The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-15

merchants that this foreign debt making pressing
and insupForable demands upon our banks Tor specie
for expectation and that the banks forced
pend specie payments prevent entire drain Of the
specie HON the country and give ,me for the crop Of
1891 to be applied 10 The reduction Of that foreign debt
A resumption promised soon es the foreign de-
mand for specie should cease, ri a
What results have time and the healhlu action Of
prudent business produccdl How are foreign exehan
ges at this moment and how have they been for about
a month now last past Bills on England are actual
" below par in the principal commercial cities They
have been At and below this point for some weeks.
Win it, then,b pretended that there yeta foreign
demand for specie that if the banks uncose their
vaults the specie will be exported and the country drain
ed Oft No the indications are strong and unlyer-
sal Of large influx Of specie growing out OF the present
state Of the exchanges Such the information he
derived from the public press and especially from seye-
raj commercial pepers opposed 10 him ~ politics Sun
the banks had not resumed specie payment and were
they soon to resume This question OF the high
interest OF the most vital Importance, 10 the business
and prosperity Of the country He was most happy TO
be able 10 say he had new hope upon this point He
had SEEN within the last few days, that the banks in the
city OF New York had resolved TO resume, and make
the atempto sustain themselves IN the full and perfect
discharge OF all their corporate duties and obligations on
and after the 10Th day Of May next. He had not a
doubt as 10 the ability Of those banks, with possibly the
exception of two three which unusually nsoy-
ed 10 sustain and carry out this Just and palseworihy
resolve il they could receive the countenancc and CO.
operation of their neghbors IN the other principal com
meIcal towns nay, he would 90 farther and say, u
they were not waned upon by those neghboring mstu-
tons.
Stll, at such moment, when the first dawn OF light
begins show itself in The East we see the dlstn-
gulshod Senator from Massachusetts Mr.. WEBsrER]
rising in his place and calling for further agitation Of the
public mind inviting petitions from The people against
settlement here of question which must continue
lnuriously influence The public interests and TO agi
tate the public feeling until il is settled by Congress
by positive legislation They had panlcs here be-
fore. His honorable colleague and himself had seen
rolls of petitions upon former occasions large that
upon the table They had them from The same
city, OF which they and their State were justly SO fam
cd They had heard invitations given here for aga-
ton for getting up meetings petitions and remonstran-
ces almost in the words winch the honorable Senator
had used in the morning. Who had forgotten the
scenes Of 1884 in this chamber Who had forgotten
the excitement which, from those scenes, was infused
into the public mind every part OF the country, du
| ring that memorable wnterl Who had forgotten the
deep and painful responsibility under which we all then
acted Still we were not then frightened from or
sense OF propriety or duty Both himself and his col
league then stood firmly in what they believed 10
be the path of principle and of duty and neither could
have forgotten what the influence OF tho month oil
May upon that panic. II melted IT away as did the
ice and Of the winter and all was seen TO have
been false aud llusoy the phantom OF excited minds
nHlNu, NicH iSasou iS'uihSui ba'S PeSS -
| prosperity.
Did either the Senator from Massachusetts,, or his
colleague wish 10 those upon the present
occasion Did they hope that condolences in affairs Of
credit aud money TO be established by universal
and continued agitation! BY panic! II was propos
ed 10 postpone the bill TO which the petition related UNI
I'll the session Of Congress- thus preventing any
action in reference to the currency either Of the Trea
suy Of the country during the present session. and
both tue gentlemen had declared that the motion should
receive their support Did they believe that pecnnia'y
benefits TO the country would result from carrying these
deeply agitatng questions the polls Of election! If
not, why invoke agitation now! Why attempt to IN
crease excitement already rendered sufficiently deep
and extensive by the depressed condition Of none
iary affairs And above all, why attempt to delay ac-
ton for another year, and thus force an uncertainty
upon the country for that length Of time, injurious
than almost any proposed action could be
The banks Of New ork deserved not only the thanks,
but the countenance and support TO every possible ex-
tent to which it could be given consistently with para
national interests Of all men and all interests
They deserved the cooperation OF all the other banking
institutions Of the country and most especially OF those
the large commercial cities, their earnest attempt
to resume and sustain specie payments. his coun-
enance and support he his colleague and him.
self must feel the disposition to extend to them as lar
conscientious discharge, If their public duties would
permit and as the first aud most important step they
could take, in his Judgment they should use their every
effort TO secure speedy posye and final action by Con-
gess upon the subject OF the currency and the sale
keeping Of the money Of the nation to secure the per-
settlement of this exciting question of finance
that credit and confidence might have facts and GER
tainties to rest upon; not postponemcnt OF action
which would leave only hopes and fears. dangerous to
credit and destructive to confidence.
He admitted that il was the duty Of the banks III the
city of New York to lead in the resumption OF specie
payments as they had led in the suspension lie ad-
mitted that their location ALSO and the commanding
business Importance Of that great city, made this duty
upon those banks strongly binding. But as they
most promptly followed by all the banks of the
country IN the suspension, ought they TO be followed
with equal prompness aud unanmty, in the resumption
Would they be so followed Painful doubts seemed
hang around tho to this important inquiry
He hoped, however, that they would discharge their
duty to themselves, their State and TO the country
and time would show whether the other banks would
come forward and sustain and cheer them on, would
attempt an cxterminatng war upon them.
The most which Congress could do to act
promptly upon the great subject now before It, and thus
settle the public mind as to the course Of policy which
the government was 10 pursue Entertaining most deep
~ this convictions he was reloccd 10 hear SAID here,
this morning. by the opponents Of the BILL that there was
the prospect bits final passage lie hoped their appre
tensions well founded lie believed the very best
interests Of the country required that the bill should be-
come law. lie believed that the highest and most
essential interests of these respected constituents OF his
who had demonstrated against it, would be best served
by its speedy passage. lie therefore entreacd Sena-
tors TO urn their minds to action here, not to agitation
elsewhere; 10 the settlement Of this Improbable con.
trorersy not TO the influences which may be exercd
through its further discussion before the people of the
country.
Mr. WEBSTER denied that lie ever had expressed
any apprehensions which he did not feel In 1893 he
did express his apprehensions that the State Bank de-
posite system would fail he had confidence in it
at the tlne and foreold what the disasters Of such
proceeding would be. The Senator from New lork
advocated the measure then, and predicted for 1t the
most beneficial results. Had not his (Mr. WIS., pre-
dictions been more than verified Had not the Sena-