The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-11-28
Extracts from the Speech of Hon.
Daniel Webster, delivered at An
dover, Mass. Nov. 9, 1843,

,difftr The first is-that in the present condition OF
the country, paper not only does, but viii continue to
constitute the great medium Of circulation. All the
humbug about specie, or the pretence that we are to
return TO metallic currency, :nast appear to every
intelligent man to be unworthy of regard. We must
| all know that from some bank, some corporation,
or from some source we shall have paper crcula-
ton, and that that paper will, Of necessity, form
great mass crcircuation. Is there man in this Com
monweolth who will, without blushng, allow his par
| ty spirit to carry him far to say that he expects
to see a specie currency excIusivsy' There is none
such
Well, then, if il be agreed that we must have, that
we shall have, the Of circulating medium
in paper, is there any that knows this who de
ny that tina mass there should be part, at least
that has credit with every body of universal recev
ability i'll may such word-a paper that every
body will take, from Maine to Georgia. and along the
Mississippi Ia not this desrable3 No one can de-
ny that this is desirable thing, and useful thing
for the purposes Of society and business, to benefit
every body and especially those who are least con-
nected with mercantile States. II is proposition in
deed, which oil must admit. Is il not desirable that
a man in Illinois and Alabama should have some
thing which he remit to the manufacturers in Es-
sex, which they will receives and is it not desirable
10 the Essex manufacturer, have something which
can be remitted' Well if this is granted then there
is only question to be considered, and that
Is, Can currency thus universal in its character,
thus equal in value over the whole country, be fur
nshed by any institution any single State whatev-
er? Have we seen any experience of it? All the
contrary We may send the bills of your own banks
in Massachusetts, at this day. TO Virginia, and they
do not pass You may bring the bills of Virginia to
massachusetts, and they do no, pass-they are bills
of State institutions.
Tho citizens of one State, Gentlemen are acquain-
ted with the institutions of their own State-they
know the solidty, the solvency and the responsible
y OF their own banks, and trust the paper of those
banks, so farms they ought TO be trusted; and they
know, too the general principles of the general gov
ernment but they cannot know the particular institu-
lions ofoher States not what amount of credit ought
to be given TO their banks, or the paper issues by
those banks. And therefore, il one of you were to
go TO Richmond or Petersburgh with Massachus etts
money in your pocket you could not pass it, altho'
at the same time it might be true she, the bank which
issued il was perfectly sound; because the dealers
in all parts of the country do not know the value and
thus it seems does not answer the general purpose of
society.
Now it is true, therefore, as it seems TO me- that
since paper will form the great mass of circulation
Seco ndy that in that part should be Of equal
value in all parts Of the country Of universal receiy
ability; and Thirdly, that such currency cannot be
furnished by any State institution whatever But the
moment you give the government which is over all.
the power ofissuing this paper medium, with the
spread eagle TO it, then you will have such circula-
ton: this is the nature Of things It will be every
where recevabe for all the people in the separate
States bound 10 regard the institutions of the gen.
eral government and make themselves acquainted
with all matters concerning il.
Now then, where is the power I say the power is
in the authority of Congress regulate commerce.
it is dervabe from that power that it must supcrin-
tend this. as the great agent OF commerce, the mon
ey. And accordingly, in my Judgment, the govern
meDt, whose business il is to furnish the CURRENCY is
naturally to have the power of deciding what shall be
the Character Of that currency.
Twill not here go over the constitutional question:
sufflce to say that coeval with the Constitution this
power was believed to exist They who made the
Constitution did not doubt it;-Genera Washington
did not doubt it, for he established bank, or at
least gave his sanction to Madison did not doubt
it; mention him, because he has boon mentioned as
entertaining doubts of its consttutionality Madison
yielded to it, and if he had not been convinced in his
own private judgment,he said what every man would
say-that it was thing settled,-that that part of
the Constitution had been interpreted, ard its mean
ing fixed, and this being the case, that meaning must
be certain, enduring, and no longer to be disputed
And, gentlemen, let me say, that although now in
New England, and at the North generally the evil is
not particularly active om this source yet there are
certain laws Of trade, certain established principles
which will always operate in society, with man and
man, and by the operation Of which we are lust as
sure that sometime hence-t may be far Olive
shall come back again to state Of dsordered curren
cy, as we are that we have just emerged from such
state. The business of the country is now. I am
happy TO say quite reviving, active; in mercantile
phrase, there is better feeling among the people,
there is an inctament to industry-ths will lead to IL
rise in prices
Here are all the banks, now money is very plenty,
ready to lend TO any one for good consideration
High prices will provoke large issues from the banks
and those will tend TO raise prices Prosperity and