The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-04
DEBATE IN THE SENATE.
ur. Wrbster's I'd speech,
On ths sub-TrsaSury niIi.
MnrrL p 1913
MarrL n 1878

saaeP al lDe urhaie rAsafrs-fsls ~ general
m,euer, ms opposition IN this bill. must
fnd an sspalngy fer sgain addressing the
senate. in the arknawlrtle-d impnriance
NJ he measure. The naVrlty "f iis eharae-
cor. and the division IL apihiol rrsperIing
Il which il knnwn In exist 10 both Houses
ofcnngrsss.
To be able. in this stale nf things. IN
sirs a prrpnadrranre IN ihst sIie of the
question which | emhrsre. j.. perhaps.
mare Than ought In hope; hut I 10 nat
f,.l that I hive done all which nv duty
demand. unlil ] male anaihrr rlf,ri.
The functions Of This Gaysrnment,
ubirh. in time IL peace. mas, mlleIially
,Tsr, the hapainsss of the People. are
those which respect commerce AMI TsEr-
pue. The bill hrfare ~ tnnrhes boih
these great interests. u proposes 10 act
directly an the revenue and expenditure
NJ C;nvern,neni, and il il expected - art.
al.a, Indirectly. 81 commerce anil eurren-
cy; While its frieads and supporters al.
,,,eiher abstain from other measnrrs,
deemed bv a great portion of Congress
and Of the connIrv g. b. inIispsnsably
dsman,led bv the prescn, exigenry.
We have arrived. Mr. President. To-
ward. the close Of half century iram the
adoption of the Constitution. During
IN, prosfess II these wears. our p0pula.
nnn has increased fro'a three or fur
millions 10 thirteen ar fourteen millions:
our commerce. frnm little or nothing. to
an export of hundred aud ninety mil
hons. aud an impnrl nf hundred and
tUeaty-eishl and half millions. in the
wear 1886. Our mercantile tonnage ap-
nrosches ne1r to two millions. We have
, revenue. and an expenditure. nf thirty
millions a wear. The manufactures Of
the Country have aitained very great
importance. aud, up Ia the commence
menl nf the arrangement NJ the currency.
were in a prosperous anil Rrnsing state.
The produce of the fisheries has brc"me
,as,: and the general prnducsIon nf the
labor and capital of the country ~ lnercas
ing Ear beyond all example IN other eoun-
tres, or other times. and has already
reached an amount which, 10 ihnse who
have M, Investigated the suhjeci. would
seem incredible.
Tie commerce Of the United Suites,
sir, is spread over the glnhle. II pursuCs
lis objects 10 all seas, anil finds ITS way
into every port which the laws Of trade
do m, shu, agains, its approach. With
all the disadvantages of mare easily
materials, and Of higher wages. aud often
in despite Of unequal and uufavnrahle
commercial regulations III other States.
the enterprise, vteoI, aud ecnn"my which
distinguish our navie iIing interest. ena'
bic it TO show nur flag. IN competition
with the most favored and the m".i skill
ful. in the varInus quarters Of the world.
Ia the mean tune. internal ACTIVITY dives
not lag nor lnuer New and useii
modes Of intercourse aud facIIiIrs ol
transportation are established, az are ~
progress. everywhere. Puh!Ic works are
projected and pushed forward IN a spirit.
winch grasps a, hugh and vast oblers.
with bnld defiance of all expense. The
aggregate value II the property of the
country il augmented daily. A constant
demand fnr new capital exists, ai'h"ugh
a debt has already been contracted ~
Europe. fur suns advanced To states, cor.
parauons and Individuals, fnr purposes
rnHn'ctrd with internal improvement;
which debt cannot nav be less than 4
hundred millions nf dnllars., Spreading
over a graf extent, embracing ditleten'
climates, and with vast variety oi pro-
durls. we find an intensely excited sp'rl'
of industry and enterprise 10 perVade the
whole country; while Its ex,crnal cum
nerce. as | have already said. sweeps
over all seas. We are connected with
all commercial countries. and. most ol
all, with lha, which has established and
sustained the most s,upendous system ol
commerce and manufactures, and which
collects and disburscs an incredible a.
mount Of annual revenue; and which
uses, 10 this end. and as means nf rurren'
cy and circulation. mixed money oil
metal and paper.
Such a mixed system, sir, has aIsd
prevailed with us. from the beginning
Gold and SILVER. and convertible bank
paper. have always constituted our aclua
money. The People are used I" this
system. Ithas hitherto commanded thei'
confidence. and fulfilled their exp"c'a
tons. We have had, in succession. two
national banks. each for period al twenty
years. Local nr State banks have. a, 'ht
sa'ne time. been IN operations; anu ~
man vt intelligence or can'inr can den!
that. during these forty years, and VIII
the operation of national and these
state Institutions, the currency oil th'
country. upon the whole. has been safe
cheap, convenient, aud satisfactorily
When the Government was established
II found convertible bank paper, issurt
by State banks. already in circulation
and with this circulation it did not m
'eriere. The United States, indeed, hst