Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1834-03-06
CONGRESSIONAL DEBATE.
IN sENATE-rsrpr.r, -, isSI

Portland suti ct BNsSor. Maine. GA TIE -thICSt 81
the dorzng,-d curr,.nry snd Distress &c the conn
dcpositrs iton the iIsnk ii tLc tnii,d States,
10 aug u,,,l,r confederation
Mr.. WEBSTER rose. and addressed the
Senate as follows
MIR. President; The honorable member
from Georgia stated yesterday, more distinct
y than hav- before learned Il, what that
experiment is, which the Government - now
trying ON the revenues and the currency. and
may add, on the commerce, Manufacturer
and agriculture, Of this country. II rightly
apprt lac nd him, this experiment II an attic mpt
fo return To an exclusive specie currency
first by being able. through the agenc, of the
State Banks, 10 dispense with any Bank Of
tho United States, aud then To supc rcedc tho
use 81 the State Banks themselves
u would bc to our everlasting reproach-
u would be placing Va below the general lev.
al of the Intelligence of civilized State.-to
admit that We cannot cohiri,e means 10 en-
Joy tho benefits of Bank circulation, aud Of
avoiding, AT the same time. IT, dangers. In-
deed, >ir, no contrissncc i. nscos,ary. n IS
confluence, and the love of cOulriyance, that
spoIls all. We are destroying ourselves b.,
a remedy which no evil called for. VIC are
running perfect he alth BY nosiruuns and guaok-
cry. We have lived hitherto. under n well
constructed, practical, and benc6cisl sysicm-
system not surpassed by any IA .he world, *
! 1t seems 10 me 20 be prcsumins largely. large
ly indeed, on the crcduliiy aud the self-deni-
al OF the People, 10 rush, with such sudden
and impetuous haste, into new schemes, and
new theories, 10 overturn and annihilate an
that We have so long found uscfu
avo~ myself, therefore, decidedly against
the object Of a return TO an exclusive specie
currency. lind gro at difficulty, I confess, in
believing any man serious IN avo~ ing such an
object; II seems TO me rather a subject for
r'dicuie, al this sge OF the world. than for So
Der argument But lift be true, that any are
| serious, for the return Of the gold and silver
age, am seriously against IT.
Let US, sir, anticipate, IN our Imagination
the accomplishment of this grand experiment.
Let us suppose, that, At this moment, all bank
paper was out Of existence, and the country
iuIl oi specie. Where, sir, would we put II.
and what should We do with IL Should we
shipit by cargoes, every day, from ~ York
to New Orleans, and from New OrIcan, back
to New York : Should we cucumber the
turpp'kes, the railroads, and the steamboats,
with II, whenever purchases and sales were
10 DC made IN one place, of articles TO be
transported TO another; The carriage Of the
money would, IN some cases, cost half A.
much A. the carriage Of the goods Sir. the
we should set ourselves TO the creation Of
banks. This would become immediately ne
cesSary and unavoidable. We may assure
ourselves, therefore, without danger Of mis-
take, That the idea Of an exclusive metallic
currency - totally incompatible, in the exist
ins state OF the world. with an active and
extensive commerce. 1t l. Inconsistent. too
with the greatest good of the greatest num-
Der aud, therefore I oppose IT,
ll..N L
but' SIR, how are We To get through the
hrst experiment, as To be able To try that
which Is to be final and ultimate That Is To
say, how are We to- get rid of the State Banks:
How Is this To be accomplished. OF the
Bank Of the United States, indeed, We NAV
Tree ourselves readily but how are we TO
annibilate the State Banks We did not speak
them into bcins-wc cannot speak them out
/ oil ocing. They did not originate in any ex-
ercisc OF our power nor DO they owe their
continuance TO our indulgence They arc re-
+, sponsible TO the States to US they are ire
| sponsIble. We cannot act upon them we
can only act with them and the expectation,
as 1t would appear, is, that by Zealously CO.
operating with the Government. in carry ing
into operation its new theory. they may dis
! prove the necessity Of their own existence,
and fairly work themselves out Of the world
Sir, ! ask once more, is a great and intelli-
gent community to endure patiently oil sorts
OF suffering, for phanta-ies like these How
charmingly practicablo-how delightfully."-
probable, all this looks
/ find It impossible, Mr.. President, to be-
lieVe, that the removal OF the deposites arose
IN any such purpose rs is nOw aVowed. be
/ lieve all this 10 be an sfter thought. The re-
moNal was resolved on, as a strong measure
/ against the Bank and, now that It has been
attended with consequences not at all appre-
hended from ~, instead Of being promptly
| retracted, as IL should have been, 1t is 10 be
justified on the ground of a grand experiment,
l above the reach of common sagacity, and
! dropped down. rs Il were, from the clouds
to witch the world With noble policy II is
not credible, not possible. sir. thatsix months
| ago, the Administration suddenly started of
( Ia astonIsh mankind with their new inycn.
tions IN politics, and that It then began IT.
5 magnificent project by removing the dcposite-
As ~ hrst oPe ration. No, sir. TO such thing
Tho removal Of the depositcs was blow ni
the Bank, and nothing more aud Il Il has
succccced, We should have heard nothing ul
anI project for the final putting dow q Of the
stale Banks. NJ. sir. not enc word We
should have heard. on the contrary. only nI
their usefulness, their excellence and the II
exact adaptation 10 the uses < necessities al
uiis Government. Hut the experiment al
making successful use of the state Bank,
having failed. completely failed, IN Tins IN.
'cry first cndeavor. the state Banks hayins
already proved themselves not able o. an Ia,
place and perform the duties Of Naiiona
Bank, although highly useful ~ their appro
pirate sphere, and the disastrous conseguen
ces OF The measures Of Government comiue
thick aud fast uPoL ". the protested object o
the whole movement Is At once changed, snt
tho cry now =, down with al the state Banks
down with ali the State Babksl ara iet ~ r.
lurn TO our embraces Of solid gold, aud soil,
silver
Sir, have no doubt. that n there are an,
persons 10 the ecuaty sho have sericusi,
wished Tor such IN event a. tie extinction
OF ~ Banks, they have not. netefthrIcs.
looked for the absence II all paper cifeuia
ton. They have only looked fsr ,sur. oil
paper from another quarter
We have already had distinct uiimation,
uat paper might bc issued on lbc found attof
Of ihe MANU-. The Treasury 81 the niisc
states - intended 10 become The Bank 81 ths
United states sid ihe secfCtar, Of tho Urea