"Messrs. Adair, Alexander, R. Allen, Anderson, Angel, Archer, Barnwell, James Bates, Beardsley Bell, Bergen, Bethune, James Blair, John Blair, Boon, Bouck, Bouldin, John Brodhead, John C. Brodhead, Cambreleng, Chandler, Chinn, Claiborne, Clay, Clayton, Coke, Connor, Davenport, Dayan, Doubleday, Draper, Felder, Ford, Foster, Gaither, Gilmore, Gordon, Griffin, Thomas H. Hall, William Hall, Harper, Hawkins, Hoffman, Holland, Horn, Howard, Hubbard, Isacks, Jarvis, Jewett, Richard M. Johnson, Cave Johnson, Kavanagh, Kennon, Adam King, John King, Lamar, Lansing, Leavitt, Lecompte, Lewis, Lyon, Mann, Mardis, Mason, McCarty, Wm. McCoy, McIntire, McKay, Mitchell, Newnan, Nuckolls, Patton, Pierson, Plummer, Polk, Edward C. Reed, Roane, Soule, Speight, Standifer, John Thompson, Verplanck, Ward, Wardwell, Wayne, Weeks, Campbell, P. White, Worthington.—91."
Such was the result of this attempt, on the part of the government, to exercise the most ordinary right of a stockholder to sell its shares: opposed, insulted, defeated; and by the power of the bank in Congress, of whose members subsequent investigations showed above fifty to be borrowers from the institution; and many to be on the list of its retained attorneys. But this was not the first time the government had been so treated. The same thing had happened once before, and about in the same way; but without the same excuse of persecution and enmity to the corporation; for, it was before the time of General Jackson's Presidency; to wit, in the year 1827, and under the Presidency of Mr. Quincy Adams. Mr. Philip P. Barbour, representative from Virginia, moved an inquiry, at that time, into the expediency of selling the United States stock in the bank: the consideration of the resolution was delayed a week, the time necessary for a communication with Philadelphia. At the end of the week, the resolution was taken up, and summarily rejected. Mr. Barbour had placed his proposition wholly upon the ground of a public advantage in selling its stock, unconnected with any reason disparaging to the bank, and in a way to avoid, as he believed, any opposition. He said:
"The House were aware that the government holds, at this time, stock of the Bank of the United States, to the amount of seven millions of dollars, which stock was at present worth in market about twenty-three and one half per cent. advance above its par value. If the whole of this stock should now be sold by the government, it would net a profit of one million and six hundred thousand dollars above the nominal amount of the stock. Such being the case, he thought it deserved the serious consideration of the House, whether it would not be a prudent and proper measure now to sell out that stock. It had been said, Mr. B. observed, by one of the best writers on political economy, with whom he was acquainted, that the pecuniary affairs of nations bore a close analogy to those of private households: in both, their prosperity mainly depended on a vigilant and effective management of their resources. There is, said Mr. B., an amount of between seventeen and eighteen millions of the stock of the United States now redeemable, and an amount of nine millions more, which will be redeemable next year. If the interest paid by the United States on this debt is compared with the dividend it receives on its stock in the Bank of the United States, it will be found that a small advantage would be gained by the sale of the latter, in this respect; since the dividends on bank stock are received semi-annually, while the interest of the United States' securities is paid quarterly; this, however, he waived as a matter of comparatively small moment. It must be obvious, he said, that the addition of one million six hundred thousand dollars to the available funds of the United States will produce the extinguishment of an equivalent amount of the public debt, and consequently relieve the interest payable thereon, by which a saving would accrue of about one hundred thousand dollars per annum."
This was what Mr. Barbour said, at the time of offering the resolution. When it came up for consideration, a week after, he found his motion not only opposed, but his motives impeached, and the most sinister designs imputed to himself—to him! a Virginian country gentleman, honest and modest; ignorant of all indirection; upright and open; a stranger to all guile; and with the simplicity and integrity of a child. He deeply felt this impeachment of motives, certainly the first time in his life that an indecent imputation had ever fallen upon him; and he feelingly deprecated the intensity of the outrage. He said:
"We shall have fallen on evil times, indeed, if a member of this House might not, in the integrity of his heart, rise in his place, and offer for consideration a measure which he believed to be for the public weal, without having all that he said and did imputed to some hidden motive, and referred to some secret purpose which was never presented to the public eye."
His proposition was put to the vote, and received eight votes besides his own. They were: Messrs. Mark Alexander, John Floyd, John Roane, and himself, from Virginia; Thomas H. Hall, and Daniel Turner, of North Carolina; Tomlinson Foot of Connecticut; Joseph Lecompte, and Henry Daniel, of Kentucky. And this was the result of that first attempt to sell the United States stock in a bank chartered by itself and bearing its name. And now, why resuscitate these buried recollections? I answer: for the benefit of posterity! that they may have the benefit of our experience without the humiliation of having undergone it, and know what kind of a master seeks to rule over them if another national bank shall ever seek incorporation at their hands.