TWENTY-SEVENTH CONGRESS, 1841-1843. 223 



vilified, and abused with the most unfounded charges of designs to 

 discredit the States of this Union. The Democratic party had been 

 denounced from one end of the Union to the other for having pros- 

 trated the whole credit system. They were pronounced 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 everj^ one connected with 

 State stocks against the continuation of the Democracy in power. 

 Yet, what spectacle do we now see presented to the countr}'':! 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 performances in power quite another and a different 

 thing? Now that they have the first opportunity, they offer the most 

 outrageous, treacherous, and fatal stab to the State stock credit sys- 

 tem that ever was attempted by any representatives of the people or 

 the States. But he was glad the gentleman had shown the true char- 

 acter of their professions contrasted with their performances. 



Mr. Levi Woodbury considered there were other things which 

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

 ernment could be invested. He should prefer the adoption of this 

 principle, that in all cases of trust funds an account should be opened 

 with the Government of the United States, and that the fund should 

 be held in the Treasury, and it pay an annual interest on it until its 

 object was accomplished. He regarded this Smithsonian fund as a 

 sacred trust which the Government would be bound to restore if it 

 should ever be lost; and that being the case — the Government being 

 responsible for them — it would be better that they should remain in 

 the Treasury, under our charge. 



Mr. Benjamin Tappan was understood to concur in this opinion, and 

 after some further remarks by Mr. Woodbury, Mr. Calhoun, and 

 Mr. Sevier the amendment was engrossed, the bill read a third time, 

 and passed. 



On motion of Mr. Evans, its title was amended so as to be, in effect, 

 "an act to repeal a part of the sixth section of the act for the support 

 of the Military Academy of the United States for 1838, and for other 

 purposes. " 



