104 PHILOSOPHICAL SOCIETY OF WASHINGTON. 
Jackson and Secretary Woodbury were opposed fo this proposition, 
as the withdrawal of public moneys would deprive the State banks 
of the deposits, and would be likely to increase the financial troubles. 
A bill to distribute the surplus was, however, introduced in the-« 
Senate, and passed by a vote of 25 to 20. It was evident that this 
bill could not pass the House, as a majority of its members con- 
sidered the bill, in the form of a distribution, as unconstitutional. 
The friends of the measure in the Senate determined to change its 
form so as to remove the difficulty. A bill then pending in the 
Senate was so amended as to change the proposition for distribu- 
tion to a proposition for deposit with the States, and in this form it 
passed the Senate, and subsequently the House by a large majority, 
155 to 38. 
This act of June 23, 1836, provided for the deposit with the 
treasurers of the several States of 37 millions ($37,468,859) in four 
instalments during the year 1837—the Secretary of the Treasury 
to receive certificates of deposit therefor signed by competent au- 
thority, in such form as he should prescribe, which certificates | 
should express the usual legal obligation, and pledge the faith of | 
the State for the safe keeping and repayment of the deposit, from : 
time to time, whenever the same should be required. ‘The first three 
installments were deposited. Before the last installment, payable 
on the Ist day of October, was transferred, a series of financial dis- 
asters culminated in the crisis of 1837, and there was no surplus to 
deposit. Further legislation was deemed necessary in this emer- 
gency, and an extra session of Congress was called by President 
Van Buren. During this session, on September 11, 1837, a bill was 
reported from the Finance Committee of the Senate, providing that 
the transfer of the fourth installment should be indefinitely post- 
poned. The opposition to this bill was persistent, and there was a 
long debate, which was participated in by Webster, Clay, Calhoun, 
Buchanan, Benton, Silas Wright, Caleb Cushing, and others of the 
Senate; and in the House by Adams, Fillmore and Sibley of New 
York, Bell of Tennessee, Wise of Virginia, and many others. 
A bill was finally passed, providing for the postponement of the 
deposit of the fourth installment until January 1, 1839. It passed 
the House by a vote of 119 to 117, and contained ‘an amendment 
proposed by Mr. Buchanan, providing that the deposits should not 
be subject to the requisition of the Secretary of the Treasury, but 
should remain until called for by Congress. On the 1st of Jan- 
