244 CONGRESSIONAL PROCEEDINGS. 



Mr. Linn considered the whole thing as a direct attack 

 upon the credit of the States. Here was an act of Con- 

 gress, implj'ing on the very face of it a discredit of State 

 stocks. Was not this calculated to depress State stocks, 

 both in the home and foreign markets ? 



Mr. Evans observed that it was the standing of the State 

 stocks in those markets which had called for the amend- 

 ment of the act of 1838. 



Mr. Linn called the attention of the Senate to this fact ; 

 that the Democratic party, during the last political struggle 

 of the party now administering the Government to get 

 into power, had been slandered, vilified, and abused, with 

 the most unfounded charges of designs to discredit the 

 States of this Union. The Democratic party had been de- 

 nounced from one end of the Union to the other for hav- 

 ing prostrated the whole credit system. They were pro- 

 nounced traitors to their country, and a continued stream 

 of vituperation was poured out upon them from June, 1839, 

 to the close of the Presidential election, with a view of 

 enlisting the prejudices of every one connected with State 

 stocks against the' continuation of the Democracy in power. 

 Yet, what spectacle do we now see presented to the coun- 

 try ? What but that to be expected from the Whig party, 

 which had so notoriously proved to the world that their 

 professions out of power were one thing, and their per- 

 formances in power quite another and a ditferent thing ? 

 Now that they have the first opportunity, they ofier the 

 most outrageous, treacherous, and fatal stab to the State 

 Btock credit system, that ever was attempted by any rep- 

 resentatives of the people or the States. But he was glad 

 the gentleman had shown the true character of their pro- 

 fessions contrasted with their performances. 



Mr. Woodbury considered there were other things which 

 ought to be taken in view. Besides the fatal stab thus 

 ofiered to the credit of State stocks, the institution itself 

 might be deprived of the advantage of investing its funds 

 in stock no less secure than United States stock, though 

 for temporary causes depreciated, but sometimes yielding 

 an opportunity of purchase at 60 or 65, when United States 

 stock might be at more than 100. 



Mr. Clay said the relation between the Government and 

 the States, of the latter being debtors to the former, ought 

 always to be avoided ; for what means could be used to 

 coerce the States if they refused to pay ? We had stocks 

 of our own, in which this trust fund of the Government 

 could be invested. He should prefer the adoption of this 



