Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-07-14

craven when her own Interests o'S -
Svnonsis Of Mr.. WEBsTER's Speech IN Inc
Senate, in oposition to the Presidents 'e'o ="
the Bank Bill. :,
NJ Webster took the floor. and in speech oil
something n,ure than an hour IN lensth, eAa"'"
ed and commented upon the contents OF the mes
sage; upon which he presented to the Senate. t o'e
full and franz expression OF ms "pihi"h' us
he said, was due to the President, as wen as t,o
country. on the present OCCASION 30 'at n'"
eva,ling the question. the President had gwen
clear expression of his own Judgment, that, under
mn circumstances, now, or hereafter. should hS
anprbation ever be given to any bill Tor The re-
newal of the charter Of the present Bank. or Tor
the constitution of any similar one. Nappearea
TO him, Mr.. w. said, that we are now approach
ing, a crisis not only equally dangerous, out
equally likely to be embarrassed. DISASTROUS anu
distressing, as any that has occurred unuer 'his
Government 1t was now certain, that' without
change in the public councils, the charter OF 'ne
Rank of the United States would be suffered 10
expre. by its own limitation. Within three years
and nine months. (hs remainder Of Its term) ar
engagements would have TO be made for calling IN
its debts, Withdrawing itspoies from circuiati"n'
and ceasing its operations. AL this would nave
10 be done within that period: Tor, although, by
IT. III
further time for the collection of Its debts, &c.
vet after the expiration of its term. it can issue
no new PAPER, nor answer any of the purposes OF
bank of discount. He said it behooved all who
were interested in public affairs, without exagge.
ration on the one side. or delusion on the other,
| 70 prepare themselves to meet the Crisis lie then
went on TO show the great Importance of the pre-
sent question more especially to the States con-
nec,ed with the waters Of the Mississippi, with.
in whose limits thirty millions ct active capital
/ had been furnished for business by the Bank. -
He drew apiclure of the consequences likely to
How from, all thi. facility being withdrawn with
in four years and Of the deep distress which must
! inc yitablv follow its withdrawal To the people
of the United States, he said, 1t was now plainly
put. whether, in one way, and IN one way only'
(tor the message left no aternative) this evi was
to be avoided. Mr.. w. then proceeded with
some remarks upon the Presidents objections TO
! the bill.
| The first which he adverted to was the o5}sc-
ton to the application oi the Bank for the renew
n, uf its charter, on the ground tnat IT WAS pre-
mature. so lac from the objection being just
one, he SAID that the time of che appi'ati"n was
the latest .iiay al nhich the Bank. cnud, with
anv ju,r,e 80 me public, or anS regard % ire IN
trre,t q! the >tnr kh0lder>, come forward. ~ me
question, whether ITS charter WAS io be renewed
or nnt, wa. at all doubtful. Alter adverios to,
the uuduupttti night of Congress to exercise a
discretion a, TO the time at which they Mould act
upon tnls subject, he said il neither Congress
nor the Bank that had Fl ST asirated The question;
for that the Executive had not Oniv nuce, bu'
twice, and thrice, called on Congress To act upon
the subject. He argued that 1t could not be pre-
mature. in 1852, tn do that which the President
had invited them to do as far back as December,
Al
in which, he said, this remark might have been,
spared; he meant in reference to those States of
the Union extremely interested IN this measure.
and which had instructed, unanimously, their
representatives, not only to vote for the renewal
of the charter of the Bank, but to vote ior II now
at this present session. But, he added. why
disguise the fact? Tins was a question on which
il was very interesting To all the People to Know
what were the opinions OF the public servants
The time had come when the people bad right
to know how their servants, from the highest to
the lowest, intended to act upon this matter 1t
was, therefore, proper that the subject should be
acted upon at the present session. The result
proved it. No one could doubt. after reading
| this message, that the question had been asitaed
not moment too early. The election OF Chief
Magistrate was about to take place; doubt had
existed as to what was the opinion of the present
4
proper and expedient, that that doubt should be
resolved? In this view, the message, he said,
so far from proving the application OF the Bank
at this session to have been premature, carried on
its face the proof Of its being indispensable. The
very fact of the constitutional objections Of the
President to the Bank. and that, under his au
spices, 40 such Bank could ever be rechar,ered
or created, demonstrated the necessity of action
upon it ut the present session.
lie touched, also, upon another suggestion of
the message in relation to the prematurity of the
application; which was, that it would be the fault
OF the Bank il its affairs were not wound up with
in the period of its charter. This, he said.
would be impossible, unless the Bank were 60
verned by angels instead Of men. Ii the inter-
est paid by the people OF the Western States was
as heavy drain upon them as represented by
the message. how much heavier drain, he urg-
ed, would that be, which, within four years,
would draw from them, not only this interest,
=, bat the principal upon which the interest was
paid? He enlarged upon the circumstances Of
the Western country, which made money more
valuable there than 10 the Atlantic States, and
on the distress which would BIZ produced by with.