His argument proceeded on the truest economical and commercial principles, and was, indeed, unanswerable.

He then took his stand as the foe of irredeemable paper, whether in war or peace, and of wild, unrestrained banking, a position from which he never wavered, and in support of which he rendered to the country some of his best service as a public man.

The bill was defeated by the casting vote of the Speaker.

When the result was announced, Mr.Calhoun was utterly overwhelmed.

He cared little for the bank but deeply for the government, which, as it was not known that peace had been made, seemed to be on the verge of ruin.