The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-17
MIR WEBSTER'S SECOND
SPEHIGEI.
ON THE sUB-TREASURY BILL,

Mr. PREsIDENr:-H Having at an early stage of the
debate expressed, in a general manner, my opposI-
ton to this bill must find apology for again adj
dressing the Senate, in the acknowledged Impor-
lance Of the measure, the novelty of its character,
and the division of opinion respecting 1t which Is
known to exist IN both Houses Of Congress
To be able, in this state of things, to give pre-
ponderance to that side of the question which en-
BRACE is, perhaps more than ought to hope; bnt
do not feel that have done all which my duty
demands, until | make another effort.
The functions of this Coy ernment which, in time
of peace, most materially affect the happiness Of the
people, are those which respect commerce and rev.
enue The bill before us touches both these great
interests. 1t proposes to act directly the
nue. and expenditure of Government, and it is eX-
peCted to act, also, indirectly, on commerce and
currency; while its friends and supporters aogeth-
abstain from other measures, deemed by n great
portion of Congress and of the country to be ndis-
pensably demanded by the present eXgency
We have arrived, Mr. President, towards the close
of half century from the adoption of the constitu-
ton During the progress of these years, our pop
uation has increased from three or four millions to
thirteen or fourteen millions; our commerce. from
little or nothing to an export of a hundred and nine
~ millions, and an import of hundred and twenty
eight and half millions, in the year 1885. Our
mercantile tonnage approaches near to two millions
we have revenue, and an expenditure, OF thirty
millions year. Tho manufactures OF the country
have attained very great Importance, and, up
TO the commencoment of the arrangement OF the
currency, were in Il pros porous and growing state
The produce ofthe fisheries has become vast; and
the general production of the labor and capital of
the country is increasing, far beyond all example in
other countries, other times, and has already
reached 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 objects in all seas,
and finds lis way into every port which the laws OF
trade do not shut against lis approach. WITH all the
disadvantages of more costly materials, and of high
wages, and often in despite of unequal and unta-
vorable commercial regulations Of other States the
enterprise, vigor, and economy which distinguish
navigating interest, enable 1t to show our flag,
in competition with the most favored and the most
skiIliul, in the various quarters Of the world. In
tbs mean time, internal activity does not lag nor
loiter New and useful modes Of intercourse and
facilities of transportation established, or are IN
progress, every where 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
is augmented daily. n constant demand Tor new
capital exists, although debt has already been con-
tracted in Europe, for advanced to States, cor
porations and individuals, for purposes connected
with internal improvement; which debt cannot now
be less than hundred miIlons oil dollars Spread
ing great extent, embracing different climates,
and with vast variety Of products, we find an in
tensely excited spirit of industry and enterprise to
pervade the whole country; while It's external com
merce, as have already sad sweeps over all the
seas. We are connected with all commercial coun-
tries, and, most of all, with that which has estab-
lshed and sustained the most stupendous system OF
and disburses incredible amount of annual reve-
nue.; and which uses to this end, and as means
ofcurrencY and circulation, mixed money OF met
al and paper.
Such mixed system, sir, has also prevailed with
us, from the beginning. Gold and silver, and con-
vertibe bank paper, have always constituted our
actual money. The people are used to this system
1t has hitherto commanded their confidence, and
fulfilled their expectations. We have had IN sac
cession, two national banks; each for period of
twenty years. Local or State banks have, at the
same ,ime been in operation; and no man OF intel
Hgence or candor deny that, during these forty
years, and with the operation of national and these
State Institutions the currency of the country, upon
the whole, has been safe, cheap, convenient, and
When the Government was establish
ed it found convertible bank paper, issued by State
banks, already in circulation; and with this circula
ton it did not interfere. The u States, indeed,
had themselves established bank, under the old
Confederation, with authority to issue paper A
system Of mixed circulation, therefore, was exactly
ihat system which this constitutions its adoption,
found already in existence. There is not the slight
est evidence ofany intention, in establishing the
constitutions to overthrow or abolish this system,
although it certainly was the object OF the constu
ton to abolish bills Of credit, and all paper intended
for circulation, issued upon the faith of the State
alone. inasmuch whatever then existed, OF the
nature of money currency, rested on State legls-
la'lon; and as it not possible that uniformity,
general credit and general confidence could result
from local and separate of the States, there
eVluence-l think abundant evidence--that 1t was
INV hitenuon OF the trainers OF the constitution 10
giVo 10 congress controlling power over the whole
sunJect, to the end that there should be, for the
whoie country, currency of uniform value. Con-
gress mas heretofore exercised this authority, and
1utn'ed the corresponding duties. 1t has maintain
ed, Tor lofy years out of forty mine national inst
tuition, proceeding from its power, and responsible
10 the General Government With intervals of de-
brought about by and other occur.
FENCES, TINS whole system, taken altogether, has t
been greatly successful in its actual operation We
have found occasion to difference between
Government and people-botween money for reve- !
nue., and money for the general use of the country
Until the commencement of the last session, Gov
ernment had manifested no disposition to look out
for itself exclusively. What good enough for
the people, good enough for Government. No a
understanding and gracious preference had, before
mat period, been rendered to members of Con-
gress, over other persons having claims upon the
public funds. Such singular spectacle had never @
ueen exhibited, as amlcabe, disnterested, and t
patriotic understanding, between those who are to
Eo'e taxes on the people, for the purpose Of pen