South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-06-03
EXTRACT FROM
THE SPEECH OF MR.. WEBSTER
Az WHEELING.


4 The discontinuance of the national
bank, the Illegal removal of the depos-
ties, the accumulation of the public re-
venue in banks selected by the Execu-
live, and for long time subject to nc
legal regulation or restraint, and finally
the unauthorized and illegal Treasury
order, have brought us where we are.
The destruction of the national bank
was the signal for the creation of an I'M
precedented number of new State
banks, some of them with more dispro-
portonate, and even more nominal ca
pital than the national bank had pos
sessed. These banks, lying under no
restraint from the General Government,
or any of its institutions, issued paper
corresponding to their own sense of
their Immediate interests and hopes of
gain; the deposite with the State banks,
of the whole public revenue, then ac-
formulated to vast amount, and max.
ing this depesite without any legal re-
straint or control whatever, increased
both the power and disposition Of these
banks for extensive issues. In that,
the Government seems to have admin
.istered every possible provocation to
The banks, to induce them to extend
their circulation. It uniformly, zeal
Ously, and successfully opposed the
land bill, a most useful measure, by
(which accumulation in the Treasury
would have been prevented, and, as if
it desired and sought this accumulation,
II finally resisted, with all its power,
The depesite among the States. 1t is
advanced as reason for the present
overthrow, that an extraordinary spirit
of speculation has gone abroad, and has
been manifested particularly and stron-
gly in the endeavor to purchase the
public lands; but has not every act of
the Government directly encouraged
this spirit' It accumulated revenue
which it did not need, all of which it
left in the deposite banks. The banks
had money to lend, and there were e.
nough who were ready to borrow, for
the purpose of purchasing the public
lands at Government prices. The
public Treasury was thus made the
great and efficient means of effecting
those purchases which have since been
SO much denounced as extravagant
speculation and extensive monopoly.
These purchasers borrowed the public
money; thew used the public money
TO buy the public property; they spec
ulated on the strength of the public
money; and while all this was going
on, and every man saw it, the admins
tration resisted to the utmost gifts pow
er every attempt to withdraw this mo-
ney from the banks and from the hands
Of those spectators, and distribute it
among the People to whom itbelonged.
If there has been overtrading, the Go
vernment has encouraged it; if there
has been rash speculation in the public
lands, the Government has furnished
the means out of the Treasury.
I will not say that other causes, both
at home and abroad, have not had an
agency in bringing about the present
arrangement. | know that credits have
been used beyond all former example;
that it is probable the spirit of trade has
been too highly excited; that the pur-
suit of business may have been pressed
TOO fast and too far. All this | am ready
10 admit But, instead of doing any
thing to abate its tendency, our Gov
eminent has been the prime instru-
ment of fostering and encouraging it.
1t has parted voluntarily, and by adj
vice, with all control over the actual
currency Of the country. 1t has given
"a free & full scope to the spirit of bank
dng it has aided the spirit of specula-
tion with the public treasure and it
has done all this in the midst of loud
sounding promises of an exclusive spe-
Gle medium, and professed detesta-
ton of all banking institutions.
It is in vain, therefore, to say that
the present state Of affairs is owing,not
TO the acts of Government, but to other
causes over which the Government had
no control. Much of it IS owing to the
course Of the National Government: &
what is not so, to causes the operations
Of which Government was bound, in
duty, to use all its legal powers to con-
troll.
Is there an intelligent man in the
community, at this moment, who be-
'lieves that if the Bank of the United
States had been continued; if the de-