Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-10-09
FOR ELECTORS,
H H9X s SAN Y HASH e; CRAFTS, |As.arsA
From the New York American.
NIR. WEBSTEII'S SPEECH.
At THE MERCHANTS MEETING IN NEW YoR


From the New York American.
MIR. WEBSTEEI'S SPEECH.
At THE MERCHANTS MEETING IN NEW YORK.
I am deeply sensible of tho honor and o. the re-
sponsibity OF this occasion. Honor it is, certainly
TO be requested to address the merchants of New
York,--a body Of as much Intelligence, capacity and
responsibility, as any in the world responsible it s
10 address such body on subjects which MANY of
them understand scientifically better than do and
with which all Of them have more less practical
acquaintance.
The question Of the currency Of a country, always
ini'o tan, always sonewhnt complex, is uudcr pres
t1t circumstances the great question of the times.
do not shrink from expressing my views this sub
jcct here to-day am in public life, and since on
this question, more than any other political results
are likely To turn, l have no hesitation in speaking
The state of the currency is principal cause why one
administration IS about to 60 out OF power and another
to come IN, and these circumstances lead me to pre-
mise what have to say to-day, by remarking in the
first place that purpose to speak for no body but
myself My genera opinions on subjects of currency
are well Known and as IT is now highly probable that
those who have been long in opposition to the Gov
eminent will be called upon to propose remedies it is
the more incumbent on me to repeat that, what say
to-day say for myself, and for no one else Es-
pccialy IN regard To the candidate whom all sup
port for the Presidency. have more authority 10
speak for him, nor other means of learning his
opinions, than you all possess.
VIII proceed then to state some general PROPOSE
tons which believe to be founded on true princples
and sound political economy suited in their applica.
ton to our country. In the first place, l hold the
opinion that mixed currency of gold and silver and
Of paper redcemablc, and steadily redeemed in spc-
Gle ON demand IS the most useful and convenient
currency, and this is the currency have employed
heretofore in the United States the idea of an ex.
elusive metallic currency being in my Judgment, the
mere iahsy OF theorists or used a. an instrument Of
popular deuson.
In the next place, the management Of this mixed
currency has its difficulties which it requires both
skill and care 10 avoid or overcome as has been seen
. nj RrItc tlNn
ela country OF the world, well in the United
States. There is doubtless, danger Of sudden con-
fractions and expansions, in such currency and yet
where It ls all metallic, as IN Cuba IN some Euro
pean countries where is chiefly hard money cur
rency there fluctuations in prices, disasters in
trade and mercantile failures perhaps often and as
injurious as IN countries Of well regulated redeenabc
paper currency.
Then, again, I hold that the regulations of curren-
ey, whether mixed metallc,a just and safe super.
vision over that, whatever it is, that constitutes
money. the medium of excilange-neccssarily apper-
tains to Government the regulation of money and
what takes the place of money being in my Judgment
an essential prcrogavc of Government. The opera
tons of banking are iwo-fold and every bank and
banker among us performs two Offices functions.
II discounts commercial paper-notes- other words
lends money; and in this business, NEUTRALITY-SUSPICIOUS.
ers without acts OF lncorporations-may engage and
coinp'tc with them, and this constitutes simply
bank Of discount and depose. But our banks are all
banks of circulation we'll az deposite and issue their
notes as part of that circulation; and when they
bills, and thus by the amount Of such discounts add
10 the Quantity Of money in circulationcvcry such
operation being by much increase of the whole
amount of the circulating medium. Hence it comes
20 pass, in the absence ofany Government super vision
ana control, that the wisdom and discretion of regu
iatng at any time, the amount Of money circulating
IN the community Is bat the aggregate of the wisdom
and discretion o! multitude of banks, all acting with
out concert, without any superior controlling power
and each for its interest Such a regulator or
regulation OF the currency such mode ofdetcrmning
what amount of circulation shall be furnished to the
country must necessarily be most uncertain and can
not but be nschlcvous. look upon it as duty of
the Government by the exercises of all its cons,it,-
i111 power to control the issue of State institutions
and guard against the evil of excess. am of opin
Ion that the Government may exercise such control
and supervision, IN order to restrain excess Of issues by
The local banks
We all know that nm institution with the Govern.
n'ent Sanction and issuing currency good in one
part OF the country, as the other with competent
capital, and acting fiscal agent of the Government
we will know from theory, and better still from
experience that such an institution capable Of con
trolling the circulation Of the country, and kecpinp
it within limits Such an institution acts bcneicially
moreover, by creating currency that is of general
credit every where. WHAT we need, what we must
have before the days OF prosperity can return,
shall have value on the Mssissipsi and on the Canada
frontler--a, tho North and at the South--in every
,oSn and hamlc, of orr country; How is this to be
had Refer to the objects for which this Cons ritton
ald Government We're formed, and you will have the
answer. How is il that sec the local hanks how.
well III IT capitals sccurei however well their
AFFAIRS are ad'nlnsFered-h how is it, that all attempts
hitherto made 10 give TO the paper Of such banks
general national character and circulation have failed
The cause seems Obvious. We have q Government,
that mates us, and means TO make us one people, as
- Our commercial pursuits In other resuacts We
are citizens Of 20 different STATES Each one NJ NC
knows, and IS bound ~ know, two Governments.
In the Stale Government each resident under il is
bound to understand its laws and institutions II !,
IN know ,.h;
oct the security for Their funds and their mana yemen
and trusts them accordingly.
But out of the State, beyond the reach of tbo.,
who are bound to know all about these institutions
they possess no general confidence SO in the Unit,
States Ciovernmcn all are held to inquire and know
their rights and duties unlert and institutions spring
inc from II have confidence and credit through )ut III
United Stats Every citizen trusts in acsena natin
from Congress ms from body which he know.
wl III he has voice IN cfn tituting and may contrc
n, the polls. lie confdes, therefore, in the Gencrl
Government, as to matters within ts CONTROL as h
does IN his State government on subjects where il
sunreme. Bat the IL different when a man
call cd on to take the note ola State bank about whc
hr knows nothng-not evon indeed whether il is
regulations II is subject.
Therefore il IS i you take this d,v note on on
OF yoar own soecc-paying Banks well administered
and ofunqncsilonahlo credit, and put upon 40 goo
en1orsors-a note from this great CITY admitted 10
at the head Of american commerce, and offer /, o
some distant frontier fhat-suchis the habit oflookn
10 some rational impress on what is intended "a
noney-t will not be received. What stronoer nro,
can be given of this than in the actual state Of things
Yonr banks pay spece--ihose Of PENNSYLVANIA an
further south, do not. The United States Bank ,
Pennsylvania does not SO that the paper of the.
tanks il here in your streets AZ discount of 4 u,
cent Yet, il You 30 to Alabama or Mississippi wit
New York note and United States Bank note III
t,,ta vii! be prcfcrred-bocause although not redeem
~ ~ sl'Hr. 1rlor of nationality hangs round
.tp ard ci,aPs 10 il. although wholly ai.con NJ IT,
ky,n IN .ifou Aenrspcy uilsl have sS~.a u,st.,e