Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-08-25
MR. WEBSTER.

The following is an extract from an mper-
feet report Of some remarks Of this gentleman al
Buffalo.
He was at any time quite willing TO ex-
press his opinion on measures which inter.
ested all The States. as he held himself ready
TO give an account Of his stewardship when
ever called on. And now that there was
difficulty, that our Union was severed 10 the
want OF a common currency, be would en-
quire into the cause Of the difficulty. In nd.
vertiDg to this point il was not his intention
to animadvert upon the characters of others,
who are supporters ofthe present system, but
he would willingly concede to them the same
honesty Of purpose which he claims for him.
self For the last five years, without being
a prophet or the son of a prophet, be had
ioretoid the present crisis. In the year 49, 8,
| Ia Is, and l6, he had been member oil
Congress and the causes of those difficulties
were then fully before him; be had devoted
himself 10 their study, and it was his fortune
then, although very young man. to intro
duce remedy. He considered that the
cause OF the present disastrous aspect of az
fairs lay in illjudged acts of the present ad-
ministralion. He was not surprised at the
catastrophe, although it had come upon them
sooner than he had expected Opinions
we'll or i'll founded had an immense inAu-
ence on the conduct Of men. There were
two sets OF opinions on the currency. One
supposing that State Banks were the only
safe chnnnels Of commerce-the only consti-
tuiional deposits of wealth The other sup
posing that Congress should maintain the
general safety of the Currency The last
was his opinion, and as he read the Consti.
tuition, the only possible conclusion. To this
conclusion he had come by the theory of the
Constltulion-by the examination of facts
connected with our history. and by the gen
eral welfare and common interest Of all con-
cerned By the Constitution, Congress had
the power Of making coin This was to
equaize its value and amount Congress
had the power Of fixing the value OF foreign
, coin. This was 10 facilitate the course OF
exchange. This was TO prevent the losses
that would accrue from our foreign and do
mcstc commercial intercourse with foreign
countries and between separate States. II
Congress has no, the power Of coming; oil
liking the value Of foreign coin, and OF max
ing laws regulating the course Of exchange
: how was il possible that she should carry in
10 effect this provision OF the CONSTITUTIONS
The first bank established by Congress
was in the time of Washington; the next il
that Of Madison; and while Congress KEEP
the currency regulated by means of ihes,
banks, il was well with the country. Such
: being the case. he would say, give us q
Washington Bank--or give us Madison
il you will not give us Washington. TIL.
principle he conlended for was, that il was
alike the duty and privilege Of Congress tc
regulate the state Of the currency as in tina
! lay their sole power to regulate trade, anC
this was power given 10 them by the Con
: stitution equally with the power 10 max,
;, peace or war. But the Executive had, by al
u iljudged act deprived Congress Of this pow
: er, and had caused the state of general bank
! ruplcy and the universal distress which wa
= now pervading every State Of the Union
', This state was become so general that bank
y ruptcy was at length no disgrace il wa
y sanctioned and made reputable by the Gov
= eminent itself, for there icas not an uncerfif
y Gated bankrupt Mron ghout The Union ,oho ,ea
= so iasoirent as The National Treasury al hi
y present moment.
I Il was utterly impossible that we could Q
ON with the present system of irredeemabl
: paper 1T ROBBED THE POOR MAN OF TIL
JUST FRUITS OF HIS LABOR. That th
y was state of things that would sui som
!" classes Of the community, he would not d,
- ny--ihe capitalist and the broker He ne'
" er expected TO see the time when the broke
y \, with his pen behind his ear, would declar
" that such were bad times-that he did n,
!, like such times; for the worse the times wer
u the better for the few who engrossed Ii
T. gold and silver. 1t was to the industriol
{. man that such times were ruin, and this wa
u the class who were most bound 10 call Of
ie upon the Government which has brougl
'e such times upon them. He did not mean
~ run into the other extreme. and support an
of the absurd dogmas of currency borrow
ed from Turkey, OF India. or Mexico.
he was not necessary, in order TO avoid drowl
n, ing in the Gauges, to run over the Rock
" Mountains. am for specie. said MIR w
o. as the basis of the circulation. and for papt
Il. 10 facilitate the transactions of commerce
x for when paper is redeemed, it increases OF
VS. means OF circulation, and the credit it Great,
10 is the capital of the poor and industriot
of man. To discard paper circulation altogetl
pi er from new country, was in Fact TO thro
IL away the means OF improving that countr
he If such was TO be the case. that we were /
te longer TO have paper as component part
- our circulating medium, the poor man ma
i'll as well give up at once, and lei the world IA
IN into the hands of capitalists, as in such ca:
k it eventually must
ID and out by the present system. He wou
Il 4 4