manner too plainly indicated to admit of a doubt. Thus in the short
period of eight years the popular voice may be regarded as having
successively condemned each of the three schemes of finance to which
I have adverted. As to the first, it was introduced at a time (1816)
when the State banks, then comparatively few in number, had been forced
to suspend specie payments by reason of the war which had previously
prevailed with Great Britain. Whether if the United States Bank charter,
which expired in 1811, had been renewed in due season it would have been
enabled to continue specie payments during the war and the disastrous
period to the commerce of the country which immediately succeeded is, to
say the least, problematical, and whether the United States Bank of 1816
produced a restoration of specie payments or the same was accomplished
through the instrumentality of other means was a matter of some
difficulty at that time to determine. Certain it is that for the first
years of the operation of that bank its course was as disastrous as
for the greater part of its subsequent career it became eminently
successful. As to the second, the experiment was tried with a redundant
Treasury, which continued to increase until it seemed to be the part
of wisdom to distribute the surplus revenue among the States, which,
operating at the same time with the specie circular and the causes
before adverted to, caused them to suspend specie payments and involved
the country in the greatest embarrassment. And as to the third, if
carried through all the stages of its transmutation from paper and
specie to nothing but the precious metals, to say nothing of the
insecurity of the public moneys, its injurious effects have been
anticipated by the country in its unqualified condemnation. What is now
to be regarded as the judgment of the American people on this whole
subject I have no accurate means of determining but by appealing to
their more immediate representatives. The late contest, which terminated
in the election of General Harrison to the Presidency, was decided on