Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-06

\ black lines round, and obllierates us most
important provisions. He opposed II as
much from It's influence on the general char
acter Of The government in its future hisfo-
nv, as from any immediate effects II may
have on the condition and prosperity Of the
country.
The present crisis, he said, is merely q
j case of commercial distress. The people
and the government have property and re-
sources, but cannot use them. The gov
ernment cannot collect awfully--it cannot
disburse IawfulIy-and the people are in
the same condition. He spoke ofthe meas
/ urcs OF the finance committee as merely ten
dingto government relief
The distress ofthc Government, he said.
was but small part ofihe general distress
Yet we who form a government Tor the ben
eft and protection OF the people look out for
number two and allow the other ninety
1 eight OF The hundred TO take care Of themsel-
i yes.
Mr. Webster then said he would proceed
to explain and defend two propositions; the
! first is il is the duty Of the government TO
see that proper currency suitable 10 the
times and to the wants oftrade and business,
as we'll as the payment OF debts due the gov
ernment be maintained and preserved.
The second was that the message, the bill,
and the amendment all proposed TO surren-
der at once and forever all obligation to at
tend to and discharge their duties.
He went fully into the illustrations Of
these points. Fie Their examined the argu-
ment ofthe message that government was
under no obligation to transfer the funds Of
an individual for him from one place 10 a
Mother aud showed its sophstca character,
lie maintained that government was bound
TO furnish sound currency, and regulate il,
aud the people would transfer their funds for
themselves.
He gave most luminous exposition Of
the nature Of exchange. and The mischief
which resulted from the disturbance OF the
domestic exchanges. He declared there
was no such mildcw 10 blight the prosperity
OF the manufacturers, the business men oil all
kinds. as this disturbance of exchange
We must have exchange; even IL we have
gold and silver currency; and the transfers
mus, be facilitated on some basis Of paper
credit; and MIR Webster commended that
sound bank furnished the very best means Of
exchange.
He REQUIRED 10 his ground that it was the
cy and the exchanges; and maintained that
this was one oil the original objects Of the con-
sii,uiion; and entered into long argument
on this constitutional question. 10 show that
the duty was DISTINCTLY and emphatically en-
ljoined. Al this point he took up the reason
Ting Of the message, and controverted and O.
iyer,hrew il.
He showed most clearly and satisfactorily
that the object ofthe constitution was TO give
MS one commerce. Que currency; not one Cor
another state; and how can this be secured
4 - ~-..o ~~es
Mr. Webster reminded the Senate thnt
Gen. Washington recommended to the at.
tenlion Of Congress. the subject Of currency
and public credit in 1891 aud he gave a
condensed abstract of the history Of the first
Bank OF the United States, for the purpose
OF showing that lis prime object was 10 es-
iahlish sound and uniform currency, and
TO facilitate exchanges.
lie corroborated the argument by several
quotations from public documents, showing
the conemporaneous opinions entertained
respecting this institution
II was not regarded as a mere fiscal agent
Tor the convenience OF the government in
collecting, keeping and discussing the pub
Tic revenues; but as means of establishing
n sound and uniform currency. and facilita-
ting exchsnges-it was intended for the
benefit of the people. for their trade and
commerce
Those who opposed the establishment of
the first bank on constitutional grounds, did
never question the power OF the government
to take care OF The currency, and the ex-
changes.
MIR Webster here reminded the Senate
that ne was not recommending NATIONAL
BANK; he was not arguing that there was
no other mode Of remedy or relief but he
did contend that the duty is incumbent upon
Congress to do something for the people for |
their trade and commerce, their currency |
and exchanges.
Mr. Webster proceeded TO show that the
same views and considerations actuatedtbos,
who established the last Bank oftbe United
States-iheir object was also to establish and
regulate currency and facilitate exchang-
es; and here also he read from several docu.
menis 10 prove that il was regarded as the
duty OF Congress to accomplish that object.
Nothing could be more clear, forcible. and
triumphant, than this part Of his argument.
In the course Of il he referred to the speech
oil Mr. Calhoun then chairman ofthe commit
tee ofwaysnnd means, who reported the bill
establishing the Bank ofthe United States. 10
show that he considered its object to be 10 req
ulate the currency.