The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-12

| Mr.. Websler's speech.
The following Is t'e concluding PARTON Of a
speech delivered BY Mr.. Webster. at Nihl"'.
Saloon. in the city Of New York, on the 18th
Of last meath.
And now, gentlemen. | ask you. and |
ask all men who have not voluntarily sur
rendered all power and all right nf think
| ing for themselves. whether. from 1892
10 the present moment. the executive au-
ihority has not effeclually superseded the
the power Of Congress. thwarled the will
Of the representatives Of the people, and
even Of the people themselves, and taken
. the whole subject Of the currency into its
own grasp! In 1892 Congress desired TO
continue the Bank Of the United States,
and majority Of the people desired il
alsa; bnl the President opposed il. and
his will prevailed. In, 1893 Congress
refused tn remove the deposites; the Pre-
j sident resolved upon It. however. aud his
will prevailed. Congress has never been
willing to make hank, founded on the
money and credit Of the governi- nj. and
administered, Of course, by executive
hands; but this was the Presidents OBJ
ject. and he attained il, in a great mea.
sure. By the treasury selection of the de.
poslle banks. In this particular, there
/ fore, To great extent his will prevailed.
, In 1896 Congress refused to confine the
receipts ;or public lands to gold and sill.
yer; but the President wllled il, and his
will prevailed. Ia 1887, both houses Of
, Congress. by more Than two-lhirds, pas
sed bill for restoring the former state of
lhIngs, by amazing the Treasury Order;
but the President willed, notwithstanding.
| tina. The oider shoud remain in force, and
his will again prevailed. | repeat the
question, therefore. aud would put il SEE
riously 10 every intelligent man. tn every
lover Of our constitutional liber.y-sre
we under the dominion Of the law! or has
the effrc,ual government Of the county, at
least n all that regards the creates, In-
teress Of the currency, been IN a single
hand!
Gentlemen. | have done with the mar
ratIve Of events aud measures. have
done with the history Of these successive
steps IN the progress III Executive pow
er. toward complete control over the re-
venue and currency.
The result IS now all before rs.
These pretended reforms. these ex,raor-
binary exercises Of power from Az extra.
ordinary zeal fur the grood oI The people,
what have they brought Us to-!
In 1929, The currency was declared to be
neither sound nor uniform; proposition.
in my judgment altogether at variance
with The TACT. because | do not believe
there ever was a country. 0f equal extent,
~ which paper former any part f the
circulation. that possessed a currency so
sound, 50 uniform, SO convenient, and so
perfect in all respects, az the currency Of
shls country, at she moment Of the delIve-
~ 81 thai message IN 1929.
But how Is il now! Where has the
improvement. brough, il, What has re-
form done! What has The great cry Tor
hard money accomplished! IL the curren-
cy uniform nov! Is money in New Or
leans now as good, or nearly ST., as mo-
ney IN New York! Are exchanges al
par, or only at the same low rates az in
1929 and other years. Every one here
knows that all the benefits Of this expe-
rimeni are but injury and oppression; all
this reform but aggravated distress.
Aud rs To the s0undnesS oi the curren-
! cy, how does that stand! Are the causes
of alarm less now than 1920! Is there
less bank paper in circulation! Is there
less fear III general catastrophe! Is
property more secure, or industry more
certain Of It's reward! We all know. gem
llemen, that during all this pretended
warfare against all banks. banks have
vastly increased. Millions upon millions
ot bank paper have been added to the
circulation. Every where. aud no where
so much as where the present administra-
ton. and It's measures, have been most
zealously supported, banks have multi
piled under state authority. since the de-
cree vas made that the Bank Of The Unit
! ted States should be suffered To expire.
Look at Mississippi. Missouri. Louisiana,
/ Virginia, and other states. DO We not
! see that banking capital aud bank paper
! are enormously ncressIng! The oppo-
/ siIIon 10 banks, Iher fere, much pro-
4 fesset, whetksI. ii be real. ~ g. hetFsr it
be bu. pretended. has not restrained ell