The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-07
MIR. wEBsTER,s SECOND SPEECH ON
THE sUB-TREAsURY BILL.
DELIVERED, MARCH IL, 1888.
(Coatiaued1

Sir, we may talk rs much as we please about the
resumption OF specie payments, but tell you that,
with government thus warning upon the banks, if
resumption should take place, another suspension |
fear would follow. II Is not war successful or I'M
successful between government and the banks; it is
only peace trust confidence, that can restore the
prosperity Of the country This system OF perpetual
annoyance 10 the banks, this boarding up OF money
which the country demands for its own necessary
uses, this bringing Of the whole revenue to act not
in aid and fufherance but in direct hnderance and
embarrassment OF commerce and business, is utterly
Treconcileabe with the pubic interest, We shall
see return of former times till il be abandoned
altogether abandoned The passage OF this bill will
create new alarm and new distress,
People begin already 10 fear their own govern
ment They have an actual dread OF those who
should be their protectors and guardians There are
hundreds of thousands Of honest and industrious
men, SIR, at this very moment who would feel re-
leved in their circumstances, who would see better
prospect of honest livelihood and feel more sure
Of the means of food and clothing tor their wives
and children if they should hear that this measure
had received It's death Let us, then, sir, away with
1t. Do we not see the world prosperous around us
Do we not see other governments and other nations
enlightened by experience, and rejecting arrogant
innovations and lheoretic dreams, accomplishing the
great ends Of society,"
Why, sir, why are we, why are we alone among
tle great commercial Statesl Why are we TO be
kept on the rack and torture Of these experiments
We have powers, adequate, complete powers. We
form our constitutional duty, and we shall spread
content cheerfulness and Joy over the whole land
This brings me- sir, to the second inquiry.
Is this measure, Mr.. President just exercise Of
tae powers of Congress, and does ii fulfil all our
duties2
Sir, have so often discussed this point have so
constantly insisted, for several years past on the
constitutional obligation of Congress to take care of
the currency, that the Senate must be already tired
OF the speaker if not weary of the topic; and yet,
ater all this is the great and paramount question.
Ulil this is settled, the agitation can never be quiet
ed II we have not the power, we must leave the
whole subject in the hands OF those who have it, in
no hands; but If we have the power, we are bound
to exercise it, and every days neglect is violation
ofduiy. | therefore again insist that we have the
power, and again press its exercise on the two
Houses of Congress again assert, that the regula-
tion of the general currency-ot the money Of the
country, whatever actually constitutes that money
is one OF our solemn duties, .~
The Constitution conierS on us, sir, the exclusive
power of coinage. This must have been done for
the purpose of enabling Congress 10 establish one
uniform basis for the whole money system. Con
gress therefore, and Congress alone has power over
the foundation the ground work, Of the currency
and il would be strange and anomalous having this,
fi,had nothing to do with the structure, the edce,
to be raised on this foundation Convertible paper
was already in circulation when the Constitution
was framed and must have been expected to con-
tinue and to increase. But the circulation of paper
tends to dSplace coin, il may Danish it altogether
al TINS very moment III mas DdnlSHcQ H. Ii therefore,
the power the coin does not enable Congress to
project the coin, and to restrain any thing which
would superSede it, and abolish its use, the whole
power becomes nugatory, If others may drive out
the coin, and fill the country with paper which does
not represent coin, of what use, | beg to know is
that exclusive power over coins and coinage which
is given TO Congress by the Constitution 7!
Gentlemen on the other side admit that II is the ten
dency Of paper circulation 10 expel the coin; but then
they saw that, for that very reason they will withdraw
themselves the single and object of protecting
the coin, and providing for payments TO Government
This seems TO me TO be very strange way of reason
ing aud very strange course OF political conduct he
coinage power given to be used for the heneht OF
the whole country, and not merely to furnish medium
for the collection of revenue. The object was TO
secure, for the general of the people, sound and
safe circulating medium. There be no doubt of
this intent If any evil arises threatening to destroy
endanger this medium this currency, duty to
meet it, not TO retreat from it to remedy II, not TO let
it alone; we are to control and correct the mischief
not to submit to it. Wherever paper is TO circulate as
subsidiary to com, performing, IN greater or less
degree the function ofcoln It's regulation naturally be-
longs the hands which hold the power over the COIN
ave This is an admitted maxim by all writers 1t has
been admitted and acted upon on all necessary occa-
sons, by our government, throughout Its whole
history. Why will we now think ourselves wiser than
all who have gone before us !
This conviction OF what the duty of government,
led to the establishment Oh the Dank IN tue adisHd
ton of General Washington. Mr. Madison, again.
acted upon the conviction in 1916, and Congress
entirely agreed with him. On former occasions, have
referred the Senate, than to the clear and
emphatic opinions and language Of Mr. Madison, in his
messages in 1915 and 1916, and they ought to be
peated, again and again, and pressed upon the pubic
attention.
And now let me say, sir, that in our history
has carried the doctrine farther defended it with
ability acted upon it with more decision and effect
than the honorable member from South Carolina. His
speech upon the Bank bill on the Goth of February
1916 strong, full, and conclusive He has hereto
fore said that some part OF what he said that
sion does not appear in the printed speech but what
ever may have been left out by accident that which is
in the speech could not have got in by accident Such
accidents do not happen A close, well conducted
and conclusive constitutional argument is not the result
of an accident OF chance and his argument on that
occasion, it seems to me- was perfectly CONCLUSIVE
lie POUNDS the right of regulating the paper currency d.
rccty on the coinage power. The only object" he
saws the trainers Of the constitution could have in
vlcw in giving to Congress the power to coin money
regulate the value thereof and Of foreign coin, must
have been to give a seadness and fixed value to the
currency of the United States" The state Of things
he insisted existing the time Of the adoption OF the
constitution afforded argument in support of the con
struction There then existed, he sand, deprecated
paper currency which could only be regulated and made
uniform by giving power, for that purpose, TO the
General Government
He proceeded to say that by sort Of under-current
tho power of Congress TO regulate the money OF the
country had caved in and upon its RUN bad sprang up
those institutions which now exercised the right OF
making money for and in the United States For gold
and silver The lnsisted) not the only money but
whatever is the medium of purchase and sale IN which
bank paper alone now employed, and had, there
FORE become the money Of the counry. " The right
Of making money" he added an attribute Of sovereign
power sacred and important right, exercised 10y
two hundred and sixty banks, scattered over every part
of the United States"
Certainly sir, nothing be clearer than this Ian
rnape: and, acting vigorously upon PRINCIPLES thus PLAIN