Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-04
Twcnty-third Congrcss.--Ist sc,s.
SPEECH OF MR.. WEBSTER,
IN me Senate Of the United States, Tuesday, March
IL, lS34-TCONcLUpEp

L
| SPEECH OF MIR. WEBSTER
IN me Senate Of the United States, Tuesday, hfarcI
| Is, lS34-tCoNcLUDED
Mr. President: confess fud Il diificult TO respec
tIe and al the time the motives OF those
who alarm the people with the cry Of danger to the
liberties hom the bank DO they see the same DANCE,
from oher banks! think not. With them, bank cspi
M snd oank credit IS dangerous harmless according 70
circumstances is lon whose conduct and chsrac.
appear to depend on his keeper Under the of this
Government il is fearful and but under State
authority, "roars gently az sucking dove: IL roars
as II were any nightingale"
Both the members from New York have laborea to
persuade us that the public liberties OF this hole
country are in imminent danger from bank with thirty.
hve millions And yet, sir, they feel the H..
perry oil the people OF their State, with banking
capital Of twenty three millions aud proposed addition,
OF ten millions all lodged in banks associated under the
safety Fund System and all under the supervision of a
political board appointed by the Government. In all
THIS they see no danger to liberty But their anxiety is
Intense lest bank Of thirty five millions should enslave
on the people OF the twenty -four States.
Again, sir, from the time Of the veto message to the
present moment the country has been assaulted with the
cry danger. from the small portion Of foreign capital
which is in the stock OF the Bank Repubicapsm IL IL
saij cannot exist in country where is bank with
Dukes and Marquises, and Lords among stockholders
Anu yef sir have we not seen the Executive approving
oan enormous loan by the citizens this OF Dutch
capitalists, and sanctioDing law binding down ell their
czens and all their property pay the interest OF this
foreign debt, provisions vastly more strict and severe
han those which compel the payment Of taxes 10 their
own Governments And no, Pennsy now deIbera-
ng whe'her se VIII not send Europe TO bor-
row money to meet that very exgency which the pre.
sent state of things Greatest And not the new bank
too, proposed TO be established in New York TO be crea
ted on foreign capital!
Sir, arguments Of this altog Their 10
the country! DO they exhibit us in respectable light
abroad! DO intelligent observers elsewhere behold our
public men addressing themselves the people in fair dis
cuson OH The real merits OF the public questions or may
they not think, rather that they them attempting to
to liberty?
The truth is, that banks every where and especially
win us, are made Tor the borrowers They made for
the good Of the many, and good the lew Even
their ownership to great extent in the hands of
men OF moderate property. l have a very able
speech. by Mr. Gushing. the Legislature of Massachu
setts in which lie states that he has taken pains TO exa.
mine The list of several in his neigh
oorhood, and he finds majority Of the stock, think
more than twohirds. in the hands Of the charitable so.
ce'es guardians, widows and traders with small capital
And sir al this moment the stakeholder of the bank of
the United States have Infinitely less interest in the ques-
lions which discussing, as stockholders than tbev
nave as citizens OF me country The stock constantly
wishes for it, may always buy it, not
vested in any hands, and this of itself shows that the cor
poraon is in its natures incapable of any pnr.
pose hostile TO the public liberties Indeed sir think il
time, high time, that there should be pause in this out.
cry against the bank, dangerous from lis political now
err or as iavorDg wealth. in its rather than its dis
tribution.
Sir, prejudice excited against the Bank, is much more
powerful engine Tor political purposes than the Bank ITSELF
Ii Is more than match for ten Banks. Not long ago
member, not now with os. declared on ih. hoor that in
me course oil MS political struggles years ago. he
elt sure OF triumph, the impression was made
at the Bank had taken part against him; and that il he
wis for
pledge oil success His own experience, thus canddIy
slated, seems not to have been lost others full well
Know sir, the power OF such prejudices. know how
easily they may be excited and how potent is their ayen
cy Efforts to excite them and calculations on their eff
hcacy when excited, have sometimes and must
be expected sometimes TO succeed in popular govern
occasionally become grea-But they are not among the
means by which lasting character is to be attained any
more than they are among the by hitch substantial
and important public service TO be rendered to the coun
try.
4
existing both in and out of Congress- to the remedy
proper for the present condition Of things
There three classes oil persons holding on this SUBJ
ject different opinions:
l. Those who believe Bank 10 be constitutional and
necessary and seeing no danger from the present insu
on would PREFER if they follow their own choice
to re-chaer the bank for the PERIOD with the usual
powers, modified, however, any manner that the expe-
rience OF the past may suggest.
2 There those who think a bank useful but who
do not believe Congress has the power incorporate
bank, under any form.
Sd. There those who admit the power of Congress-
TO make bank, and are in favor Of bank, but op-
pose the continuance Of the present.
obvious, sir, that, il any relief the country
II must come from degree OF union between these
glasses. OF them.
And the question is, is there any common ground on
which these meet, Is there any eypedient which
they will consent TO lay hold the couny2 Or
VIII they leave II prey to their differences opinions
nor, sir, among those who opposed these of
Government, which have brought the present dre on
the country. great majority would prefer continuance
oil the charter OF the present bank for The term This
bill for such charter through both Houses two We ars
ago. but il was negaved by the President would pre-.
Ter bank OF fifteen twenty years. duraton either This
or new one; Tor do not a regard 10 the pecu
MARY interest OF the stockholders in the present bank al
though would not consent 10 do them any Injustice
But sir, j see no chance OF renewing this charter AT
present. Tor long period Ii appears me- that the minds
OF members oil Congress are In state 10 render this hone
less give up, therefore, my own preference sacrice
my opinions TO that necessity, which feel be imposed
upon Inc by the condition OF the country 90 for relief
for efficient relief and for immediate relie feel this 10
be demanded OF me- by every dictate Of duty md
and by the loud voice Of The obey that voice
and cheerfuiy yield every thing, 10 the
OF the object. When ask others make sacrifices be-
gin with making them myself.
Pickering permanent measure, yet agree 10 tenn
Porary measure DESTROYS OF settling the question for a
length Of years. yet coDsent TO leave il open in the
hope OF obtaining present relief and secirt " and ear
nesly entreat all those with whom have genersllv con-
CURED in opinion. to concur in temporary measure If
we cannot do all we would let do what we can Let
us make proposition ,chich no reasonable man ,cho
really desires to relieve The country objectto That
Is my object; and with that single object have prepared
this bill.
And now, sir, will saya word 10 The gentlemen who
have constitutional scrUples about all banks. They find
bank existing. They find that This bank, or another
like IT, has existed through than TIRE ourths OF the
whole period Of Government They find Congress 10
have asserted the constitutional power establish bank
over and over again; they find all The judicial tribunals 10
have sanctioned the power, and four fhs Of the State
Legislatures, and great proportion OF the people, 10
have eonfrmediL Now, sir sensible and candid me n
they cannot say that IL is clear against the power
Ihey must admit there Is for supposng the
power TO exist The most they say L., that the bank
stands on doubtful authority Now suppose that 10 be
Ia " "