6. At a time, and under circumstances, to involve the political rights and pecuniary interests of the people of the United States in serious injury and peculiar danger.—This head of his argument, Mr. B. said, would require a development and detail which he had not deemed necessary at this time, considering what had been said by him at the last session, and what would now be said by others, to give the reasons which he had so briefly touched. But at this point he approached new ground; he entered a new field; he saw an extended horizon of argument and fact expand before him, and it became necessary for him to expand with his subject. The condemnation of the President is indissolubly connected with the cause of the bank! The first form of the resolution exhibited the connection; the second form did also; every speech did the same; for every speech in condemnation of the President was in justification of the bank; every speech in justification of the President was in condemnation of the bank; and thus the two objects were identical and reciprocal. The attack of one was a defence of the other; the defence of one was the attack of the other. And thus it continued for the long protracted period of nearly one hundred days—from December 26th, 1833, to March 28th, 1834—when, for reasons not explained to the Senate, upon a private consultation among the friends of the resolution, the mover of it came forward to the Secretary's table, and voluntarily made the alterations which cut the connection between the bank and the resolution! but it stood upon the record, by striking out every thing relative to the dismissal of Mr. Duane, the appointment of Mr. Taney, and the removal of the deposits. But the alteration was made in the record only. The connection still subsisted in fact, now lives in memory, and shall live in history. Yes, sir, said Mr. B., addressing himself to the President of the Senate; yes, sir, the condemnation of the President was in indissolubly connected with the cause of the bank, with the removal of the deposits, the renewal of the charter, the restoration of the deposits, the vindication of Mr. Duane, the rejection of Mr. Taney, the fate of elections, the overthrow of Jackson's administration, the fall of prices, the distress meetings, the distress memorials, the distress committees, the distress speeches; and all the long list of hapless measures which astonished, terrified, afflicted, and deeply injured the country during the long and agonized protraction of the famous panic session. All these things are connected, said Mr. B.; and it became his duty to place a part of the proof which established the connection before the Senate and the people.
Mr. B. then took up the appendix to the report made by the Senate's Committee of Finance on the bank, commonly called Mr. Tyler's report, and read extracts from instructions sent to two-and-twenty tranches of the bank, contemporaneously with the progress of the debate on the criminating resolutions; the object and effect of which, and their connection with the debate in the Senate, would be quickly seen. Premising that the bank had dispatched orders to the same branches, in the month of August, and had curtailed $4,066,000, and again, in the month of October, to curtail $5,825,000, and to increase the rates of their exchange, and had expressly stated in a circular, on the 17th of that month, that this reduction would place the branches in a position of entire security, Mr. B. invoked attention to the shower of orders, and their dates, which he was about to read. He read passages from page 77 to 82, inclusive. They were all extracts of letters from the president of the bank in person, to the presidents of the branches; for Mr. B. said it must be remembered, as one of the peculiar features of the bank attack upon the country last winter, that the whole business of conducting this curtailment, and raising exchanges, and doing whatever it pleased with the commerce, currency, and business of the country, was withdrawn from the board of directors, and confided to one of those convenient committees of which the president is ex officio member and creator; and which, in this case, was expressly absolved from reporting to the board of directors! The letters, then, are all from Nicholas Biddle, president, and not from Samuel Jaudon, cashier, and are addressed direct to the presidents of the branch banks.
When Mr. B. had finished reading these extracts, he turned to the report made by the senator from Virginia, who sat on his right [Mr. Tyler], where all that was said about these new measures of hostility, and the propriety of the bank's conduct in this third curtailment, and in its increase upon rates of exchange, was compressed into twenty lines, and the wisdom or necessity of them were left to be pronounced upon by the judgment of the Senate. Mr. B. would read those twenty lines of that report:
"The whole amount of reduction ordered by the above proceedings (curtailment ordered on 8th and 17th of October) was $5,825,906. The same table, No. 4, exhibits the fact, that on the 23d of January a further reduction was ordered to the amount of $3,320,000. This was communicated to the offices in letters from the president, stating 'that the present situation of the bank, and the new measures of hostility which are understood to be in contemplation, make it expedient to place the institution beyond the reach of all danger; for this purpose, I am directed to instruct your office to conduct its business on the following footing' (appendix, No. 9, copies of letters). The offices of Cincinnati, Louisville, Lexington, St. Louis, Nashville, and Natchez, were further directed to confine themselves to ninety days' bills on Baltimore, and the cities north of it, of which they were allowed to purchase any amount their means would justify: and to bills on New Orleans, which they were to take only in payment of pre-existing debts to the bank and its offices; while the office at New Orleans was directed to abstain from drawing on the Western offices, and to make its purchases mainly on the North Atlantic cities. The committee has thus given a full, and somewhat elaborate detail of the various measures resorted to by the bank, from the 13th of August, 1833; of their wisdom and necessity the Senate will best be able to pronounce a correct judgment."
This, Mr. B. said, was the meagre and stinted manner in which the report treated a transaction which he would show to be the most cold-blooded, calculating, and diabolical, which the annals of any country on this side of Asia could exhibit.
[Mr. Tyler here said there were two pages on this subject to be found at another part of the report, and opened the report at the place for Mr. B.]
Mr. B. said the two pages contained but few allusions to this subject, and nothing to add to or vary what was contained in the twenty lines he had read. He looked upon it as a great omission in the report; the more so as the committee had been expressly commanded to report upon the curtailments and the conduct of the bank in the business of internal exchange. He had hoped to have had searching inquiries and detailed statements of facts on these vital points. He looked to the senator from Virginia [Mr. Tyler] for these inquiries and statements. He wished him to show, by the manner in which he would drag to light, and expose to view, the vast crimes of the bank, that the Old Dominion was still the mother of the Gracchi; that the Old lady was not yet forty-five; that she could breed sons! Sons to emulate the fame of the Scipios. But he was disappointed. The report was dumb, silent, speechless, upon the operations of the bank during its terrible campaign of panic and pressure upon the American people. And now he would pay one instalment of the speech which had been promised some time ago on the subject of this report; for there was part of that speech which was strictly applicable and appropriate to the head he was now discussing.
Mr. B. then addressed himself to the senator from Virginia, who sat on his right [Mr. Tyler], and requested him to supply an omission in his report, and to inform what were those new measures of hostility alluded to in the two-and-twenty letters of instruction of the bank, and repeated in the report, and which were made the pretext for this third curtailment, and these new and extraordinary restrictions and impositions upon the purchase of bills of exchange.
[Mr. Tyler answered that it was the expected prohibition upon the receivability of the branch bank drafts in payment of the federal revenue.]
Mr. B. resumed: The senator is right. These drafts are mentioned in one of the circular letters, and but one of them, as the new measure understood to be in contemplation, and which understanding had been made the pretext for scourging the country. He (Mr. B.) was incapable of a theatrical artifice—a stage trick—in a grave debate. He had no question but that the senator could answer his question, and he knew that he had answered it truly; but he wanted his testimony, his evidence, against the bank; he wanted proof to tie the bank down to this answer, to this pretext, to this thin disguise for her conduct in scourging the country. The answer is now given; the proof is adduced; and the apprehended prohibition of the receivability of the branch drafts stands both as the pretext and the sole pretext for the pressure commenced in January, the doubling the rates of exchange, breaking up exchanges between the five Western branch banks, and concentrating the collection of bills of exchange upon four great commercial cities.