Mr. President, no one needs to point out inconsistencies plain and striking as these. The message of 1830 is a well-written paper; it proceeded, probably, from the cabinet proper. Whence the veto message of 1832 proceeded, I know not; perhaps from the cabinet improper.
But, Sir, there is an important record of an earlier date than 1830. If, as the President avers, we have been guilty of improvident legislation, what act of Congress is the most striking instance of that improvidence? Certainly it is the act of 1824. The principle of protection, repeatedly recognized before that time, was, by that act, carried to a new and great extent; so new and so great, that the act was considered as the foundation of the system. That law it was which conferred on the distinguished citizen, whose nomination for President this meeting has received with so much enthusiasm, (Mr. Clay,) the appellation of the “Author of the American System.” Accordingly, the act of 1824 has been the particular object of attack, in all the warfare waged against the protective policy. If Congress ever abandoned legitimate objects of legislation in favor of protection, it did so by that law. If any laws now on the statute-book, or which ever were there, show, by their character as laws of protection, that our government is not what it ought to be, and that it ought to be altered, and, in the language of the veto message, made what it ought to be, the law of 1824 is the very law which, more than any and more than all others, makes good that assertion. And yet, Sir, the President of the United States, then a Senator in Congress, voted for that law! And, though I have not recurred to the journal, my recollection is, that, as to some of its provisions, his support was essential to their success. It will be found, I think, that some of its enactments, and those now most loudly complained of, would have failed, but for his own personal support of them by his own vote.
After all this, it might have been hoped that there would be, in 1832, some tolerance of opinion toward those who cannot 245 think that improvidence, abandonment of all the legitimate objects of legislation, a desire to gratify the rich, who have besought Congress to make them still richer, and the adoption of principles unequal, oppressive, and odious, are the true characteristics to be ascribed to the system of protection.
But, Sir, it is but a small part of my object to show inconsistencies in executive opinions. My main purpose is different, and tends to more practical ends. It is, to call the attention of the meeting, and of the people, to the principles avowed in the late message as being the President’s present opinions, and proofs of his present purposes, and to the consequences, if they shall be maintained by the country. These principles are there expressed in language which needs no commentary. They go, with a point-blank aim, against the fundamental stone of the protective system; that is to say, against the constitutional power of Congress to establish and maintain that system, in whole or in part. The question, therefore, of the tariff, the question of every tariff, the question between maintaining our agricultural and manufacturing interests where they now are, and breaking up the entire system, and erasing every vestige of it from the statute book, is a question materially to be affected by the pending election.
The President has exercised his NEGATIVE power on the law for continuing the bank charter. Here, too, he denies both the constitutionality and the policy of an existing law of the land. It is true that the law, or a similar one, has been in operation nearly forty years. Previous Presidents and previous Congresses have, all along, sanctioned and upheld it. The highest courts, and indeed all the courts, have pronounced it constitutional. A majority of the people, greater than exists on almost any other question, agrees with all the Presidents, all the Congresses, and all the courts of law. Yet, against all this weight of authority, the President puts forth his own individual opinion, and has negatived the bill for continuing the law. Which of the members of his administration, or whether any one of them, concur in his sentiments, we know not. Some of them, we know, have recently advanced precisely the opposite opinions, and in the strongest manner recommended to Congress the continuation of the bank charter. Having himself urgently and repeatedly 246 called the attention of Congress to the subject, and his Secretary of the Treasury—who, and all the other secretaries, as the President’s friends say, are but so many pens in his hand—having, in his communication to Congress, at this very session, insisted both on the constitutionality and necessity of the bank, the President nevertheless saw fit to negative the bill, passed, as it had been, by strong majorities in both Houses, and passed, without doubt or question, in compliance with the wishes of a vast majority of the American people.
The question respecting the constitutional power of Congress to establish a bank, I shall not here discuss. On that, as well as on the general expediency of renewing the charter, my opinions have been elsewhere expressed. They are before the public, and the experience of every day confirms me in their truth. All that has been said of the embarrassment and distress which will be felt from discontinuing the bank falls far short of an adequate representation. What was prophecy only two months ago is already history.
In this part of the country, indeed, we experience this distress and embarrassment in a mitigated degree. The loans of the bank are not so highly important, or at least not so absolutely necessary, to the present operations of our commerce; yet we ourselves have a deep interest in the subject, as it is connected with the general currency of the country, and with the cheapness and facility of exchange.
The country, generally speaking, was well satisfied with the bank. Why not let it alone? No evil had been felt from it in thirty-six years. Why conjure up a troop of fancied mischiefs, as a pretence to put it down? The message struggles to excite prejudices, from the circumstance that foreigners are stockholders; and on this ground it raises a loud cry against a moneyed aristocracy. Can any thing, Sir, be conceived more inconsistent than this? any thing more remote from sound policy and good statesmanship? In the United States the rate of interest is high, compared with the rates abroad. In Holland and England, the actual value of money is no more than three, or perhaps three and a half, per cent. In our Atlantic States, it is as high as five or six, taking the whole length of the seaboard; in the Northwestern States, it is eight or ten, and in the Southwestern ten or twelve. If the introduction, then, of foreign capital 247 be discountenanced and discouraged, the American moneylender may fix his own rate anywhere from five to twelve per cent. per annum. On the other hand, if the introduction of foreign capital be countenanced and encouraged, its effects to keep down the rate of interest, and to bring the value of money in the United States so much the nearer to its value in older and richer countries. Every dollar brought from abroad, and put into the mass of active capital at home, by so much diminishes the rate of interest; and by so much, therefore, benefits all the active and trading classes of society, at the expense of the American capitalist. Yet the President’s invention, for such it deserves to be called, that which is to secure us against the possibility of being oppressed by a moneyed aristocracy, is to shut the door and bar it safely against all introduction of foreign capital!
Mr. President, what is it that has made England a sort of general banker for the civilized world? Why is it that capital from all quarters of the globe accumulates at the centre of her empire, and is thence again distributed? Doubtless, Sir, it is because she invites it, and solicits it. She sees the advantage of this; and no British minister ever yet did a thing so rash, so inconsiderate, so startling, as to exhibit a groundless feeling of dissatisfaction at the introduction or employment of foreign capital.