The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-09-06
POLITICAL.
From tho Boston Statesman.


Extracts from DANIEL WEBSTER'S
Speech on the 2Sth of February, 1916, n
! gainst tho propriety of creating "A National
Bank, as m aid to the Government in the
restoration of specie payment
alt is a mistaken idea, which I have
heard uttered, on this subjec,, that We nrc
about to REFORM THE NATIONAL oURREN-
cy. No nation hns better CURRENCY than
the United States--lhere is no nation which
has guarded its CURRENCY with more care
for the trainers of the Constitution and those
who enacted the early statutes on this sub
ject, were HARD MONEY MEN they
had felt, and therefore duly appreciated the
evils ola PAPER MEDIUM; they, there
fore, scdulously guarded THE CURRENCY of
tho United states from debdsemtnf. The
legal currency of the United States is GOLD
AND SILVER COIN this is a suhiec,
into which Congress has run into no folly
WHAT, then, Insk, Is THE PRE-
SENT EVILl Having u perfectly saund
nationat currency, and the government hav-
ing NO POWER in fact to make ANY
THING ELSE current BUT GOLD
AND SILVER, there has grown up in
different states currency of paper issued
by banks, setting out with the promise to
pav Gold and Silver, which they have been
wholly unable to redeem"
"Gold aud Silver currency is the law of
the land NJ home, and the law Of the world
abroad; there can, in the present state of
the world, be no other currency. In con-
sequence ofthe immenec paper issues harimg
baaishsd SPECIE from CIRCULATION,
III. government has been OBLIGED, in di.
rect rioiafion Of eristing statues TO RE-
iCElVE the amount of fhsr faIes in
SOMETHING WHICH is NOT RE-
ICOGNiSED BY LAW AS THE MO-
NEY OF THE COUNTRY, and which
is, in fact, greatly deprecated. THIS is
THE EVIL"
"TliE EVIL is not 10 be remedied by
introducing II nep PAPER circulation /;
there eau be no such thing as two media in
circulation, the one credited aud the other
discredited."
"The establishment Of n National Bank
not being in my opinion, THE PROPER
remedy, proceed to EXAMINE WHAT
Is"
"These Banks not cmana,lng from Con-
gres WHAT ENGINES are Congress to
use for remedying the existing evil ! Their
ONLY LEGITIMATE POWER Is TO IN
TERnlCT The PAPER OF SUCH
BANKS As DO NOT PAY SPECIE
FROM BEING RECEIVED AT THE
CUSTOM HOUSE"
"T Congress were 10 pass FORTY
STATUES on the subject, they 1ouid NOT
make ths iov MORE cmeiusire than IL mac
is, that NOTHING shall be receired in
payment Of daiics 10 the Government BUT
SPECIE; aud yet no regard is paid la the
imperative iujunctons of the law in this
respect. The whole strength Of the Gov
ernmeut ought to be put f,r,h to compel the
payment of the duties and taxes in TIE
LEGAL CURRENCY Of the country"
a National Bank ough, to be regarded
NOT as THE POWER to recfify the pre-
sent state Of the currency, buf as A
MEANS TO AID THE GOVERN
MENT in the exercise Of IT'S porer in
this respect"
Extracts from DANIEL wEBSTER'S
speech, 26ih April, 1916, offered Jy him,
for the more effectual collection Of the rev.
enue in the tamfni money OF the country.
This government has n right, IN all ca.
les, To protect its own revenues aud to
guard them agains defslcatiou or bad mud
appreciated paper. IL is hound, also, to
'ollec, the taxes ofthe people on a uniform
rstrm." 4
A W tbs opinion advanced nv scve, .