Massachusetts, when descanting on the sad change to be produced by removing the public moneys from his favorite bank, “among "those who have the best means of forming a correct judgment, "that there may be a falling off in the receipts of the customs, "from a quarter to a third of the amount anticipated. It is my ex"pectation," he afterwards adds, "that the receipts of the year "will fall below the estimate, probably to the extent I have men❝tioned; and that this effect will be produced by no other cause, "than the deranged state of things occasioned by the removal of "the public moneys." Such is the mournful prophecy; how has it been fulfilled in the few months elapsed since it was made? The receipts of the first quarter of the year are produced, on the demand of these political alarmists, and they are found to establish exactly the contrary of what had been foretold. The income from

the customs positively exceeded the estimate produced at the commencement of the session; that from the public lands had doubled, yes, more than doubled what it was in the preceding year; and the actual available funds in the treasury amounted to more than eleven millions of dollars.

"We have before us," exclaims a representative from Georgia, in the agony of distress, which brings the phantom of Cæsar and all his tyranny before his eyes-"We have before us the prospect "of a suspension of specie payments." How has the prospect been verified? Why, during the very climax of this imaginary suffering, the official returns show that there has been a clear importation into the United States, certainly of more than twelve, and probably more than fourteen, millions of dollars in silver and gold.

"The usual channels of business with the south and west are "broken up," cries an honorable member from Connecticut"the risk of loss, the uncertainty and difficulty of remittance, and "the difference in the local currencies, exceed the profits of busi"ness; acceptances on consignments are stopped." One would think all commerce was at an end; that the ocean no longer brought us the products of other lands, or bore away our own; that the noble works of internal communication were utterly deserted. How tally plain facts and figures with these pictures colored for effect? The duties on imports into New York were in the first quarter of 1833, $3,122,000-of 1834, while this sad ruin hung over our land, $3,249,000, or an increase of more than $120,000; at Baltimore the increase has been more than $70,000; at Richmond the duties have doubled; at Charleston they are near

ly twice as much. The foreign arrivals at New York in the first five months of 1833 were 751-during the same period of this unhappy year they increased to 795; at Boston they were, for the same time last year, 379-this year they amount to 394. Sad evidences of the effect of removing the deposits on our foreign commerce! But the channels of internal intercourse are broken up. Let us see! How is it with the noble canals of New York? There are now navigating it 2,453 boats, being an increase upon the number registered last year of 595. At Albany and Troy, over whose desolate condition the senator from Kentucky especially mourned, the clearances this year have been 834 more than they were to the same period last year. The amount of toll received at Rochester this year, in the month of May, has exceeded the amount received during the same month last year $2,371. The increase of toll at Brockport, whose distress nemorial the senator from Massachusetts presented with the usual melancholy picture, was on the 1 June this year, $1,300 more than on that day last year. The property cleared at Buffalo, coming from the lake which the senator from Ohio described as 66 a desert waste of waters," exceeded on the 15 May 1834, that cleared on the same day last year, by more than three millions of pounds. How is it with our own Pennsylvania? The tolls on our canal up to the 1 May were three times the amount received on the same day last year. Five hundred canal boats had been registered up to that time. Cotton has been brought, with inconceivable rapidity and cheapness, from the remotest parts of Tennessee to the warehouses of our merchants. Yet it was about "the ruin and desolation" of this state so flourishing, her resources so abundant and her works so noble, that one of her own representatives in Congress, uniting in the same scheme of political panic, ventured to speak. How is it with Virginia? In the midst of these times of dreadful distress, the books of sub-. scription to the stock of the Richmond, Fredericksburg and Potomac Rail Road have been closed, and the Commissioners announce the gratifying information that more than $300,000 were at once subscribed; by November or December next it is believed it will be practicable to put thirty miles of it under contract; in January the contractors will be able to commence the execution of the work; and in three years it will probably be finished to Fredericksburg. How is it with our fair sister of the West? The tolls on the Miami canal were $4,115 in May 1833; they are $5,560 in May 1834. The tolls on the Ohio canal were $15,735 in May 1833; they are

$25,231 in May 1834; yet, in the prophetic visions of Congress, these noble works are described as solitary and deserted.

"Produce," exclaims one honorable Senator, alluding to the interior of the state of New York-"produce has fallen in price "from twenty-five to thirty-three per cent since the interference "of the executive with the public revenue; and land, land itself, "the great capital of the country-the form in which the vast pro"portion of its property consists-has fallen, within the same time, "to the same extent. I receive this information from the best "sources, and to which I give entire credit. Here then is a re"duction of the whole property of the people, twenty-five or thir"ty-three per cent, a striking off at a blow, the quarter or one-third "of the whole value of what they possess!. Sir, is this tolerable?" I turn to a gazette published in the neighborhood of this terrific scene-and what do I see? "A farm of one hundred '66 acres was recently sold, in the town of Galen, in the county "of Wayne, for $30 per acre, in cash; this farm was valued "two years ago by two discreet farmers in the neighborhood "to be worth $20 per acre; increase in value in two years 50 "per cent. A farm of thirty acres, in the town of Marion, in

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Wayne county, was sold last fall at $25 per acre; the pur"chaser has this spring sold the same farm for $30 per acre; "increase in value in six months 20 per cent. A farm in the 'town of Marion was sold this spring for $30 per acre; two "years ago was it valued at $20 dollars per acre; increase in value "" in two years 50 per cent. A farmer in Yates county purchased "a farm at $3,000 during the last winter, and was offered imme"diately afterwards $1,000 for his bargain, being 33 per cent "increase in value. A farm in Jerusalem, Yates county, which "was valued last fall at $10 per acre, has been sold this month "for $16 per acre."

Again, "How tender is the system-what danger of explosion "on any untoward event!" is the fearful foreboding of the representative from Connecticut, in regard to the state banks. We turn to the list of them throughout the Union, and find they amount to more than six hundred. We see all the engines brought to bear to effect their destruction; the halls of Congress resounding with expressions of distrust; the newspapers advising the presentation of their notes; the bank of the United States assuming an attitude unfriendly if not hostile to many of them. Yet where is the tenderness, where the explosion? A few banks of trifling capital and

mismanaged long before this terrible removal of the depositstheir very names scarcely known-are all that answer these lamentable forebodings. If laws are passed for the incorporation of new ones, an alacrity to subscribe is evinced, utterly inconsistent with any notion of excessive tenderness, any danger of explosion. I observe, during the very height of these dangerous times, evidences of confidence in them not to be mistaken. The subscriptions to the stock of the Albany City Bank amounted to $1,142,900, being $642,900 more than the amount of its capital; the subscriptions to the stock of the Phoenix Bank, in New York, exceeded three times the amount of its capital; the subscriptions to the stock of the Commercial Bank of New York, amounted to $1,300,000, nearly three times the amount of its capital; the subscriptions to the stock of the Orleans County Bank amounted to $680,200, exceeding its capital $380,200; the subscriptions to the stock of the Sackett's Harbour Bank were about three times the amount of its capital. Indeed, fellow citizens, if there is one circumstance beyond all others, that displays the solid credit, resources and integrity of the people, it is the manner in which the state banks have resisted the panic, raised mainly to crush them, and to found more effectually on their ruins the overgrown institution, whose place they are so well able to supply.

"Men could no longer fulfil their engagements by the customa"ry means; property fell in value and thousands failed,"-is another of the exclamations of an honorable senator. I turn to the records of our courts here, and I find that the number of Insolvent applicants in June 1833 was three hundred and twentyseven, and in June 1834 was only two hundred and eightysix. I have no means to ascertain how it may have been elsewhere, but I cannot suppose that the immediate victims and witnesses of the panic, are those who would least suffer from its power.

It were easy to trace these political and selfish alarmists through other errors equally glaring; to show that at no period have the solid resources of our country been less injured and impaired; that whatever of partial inconvenience or suffering has existed-and this, which of us who has seen, as we have, under our own eyes, instances of oppression and the effect of panic, is disposed to deny --all this has had its origin solely in the ends aimed at by the selfish coalition between the bank and its political allies, or in the means

adopted to attain them. But the task would be as useless as it is tedious. Why trace these misrepresentations through all their petty sinuosities, when it needs but to turn our eyes on the broad aspect of our land to see their falsity, and to smile at the credulity or the cunning, which could thus hope to impose on the sagacity of the American people?

But, fellow citizens, I have done. I have endeavored, as the most appropriate way of performing the part you have assigned me, in this celebration of our national anniversary, to call your attention to the present position of our country, and to see what part is to be performed by those, who cherish and would maintain the liberties that were won, and the institutions that were established, fifty-eight years ago; for I hold that to be but a vain and silly festival, which, in empty ceremony, lets slip by the preservation of solid rights and the performance of sacred duties. I have endeavored to show you, that never in those eight and fifty years, have the American people been more seriously called on to examine how they stand and what they are to do. Never was there a period when the democratic family should rally more warmly together, and sustain the ancient landmarks of their faith. Never was there a period when we ought to look more anxiously to that firm, decided, and resistless expression of popular opinion, which, however it may be reviled or underrated, will be found to be invariably just. To that decision we shall all of us cheerfully submit, whatever it may be. If it shall tell us that the system of administration adopted by our opponents was wiser than our own; if it shall give us back all the partizan protection of the American system, or sustain the fatal delusion of nullification, or permit the lavish and selfish appropriation of the public money on works not of a national character;-nay more, if it shall say that the existence of a great moneyed corporation has become an essential feature of our republic; that we must, of necessity, have among us, created by ourselves, a creature, heretofore only fabled by romance, possessing the powers of a giant, but endued not with the perception of right or wrong; that our fortunes-the fortunes of freemen-ought to be depressed or elevated at the nod of a bank; our political lessons learned from the pamphlets or newspapers it scatters abroad; our public servants, chosen by ourselves, estimated according to the thermometer of its passions or interests; our halls of legislation filled with the declamation of its agents or its debtors; above all, if it shall justify a coalition of political aspi