Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-02
VOLUME, III.
Important from Observation-Disclosures De-
feat OF the Fourth instaIment Repeal Bali
Daniel Wcbster's speech.

Daniel Wcbster's Speech.
We variety Of letters from our correspond
ents the engrossng topics before the country The
summary of Mr.. Webs:ers great speech is highly in
eresting, and will crafty his numerous friends in this
city The close on the engrossmeut OF the fourth
msalment bill, would place It's final passage in
jeopardy lis reconsideration may open the whole ques
ion and cause great excitement. When! Oh when
will Congress act promptly and wisely
From our Correspondent RotiseLl&-No. XXXy.I
WAsHINGroN, Sept. %, 1887
MIR. WEBsTER's SPEECH
Can we do better than to promulga.e tile opinions cf
,he great Of the day upor the important questions
that from time to time agtate legislative councils
There is much in a name The same things that Mr..
Webster might say, il uttered BY unknown an
&C. would pass UNDECIDED by will then give TO the en-
thTiastic readers Of the Herald outline Of Mr. Web
sters speech pronounced this day in the Senate cham
Der, upon Mr.. Van Buren's proposed policy.
Mr., Webster place before the people the true
question issue. We called upon to sustain poll
cy that strikes the foundation OF the powers Of this
government We are asked rcnounce the policy that
has characterized prosperous career tor forty eight
years and substitute for il Of measures ut
terly at war with the purposes OF all good govern
Up to the third day of March last was considered
be the duty Of this government to take Of the
money of tie country. Accordingly in the intervals
from l7al to 18l and from 1916 1856 uniform
rency was provided. Even after the late bank had in
CURED the dspeasure Of Gen Jackson, and after the
tinued take charge Of the currency The instrument
only was changed. The whole Of the last admin
istraton ackuowed ged that ii the paramount duty
OF the government TO provide uniform circulating me-
dium.
The present incumbent, succeeded the chair Of
upon this principle But the month Of May, 1897
The State banks failed carry the measures
pected Of them by their advocates. new light
breaks in upon the government. new era is begun.
Only paths left for those entrusted with the
public affairs. To the path that they had pur
The bpatc q lie
nation for foryeght years could not be expected No
other alternative remained but TO strike out
course to deay all right Of Congress to provide uni
form currency for the nation. This has been done
says the message
Now what principle i. founded the cub treasury
bill with its amendment On the principle that Con
gress has power the currency. Here is the
question issue. 1t recognizes medium of value
but gold and silver. This may be called currency but
80 say that the Constitution contemplated no other
rency precisely the pith Of the policy determined
after May last This policy, contend, affects the powers
of the government and the prosperity Of the co2nry
The Senator from South Carolina has taken part in
this policy He tells US lie is honest nullifer
believe it. He wishes nulfy the powers of the
government. The message, the bill and his amendment,
proposes system, code OF practical politics.
which he may easily carry into effect by nutying and
expunging the powers granted to Congress by the Con
stituton by multiplying and expunging the prosperity of
the country He tells us he is opposed to the practice OF
past administrations, and would now draw black lines
around those passages in the Constitution that furnished
authority 70 other Congresses TO provide currency!
But attribute motives to the honorable gentleman
other than those he claims. lie has struck
path for HIMSELF path that will lead TO the ruin Of
the American people, il he be permitted pursue IT,
Look well at the present crisis We have no want
Of means. We cannot realize them. The government
and the people in the same condition Nobody can
pay his lawful debts. The government cannot. Debts
cannot be paid or dsbursed lawfully in this particu-
lar the is not more Interested than the peo
pie. Both funds and neither realize them
The Senator from Mississippi says that the debts of the
government are but two per cent on the debts OF all The
A,I, ,ic 10
government Not word is said about the people
Is this the duty Of Congress to provide for the prompt
collection and disbursement of two per cent of the ma
tons debts and leave % per cent t. 60 TO ruin Here
again is true predicament
The duty of Congress is 70 the benefit ofthe
people currency The message the bill, the amend
Inen propose surrender that duty. The experience,
the wisdom and the prudence Of our predecessors
nothing in the scale. This reading Of the Con
sttuton is to lead the nation to happiness and pros
perity
We are told that il is not the business &C Congress TO
regulate exchanges, any than il is the duty of
this body to transport merchandise. What n false
issue No expects this OF government except as
incidental act. Give currency, and the regu.
laon of the exchanges follows a result. The people
perform Individually il companies All the various
duties Of life They bald ships, build houses cul.
land buy aud sell commodities, but taey cannot
make money. This is duty Of government and Is one
Of the sheets Of its creation Congress prescibes rules
and regulations for the shipping interest and has II no
power Ia furnish currency
The orator then showed what dome sc exchange was,
how il depended credit and proved that for the
OF curreny il Siagnant and the ruin oil thou
sands the consequence.
Even II we 90 back a metallic currency, shall
want medium of exchange. Convertible paper is the
best provision for this requison Of commerce. This
paper cannot exist for the benefit Of the people without
some means be provided to render it uniform. Thin
brings rs again 70 currency, paper currency, which
u Is the duty Of Congress provide. Exchange and
currency are nearly synouymus The late Bank OF the u
States used to redeem 100000 day It's counter in
Philadelphia Tor the benefit ofw merchants. This
a means Of exchange. Il was a currency uniform
in value and costing the holder nothing
But how shall government provide a currency
can tell Senators They know the modes that have been
adopted Every body IN the community knows. No
other means have been devised by the ingenuity Of man
than those adopted by predecessors II any other
provision can be made willing to give il fair
trial
Mr. Webster then back to the history oe the early
times OF the government Showed from ndubit,ble EVIL
dence hat the trainers of the Constitution had in view
sound paper currency when they prohibited the States
from issuing bills of credit Proved that Commerce
oar currency were the great objects Of the federation
Derived the power provide currency from the ex.
preston 10 regulate commerce Laid down max.
i'm that money was the instrument of commerce. The
power To coin money he insisted included the power
provide paper currency suited to the wants o' society
To have returned metallic currency ~ l7e1 would
have been as subvetsiye Of the Constitution. a. II will
be now. paper currency it the duty q Congress
60 provide.
He adduccd the evidence Of Hamilton, Madison, and