Life and Works of Abraham Lincoln/Volume 3/Perils of Mobocracy
Perils of Mobocracy.
Speech Before the Illinois Legislature Upon a Resolution to Inquire Into the Management of the State Bank.[1]
. . . I now proceed to the resolution. By examination it will be found that the first thirty-three lines, being precisely one third of the whole, relate exclusively to the distribution of the stock by the commissioners appointed by the State. Now, sir, it is clear that no question can arise on this portion of the resolution, except a question between capitalists in regard to the ownership of stock. Some gentlemen have their stock in their hands, while others, who have more money than they know what to do with, want it; and this, and this alone, is the question to settle which we are called on to squander thousands of the people's money. What interest, let me ask, have the people in the settlement of this question? What difference is it to them whether the stock is owned by Judge Smith or Sam Wiggins? If any gentleman be entitled to stock in the bank, which he is kept out of possession of by others, let him assert his right in the Supreme Court, and let him or his antagonist, whichever may be found in the wrong, pay the costs of suit. It is an old maxim, and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people's money being used to pay the fiddler. No one can doubt that the examination proposed by this resolution must cost the State some ten or twelve thousand dollars; and all this to settle a question in which the people have no interest, and about which they care nothing. These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people's money to settle the quarrel. . . .
There are several insinuations in the resolution, which are too silly to require any sort of notice, were it not for the fact that they conclude by saying, "to the great injury of the people at large." In answer to this I would say that it is strange enough that the people are suffering these "great injuries," and yet are not sensible of it! Singular indeed that the people should be writhing under oppression and injury, and yet not one among them to be found to raise the voice of complaint. If the Bank be inflicting injury upon the people, why is it that not a single petion is presented to this body on the subject? If the Bank really be a grievance, why is it that no one of the real people is found to ask redress of it? The truth is, no such oppression exists. If it did, our people would groan with memorials and petitions, and we would not be permitted to rest day or night till we had put it down. The people know their rights, and they are never slow to assert and maintain them, when they are invaded. Let them call for an investigation, and I shall ever stand ready to respond to the call. But they have made no such call. I make the assertion boldly, and without fear of contradiction, that no man who does not hold an office or does not aspire to one has ever found any fault with the Bank. It has doubled the prices of the products of their farms and filled their pockets with a sound circulating medium, and they are all well pleased with its operations. No, sir, it is the politician who is the first to sound the alarm (which, by the way, is a false one). It is he who, by these unholy means, is endeavoring to blow up a storm that he may ride upon and direct. It is he, and he alone, that here proposes to spend thousands of the people's public treasure, for no other advantage to them than to make valueless in their pockets the reward of their industry. Mr. Chairman, this work is exclusively the work of politicians; a set of men who have interests aside from the interests of the people, and who, to say the most of them, are, taken as a mass, at least one long step removed from honest men. I say this with the greater freedom because, being a politician myself, none can regard it as personal. . . .
I am by no means the special advocate of the Bank. I have long thought that it would be well for it to report its condition to the General Assembly, and that cases might occur when it might be proper to make an examination of its affairs by a committee. Accordingly, during the last session, while a bill supplemental to the Bank charter was pending before the House, I offered an amendment to the same, in these words: "The said corporation shall, at the next session of the General Assembly, and at each subsequent General Session, during the existence of its charter, report to the same the amount of debts due from said corporation; the amount of debts due to the same; the amount of specie in its vaults, and an account of all lands then owned by the same, and the amount for which such lands have been taken; and, moreover, if said corporation shall at any time neglect or refuse to submit its books, papers, and all and everything necessary for a full and fair examination of its affairs, to any person or persons appointed by the General Assembly, for the purpose of making such examination, the said corporation shall forfeit its charter."
This amendment was negatived by a vote of 34 to 15. Eleven of the 34 who voted against it are now members of this House; and though it would be out of order to call their names, I hope they will all recollect themselves, and not vote for this examination to be made without authority, inasmuch as they refused to receive the authority when it was within their power to do so.
I have said that cases might occur when an examination might be proper; but I do not believe any such case has now occurred; and if it has, I should still be opposed to making an examination without legal authority. I am opposed to encouraging that lawless and mobocratic spirit, whether in relation to the Bank or anything else, which is already abroad in the land; and is spreading with rapid and fearful impetuosity to the ultimate overthrow of every institution, of every moral principle, in which persons and property have hitherto found security.
But supposing we had the authority, I would ask what good can result from the examination? Can we declare the Bank unconstitutional, and compel it to desist from the abuses of its power, provided we find such abuses to exist? Can we repair the injuries which it may have done to individuals? Most certainly we can do none of these things. Why, then, shall we spend the public money in such employment? Oh, say the examiners, we can injure the credit of the Bank, if nothing else. Please tell me, gentlemen, who will suffer most by that? You cannot injure, to any extent, the stockholders. They are men of wealth—of large capital; and consequently, beyond the power of malice. But by injuring the credit of the Bank you will depreciate the value of its paper in the hands of the honest and unsuspecting farmer and mechanic, and that is all you can do. But suppose you could effect your whole purpose; suppose you could wipe the Bank from existence, which is the grand ultimatum of the project, what would be the consequence? Why, sir, we should spend several thousand dollars of the public treasure in the operation, annihilate the currency of the State; render valueless in the hands of our people that reward of their former labors; and finally, be once more under the comfortable obligation of paying the Wiggins loan, principal and interest.
- ↑ This speech appeared in the Vandalia Free Press sometime in January, 1837. It was copied by the Sangamon Journal of January 28, 1837. It is here given in part, the omitted portions dealing largely with local and transitory conditions.