Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-01-12
MIR WEBSTER'S SPEECH UPON TIE
TREASURY CIRCULAR.

MIR. Ncbstefs argument on Wednesday n
ga'nst the legality of this order was a master
ly effort. Nothing can add To lis effect upon
candid and rational minds open 10 conviction.
| ! he nrifer Tor the official pape, has tho
boldness 10 assert, with Mr.. Benton, that the
CONT resolution of 1916 gives authority for tho
order-glves 10 the Secretary Of the Treasury
the option 10 receive IN yment gold and sill
yer, or Treasury notes, United STATES Bank
notes, On the notes OF spccie-payIng banks. We
ask the Official Editor TO publish, ON Monday
next this resolution of 1916, and let the people
Judge what construction ought 10 be put upon
II. lie does not do this. lie hnoms that il does
not give the Secretary the power of SELECTION
Mr. w cbstcr has staked his reputalion.as LAWYER
on the question: and we are willing To appeal not
only 10 II tribunal of lawyers, but To any set Of
men OF common Judgment and candor, to saw
whether the Treasury circular stand on the
resolution OF 1916 We agree with Mr.. Web
ster, that II cannot stand at all.
Not having II in our power 10 spread before
our readers iull report OF the speech of Mr.
cbster, we give the subioineI sketch, which
was prepared for distant paper.
Al the outset OF his remarks he referred TO
Mr.. Benton's peculiar notions ON the subject of
currency, which he characterized as extreme
and entirely mpraetcable- unsuied to tn.
times to the people--and i'll adapted to pro.
mote the interests OF the commercial commun-
y. The pfactcability Of returning TO gold and
silver as the exclusive currency OF the country,
had been presented in the messages of the Presi-
dent from time 10 time aud the Treasury Cir.
cular bad for lis single object apparently, and
certainly for It's leading object TO give effect to the
views OF the Senator from Missouri. The resp
luton OF Mr.. Ewing, now under consideration, he
said, was not barren, abstract, or retrospective
proposition, but one which had reference TO the
present. prospective and permanent policy of the
Government, rs exhibited in the Treasury OF
der. And that he considered that on the deci-
sion of the question of adopting tins resolution
10 resclnd, or some other TO revoke, and annul
in some way the Treasury Order, would depend
the question as To what should be the settled
policy of the Government. And if measures
founded on the extreme and mpraclicable views
of the Senator from Missouri were To become
the settled policy OF the country, it was time, in
Mt. VS.. opinion. the people should know il.
Mr.. Webster said the evils proposed to be
rcmedIed by the circular had never been detail
ed To the public 10 Congress. II complained
that some of the public lands had been exchan-
ed for paper money Had any loss been incur
red IN consequence Certainly, none had been
mentioned by the Secretary land, as far as he
knew, not n single dollar had been lost at any
oithe Land Offices, for the last ten years, from
notes OF banks. The Secretary and his friends
gave the name of paper money! to the bank
notes that can be converted into specie on de-
HdHu. ne WIS III ana on
ly called such issues as were not redeemabic in
specie, paper money. Notes Circulating on a
specie basis could not be regarded as mere
paper money. Over-issues, OF course, ought To
be restrained, and, in his opinion, Congress,
having the power OF coinage and regulating
commerce, possessed also the power 10 restrain
verissues, and could not withhold its practi-
cal exercise; and the best means Of exercising
the power was a National Bank. But the Trea-
sury Order goes on the ground that there can be-
no adequate provision made against over-issues
and there is no safe medium but that of gold
and silver. Why, then, was not that principle
acted upon with regard to custom-houses, as well
as the land offices The Senator from Mis-
sour was ready to go all lengths, but was tbs
Northumberland its iriends-ready to
embrace such ultra doctrines?
Mr. Webster took the ground that the whole
power over the currency belonged to Congress.
Congress having power TO lay taxes, had of
course the power to say in what they should
be pad-and having lhe.power to sell the public
lands. had also the power to say in what they
should be paid No one divided this power
with Congress. This great statesman then en-
tered into an elaborate argument to show that
the joint resolution of 1916, from which Benton
had derived the power to make the circular,
gave not particle of authority for it,. He then
turned to consider the consequences of the mea-
sure and dwelt upon them with extraordinary
iorce--but without any attempt to excite the
feelings of the audience.
He closed with expressing his conviction
that the circular was illegal-that it was legisi-
ton, and not the execution NJ far--that il could
not stand on. constitutional grounds--could not
stand on the reouion of Is lott could not stand
at all. 1t must be altered, modified, rescinded,
revoked. abolished, in some way or other. He
was Indifferent as TO the mode.