Speech of Waddy Thompson of South Carolina On the Presidents Annual Message to

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Speech of Waddy Thompson of South Carolina On the Presidents Annual Message to
Thompson, Waddy, 1798-1868
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That itself was regarded by most men who were best informed as a trial which the banks could not stand ; but they did. Yes, sir, and more. The Secretary of the Treasury, instead of allowing eighteen months for this tremendous operation, actually executed it in six months. I will not say, as some of his present friends have said, that it was done to defeat the salutary eflects of the measure. But he did it; and, to the astonishment of every one, the banks sustained themselves under this terrible... trial, and paid over at once about forty millions. No man would, a priori, have said that it was possible. This is not all. At the period of the suspension, in 1837, the banks held on account of the Government twenty-three millions. Congress granted thcin indulgence for eighteen months. They paid all but about two millions in less than six months — refusing to avai! themselves of your indulgence — and have secured, as the Secretary tells us, all the balance. If this be faithlessness and fraud, commend me to faithlessness and fraud for the balance of my life.

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