Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1835-03-19
MIR. wEBSTER's SPEECH,
On the ba 10 regulate ths Deposiies o. the Pa5iit
Money.

Amongst the amendments moved by Mr.
Webster to the bill and adopted. was The
following additional section, which was
also adopted, viz:
"Sec. o. That all the warrants OF
drafts of the Treasurer of the United
States, or such as shall be authorized by
the Treasury Department. drawn on any
Opposite Bank, shall be payable in gold
and silver, if the holder desire to receive
the same and no such warrant or DRAFT,
nor any check, draft, or bill of exchange
given or received in payment thereof shall
be expressed TO be payable in current
bank bills,' or in any other medium than
the lawful currency Of the country"
| On offering this amendment.
Mr.. WEBS1 Err said, that, in discuss.
ing The provisions and merits Of this bill,
it was necessary so often to allude to the
Bank Of the United States, and the with.
drawal OF the Government Deposites from
! that Institution, that he would take occa.
sion to say few words, and they should
be very few, upon that subject. In the
| first place he wished to say, that he con-
sidered the question of renewing the Bank
Charter as entirely settled. 1t could not
be renewed. Public opinion, he thought.
very unfortunately for the country, had
decided against it; and while there was a
strong and prevailing sentiment in the
minds Of the community against mea-
sure, it was quite useless to move such
measure. For himself he should take no
part in any attempt to renew the charter
Of the Bank. The People have decided
against its continuance, and il must ex
pire.
Nor should he, il he remained in public
lie, JOIN In any attempt, at any time here
after, to establish new National Bank,
till experience of its want should have sat
isfied the country Of its great utility or
indispensable necessity. That the time
would come when the country would feel
the fullest conviction of this necessity he
did not doubt; but that conviction, he
thought, was likely to be brought about
only by experience. If. while he remain.
ed here, there should be a general call Of
the country for new National Institution,
he should ofcourse be ready TO aid in its
establishment, on principles which have
been proved 10 be safe, and with any
amendments which experience may have
suggested. But, for himself. it was his
stated purpose. to do nothing more in re-
ation to National Bank till a decisive
lead should be given in that direction by
the public opinion.
In the next place, he wished to say, that
the Experiment" upon the success Of
which gentlemen had falicitated them
selves, had not, in his opinion, undergone
any trial at all. II had been put TO no
test.
There are two public objects, both Of
great importance, said Mr.. w, in the &C
complishnent Of which the Bank Of the
United States, in my opinion. has been
generally successful. | mean the trans
mission of public funds. and other facili-
ties TO the operations of the Treasury, as
one of these objects, and safe, cheap,
and admirable system of internal Exchan-
ges as the other. These objects were
both attained, by the skillul administra-
ton OF the Bank, TO such degree as left
little or nothing to be wished. BY inter
nal Exchanges, intend the whole opera
ton of internal bills of Exchange, and the
circulation, also, Of paper currency, al
ways safe, founded on solid capital, and
every where, in every nook and corner Of
the country. as we'll rs on the Exchanges
of the great cities, always Of the same
value as gold and silver, except, indeed,
where the bills OF the Bank have been
preferred TO gold aud silver, as being bet
ter suited to the purposes of remittance.
Now, sir, it has been predicted that the
State Banks, selected as Deposite Banks,
could equally we'll accomplish all these OBJ
jec,s; that they could as readily, and as
completely, facilitate the operations of the
Treasury, and that they could. and would
also, furnish general currency, as sound
and as we'll accredited; and that they
could and would be able 10 conduct the
internal exchanges of commerce as safely
and as cheaply.' OF all this have doubt
ed but the day Of argument is passed,
and the system now awaits the unerring
result of experience. But the time for
| that experience has not yet arrived. Up
to the present moment, the country has
enjoyed, and does now enjoy, the bene.
| fit of the circulation Of the bills Of the
Bank of the United States. The amount
of that circulation is now eighteen or
twenty millions, and it is diflused over ev-
cry part of the Country. and abounds
more especially, in those places where II
is more particularly needed. and. indeed,
is kept there because il is there most need
ed. Here is a medium Of exchange, every
where to be had, and TO be had without
charge. A hundred dollars in gold and
silver buy post note of the Bank OF The
United States in New Orleans. or Mobile,
or ST. Louis, and it is RENTED to Phila-
de,ohia or New York, without danger,
and without expense. The whole mass Of
the circulation of the Bank Of the United
States. therefore, is at this moment, IN ac-
tive operation, in expedltng ana Iac,Iiia'-
ing exchanges, and indeed, IN assisting
the operations Of the Treasury ana inc
Opposite Banks themselves, by aiioroins
medium of universal credits. The pre-
sent system, therefore. still rests, suosian-
fiaEy. on the Bank Of the United States.