waters; ten millions of which are loaned on the discount of bills of exchange, foreign and domestic, and twenty millions on promissory notes.  Now, Sir, how is it possible that this vast amount can be collected in so short a period without suffering, by any management whatever?  We are to remember, that, when the collection of this debt begins, at that same time the existing medium of payment, that is, the circulation of the bills of the bank, will begin also to be restrained and withdrawn; and thus the means of payment must be limited just when the necessity of making payment becomes pressing.  The whole debt is to be paid, and within the same time the whole circulation withdrawn.

The local banks, where there are such, will be able to afford little assistance; because they themselves will feel a full share of the pressure.  They will not be in a condition to extend their discounts, but, in all probability, obliged to curtail them.  Whence, then, are the means to come for paying this debt? and in what medium is payment to be made?  If all this may be done with but slight pressure on the community, what course of conduct is to accomplish it?  How is it to be done?  What other thirty millions are to supply the place of these thirty millions now to be called in?  What other circulation or medium of payment is to be adopted in the place of the bills of the bank?  The message, following a singular train of argument, which had been used in this house, has a loud lamentation upon the suffering of the Western States on account of their being obliged to pay even interest on this debt.  This payment of interest is itself represented as exhausting their means and ruinous to their prosperity.  But if the interest cannot be paid without pressure, can both interest and principal be paid in four years without pressure?  The truth is, the interest has been paid, is paid, and may continue to be paid, without any pressure at all; because the money borrowed is profitably employed by those who borrow it, and the rate of interest which they pay is at least two per cent lower than the actual value of money in that part of the country.  But to pay the whole principal in less than four years, losing, at the same time, the existing and accustomed means and facilities of payment created by the bank itself, and to do this without extreme embarrassment, without absolute distress, is, in my judgment, impossible.  I hesitate not to say, that, as this veto travels to the West, it will depreciate the value of every man’s property from the Atlantic States to the capital of Missouri.  Its effects will be felt in the price of lands, the great and leading article of Western property, in the price of crops, in the products of labor, in the repression of enterprise, and in embarrassment to every kind of business and occupation.  I state this opinion strongly, because I have no doubt of its truth, and am willing its correctness should be judged by the event.  Without personal acquaintance