Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-10-06
MIX NLoSTEKS GREAT SPEECH
AZ NEW YORK.

any ming ever bctrrc Witnessed In Tins com
The shipping IN port were all decorated with
hear hpgs tor the occasion Jonathan Goodhue pre.i.
asss;ed by twenly--iN Nice presidents, and four
Mr.. Websicrs STcech. CONTINUES tho New York
NmcrcaEl which we have carefully reported. needs
no commentator from as, though II Will furnish us
with topics Of future reference.
The resolutions were introduced by Moses II. Grin
nell. who. having Preiaoed them with a fcw striking
and stirring remarks. read them at length; and forhwiIh
Mr.. Webster. who. on RISING. was received
with dcalening cheers. When these subsidized, Mr. |
Webster thus spoke
! am deeply sensible ofihe honor and Of The rcspon-
sbility OF this occasion. Honor II is. certainly. 10 be
requested 10 address tho merchants OF New York. a
body Of as much Intelligence. capacity md rsspcc-
liability. ns any ia the world, respoUs Ole 1t j., to
address such "A body on subjects which many ofthom
understand scientifically better than I do, aud with
which all uf Them have more or less PRACTICAL ac-
quaintance.
The question Of the currency Of coun,ry-always
important, always somewhat complsN-ls. under pre-
sent circumstance. the great question Of the times. |
do not shrink from expressing INV view on tins sub
Ject here to-day. | am ia public life. and since. on
this question, more than any other. political results are
likely Ia turn. | have no hesitation in speaking. The
state OF the currency = a principal cause why one Ad-
miaisiraiion is about to 90 out Of power aud another 10
come N, ana these circumstances lead me To- premise
what ! have 10 say to-day. by remarking. in the first
pace. thatI propose 10 speak for no body but myself
My general opinions ON subjects Of currency are well
known. and, rs IT is now highly probable that those
who have been long IN opposition To the Government.
will be called upon to propose remedies. it ; the more
Incumbent on ms 10 repeat that. what | say 10 day. |
say fOr myself, and for no one else. Especially IN re-
gard TO the candidate whom We all support for the
Presidcncy, / have no more authority 10 speak for
hun. nor other means OF learning hts Opinions. than you
oil pOS -.
1 will proceed, then. TO state some general PROPOSE
tioIs which ! believe 10 be- founded ia irie principles
ana sound political econumy. suited in their apPlicn-
tion To our country. In The hrsi place. | hold the o.
p,nTon that u mixed currency Of gold and silver. and
Of paper rcdeemablc, and steadily redeemed. IN specie
on demand. Is the mot useful and convenient cuTren
cy for this or my country, and ihis : the eurrehcs We
have used and employed heretofore i the United
States; the idsa Of an exclusive metallic currency be-
ing. in my Judgment the mere fancy Of theorists. or
used - an instrument of popular deidsion.
In the next place. the management of this mixed
currency has its difficulties, which II requires both
skill and care u avoid or oNercome. as has been seen
IN the experience Of Great Britain. the great CONNER
cal country of Tie world, as well as IN the United
States. There Is, doubtless. danger OF sudden COR
fractions and expansions, in such n currency, and yet,
where II Is all metallic, rs in Cuba. or in some Euro
pean countries. where there is chiefly hard none, cur
rency. there are fluctuations in prices, disasters in
trade, and mercantile failures. perhaps as often and a
injurious as in countries of well regulated r~edeemablc
paper currency
Then. AGAIN. ! hold that the regulation Of currency
whether mixed or metallic)-a just AID safe super
vision over that. whatever IL II, that constitutes mon
ey, the medium of exchange--necessarily appertains
TO Government; the regulation of money and what
taxes The place Of money, being, in my judgment, an
IS entail prero .ative Of Government. The oper tons
OF banking nre twoIold. and every bank and barker
among ~ performs two offices or functions. IL dis
counts commercial paper. (no,es) ia other words.
lends money. and nm thIS business. individuals fnouE. 4
ers without acts Of incorporntion) may engage and
with them, and this constitutes simply a bank
and dcpusite. But our banks are all banks
oi circulation, as well as deposiie, and issue their notes
AZ part of Ihat circulation; and when they discount
aoics' they pay tho amount in their own bills, and
by the amount of such discounts, add TO the guam
liy OF money IN circulation; every such operation he.
ms by so much an increase of the whole amount OF
l1e circulating medium. Hence IL comes to pass. in |
me absence of any Government supervision aud con- |
that the wisdom and discretion of regulating. al
my time, the amount of money circulating in The com.
nuniiy, Is bat the aggregate Of the wisdom and dis
OF a multitude OF banks, all acting without con-
without any superior controlling power, and each
or MS own interest. SIch a regulator Of regulation Of
he cuHency-such a mode of determining what n
Mount of circulation shall be furnished TO the country,
must necessarily be most uncertain. and cannot but be
nIschIevous. ] look upon II As n duty II the Govern
leni' ny The exercise OF all its Constitutional power.
0 control the issues Of Stale ms uiions, and guard
sansi the evils of excess. am of opinion that
may exercise such control and super.
Ihi1r. IN order 10 restrain excess OF issues by the To-
al hanks.
We all know that an institution with the Govern
sanction, and issuing a currency, a. good in one
art OF the country Us the other, with competent capi-
al, and acting As fiscal agent of the Govemmenr-we
u know inm theory, and better still from experience.
hat such an institution is capable Of controlling the
Of the country, and keeping 1t within lin
Is. Such an institution acts beDefcially. moreover, by
'reating n currency that is Of general credit every
What we need. what we must have before
he days of prosperity ran return, is a currency
jmehOw denVed-snmohOw sanctIOned-tha shall
ave value on the Mississippi and on the Canada from
the North and at The SouIh-in every Town
nd hamlet Of our country. How is This To be goI2- {
ieicr 10 the objects for which This constitution and
wore formed. and you will have the ALI
How rs II that we see that local banks. how I
yer well Their capitals are secured, however well
'eIr aiairs ale adminis'crod-hOw Is it, that all Ut
'mpis hitherto made 10 give to the paper of such !
anks n general national character and circulliion
ave iailedf Tn cause seems obvious. We have a {
that makes US, and meals 10 make US, one .
eopic, as TO our commercial pursuits. In other re-
pecis, we are citizens of % different States. Each
ne OF US knows. and Is bound to know, two Govern
rents. In tic State Government, each resident under
u bound TO understand is laws and institutions.
as banks, he knows the principles on which they act,
ie security for their funds, and their management
nd trusts them accordingly.
But out OF the State, beyond the reach Of hose whe
re- bound to know all about these institutions. they
ossess no general confidence. 81 in the Unitad States
all are held 10 inquire and know their
ighis and duties under IL, and institutions spfinging
rom u have confidence and credit throughout the L.
lreu States. Every citizen trusts in acts emanaiing
rom Congress. ne i,gm a body whit he knows which
@ hasa voice in constituting and mny contrci at no
lie cohfdes. therefore. in the Genotal G)vem- /
as 70 matters within is control. as he does in his
late Government on subjects whore It j. supreme-
'ui The cause y different when q man IL called on I, l
axe the note Of a State bank. about which he knows
even. indeed, whether it j. "a specie.ptv.
1s bank or nOt-nor 10 what control ani regulations
- subject /
Therefore il is, Il you take. at This day, n note Of ono !
! your own specie-paying Banks well administered.
no OF objectionable credit, and put upon il 40 good
note from ihs great city, admitted Z, be
: 'he head OF American commerce, aud offer it on
ONE distant frontier, thai-such Is The habit booking
D sImc national impress. on what IL Intended C,r r,,u-