The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-05
NH. WEBsTER's SECOND SPEECH ON
THE sUB-TREAsuRY BILL.
DELIVERED, MARCH IL, 1888

Having at an early stage OF the debate expressed,
10 general manner, my opposition TO this bill must
md an apology for again addressing the Senate IN the
acknowledged importance Of the measure, the novelty
oil its character and the division Of opinion respecting
IT, which is known TO exist in both Houses OF Con-
gress
To be able, in this state Of things to give prepon
derance that side Of the question which embrace, is
perhaps, than ought TO hope but do not feel
that have done all which my duty demands until make
another effort.
The functions Of this Government which, in time Of
peace, most materially affect the happiness OF the peo
pie, are those which respect commerce and revenue
The bill before us touches both these great interests
II proposes TO act directly the and expend
tnre of Government, and is expected to act, also nd
rcctly commerce and currency while It's friends and
supporters altogether abstain from other measures
deemed by great portion Of Congress and OF the coun
try to be ndispensaby demanded by the present ex.
gency.
We have arrived Mr. President, towards the close
ofa half century from the adoption Of the constitution
During the progress Of these years. population has
increased from three four millions thirteen or four
teen millions commerce, from little nothing, 10
export Of hundred and ninety millions. and M i'm
port of hundred and wcnty-eght and half Millions
IN the year 1886 Our mercantile tonnage approaches
to two millions. We have a revenue and
pcndlture OF thirty millions year The manufactures
Of the country have attained very great Importance
and up to the commencement of the arrangement Of
the currency, were III anu growing state
The produce OF the fisheries has become vast and the
general production Of the labor and capital Of the
try is increasing, far beyond all example in other
tries 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
the globe II pursues its objects in all seas, and
finds its into every port which the laws Of trade do
shut against It's approach With all the disadyan
tages gilmore costly materials and of higher wages aud
often in despite Of unequal and uniavorabe commercial
regulations Of other States, the enterprise vgor, and
economy which distinguish navigating interest,
bic it to show flag, in competition with the most IA
vored and the most skiu IN the various quarters of the
world In the mean time internal activity does not lag
nor loer. New aud useful modes of intercourse and
facilities of transportation are established are in pro-
gress, everywhere Public works are projected and
pushed forward, in spirit, which grasps at high and
vast objects, with bold defiance Of all expense The
aggregate value Of the property of the country aug
mented daily constant demand for capital
sts although debt has already been contracted Eu-
rope, for advanced to States, corporations. and
individuals, for purposes connected with internal I'M
proyement; which debt cannot be less than hun
drcd millions ofdoars Spreading over great extent,
embracing different climates and with vast variety Of
products we find intensely excited spirit Of industry
and enterprise pervade the whole country while its
external commerce, have already said sweeps over
all We are connected with all commercial coun-
lHUSt VI all, WIFI WHICH mas
and sustained the slupendous system Of commerce
and manufactures, and which collects and dsburses an
incredible amount of annual revenue and which uses,
to this end and of currency aud circulation
mixed money OF metal and paper.
Such mixed system, sir has also prevailed with us,
from the beginning Gold and silver, and convertible
bank paper, have always constituted our actual money
The people are used this system, 1t has hitherto
commanded their confidence, and fulfilled their expec
tons We have had, in succession, two national
banks each for a period of twenty years. Local or
State banks have the same time been in operation ;
and no Of Intelligence candor deny that dur
ing these forty years, and with the operation Of
tlona and these State institutions, the currency Of the
country upon the whole has been safe, cheap,
cut, and satisfactory When the Government was es-
tablished found convertible bank paper, issued by
State banks already in circulation AMI with this circu-
laton it did not interfere The United States, indeed
had themselves established bank, under the old Con
federation with authority to issue paper. system Of
mixed circulation therefore, exactly that system
which this constitution, at Its adooIr found already in
existence There IS not the slightest evidence of
intention in establishing the constitution, overthrow
or abolish this system, although It certainly the OBJ
ect OF the constitution abolish bills Of credit, and all
paper intended for circulation, issued upon the faith of
the States alone. lnasmuch whatever then existed
of the nature of money currency, rested State le
gisatlon; and 1t not possible that uniformity
general credit and general confidence could result from
local and separate acts OF the States, there is evidence
! think abundant evdence--that it the intention Of
the trainers of the constitution to give to Congress
controlling power the whole subject to the cud that
there should be- for the whole country, currency of
uniform value Congress has heretofore exercised this
authority and fulfilled the corresponding duties 1t has
maintained for forty years out OF ortynlne, national
institution proceeding from It's power, and responsible
to the General Government With intervals of derange-
mcn brought about by and other occurrences, this
whole system, taken altogether has been greatly
cessul in its actual operation. We have found occa-
sion to create difference between Government and
peopIe-bctwccn money for revenue, and money for the
general use Of the country, Until the commencement
of the last session, Government had manifested no dis
position to look for Itself exclusively. What
good enough for the people good enough for Co
vcrnmcnt No condescendlng and gracious preference
had before that PERIOD ever been rendered to members
Of Congress, other persons having claims upon
the public funds Such singular spectacle had never
been exhibited as an amicabe, DISTINGUISHED, aud pa,r-
otto understanding, between those who to vote taxes
the people, for the purpose OF rcplenshng the Trea
sury aud those who, from the Treasury, dispense the
money back again among those who have claims It,
In that respect think the Secretary stands alone He
is the first so far ! know, in our long list Of able
heads Of Departments, who has thought it delicate and
skul touch in financial administration, be partlcu-
larry kind and complaisont the interest Of the law
makers-lhoso who od the tax.layiug power the first
whose great Difference and cordial regard for members
OF Congress have led hun to provide, for them as the
medium OF payment and receipt, something more vaG-
able than is provided the same tnc for the army,
the navy the Judges, the revolutionary pensioners and
the various classes Of aboers in the pay of Govern
mcnt
Through our whole history, sir, we have found con
vertlhc Iaper currency under proper control, highly
useful 10y It's pablhy to circumstances, aud by It's ca
pacity Of enlargement in reasonable degree, to meet
the demands Of new and enterprsIng community As
have already said, su, we owe permanent debt Of
hundred millions abroad and in the present abundance
Of money England and the State OF demand here this
amount will probably be increased But must be evil
dcnto every one, that, long as by safe use of pa
per, We give some reasonable expansion to our own cir
~ NJ do