Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-07-20
MIR. WEBSTER AT PEORIA.

The Peoria (Illinois) Register of the 24,ll
ultmo, furnishes an outline Oi MIR. Webster's
speech in that place on the 2lst. Nearly the
whole town aud neighborhood had assembled
ut the Court House, and Mr.. w. spoke up
wards oian hour. The following ire extracts:
\ | was opposed to all the measures of the
late administration, hnving reference to the
regulation Of our currency, from the word GU.
The late President Of the United States, a
man OF high purpose, of strong character, and
gallant and successful soldier, whose honest
Intentions have never questioned, said in
1852, he could submit a plan by which the
moned concerns Of the government would be
much better conducted and carried 81. From
that time the "expermcnt" has been in pro-
gress, and what does it prove? Why, that
great u soldier rs he was, he was mistaken in
his bowers as financier, and that the country
is now in condition far worse than it was
then. Instead OF the Bank of the United
States, he has given us innumerable State
banks, as repositories of the public treasure,
who act in no concert save the agreement
simultaneously to becomc bankrupt--[A
langhI Whether they will be as unanimous
to resume specie payments renains to be
seen.
The government is the great receiver and
disbnrser of the money Of the country, and il
gives character to the currency. Its effect
on the currency is similar to the flowing of
your rivers. Your Illinois AMI Upper Missis-
sppi flow on, till the mighty Missouri, with
ITS volume of water, pours in and gives to all
It's own character and force, absorbing in its
course the Wabash, the Ohio. and the Others
that empty into it,, while it pnrsucs its rcsis-
tless way 10 the ocean. Thus there must be
IN nd ,,,,
and efficacy to the various state banking in
sttu,i"ns IN our government. Such a ono
was the Bank of the United States, and if the
eoNernm ht rejects it, it must find out q bet.
ter way. On this subject little experience
Is wortl, more than financial argument.
\ For forty years, while we had a national
bank, we had the best currency on GARTH
Does any man here want n better currency?
For 4O years, l repeat, out of 4S, since the
organization OF our government. What have
the eight years been? Here is one of them,
Ammo Domni 1887. A laugh 1912, l3 and
III were three more OF them.
hold IN utter contempt the understanding
of men who apprehend danger from nation.
al bank guarded by proper restrictions upon
It's charter. What did they do, who opposed
It's re-charter, when they succeeded in des-
troying the last? They went home and
created new banks to the amount Of ten times
its capital.
| Gentlemen you know nothing here of hard
times, you cannot know them. Go to the.
commercial cities where men with handful
oi notes from your very best merchants and
land holders of the west, 90 to the brokers
and offer them as security, ut 2J per cent
discount, for the loan Of sums to meet bank
engagements; and falling to get them cashed,
are The next hour bankrupts. Go to the man.
nfacturlng villages of New England, where
you came from, and you will see mechanics
and manufacturers, who have sent out to the
south and southwest their wares and goods
receiving back again the notes they had sent
out tor collection, and upon the payment of
which they depended for bread. ExEcUTioy,
LEVY. RUIN! "'
II We have at the cast a driving desolate
wind, that sweeps over our Atlantic states,
called tho cast wind, that Oft times extends
itself to the base Of tho Allegbanies. But il
seldom passes that barrier. Yet you may
not escape its baneful influence here. know
not what measure Of rclefthe Executive may
have to propose, but am prepared in my
own person To suffer all the evils Of a derapg-
ed currency, rather than give my aid to the
establishment of treasury bank, which shall
give to the government unwanantcd power.
Yes, better will IL be for me and for you to
endure ten times as much, and 10 endure it
forever; yes, rather perish credit, perish COM
merce, than to coDIcr on tho executive IN
constitutional power, dangerous to our liber-
ities. Cheers.