The Papers and Writings of Abraham Lincoln, Complete

by Abraham Lincoln

I now proceed to the resolution. By examination it will be found that the first thirty-three lines, being precisely one third of the whole, relate exclusively to the distribution of the stock by the commissioners appointed by the State. Now, Sir, it is clear that no question can arise on this portion of the resolution, except a question between capitalists in regard to the ownership of stock. Some gentlemen have their stock in their hands, while others, who have more money than they know what to do with, want it; and this, and this alone, is the question, to settle which we are called on to squander thousands of the people's money. What interest, let me ask, have the people in the settlement of this question? What difference is it to them whether the stock is owned by Judge Smith or Sam Wiggins? If any gentleman be entitled to stock in the Bank, which he is kept out of possession of by others, let him assert his right in the Supreme Court, and let him or his antagonist, whichever may be found in the wrong, pay the costs of suit. It is an old maxim, and a very sound one, that he that dances should always pay the fiddler. Now, Sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people's money being used to pay the fiddler. No one can doubt that the examination proposed by this resolution must cost the State some ten or twelve thousand dollars; and all this to settle a question in which the people have no interest, and about which they care nothing. These capitalists generally act harmoniously and in concert, to fleece the people, and now that they have got into a quarrel with themselves we are called upon to appropriate the people's money to settle the quarrel.

I leave this part of the resolution and proceed to the remainder. It will be found that no charge in the remaining part of the resolution, if true, amounts to the violation of the Bank charter, except one, which I will notice in due time. It might seem quite sufficient to say no more upon any of these charges or insinuations than enough to show they are not violations of the charter; yet, as they are ingeniously framed and handled, with a view to deceive and mislead, I will notice in their order all the most prominent of them. The first of these is in relation to a connection between our Bank and several banking institutions in other States. Admitting this connection to exist, I should like to see the gentleman from Coles, or any other gentleman, undertake to show that there is any harm in it. What can there be in such a connection, that the people of Illinois are willing to pay their money to get a peep into? By a reference to the tenth section of the Bank charter, any gentleman can see that the framers of the act contemplated the holding of stock in the institutions of other corporations. Why, then, is it, when neither law nor justice forbids it, that we are asked to spend our time and money in inquiring into its truth?

The next charge, in the order of time, is, that some officer, director, clerk or servant of the Bank, has been required to take an oath of secrecy in relation to the affairs of said Bank. Now, I do not know whether this be true or false—neither do I believe any honest man cares. I know that the seventh section of the charter expressly guarantees to the Bank the right of making, under certain restrictions, such by-laws as it may think fit; and I further know that the requiring an oath of secrecy would not transcend those restrictions. What, then, if the Bank has chosen to exercise this right? Whom can it injure? Does not every merchant have his secret mark? and who is ever silly enough to complain of it? I presume if the Bank does require any such oath of secrecy, it is done through a motive of delicacy to those individuals who deal with it. Why, Sir, not many days since, one gentleman upon this floor, who, by the way, I have no doubt is now ready to join this hue and cry against the Bank, indulged in a philippic against one of the Bank officials, because, as he said, he had divulged a secret.

Immediately following this last charge, there are several insinuations in the resolution, which are too silly to require any sort of notice, were it not for the fact that they conclude by saying, "to the great injury of the people at large." In answer to this I would say that it is strange enough, that the people are suffering these "great injuries," and yet are not sensible of it! Singular indeed that the people should be writhing under oppression and injury, and yet not one among them to be found to raise the voice of complaint. If the Bank be inflicting injury upon the people, why is it that not a single petition is presented to this body on the subject? If the Bank really be a grievance, why is it that no one of the real people is found to ask redress of it? The truth is, no such oppression exists. If it did, our people would groan with memorials and petitions, and we would not be permitted to rest day or night, till we had put it down. The people know their rights, and they are never slow to assert and maintain them, when they are invaded. Let them call for an investigation, and I shall ever stand ready to respond to the call. But they have made no such call. I make the assertion boldly, and without fear of contradiction, that no man, who does not hold an office, or does not aspire to one, has ever found any fault of the Bank. It has doubled the prices of the products of their farms, and filled their pockets with a sound circulating medium, and they are all well pleased with its operations. No, Sir, it is the politician who is the first to sound the alarm (which, by the way, is a false one.) It is he, who, by these unholy means, is endeavoring to blow up a storm that he may ride upon and direct. It is he, and he alone, that here proposes to spend thousands of the people's public treasure, for no other advantage to them than to make valueless in their pockets the reward of their industry. Mr. Chairman, this work is exclusively the work of politicians; a set of men who have interests aside from the interests of the people, and who, to say the most of them, are, taken as a mass, at least one long step removed from honest men. I say this with the greater freedom, because, being a politician myself, none can regard it as personal.

Again, it is charged, or rather insinuated, that officers of the Bank have loaned money at usurious rates of interest. Suppose this to be true, are we to send a committee of this House to inquire into it? Suppose the committee should find it true, can they redress the injured individuals? Assuredly not. If any individual had been injured in this way, is there not an ample remedy to be found in the laws of the land? Does the gentleman from Coles know that there is a statute standing in full force making it highly penal for an individual to loan money at a higher rate of interest than twelve per cent? If he does not he is too ignorant to be placed at the head of the committee which his resolution purposes and if he does, his neglect to mention it shows him to be too uncandid to merit the respect or confidence of any one.

But besides all this, if the Bank were struck from existence, could not the owners of the capital still loan it usuriously, as well as now? whatever the Bank, or its officers, may have done, I know that usurious transactions were much more frequent and enormous before the commencement of its operations than they have ever been since.

The next insinuation is, that the Bank has refused specie payments. This, if true is a violation of the charter. But there is not the least probability of its truth; because, if such had been the fact, the individual to whom payment was refused would have had an interest in making it public, by suing for the damages to which the charter entitles him. Yet no such thing has been done; and the strong presumption is, that the insinuation is false and groundless.

From this to the end of the resolution, there is nothing that merits attention—I therefore drop the particular examination of it.

By a general view of the resolution, it will be seen that a principal object of the committee is to examine into, and ferret out, a mass of corruption supposed to have been committed by the commissioners who apportioned the stock of the Bank. I believe it is universally understood and acknowledged that all men will ever act correctly unless they have a motive to do otherwise. If this be true, we can only suppose that the commissioners acted corruptly by also supposing that they were bribed to do so. Taking this view of the subject, I would ask if the Bank is likely to find it more difficult to bribe the committee of seven, which, we are about to appoint, than it may have found it to bribe the commissioners?

(Here Mr. Linder called to order. The Chair decided that Mr. Lincoln was not out of order. Mr. Linder appealed to the House, but, before the question was put, withdrew his appeal, saying he preferred to let the gentleman go on; he thought he would break his own neck. Mr. Lincoln proceeded:)