Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-06-06
SEECH OF DANIEL WEBSTER AT
WHEELING.

20, nor can suffer any show Of dclicacy to |
preent me from expressing my thanks Tor
you kindness.
Iravel, gentlemen, for the purpose Of Sec
ing he country, and Of seeng what constitutes
the Important part Of every country, the peo-
pie. iiud every where much TO excite, and !
muc to crafty admiration and the pleasure
| exerience is only diminished by remember |
ing he unparalleled state of distress which |
havtlert behind me. and the apprchensions,
raihr than the feeling, OF severe evils, which
fiDl TO exist wherever ] go.
,annoi enable those who have not witness
ed il 10 comprehend the full extent of the sui
ferirg in the Eastern cities. II was painful,
INDEED, TO witness il. So many bankruptcies
ambng great and small dealers, so much prop
ery sacrificed, SO many industrious men alto
geher broke up in their business, 50 many
families reduced from competence to want, SO
many hopes crushed, many happy prospects
forever cou ded, and such fearful looking for
still greater, calamties, all form such mass of
evil as had never expected to sec, except as
the result of war, pestilcnce, or some other
external calamity.
| have no wish, in the present state Of things,
nor should | have, indeed, if tho state OF things
was di11rent-to obtrudo the expression Of my
1 political sentiments on such Of my fellow GILL
zens as | may happen TO meet; nor, on the
other hand, have | any motive Tor concealing
chem, or suppressing their expression, when
ever others desire that should make them
known. Indeed, on the great topics that now
Engage public attention, hope | may tiatler
myself that my opinions are already known.
Recent evils have not ut all surprised me,
except that they have come sooner and faster
tnn had anticipated. But, though not sur
prsed, aiu afflicted fcrl anything but plea
sure in this ca rly fulilmcnt Of my own predlc-
tons. Much injury is done, which the wscsl
future counsels can never repair, and much
more that can never be remedied but by such
ccunseIs and by the lapse OF time. From 1882
TO the present moment, have forcscen this re-
suit. may safely say have iorescen 1t, he-
cause | have presented and proclaimed lis APP
lproach in every important discussion and de-
bate in the public body Of which am mem.
ber In 1892, happened Ia meet with clti-
zcn Of Wheeling, now present, who this day
reminded me Of what then anticipated, as the
re suit of the measures which the Udministr--
ton appeared 10 be forming in regard TO the
currency. In the summer OF the next year,
1883, | was here, and suggested to friends
what knew 10 be resolved upon by the exec
utye, viz the removal Of the deposiies, which
was announced two months afterwards That
- 40 the nvnwoh and declared commencement
Of the experiment" You know, gentlemen,
the ohloquy, then and since cast upon those Of
us who opposed this "cxperiment.n You
know that we have been called Bank agents,
Bank advocates, Bank hirclings. You know
that is has been thousand times said that the
experiment worked admirably, that nothing
could do better. ihatit was The highest possible
evidence of the political wisdom and sagacty
of its contrivers: and none opposed it or doubt
ed its efficiency Lut the wicked or the stupid.
Well, gentlemen, here is the end if this is the
end of this notable experiment" It's Singh
lar wisdom has come 10 lhs-its fine work
ings have wrought out an almost general bank
ruptcy.
lis lofty promises, its grandeur, its flashes,
that threw other mems sense and understand
ing buck into the shade, where are they now
Here is the cine Of fines and The recovery of
recovercs." Its pancs, its SCOTS, its jeeIs, its
jesF, its gibes at all former oxpcrience-its cry
of "a new policy" which was SO much TO de.
light and astonlsh maukind--to this conclu-
sion has il come, at last:
aBut Yesterday, it stood against the world,
Now lies it there, and none SO poor to do II rev.
eTCnce."
Ii is with no feelings of boasiing or triumph
it is with no disposition to arogate superior
wisdom or dsceInmen., but il is with mortifi-
cation, with humiliation, with unaffected grief
and affection, that ! contemplate the condition
Of difficulty and distress TO which this country,
SO vigorous, SO great, 50 enterPrising, and so
rich in internal wealth, has been brought by
the policy of her government.
We learn to-day that most os the Eastern
bank have stopped payment. Deposile banks
as well as others. The experiment has explo-
: dcd That bubble, which SO many of us have
all along regarded as the offspring OF concet,
; presumption. and political quackery, has burst.
A general suspension Of payment must be the
result u result which has come, even sooner
than was predicted. Where is now that bet
+ ter currency that was promised? Where lie
that specie circulation Where are those riv-
ers oil gold and silver which were TO Gil The
, treasury of the government, well as the
pockets Of the pcoplc7 Has the government
single hard dollar? Has the treasury any
thing in The world but credit and deposiies in
banks that have already suspended payment?
: How are public creditors now TO be paid in
spccie2 How are the depo.iies, which the
law requires to be made with the states on the
first Of July, now 10 be made 2 We must go
back TO the beginning and take new START
| Every step in our financial banking system
since 1882, has been false step; il has been
a step which has conducted Us further and fur
ther from HE path o. safety.
The dsconlinuanco OF the National Bank,
the illegal removal of the Deposites, the accu-
mutation of the public revenue in banks, selcc-
ted BY HE executive, ana for a loug time, sub
jet 10 no legal regulation or restaojuf, and fl
naly The unauthorized and illegal Treasury or
der, have brought us where we are. The d.
stiuction Of the National Bank was the gnal
: Tor the creation Of an unprecedented number
, Of new state banks, some OF them with more
dsproportiounic, aud even more nominal CAPT
tai Than the National Bank had possessed
f These banks, lying underne restraint font q
general government, ar any of lis Institutions,
issued paper corresponding TO Their own sense
Of their immediate interests and hopes OF gain (;
The deposite with the state banks, OF the whole