The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-03-27
REMARKS OF MIR. WEBsTER.

marks of Mr., Webster on the sub.treas,ry bill
in the Senate on Monday, is from the correspon-
dence of the Baltimore American
The most arstocratic sentiment ever uttered
in this country said Mr.. Webster was that which
said that "those who traded on borrowed capital
ought TO break" And what would be the effects
of this said Mr.. Webster. Capital would be
boarded and made dead mass, and not as be-
fore living and active principle The effect
was TO make the laboring classes of this country
but little better than the sers of Russia. 1t was
this borrowed capital that gave prosperity to the
new Sates and the representatives of the new
States should be the first to foster and encour-
ageit.
| Mr. Webster went on TO illustrate the interest
OF his own State, and under the head of Massa
chusets an array of startling facts was stated to
the Senate.
With 100000 people g. $3.50 square miles, Mas
chusetts has IN annual product OF $l60 to ev-
cry man woman and child in fhe State and her
annual manufactures amount to $l40O00,000.
This TOO for boots, and shoes and leather,
and books and wool and Woollens, and fer like
useful articles. The entire manufacture ofJewel-
ry amounted only to or 100000 dollars of this
whole sum.
And yet with these facts before us, an exam
pie of II multitude of such facts in many Of the
States-against this system Il cry of monopoly"
was made. 1t made 'the rich richer and the
poor poorer" was another contemplate and base
and unpatrlotic declared opinion upon this subject
"a cry intended to have an effect on the worse &
baser passions of men. Besides, nothing was
more false more unjust.
Mr.. Webster then entered upon an examna-
ton of the banking system of the United States.
There were he said, in the United States 700
banks-between and 4O0,00O,0O0 dollars of
capital-$60, 600 OF specie, and $IO0,OO0,000
bank notes in circulation. Mr. Webster com
IN ented upon these statistics in reference to their
arrang ements, benefits, evils, &C. &c.
Mr.. Webster then said that if there had been
an expansion of the currency,-and he did not
doubt but there had been,--the Government was
The cause. Here Mr.. w. read letter from the
Secretary of the Treasury written lust after the
removal of the Deposits, The letter instructed
the Deposte Banks to discount to the full amount
OF their ability, and TO the full means which the
deposits allowed, giving as large discounts 10 the
merchants as possible, consistent with other
claims. And yet for acting under and carrying
out those instructions, the bill before the Senate
had introduced ii section Of pains and penalties
The Government commanding thing,the doing
of which was TO be punished with pains and pen
altcs.
Mr.. Webster enlarged upon the branch of his
argument and proved that for all undue excess
the Government alone was responsible.
Mr.. w. t!rn made an argument to show the
effect Of contraction and the necessity ola liberal
circulation of notes among the people. With
but one exception, and that recent one, he said
there had not been a time when circulation
was too large fol the wants of the country. The
country would have got along, Mr.. w. said,
without a suspension Of specie payment had it
not been for the Treasury order OF July and the
manner in which that order executed.
There would without this order, no doubt have
been suffering and distress, but the Banks he
thought would not have been compelled to sus-
pendspecIe payments.
Speaking further of the inpracticabilty ofths
bill, and the payment ofspecie, Mr. Webster said
that the daily payments made in the city of New
York from Bank to Bank, and from the People
to the Banks and the Banks to the People, was
no less than $50, 100000, and that of the whole
country not less than $25O0L0,000! And this
to he carried on in specie how could it be done
and how can it be done Impossible.
The effects ofthis bill formed another prom-
nent part Of Mr.. Websters speech. The tax
payer was 10 count out his specie 10 the receiver
the receiver to the disbulser-the disbursers
TO the depostors-and depositors to disbursers-
and the $30,0O0,000 received for the revenue
must he counted five times, or to the amount of
$l5O,0O0, O0O-and thus were to become Il
tinkIing, Jnging generation of men-a nation of
bell-ringers-symb -tinkers-a hard money gov
eminent.
Its effect on the business and commerce OF the
country will be that $2l 900, GOO will always on
an average under the operation OF this Bill, he
boarded and kept from public use. You cannot
resume specie payments-never.-l am willing
to risk my reputation upon this assertion.-You
can never resume specie payments and continue
the resumption, unless you contract almost all
the issues necessary for the business of the com
munlty. Business could not go on, and the be-
gining would end in another suspension. The
effec: was inevitable and Observation-Disclosures
tons must he made to ruinous extent I'M
der this Bill and the country distressed and des-
troyed.
The New York Commercial gives the follow
ing as the closing part of Mr.. Wehster's Speech.
"The gentleman from South Carolina tells us
finally, that he will move off under tho state
rights banner! Move off sir /? From what p
From whom? We have been acting together,
MS have always believed cordial -sincerey y
for the public good. Move of from us? Sir
exclaimed Mr.. Webster, with remarkable sgnf-
icance and earnestness of look and jesture,) LET
HIM GO. / remain where have always been.-
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