Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-11-16
CONCLUSION OF
MR. WEBsTER's SPEECH,

Mr.. President. let il be borne in
mind that am not now arguing the
constituiionslity. or present expedicn.
cy, OF Bank Of the u. s. NV sent.
ments are already well known on tina,
subject. and. If they acre not, the sub.
Ject Is not now before US.
But ] have adverted 60 the history OF
the first bank. and examined the
grounds on which. and the purposes
Tor which, il was established, in order
TO show the fact. that this Government,
from the first. hrs scknou lodged the
important duty and obligation Of pro.
'IdIng for currency and exchange, a.
part OF the necessary regulation OF com
merce. | do no. mean at present. ,c
say that bank Is the only, or the in.
dspensable, means by which this duty
can and must be performed although
certainly think IL The best. YeiI viii
not set limits 10 the wisdom and saga.
city OF gentlemen. in the invention and
adaptation Of means. II they do no,
ike bank, let them try whatever The y
do like. IL they know a better instru.
ment or agent, let them use il. But
maintain that the performance Of the
duty, BY some means, or some instru.
ment, or some agent. is indispensable;
and that so long as ii shat. be neglect.
ed, so long the commerce and bushes,
OF the country must suffer.
The history OF the late Bank Of the
United States manIfests, as clearly a.
that Of the first. that The Government
IN creating II, was acting, avowedly.
IN execution Of It's duty. in regard to
the currency. Fiscal aid, except Sc
far as the furnishing of currency was
concerned, was hardly thought Of. les
bills were. made receivable for REVENGE
indeed; but that provision, as far as 4,
went, was obviously a provision for
currency: Currency for the revenue,
however, was not the leading object.
The leading object. was currency for
the country.
The condition OF things, al that time
was very much. like .hs, which now
exists. The revenue Of the Govern.
ment was entirely adequate 10 all il,
wants; but its operations were al! Oh.
strucied by the arrangement Of the
currency. and the People were as bad
of as the Government. The banks. Of
most Of them had suspended payments
Their paper was deprecated IN variuu,
degrees; the exchanges were all disor
dered. and the commerce Of the coun
try thrown. into confusion. Govern
ment and People were all rich: but
with all their riches. they had no mo
ney. Both might apply 10 ihemseiyei
what Mr. Madison, being a much es
der Writer than speaker, said OF him.
self, when he observed. that although
he could draw for thousand pounds
he had not guinea IN. his pocket.
Mr.. Madison. at that time, was Pre-
.sident of the U. s. He had been on,
iof the opposers of the first bank, or
constitutional grounds, but he Ia,
yielded his own opinions TO the gene
raj sentiments Of the country, and Il
the consideration that the power ha,
been established. and exercised. n,
was not a man who earned his respec
for himself, and his oan opinions so fa
a. to overcome his respect for all othe
mems judgments. Wise men, SIR, ar,
sometimes wise enough to surIende
their own opinions, or at least to Sc,
that there is time when question:
must be considered as settled. Mr.
Madison was ore Of these. In his an
nual Message in December, 1915, b,
says:
"The arrangements Of the finances, with
view 10 The receipts and expenditures Of = per
mahent peace establishment. Will necs s~sTII,
enter into the deliberations Of Congress durisI
The present session. II n true that the AN
proved condition Of the public Frvenuo vii
not onit Afford the means ~ maintaining a.,
istih OF the t'OverHmeut Wilh - creditors in
violate aid OF prosecuting successfully o.,
measure. 81 the nrJst liberal policy, bot Wi
siso Justify 90 inmedflie aiiesiation 81 a.,
burdens imposed by the necessiiies O( ~,
war u =. hosever. essential 10 every mOdi
{ saiion ~ tie finances, that the benefits II
uniform nstioBai currency should be restore,
10 the community The absence of The pre-
cipus metals viii, II ~ believed, be a tsmtri
rary esi. i'ut, utliI they can again he render
81 TIE general nediun, of exchange 70 De
'oi'es ~ the si.dom u Cougrrss to prp,ils
spbstiiite. which shall equally snklgs the con
hdeHce, ADD accommodate the wants o.
ihe ChiHen- throughout The Uniua " The ope
ration q tie State Backs cstnut produce thf
fe'Hii the probable operation ~ . nsiinns
bstk viii merit console rsiiuu. ard " heiihs
u these tNrsticuts te dsemfd tnVftual.
mas bec1mC nrce-tBTy o. ascertain The term
upon ehtt b the notes % ne Gotefnment no,
hunger required a. an instrument n credit
shalt br i.-u-d uppn motives n geoerhl poll
ey, o. rommon medium n ciFculaiion "
Here. sir . the express fecommen
dsi'on 10 Congress 20 provide = "Na
honal Currency. paper currency, 4
unilorm currency Tor he uses Of the
community as a substitute fof the pre-
cious metals. and a. a medium Of *.
change. u deVolses on Congress. saw
Mr. Madison TO pfo,ide such a subsii.
tuie ~ shall engsgr The confidence and
Accommodate the wants Of the ciitzen,
throughout the Union and u Tie State
Banks cannot produce this result. ana
iionsl bank viii merit consideration .--
Can language be more explicit; Cur.
rauru r..f...s..l r..rtr-m.. =.