, or of other nations, can have the least effect in dislodging that fixed and sovereign conception. To this we are indebted for the cabinet plan of the federal exchequer and its appurtenances, which has been sent down to us. To this we are indebted for the crowds who look for relief from the government, instead of looking for it in their own labor, their own industry, and their own economy. To this we are indebted for all the paper bubbles and projects which are daily presented to the public mind: and how it all is to end, is yet in the womb of time; though I greatly suspect that the catastrophe of the federal exchequer and its appurtenances will do much towards curing the delusion and turning the public mind from the vain pursuit of visionary government remedies, to the solid relief of hard money, hard work, and instant compulsion of bank resumption.

The proposition which has been made by our President and cabinet, to commence a national issue of paper money, has had a very natural effect upon the public mind, that of making people believe that the old continental bills are to be revived, and restored to circulation by the federal government. This belief, so naturally growing out of the cabinet movement, has taken very wide and general root in the public mind; and my position in the Senate and connection with the currency questions, have made me the centre of many communications on the point. Daily I receive applications for my opinion, as to the revival of this long deceased and venerable currency. The very little boys at the school have begged my little boy to ask their father about it, and let them know, that they may hunt up the one hundred dollar bills which their mothers had given them for thumb papers, and which they had thrown by on account of their black and greasy looks. I receive letters from all parts of the Union, bringing specimens of these venerable relics, and demanding my opinion of the probability of their resuscitation. These letters contain various propositions—some of despair—some of hope—some of generous patriotism—and all evidently sincere. Some desire me to exhibit the bundle they enclose to the Senate, to show how the holders have been cheated by paper money; some want them paid; and if the government cannot pay at present, they wish them funded, and converted into a national stock, as part of the new national debt. Some wish me to look at them, on my own account; and from this sample, to derive new hatred to paper money, and to stand up to the fight with the greater courage, now that the danger of swamping us in lamp-black and rags is becoming so much greater than ever. Others, again, rising above the degeneracy of the times, and still feeling a remnant of that patriotism for which our ancestors were so distinguished, and which led them to make so many sacrifices for their country, and hearing of the distress of the government and its intention to have recourse to an emission of new continental bills, propose at once to furnish it with a supply of the old bills. Of this number is a gentleman whose letter I received last night, and which, being neither confidential in its nature, nor marked so, and being, besides, honorable to the writer, I will, with the leave of the Senate, here read:

"East Weymouth, Massachusetts, January 8, 1842."Dear Sir:—Within you have a few continentals, or promises to pay in gold or silver, which may now be serviceable to the Treasury, which the whigs have bankrupted in the first year of their reign, and left members without pay for their landlords. They may serve to start the new fiscality upon; and, if they should answer the purpose, and any more are wanted, please let me know, and another batchwill come on from your friend and servant,"Lowell Bicknell."Hon.Thomas H. Benton, United States Senate,Washington city."

"East Weymouth, Massachusetts, January 8, 1842.

"Dear Sir:—Within you have a few continentals, or promises to pay in gold or silver, which may now be serviceable to the Treasury, which the whigs have bankrupted in the first year of their reign, and left members without pay for their landlords. They may serve to start the new fiscality upon; and, if they should answer the purpose, and any more are wanted, please let me know, and another batchwill come on from your friend and servant,

"Lowell Bicknell.

"Hon.Thomas H. Benton, United States Senate,Washington city."

This is the letter, resumed Mr. B., and these the contents (holding up a bundle of old continentals). This is an assortment of them, beginning at nine dollars, and descending regularly through eight, seven, six, five, four, three, two, one, and the fractional parts of a dollar, down to the one-sixth part of a dollar. I will read the highest and lowest in the bundle, as a sample of the whole. The highest runs thus:

"This bill entitles the bearer to receive nine Spanish milled dollars, or the value thereof in gold or silver, according to the resolves of the Congress held at Philadelphia, the 10th day of May, 1775."Signed,William Craig."

"Signed,

William Craig."

The margins are covered with the names of the States, and with the wordscontinental currency, in glaring capitals, and the Latin motto,Sustine vel abstine(Sustain it, or let it alone). The lowest runs thus:

"One-sixth of a dollar, according to a resolve of Congress passed at Philadelphia, February 17th, 1776."Signed,B. Brannan."

"One-sixth of a dollar, according to a resolve of Congress passed at Philadelphia, February 17th, 1776.

"Signed,

B. Brannan."

The device on this note is a sun shining through a glass, with the wordfugio(I fly) for the motto—a motto sufficiently appropriate, whether emblematic of the fugitive nature of time, or of paper money.

These are a sample of the bills sent me in the letter which I have just read; and now the mind naturally reverts to the patriotic proposition to supply the administration with these old bills instead of putting out a new emission. For myself I incline to the proposition. If the question is once decided in favor of a paper emission, I am decidedly in favor of the old continental currency in preference to any new edition—as much so as I prefer the old Revolutionary whigs to the new whigs of this day. I prefer the old bills; and that for many and cogent reasons. I will enumerate a few of these reasons:—1. They are ready made to our hand, and will save all the expense and time which the preparations of new bills would require. The expense would probably be no objection with this administration; but, in the present condition of the Treasury, the other consideration, that of time, must have great weight. 2. They cannot be counterfeited. Age protects them from that. The wear and tear of seventy long years cannot be impressed on the face of the counterfeits, cunning as their makers may be. 3. Being limited in quantity, and therefore incapable of contraction or inflation at the will of jobbers in stocks or politics, they will answer better for a measure of values. 4. They are better promises than any that will be made at this day; for they are payable in Spanish milled dollars, which are at a premium of three per cent, in our market over other dollars; and they are payable in goldorsilver, disjunctively, so as to give the holder his option of the metals. 5. They are made by better men than will make the bills of the present day—men better known to Europe and America—of higher credit and renown—whose names are connected with the foundation of the republic, and with all the glorious recollections of the revolution. Without offence to any, I can well say that no Congress of the present day can rank with our Revolutionary assemblies who signed the Declaration of Independence with ropes round their necks, staked life, honor, and fortune in a contest where all the chances were against them; and nobly sustained what they had dared to proclaim. We cannot rank with them, nor our paper ever have the credit of theirs. 6. They are of all sizes, and therefore ready for the catastrophe of the immediate flight, dispersion, absconding, and inhumation of all the specie in the country, for which the issue of a government paper would be the instant and imperative signal. Our cabinet plan comes no lower than five dollars, whereby great difficulty in making change at the Treasury would accrue until a supplementary act could be passed, and the small notes and change tickets be prepared. The adoption of the old continental would prevent this balk, as the notes from one to ten dollars inclusive would be ready for all payments which ended in even dollars; and the fractional notes would be ready for all that ended in shillings or sixpences. 7. And, finally, because it is right in itself that we should take up the old continentals before we begin to make new ones. For these, and other reasons, I am bold to declare that if we must have a Congress paper-money, I prefer the paper of theCongress of 1776 to that of 1842.

Sir, the Senate must pardon me. It is not my custom to speak irreverently of official matters; but there are some things too light for argument—too grave for ridicule—and which it is difficult to treat in a becoming manner. This cabinet plan of a federal exchequer is one of those subjects; and to its strange and novel character, part tragic and part farcical, must be attributed my more than usually defective mode of speaking. I plead the subject itself for the imperfection of my mode of treating it.

This measure, recommended by the President, was immediately taken up in each branch of Congress. In the House of Representatives a committee of a novel character—one without precedent, and without imitation—was created for it: "A select committee on the finances and the currency," composed of nine members, and Mr. Caleb Cushing its chairman. Through its chairman this committee, with the exception of two of its members (Mr. Garret Davis of Kentucky, and Mr. John P. Kennedy, of Maryland), made a most elaborate report, recommending the measure, and accompanied by a bill to carry it into effect. The ruling feature of the whole plan was a national currency of paper-money, to be issued by the federal government, and to be got into circulation through payments made by it, and by its character of receivability in payment of public dues. To clear the ground for the erection of this new species of national currency, all other kinds of currency were reviewed and examined—their good and their bad qualities stated—and this government currency pronounced to combine the good qualities, and to avoid the bad of all other kinds. National bank-notes were condemned for one set of reasons: local bank-notes for another: and as for gold and silver, the reporter found so many defects in such a currency, and detailed them with such precision, that it looked like drawing up a bill of indictment against such vicious substitutes for money. In this view the report said

"But the precious metals themselves, in addition to their uses for coin, are likewise, whether coined or uncoined, a commodity, or article of production, consumption, and merchandise. Themselves are a part of that general property of the community, of all the rest of which they are the measure; and they are of actual value different in different places, according to the contingencies of government or commerce. Their aggregate quantity is subject to be diminished by casual destruction or absorption in the arts of manufacture, or to be diminished or augmented by the greater or less number or productiveness of mines; and thus their aggregate value relatively to other commodities is liable to perpetual change. The influence of these facts upon prices, upon public affairs, and upon commerce, is visible in all the financial history of modern times. Besides which, coin is subject to debasement, or to be made a legal tender, at a rate exceeding its actual value, by the arbitrary act of the government, which controls its coinage and prescribes its legal value. In times when the uses of a paper currency and of public stocks were not understood or not practised, and communities had not begun to resort to a paper symbol or nominal representative of money, capable of being fabricated at will, the adulteration of coin, instead of it, was, it is well known, the frequent expedient of public necessity or public cupidity to obtain relief from some pressing pecuniary embarrassment. Moreover, the precious metals, though of less bulk in proportion to their value than most other commodities, yet cannot be transported from place to place without cost and risk; coin is subject to be stolen or lost, and in that case cannot be easily identified, so as to be reclaimed; the continual counting of it in large sums is inconvenient; it would be unsafe, and would cause much money to remain idle and unfruitful, if every merchant kept constantly on hand a sum of coin for all his transactions; and the displacement of large amounts of coin, its transfer from one community or one country to another, is liable to occasion fluctuations in the value of property or labor, and to embarrass commercial operations."

Having thus shown the demerit of all other sorts of currency, and cleared the way for this new species, the report proceeds to recommend it to the adoption of the legislature, with an encomium upon the President, and on the select committee on the finances and the currency, who had so well discharged their duty in proposing it; thus:

"The President of the United States, in presenting this plan to Congress, has obeyed the injunction of the constitution, which requireshim to recommend to their consideration such measures as he shall judge necessary and expedient; he has fully redeemed the engagements in this respect which he had previously made to Congress: and thus he has faithfully discharged his whole duty to the constitution and the Union. The committee, while animated by the highest respect for his views, have yet deemed it due to him, to themselves, to the occasion, and to the country, to give to those views a free and unbiassed examination. They have done so; and in so doing, they have also discharged their duty. They respectfully submit the result to the House in the bill herewith reported. They believe this measure to contain the elements of usefulness and public good; and, as such, they recommend it to the House. But they feel no pride of opinion concerning it; and, if in error, they are ready to follow the lead of better lights, if better there be, from other quarters; being anxious only to minister to the welfare of the people whom they represent. It remains now for Congress to act in the matter; the country demands that in some way we shall act; and the times appeal to us to act with decision, with moderation, with impartiality, with independence. Long enough, the question of the national finances has been the sport of passion and the battle-cry of party. Foremost of all things, the country, in order to recover itself, needs repose and order for its material interest, and a settled purpose in that respect (what it shall be is of less moment, but at any ratesomesettled purpose) on the part of the federal government. If, careless of names and solicitous only for things, aiming beyond all intermediate objects to the visible mark of the practicable and attainable good—if Congress shall in its wisdom concur at length in some equitable adjustment of the currency question, it cannot fail to deserve and secure the lasting gratitude of the people of the United States."

After reading this elaborate report, Mr. Cushing also read the equally elaborate bill which accompanied it: and that was the last of the bill ever heard of in the House. It was never called up for consideration, but died a natural death on the calendar on which it was placed. In the Senate the fate of the measure was still more compendiously decided. The President's recommendation, the ample report of the Secretary of the Treasury, and the bill drawn up at the Treasury itself, were all sent to the Committee of Finance; which committee, deeming it unworthy of consideration, through its chairman, Mr. Evans, of Maine, prayed to be discharged from the consideration of it: and were so discharged accordingly. But, though so lightly disposed of, the measure did not escape ample denunciation. Deeming the proposition an outrage upon the constitution, an insult to gold and silver, and infinitely demoralizing to the government and dangerous to the people, Mr. Benton struck another blow at it as it went out of the Senate to the committee. It was on the motion to refer the subject to the Finance Committee, that he delivered a speech of three hours against it: of which some extracts were given in Chapter XC.

As soon as Congress met in the session 1841-'2 the House of Representatives commenced the repeal of this measure. The period for the act to take effect had been deferred by an amendment in the House from the month of November, which would be before the beginning of the regular session, to the month of February—for the well-known purpose of giving Congress an opportunity to repeal it before it went into operation. The act was odious in itself, and the more so from the manner in which it was passed—coercively, and by the help of votes from those who condemned it, but who voted for it to prevent its friends from defeating the bank bill, and the land distribution bill. Those two measures were now passed, and many of the coerced members took their revenge upon the hated bill to which they had temporarily bowed. The repeal commenced in the House, and had a rapid progress through that body. A motion was made to instruct the Judiciary Committee to bring in a bill for the repeal; and that motion succeeded by a good majority. The bill was brought in, and, under the pressure of the previous question, was quickly brought to a vote. The yeas were 124—the nays 96. It then went to the Senate, where it was closely contested, and lost by one vote—22 for the repeal: 23 against it. Thus a most iniquitous act got into operation, by the open joining of measures which could not pass alone; and by the weak calculation of some members of the House, who expected to undo a bad vote before it worked its mischief. The act was saved by one vote; but met its fate at the next session—havingbut a short run; while the two acts which it passed were equally, and one of them still more short lived. The fiscal bank bill, which was one that it carried, never became a law at all: the land distribution bill, which was the other, became a law only to be repealed before it had effect. The three confederate criminal bills which had mutually purchased existence from each other, all perished prematurely, fruitless and odious—inculcating in their history and their fate, an impressive moral against vicious and foul legislation.

He was one of those meritorious and exemplary members whose labors are among the most useful to their country: diligent, modest, attentive, patriotic, inflexibly honest—a friend to simplicity and economy in the working of the government, and an enemy to all selfish, personal, and indirect legislation. He had the distinction to have his merits and virtues commemorated in the two Houses of Congress by two of the most eminent men of the age—Mr. Clay and Mr. Adams—who respectively seconded in the House to which each belonged, the customary motion for funeral honors to his memory. Mr. Adams said:

"Mr. Speaker, I second the motion, and ask the indulgence of the House for the utterance of a few words, from a heart full to overflowing with anguish which no words can express. Sir, my acquaintance with Mr. Williams commenced with the second Congress of his service in this House. Twenty-five years have since elapsed, during all which he has been always here at his post, always true to his trust, always adhering faithfully to his constituents and to his country—always, and through every political vicissitude and revolution, adhered to faithfully by them. I have often thought that this steadfastness of mutual attachment between the representative and the constituent was characteristic of both; and, concurring with the idea just expressed with such touching eloquence by his colleague (Mr. Rayner), I have habitually looked upon Lewis Williams as the true portraiture and personification of the people of North Carolina. Sir, the loss of such a man at any time, to his country, would be great. To this House, at this juncture, it is irreparable. His wisdom, his experience, his unsullied integrity, his ardent patriotism, his cool and deliberate judgment, his conciliatory temper, his firm adherence to principle—where shall we find a substitute for them? In the distracted state of our public counsels, with the wormwood and the gall of personal animosities adding tenfold bitterness to the conflict of rival interests and discordant opinions, how shall we have to deplore the bereavement ofhispresence, the very light of whose countenance, the very sound of whose voice, could recall us, like a talisman, from the tempest of hostile passions to the calm composure of harmony and peace."Mr. Williams was, and had long been, in the official language which we have adopted from the British House of Commons, theFatherof the House; and though my junior by nearly twenty years, I have looked up to him in this House, with the reverence of filial affection, as if he was the father of us all. The seriousness and gravity of his character, tempered as it was with habitual cheerfulness and equanimity, peculiarly fitted him for that relation to the other members of the House, while the unassuming courtesy of his deportment and the benevolence of his disposition invited every one to consider him as a brother. Sir, he is gone! The places that have known him shall know him no more; but his memory shall be treasured up by the wise and the good of his contemporaries, as eminent among the patriots and statesmen of this our native land; and were it possible for any Northern bosom, within this hall, ever to harbor for one moment a wish for the dissolution of our National Union, may the spirit of our departed friend, pervading every particle of the atmosphere around us, dispel the delusion of his soul, by reminding him that, in that event, he would no longer be the countryman of Lewis Williams."

"Mr. Williams was, and had long been, in the official language which we have adopted from the British House of Commons, theFatherof the House; and though my junior by nearly twenty years, I have looked up to him in this House, with the reverence of filial affection, as if he was the father of us all. The seriousness and gravity of his character, tempered as it was with habitual cheerfulness and equanimity, peculiarly fitted him for that relation to the other members of the House, while the unassuming courtesy of his deportment and the benevolence of his disposition invited every one to consider him as a brother. Sir, he is gone! The places that have known him shall know him no more; but his memory shall be treasured up by the wise and the good of his contemporaries, as eminent among the patriots and statesmen of this our native land; and were it possible for any Northern bosom, within this hall, ever to harbor for one moment a wish for the dissolution of our National Union, may the spirit of our departed friend, pervading every particle of the atmosphere around us, dispel the delusion of his soul, by reminding him that, in that event, he would no longer be the countryman of Lewis Williams."

Mr. Clay, in the Senate, who was speaker of the House when the then young Lewis Williams first entered it, bore his ample testimony from intimate personal knowledge, to the merits of the deceased; and, like Mr. Adams, professed a warm personal friendship for the individual, as well as exalted admiration for the public man.

"Prompted by a friendship which existed between the deceased and myself, of upwards of a quarter of a century's duration, and by the feelings and sympathies which this melancholy occasion excites, will the Senate allow me to add a few words to those which have been so well and so appropriately expressed by my friend near me [Mr. Graham], in seconding the motion he has just made? Already, during the present session, has Congress, and each House,paid the annual instalment of the great debt of Nature. We could not have lost two more worthy and estimable men than those who have been taken from us. My acquaintance with the lamented Lewis Williams commenced in the fall of 1815, when he first took his seat as a member of the House of Representatives from the State of North Carolina, and I re-entered that House after my return from Europe. From that period until his death, a cordial and unbroken friendship has subsisted between us; and similar ties were subsequently created with almost every member of his highly respectable family. When a vacancy arose in the responsible and laborious office of chairman of the Committee of Claims, which had been previously filled by another distinguished and lamented son of North Carolina (the late Mr. Yancy), in virtue of authority vested in me, as the presiding officer of the House, I appointed Mr. Williams to fill it. Always full of labor, and requiring unremitting industry, it was then, in consequence of claims originating in the late war, more than ever toilsome. He discharged his complicated duties with the greatest diligence, ability, impartiality, and uprightness, and continued in the office until I left the House in the year 1825. He occasionally took part in the debates which sprung up on great measures brought for the advancement of the interests of the country, and was always heard with profound attention, and, I believe, with a thorough conviction of his perfect integrity. Inflexibly adhering always to what he believed to be right, if he ever displayed warmth or impatience, it was excited by what he thought was insincere, or base, or ignoble. In short, Lewis Williams was a true and faithful image of the respectable State which he so long and so ably served in the national councils—intelligent, quiet, unambitious, loyal to the Union, and uniformly patriotic. We all feel and deplore, with the greatest sensibility, the heavy loss we have so suddenly sustained. May it impress us with a just sense of the frailty and uncertainty of human life! And, profiting by his example, may we all be fully prepared for that which is soon to follow."

Mr. Williams reflected the character of his State; and that was a distinction so obvious and so honorable that both speakers mentioned it, and in doing so did honor both to the State and the citizen. And she illustrated her character by the manner in which she cherished him. Elected into the General Assembly as soon as age would permit, and continued there until riper age would admit him into the Federal Congress, he was elected into that body amongst the youngest of its members; and continued there by successive elections until he was the longest sitting member, and became entitled to the Parliamentary appellation of Father of the House. Exemplary in all the relations of public and private life, he crowned a meritorious existence by an exemplary piety, and was as remarkable for the close observance of all his christian obligations as he was for the discharge of his public duties.

Pursuing the instructive political lesson to be found in the study of the progressive increased expenditures of the government, we take up, in this chapter, the civil list in the gross, and two of its items in detail—the contingent expenses of Congress, and the expense of collecting the revenue—premising that the civil list, besides the salaries of civil officers, includes the foreign diplomatic intercourse, and a variety of miscellanies. To obtain the proper comparative data, recourse is again had to Mr. Calhoun's speech of this year (1842) on the naval appropriation.

"The expenditures under the first head have increased since 1823, when they were $2,022,093, to $5,492,030 98, the amount in 1840; showing an increase, in seventeen years, of 2 7-10 to 1, while the population has increased only about3⁄4to 1, that is, about 75 per cent.—making the increase of expenditures, compared to the increase of population, about 3 6-10 to 1. This enormous increase has taken place although a large portion of the expenditures under this head, consisting of salaries to officers, and the pay of members of Congress, has remained unchanged. The next year, in 1841, the expenditure rose to $6,196,560. I am, however, happy to perceive a considerable reduction in the estimates for this year, compared with the last and several preceding years; but still leaving room for great additional reduction to bring the increase of expenditures to the same ratio with the increase of population, as liberal as that standard of increase would be."That the Senate may form some conception, in detail, of this enormous increase, I propose to go more into particulars in reference to two items: the contingent expenses of the two Houses of Congress, and that of collecting the duties on imports. The latter, though of a character belonging to the civil list, is not includedin it, or either of the other heads; as the expenses incident to collecting the customs, are deducted from the receipts, before the money is paid into the Treasury."The contingent expenses (they exclude the pay and mileage of members) of the Senate in 1823 were $12,841 07, of which the printing cost $6,349 56, and stationery $1,631 51; and that of the House, $37,848 95, of which the printing cost $22,314 41, and the stationery $3,877 71. In 1840, the contingent expenses of the Senate were $77,447 22, of which the printing cost $31,285 32, and the stationery $7,061 77; and that of the House $199,219 57, of which the printing cost $65,086 46, and the stationery $36,352 99. The aggregate expenses of the two Houses together rose from $50,690 02 to $276,666; being an actual increase of 5 4-10 to 1, and an increase, in proportion to population, of about 7 2-10 to one. But as enormous as this increase is, the fact that the number of members had increased not more than about ten per cent. from 1823 to 1840, is calculated to make it still more strikingly so. Had the increase kept pace with the increase of members (and there is no good reason why it should greatly exceed it), the expenditures would have risen from $50,690 to $55,759, only making an increase of but $5,069; but, instead of that, it rose to $276,666, making an increase of $225,970. To place the subject in a still more striking view, the contingent expenses in 1823 were at the rate of $144 per member, which one would suppose was ample, and in 1840, $942. This vast increase took place under the immediate eyes of Congress; and yet we were told at the extra session, by the present chairman of the Finance Committee, that there was no room for economy, and that no reduction could be made; and even in this discussion he has intimated that little can be done. As enormous as are the contingent expenses of the two Houses, I infer from the very great increase of expenditures under the head of civil list generally, when so large a portion is for fixed salaries, which have not been materially increased for the last seventeen years, that they are not much less so throughout the whole range of this branch of the public service."I shall now proceed to the other item, which I have selected for more particular examination, the increased expenses of collecting the duties on imports. In 1823 it was $766,699, equal to 3 86-100 per cent. on the amount collected, and 98-100 on the aggregate amount of imports; and in 1840 it had increased to $1,542,319 24, equal to 14 13-100 per cent. on the amount collected, and to 1 58-100 on the aggregate amount of the imports, being an actual increase of nearly a million, and considerably more than double the amount of 1823. In 1839 it rose to $1,714,515."From these facts, there can be little doubt that more than a million annually may be saved under the two items of contingent expenses of Congress, and the collection of the customs, without touching the other great items comprised under the civil list, the executive and judicial departments, the foreign intercourse, light-houses, and miscellaneous. It would be safe to put down a saving of at least a half million for them."

"That the Senate may form some conception, in detail, of this enormous increase, I propose to go more into particulars in reference to two items: the contingent expenses of the two Houses of Congress, and that of collecting the duties on imports. The latter, though of a character belonging to the civil list, is not includedin it, or either of the other heads; as the expenses incident to collecting the customs, are deducted from the receipts, before the money is paid into the Treasury.

"The contingent expenses (they exclude the pay and mileage of members) of the Senate in 1823 were $12,841 07, of which the printing cost $6,349 56, and stationery $1,631 51; and that of the House, $37,848 95, of which the printing cost $22,314 41, and the stationery $3,877 71. In 1840, the contingent expenses of the Senate were $77,447 22, of which the printing cost $31,285 32, and the stationery $7,061 77; and that of the House $199,219 57, of which the printing cost $65,086 46, and the stationery $36,352 99. The aggregate expenses of the two Houses together rose from $50,690 02 to $276,666; being an actual increase of 5 4-10 to 1, and an increase, in proportion to population, of about 7 2-10 to one. But as enormous as this increase is, the fact that the number of members had increased not more than about ten per cent. from 1823 to 1840, is calculated to make it still more strikingly so. Had the increase kept pace with the increase of members (and there is no good reason why it should greatly exceed it), the expenditures would have risen from $50,690 to $55,759, only making an increase of but $5,069; but, instead of that, it rose to $276,666, making an increase of $225,970. To place the subject in a still more striking view, the contingent expenses in 1823 were at the rate of $144 per member, which one would suppose was ample, and in 1840, $942. This vast increase took place under the immediate eyes of Congress; and yet we were told at the extra session, by the present chairman of the Finance Committee, that there was no room for economy, and that no reduction could be made; and even in this discussion he has intimated that little can be done. As enormous as are the contingent expenses of the two Houses, I infer from the very great increase of expenditures under the head of civil list generally, when so large a portion is for fixed salaries, which have not been materially increased for the last seventeen years, that they are not much less so throughout the whole range of this branch of the public service.

"I shall now proceed to the other item, which I have selected for more particular examination, the increased expenses of collecting the duties on imports. In 1823 it was $766,699, equal to 3 86-100 per cent. on the amount collected, and 98-100 on the aggregate amount of imports; and in 1840 it had increased to $1,542,319 24, equal to 14 13-100 per cent. on the amount collected, and to 1 58-100 on the aggregate amount of the imports, being an actual increase of nearly a million, and considerably more than double the amount of 1823. In 1839 it rose to $1,714,515.

"From these facts, there can be little doubt that more than a million annually may be saved under the two items of contingent expenses of Congress, and the collection of the customs, without touching the other great items comprised under the civil list, the executive and judicial departments, the foreign intercourse, light-houses, and miscellaneous. It would be safe to put down a saving of at least a half million for them."

The striking facts to be gleaned from these statements are—That the civil list in 1821 was about two millions of dollars; in 1839, four and a half millions; and in 1841, six millions and a fraction. That the contingent expenses of Congress during the same periods respectively, were, $50,000, and $276,000. And the collection of the custom house revenue at the same periods, the respective sums of $766,000, and $1,542,000. These several sums were each considered extravagant, and unjustifiable, at the time Mr. Calhoun was speaking; and each was expected to feel the pruning knife of retrenchment. On the contrary, all have risen higher—inordinately so—and still rising: the civil and diplomatic appropriation having attained 17 millions: the contingent expenses of Congress 4 to 510,000: and the collection of the customs to above two millions.

In the month of March, of this year, Mr. Clay resigned his place in the Senate, and delivered a valedictory address to the body, in the course of which he disclosed his reasons. Neither age, nor infirmities, nor disinclination for public service were alleged as the reasons. Disgust, profound and inextinguishable, was the ruling cause—more inferrible than alleged in his carefully considered address. Supercession at the presidential convention of his party to make room for an "available" in the person of General Harrison—the defection of Mr. Tyler—the loss of his leading measures—the criminal catastrophe of the national bank for which he had so often pledged himself—and the insolent attacks of the petty adherents of the administration in the two Houses, (too annoying for his equanimity, and too contemptible for hisreply): all these causes of disgust, acting upon a proud and lofty spirit, induced this withdrawal from a splendid theatre for which, it was evident, he had not yet lost his taste. The address opened with a retrospect of his early entrance into the Senate, and a grand encomium upon its powers and dignity as he had found it, and left it. Memory went back to that early year, 1806, when just arrived at senatorial age, he entered the American Senate, and commenced his high career—a wide and luminous horizon before him, and will and talent to fill it. After some little exordium, he proceeded:

"And now, allow me, Mr. President, to announce, formally and officially, my retirement from the Senate of the United States, and to present the last motion which I shall ever make within this body; but, before making that motion, I trust I shall be pardoned for availing myself of this occasion to make a few observations. At the time of my entry into this body, which took place in December, 1806, I regarded it, and still regard it, as a body which may be compared, without disadvantage, to any of a similar character which has existed in ancient or modern times; whether we look at it in reference to its dignity, its powers, or the mode of its constitution; and I will also add, whether it be regarded in reference to the amount of ability which I shall leave behind me when I retire from this chamber. In instituting a comparison between the Senate of the United States and similar political institutions, of other countries, of France and England, for example, he was sure the comparison might be made without disadvantage to the American Senate. In respect to the constitution of these bodies: in England, with only the exception of the peers from Ireland and Scotland, and in France with no exception, the component parts, the members of these bodies, hold their places by virtue of no delegated authority, but derive their powers from the crown, either by ancient creation of nobility transmitted by force of hereditary descent, or by new patents as occasion required an increase of their numbers. But here, Mr. President, we have the proud title of being the representatives of sovereign States or commonwealths. If we look at the powers of these bodies in France and England, and the powers of this Senate, we shall find that the latter are far greater than the former. In both those countries they have the legislative power, in both the judicial with some modifications, and in both perhaps a more extensive judicial power than is possessed by this Senate; but then the last and undefined and undefinable power, the treaty-making power, or at least a participation in the conclusions of treaties with foreign powers, is possessed by this Senate, and is possessed by neither of the others. Another power, too, and one of infinite magnitude, that of distributing the patronage of a great nation, which is shared by this Senate with the executive magistrate. In both these respects we stand upon ground different from that occupied by the Houses of Peers of England and of France. And I repeat, that with respect to the dignity which ordinarily prevails in this body, and with respect to the ability of its members during the long period of my acquaintance with it, without arrogance or presumption, we may say, in proportion to its numbers, the comparison would not be disadvantageous to us compared with any Senate either of ancient or modern times."

He then gave the date of the period at which he had formed the design to retire, and the motive for it—the date referring to the late presidential election, and the motive to find repose in the bosom of his family.

"Sir, I have long—full of attraction as public service in the Senate of the United States is—a service which might fill the aspirations of the most ambitious heart—I have nevertheless long desired to seek that repose which is only to be found in the bosom of one's family—in private life—in one's home. It was my purpose to have terminated my senatorial career in November, 1840, after the conclusion of the political struggle which characterized that year."

The termination of the presidential election in November, was the period at which Mr. Clay intended to retire: the determination was formed before that time—formed from the moment that he found himself superseded at the head of his party by a process of intricate and trackless filtration of public opinion which left himself a dreg where he had been for so many years the head. It was a mistake, the effect of calculation, which ended more disastrously for the party than for himself. Mr. Clay could have been elected at that time. The same power which elected General Harrison could have elected him. The banks enabled the party to do it. In a state of suspension, they could furnish, without detriment to themselves, the funds for the campaign. Affecting to be ruined by the government, they could create distress: and thus act upon the community with the double battery of terror and seduction. Lending all their energies and resources to a political party, they elected General Harrison in a hurrah! and could have done the same by Mr. Clay. With him the election would have been a reality—a victory bearing fruit: with General Harrison and Mr. Tyler—through Providence with one, and defection in the other—the triumph, achieved at so great expense, became ashes in the mouths of the victors. He then gave his reasons for not resigning, as he had intended, at the termination of the election: it was the hope of carrying his measures at the extra session, which he foresaw was to take place.

"But I learned very soon, what my own reflections indeed prompted me to suppose would take place, that there would be an extra session; and being desirous, prior to my retirement, to co-operate with my friends in the Senate in restoring, by the adoption of measures best calculated to accomplish that purpose, that degree of prosperity to the country, which had been, for a time, destroyed, I determined upon attending the extra session, which was called, as was well known, by the lamented Harrison. His death, and the succession which took place in consequence of it, produced a new aspect in the affairs of the country. Had he lived, I do not entertain a particle of doubt that those measures which, it was hoped, might be accomplished at that session, would have been consummated by a candid co-operation between the executive branch of the government and Congress; and, sir, allow me to say (and it is only with respect to the extra session), that I believe if there be any one free from party feelings, and free from bias and from prejudice, who will look at its transactions in a spirit of candor and of justice, but must come to the conclusion to which, I think, the country generally will come, that if there be any thing to complain of in connection with that session, it is not as to what was done and concluded, but as to that which was left unfinished and unaccomplished."

Disappointed in his expectations from the extra session, by means which he did not feel it necessary to recapitulate, Mr. Clay proceeds to give the reasons why he still deferred his proposed resignation, and appeared in the Senate again at its ensuing regular session.

"After the termination of that session, had Harrison lived, and had the measures which it appeared to me it was desirable to have accomplished, been carried, it was my intention to have retired; but I reconsidered that determination, with the vain hope that, at the regular session of Congress, what had been unaccomplished at the extra session, might then be effected, either upon the terms proposed or in some manner which would be equivalent. But events were announced after the extra session—events resulting, I believe, in the failure to accomplish certain objects at the extra session—events which seemed to throw upon our friends every where present defeat—this hope, and the occurrence of these events, induced me to attend the regular session, and whether in adversity or in prosperity, to share in the fortunes of my friends. But I came here with the purpose, which I am now about to effectuate, of retiring as soon as I thought I could retire with propriety and decency, from the public councils."

Events after the extra session, as well as the events of the session, determined him to return to the regular one. He does not say what those subsequent events were. They were principally two—the formation of a new cabinet wholly hostile to him, and the attempt of Messrs. Tyler, Webster and Cushing to take the whig party from him. The hostility of the cabinet was nothing to him personally; but it indicated a fixed design to thwart him on the part of the President, and augured an indisposition to promote any of his measures. This augury was fulfilled as soon as Congress met. The administration came forward with a plan of a government bank, to issue a national currency of government paper—a thing which he despised as much as the democracy did; and which, howsoever impossible to succeed itself, was quite sufficient, by the diversion it created, to mar the success of any plan for a national bank. Instead of carrying new measures, it became clear that he was to lose many already adopted. The bankrupt act, though forced upon him, had become one of his measures; and that was visibly doomed to repeal. The distribution of the land revenue had become a political monstrosity in the midst of loans, taxes and treasury notes resorted to to supply its loss: and the public mind was in revolt against it. The compromise act of 1833, for which he was so much lauded at the time, and the paternity of which he had so much contested at the time, had run its career of folly and delusion—had left the Treasury without revenue, and the manufacturers without protection; and, crippled at the extra session, it was bound to die at this regular one—and that in defiance of the mutual assurance for continued existence put into the land bill; and which, so far from being able to assure the life of another bill, was becoming unable to save its own. Losing his own measures, he saw those becoming established which he had most labored to oppose. The specie circular was taking effect of itself, from the abundance of gold and the baseness of paper. The divorce of Bank and State was becoming absolute, from the delinquency of the banks. There was no prospect ahead either to carry new measures, or to save old ones, or to oppose the hated ones. All wasgloomy ahead. The only drop of consolation which sweetened the cup of so much bitterness was the failure of his enemies to take the whig party from him. That parricidal design (for these enemies owed their elevation to him) exploded in its formation—aborted in its conception; and left those to abjure whiggism, and fly from its touch, who had lately combined to consolidate Congress, President and people into one solid whig mass. With this comfort he determined to carry into effect his determination to resign, although it was not yet the middle of the session, and that all-important business was still on the anvil of legislation—to say nothing of the general diplomatic settlement, to embrace questions from the peace of 1783, which it was then known Great Britain was sending out a special mission to effect. But, to proceed with the valedictory. Having got to the point at which he was to retire, the veteran orator naturally threw a look back upon his past public course.

"From the year 1806, the period of my entering upon this noble theatre of my public service, with but short intervals, down to the present time, I have been engaged in the service of my country. Of the nature and value of those services which I may have rendered during my long career of public life, it does not become me to speak. History, if she deigns to notice me, and posterity—if a recollection of any humble service which I may have rendered shall be transmitted to posterity—will be the best, truest, and most impartial judges; and to them I defer for a decision upon their value. But, upon one subject, I may be allowed to speak. As to my public acts and public conduct, they are subjects for the judgment of my fellow-citizens; but my private motives of action—that which prompted me to take the part which I may have done, upon great measures during their progress in the national councils, can be known only to the Great Searcher of the human heart and myself; and I trust I shall be pardoned for repeating again a declaration which I made thirty years ago: that whatever error I may have committed—and doubtless I have committed many during my public service—I may appeal to the Divine Searcher of hearts for the truth of the declaration which I now make, with pride and confidence, that I have been actuated by no personal motives—that I have sought no personal aggrandizement—no promotion from the advocacy of those various measures on which I have been called to act—that I have had an eye, a single eye, a heart, a single heart, ever devoted to what appeared to be the best interests of the country."

With this retrospection of his own course was readily associated the recollection of the friends who had supported him in his long and eventful, and sometimes, stormy career.

"But I have not been unsustained during this long course of public service. Every where on this widespread continent have I enjoyed the benefit of possessing warm-hearted, and enthusiastic, and devoted friends—friends who knew me, and appreciated justly the motives by which I have been actuated. To them, if I had language to make suitable acknowledgments, I would now take leave to present them, as being all the offering that I can make for their long continued, persevering and devoted friendship."

These were general thanks to the whole body of his friends, and to the whole extent of his country; but there were special thanks due to nearer friends, and the home State, which had then stood by him for forty-five years (and which still stood by him ten years more, and until death), and fervidly and impressively he acknowledged this domestic debt of gratitude and affection.

"But, sir, if I have a difficulty in giving utterance to an expression of the feelings of gratitude which fill my heart towards my friends, dispersed throughout this continent, what shall I say—what can I say—at all commensurate with my feelings of gratitude towards that State whose humble servitor I am? I migrated to the State of Kentucky nearly forty-five years ago. I went there as an orphan, who had not yet attained his majority—who had never recognized a father's smile—poor, penniless, without the favor of the great—with an imperfect and inadequate education, limited to the means applicable to such a boy;—but scarcely had I set foot upon that generous soil, before I was caressed with parental fondness—patronized with bountiful munificence—and I may add to this, that her choicest honors, often unsolicited, have been freely showered upon me; and when I stood, as it were, in the darkest moments of human existence—abandoned by the world, calumniated by a large portion of my own countrymen, she threw around me her impenetrable shield, and bore me aloft, and repelled the attacks of malignity and calumny, by which I was assailed. Sir, it is to me an unspeakable pleasure that I am shortly to return to her friendly limits; and that I shall finally deposit (and it will not be long before that day arrives) my last remains under her generous soil, with the remains of her gallant and patriotic sons who have preceded me."

After this grateful overflow of feelings to faithful friends and country, came some notice of foes, whom he might forgive, but not forget.

"Yet, sir, during this long period, I have not escaped the fate of other public men, in this and other countries. I have been often, Mr. President, the object of bitter and unmeasured detraction and calumny. I have borne it, I will not say always with composure, but I have borne it without creating any disturbance. I have borne it, waiting in unshaken and undoubting confidence, that the triumphs of truth and justice would ultimately prevail; and that time would settle all things as they ought to be settled. I have borne them under the conviction, of which no injustice, no wrong, no injury could deprive me, that I did not deserve them, and that He to whom we are all to be finally and ultimately responsible, would acquit me, whatever injustice I might experience at the hands of my fellow-men."

This was a general reference to the attacks and misrepresentations with which, in common with all eminent public men of decided character, he had been assailed; but there was a recent and offensive imputation upon him which galled him exceedingly—as much so for the source from which it came as for the offence itself: it was the imputation of the dictatorship, lavished upon him during the extra session; and having its origin with Mr. Tyler and his friends. This stung him, coming from that source—Mr. Tyler having attained his highest honors through his friendship: elected senator by his friends over Mr. Randolph, and taken up for Vice-President in the whig convention (whereby he became both the second and the first magistrate of the republic) on account of the excessive affection which he displayed for Mr. Clay. To this recent, and most offensive imputation, he replied specially:

"Mr. President, a recent epithet (I do not know whether for the purpose of honor or of degradation) has been applied to me; and I have been held up to the country as a dictator! Dictator! The idea of dictatorship is drawn from Roman institutions; and there, when it was created, the person who was invested with this tremendous authority, concentrated in his own person the whole power of the state. He exercised unlimited control over the property and lives of the citizens of the commonwealth. He had the power of raising armies, and of raising revenue by taxing the people. If I have been a dictator, what have been the powers with which I have been clothed? Have I possessed an army, a navy, revenue? Have I had the distribution of the patronage of the government? Have I, in short, possessed any power whatever? Sir, if I have been a dictator, I think those who apply the epithet to me must at least admit two things: in the first place, that my dictatorship has been distinguished by no cruel executions, stained by no deeds of blood, soiled by no act of dishonor. And they must no less acknowledge, in the second place (though I do not know when its commencement bears date, but I suppose, however, that it is intended to be averred, from the commencement of the extra session), that if I have been invested with, or have usurped the dictatorship, I have at least voluntarily surrendered the power within a shorter period than was assigned by the Roman laws for its continuance."

Mr. Clay led a great party, and for a long time, whether he dictated to it or not, and kept it well bound together, without the usual means of forming and leading parties. It was a marvel that, without power and patronage (for the greater part of his career was passed in opposition as a mere member of Congress), he was able so long and so undividedly to keep so great a party together, and lead it so unresistingly. The marvel was solved on a close inspection of his character. He had great talents, but not equal to some whom he led. He had eloquence—superior in popular effect, but not equal in high oratory to that of some others. But his temperament was fervid, his will strong, and his courage daring; and these qualities, added to his talents, gave him the lead and supremacy in his party—where he was always dominant, but twice set aside by the politicians. It was a galling thing to the President Tyler, with all the power and patronage of office, to see himself without a party, and a mere opposition member at the head of a great one—the solid body of the whigs standing firm around Mr. Clay, while only some flankers and followers came to him; and they importunate for reward until they got it. Dictatorship was a natural expression of resentment under such circumstances; and accordingly it was applied—and lavishly—and in all places: in the Senate, in the House, in the public press, in conversation, and in the manifesto which Mr. Cushing put out to detach the whigs from him. But they all forgot to tell that this imputed dictatorship at the extra session, took place after the defection of Mr. Tyler from the whig party, and as a consequence of that defection—some leader being necessary to keep the party together after losing the two chiefs they had elected—one lost by Providence, the other by treachery. This account settled, he turned to a more genial topic—that of friendship; and to make atonement, reconciliation and peace with all the senators, and they were not a few, with whom hehad had some rough encounters in the fierce debate. Unaffectedly acknowledging some imperfection of temper, he implored forgiveness from all whom he had ever offended, and extended the hand of friendship to every brother member.

"Mr. President, that my nature is warm, my temper ardent, my disposition in the public service enthusiastic, I am ready to own. But those who suppose they may have seen any proof of dictation in my conduct, have only mistaken that ardor for what I at least supposed to be patriotic exertions for fulfilling the wishes and expectations by which I hold this seat; they have only mistaken the one for the other. Mr. President, during my long and arduous services in the public councils, and especially during the last eleven years, in the Senate, the same ardor of temperament has characterized my actions, and has no doubt led me, in the heat of debate, in endeavoring to maintain my opinions in reference to the best course to be pursued in the conduct of public affairs, to use language offensive, and susceptible of ungracious interpretation, towards my brother senators. If there be any who entertain a feeling of dissatisfaction resulting from any circumstance of this kind, I beg to assure them that I now make the amplest apology. And, on the other hand, I assure the Senate, one and all, without exception and without reserve, that I leave the Senate chamber without carrying with me to my retirement a single feeling of dissatisfaction towards the Senate itself or any one of its members. I go from it under the hope that we shall mutually consign to perpetual oblivion whatever of personal animosities or jealousies may have arisen between us during the repeated collisions of mind with mind."

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