Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08
Mn. WEBsTERss
SECOND SPEECH ON THE
sUB.TREAsURY BILL.
DanLvEREp MARcR h, lie.

| $1,000 ~NSSA-AtS WIG A9CAACeeCg dek
noWledged importance of the measure, h,
novelty ofits character, and the divisions
opinion respecting it which IS known &
exist in both Houses of Congress.
+ 10 be able, in this state of things, t.
give preponderance to that side Of The
question, which / embrace IS, perhaps
more than ought to hope; but do no.
feel that / have done all that my duty de.
mands, until make another effort. l..
The functions Of this Government
which, IN the time of peace, most materi.
ally affect the happiness of the people, are
tnose which respect commerce and reven-
ue. The bill before us touches both
tnese great interests. 1t proposes to act
directly on the revenue and expenditure Of
the Government, and it is expected to act,
also, indirectly, on commerce and the cur.
rency.-While its friends and supporters
altogether abstain from other measures.
deemed by a great portion of Congress
and OF the Country, to be Indispensable
demanded by the present extingency.
We have arrived, Mr.. President. To-.
wards the close of half century from the
adoption of the constitution. During the
progress of these years our population has
increased from three or four millions, to
thirteen or fourteen millions; our com.
merce, from little or nothing, to an export
of hundred and ninety millions, and an
import of hundred and twA ty-eight and
a half millions, in the yea 1886. Our
mercantile tonnage approaches near to two
millions. We have a revenue, and an ex-
Penditure, of thirty millions year. The
manufactures ofthe country have attained
very great Importance, and, up to the CON-
mencement ofthe arrangement of the cur
rency, were in prosperous and growing
state. The product of the fisheries has
become vast; and the general production
of the labor and capital Of the country in.
creasing, far beyond all the example in
other countries, or other times, and has
already reached an amount which, to those
who have not investigated the subject,
would seem incredible.
The commerce of the United States.
sir, is spread over the Globe. 1t pursues
its object in all seas, and finds its way in.
to every port which the laws of trade do
not shut against its approach. With all
the advantages of more costly materials,
and of high wages, and often in despite of
and unfavorable commercial req
of other states, the enterprise, Wig
or, and economy which distinguish our
interest, enable it to show our
flag in competition to the most favored and
the most skilful, in the various quarters of
the world; in the mean time internal ac-
tivity does not lag nor loiter. New and
useful modes Of intercourse and facilities
of transportation are established, or in
progress every where. Public works are
projected and pushed forward, in spirit
which grasps at high and vast objects with
a bold defiance of all expense. The ag.
gregate value of the property of the coun-
try is augmented daily. A constant de-
mand Of new capital exists although a
debt has already been contracted in Eu.
rope, for sums advancedto states, corpora
lions, and individuals, for purposes connec-
nected with internal improvement; which
debt cannot now be less than q hundred
millions Of dollars. Spreading over al
great extent, embracing different climates
and with vast vuristy Of products, we find
an intensely excited spirit of industry and
enterprise to pervade the whole country /
while its external commerce, as have all !
ready said sweeps over all seas.---We arel
with all commercial countries,
and, most of all, with that which has ess
and sustained the most stipen-l
dous system of commerce, and manufac.I
lures and which collects and discusses I'M
incredible amount of annual revenue; and
which uses in this end, and as means of
and circulation, a mixed money
Of metal and paper 1
Such mixed system, sir, has also pre-.
vailed with US from the beginning. Gold
and Silver, and convertible bank paper,
have always constituted our actual money.
The people are used to this system. Itl
has hitherto commanded their confidence,
and fulfilled their expectations. We have
had, in succession, two national banks
each for period of twenty years. Lo-
cal or state banks have, at the same time.
been IN operation; but no man Of intelli-
gence or candor can deny that, duringl
these forty years, and with the operation
Of a national and these stale institutions,
The currency of the country upon the
whole has been safe cheap, convenient,
and satisfactory When the government
was established t found convertible bank
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