Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-13
WENTY-FHETH CONGRESS
FIRST SESSION.
SPEECH OF MIR. WEBSTER.
ICoNCLupEn.l

Just then assumed his new office. General Washing
ton recommended part ocular subjects tothe con
sideraton oil Congress ; but IN his speech. at the
opening OF the second session, he suggested the i'm
porlauec OF uniform currency, without distinguish
ing coinage from paper; aud this body, in its answer,
assured hun that ii was subject which should re
ccivc its attention. Recolleet, sir 1T that time,
there State banks having notes In cucula-
ton, though the, were very few. The first Bauk OF
the United States established n the tlird session
the Congress in l79l The bill Tor its creation o,ig
mated IN the Senate the debates IN which were
Al that linle Not public. We have however, the
debates IN tie House. have the reports III the
Secretaries. aud We have the law itsoli. Lee
deAso, 10 learn. from these sources. for tH objects
has Institution created, and ietctlcr national
currency Of those objects.
Certainly, sir, il must be admitted that currency
was not the only oh ect in Incorporating the bank ol
1871. The Government was new, its fiscal affairs
not well arranged it greatly IN debt aud the
political state vi things NJ time rendered ii highly
probable that sudden OCCASIONS for making loaus
would ARISE. That ii ght assist the operations Of
the Treasury, therefore, aud thai IT might make
those loans to Government, II pressing occasions
should arise, two OF the purposes had in view
in establishing the bank. But 1t is equally cear that
there was a third purpose, aud that respected com.
merce and currency. Tofalatst a c"ueacYf for gen
9rdi cifcHlt0H. ni 10 dit ctehdngc, ~iS demoHSra-
Jiy clcdr distinct, and dt0treI ottct, IN N ere o
otHc first tank.
On the 18Th Of December, 1900, the Secretary OF
the Treasury made areport TO the House oil Repre-
sentati,es recommending national bank In this
report lac forth the advantages OF such an institu
ton one OF these advantages, he says consists .'ln
increasing the quantity oicnculain. medium, and
quickening the circulaon." And he thcu proceeds
to observe - This last may require some lllustra
ton. When payn:ents are 10 be made between dt-
iercn places, having an Intercourse OF business with
each other, If there happen 10 be private bills at
market, aud there are no bank notes which have "A
cu,renc, in both. the consequence Is that com
| be reunited. This is attended with trouble, delay
expense. aad risk. IT, on the contrary there mc
bank notes current III both places, the transmission Of
these by the post, or any other speedy or convent
cnt couveNaucr answers the purpose aud these
again in the alienation Of demand are frequently
returned very after TO he place whence they
were first seat whence the transportation and re
transportation ol tic metals are obeated. and more
convenient and Il more expeditions medium Of pay
mcnt is substituted
| Is not this clear proof that object, ia estab-
fishing the bank, IN the opinion III the Secretary was
the creation oi a currency which should have gene
raj credit througho the country, and, BY means
OF such credit, sio.d become q convenient and OK
pcd,tious medium oi exchange Cnruncy sir
cnrtcne, AID exchange were Dies, beyond al doubt
Important ,nects, in the opinion Of the poposcr of
The measure, to be accomplished BY the institution.
The debate, whith took place ia the llou,e al Rep
rescurarlycs confirm tie same idea. Nh Madison.
wllu objected to the bill constitutional grounds,
i bah consists ain facilitating occasional renan-
crs. from different Places wlrrr notes happen to cir
! cu!dte :: and Mr.. Alnts, who Was one oi the most
listing ushed friends oil the ueasuit. and who repre-
seated commercial district, enlarged on the great
bructi of the proposed institution To commerce.
lie insisrd tlat HE intercourse between the States
could never lie good footing, " out usiitu-
iion whose paper you'd circulate more extensively
tliau that of ANY STATE bank; aud ~hai lie saw, III the
future. have in the past and feel III the pre-
.-nr. Ober gentlemen, Also, couend.d that some
such institution was necessary IN order TO enable
Cou.r 10 regulate the commerce vi the county,
aud, for that rea,ou, that II would be Constitutional.
a. being proper nlrans for lawful end.
When the b,Il had passed the two Houses. the
President, a. ALI know. asked the opinion of his
cabinet upon its eonstitutinnait,. The S,cteatN
ol State aud The Attorney General were against
thr Secretary nj the Treasury "as III ia,orolil and
among the grounds which. he placed the right ul
Couarrss to ,,s the law lis adaptation Ia the
enc Use Of the commercial puwri. conferred by the
Constitution On Congress. liis language Is The
institution Of bank has, also natural relation to
III. regulation al trade between the States, III far
/ ~ 1t conducive 10 the creation OF a convenient
mrdium ni exchange between them, aud TO the Keep
ing upa fall circulation, by preventing the frequent
displacement of the metals III reciprocal remIttanccs.
| Money is the vciy hinge which commerce turns
| And this does not merely gold aud silver;
ny other things have served the purpose, with differ
cnt degrees of utility. Paper has been extensively
employed. 1t ci1ut. therefore, be admitted, VIII
the tuolne, General, that the regulation OF trade
between the States, il concerns the medium, OF cir
| culatipn and exchange, ought to be considered is
confined to coin" Audit IS" he adds, in reference
to these general relations OF commerce, than c,lab
lishmen which furnishes ABILITIES to circulation, and
IA encut medium OF exchange and alienation, is
| to he regarded as Il regulation OF trade
Nothing can be palmer sin, than this language :;
aud therefore nothing more ceftan than thai those
| who recommended and supported the first bank, re-
garded ii Ut and NJ ctssafy measure, IN order 10
enable Congress to exercise its important duty Of
regulating commerce, and to fulfil, especially, that
part oil the duty which enjolncd upon it the proyI
sion oil proper and suitable curre:cy Tor circulation
aud exchange.
But it is not necessary to rely these opinions Of
individual friends OF the measure. Let the act
speak tor itself Let look into and search its
reasons on its face. What The grounds
and objects of the law as forth in the law itself
The preamble tells US. 1t declares
.'Ihat the establishing OF bank will he very con
finances and will tend to give facility to the OBJ
tanning Of loans for the OF Government in sudden
emergencies anil WiH be productive ot considerable
aarantdgc 10 trdie and industry IN general"
Tade aud industry III general, therefore cousttu-
ted one distinct and definite obj OF the ncorpora-
lion, it the law truly expounds its own purposes.
1t was alone, 1t was not the facility Of
making loans merely, il was not mere utility to Gov
] ernnen but in addition these was commerce,
it was the interest fthc People, it was trade aud
business in general, which, among other considera-
TONS formed an important part otthe objects OF the
Incorporation. And indeed, sir. events proved that
it WAS vastly the most important part OF all. What
else did the first bank do, the Government, the
a..