The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-11-12

Now, gentlemen, portion OF embarrassment on this
occasion-and no inconsidersbe portion of it arises
from the circumstance that these sui ctssubects Of
evident and ged interest and potance have
really very ie that new to say By the favor OF the
people Of Massachusetts have been good deal In public
life when these topics were examined and caHvassed.-
| My opinions on most Of them have thus become
well known; and, gentlemen my opinions are quite un
changed WILL nevertheless, the invitation OF the
committee avail self ofhe occasion not much to
nounce any doctrnes-certanly not to announce any
onesas to recur to sentiments on these various sub
jects which have long entertained and which still en-
terrain, conducive 10 the public happiness Now, gen
tlemen in regard to the views Of the General Govern
ment here Mr. Webster pulled of his great coat and
ceeded with the air of man going to work in earnestly
with regard to the duties of the General Government
there which every body to belong
to IT, All agree that is its duty to defend the country
that has the power Of raising armies and of cquipping
naves the treaty power
that has the superintendent OF the foreign relations
and general maintenance OF the honor and interests OF the
country in its intercourse with foreign states But IN re-
gard to its domestic dutie in regard to the subjects at
home for which 1t instituted and with view TO what
it ought to be constantly administered there has grown
up difference of opinion Of great DEPTH and leading to
diverse consequences on one side or the other
Now 1t to those disputed questions that wish on TINS
occasion chiefly to address my sci and gentlemen, wsh
that the remarks which may submit to You should all oil
them proceed from spirit OF concilationot candor-
and OF persuasion. have nay own opinions OF the du
ty Of the government these subjects. wish to
persuade others that these opinions are right.
know that we have all a common interest
know that we are bound to a common faith and
mon destiny know that the great good OF the whole
requires that as far practicable we should be united In
judgment respecting tho means which are to produce
that good ofthe whole and therefore, what desire
and at all tines that may address myselto those who
perhaps differ from me in opinion and that by mutual dis
CUSTOM by fair and candid examination, those who differ
agree and those who disagree may in the end come
to unity of opinion The first Of these subjects Is
which has long the Of much and exciting
troversy aude to the duty oil the general government
with respect TO the currency OF the county Now, all
agree that Congress has the regulate co nmercs
bee the words in the constitution. All agree
that Congress has the coin money and to fix the
value OF foreign COIN because these words in the
But then there been, and there's wide
difference of opinion as to the duties which are,
and are not and which seem to be- fairly inerrabe
these grants OF power. Now, gentlemen, in regard to
this matter which has so long agitaed the country and
which will continue to agitate it in my Judgment until
il be completely settled, must begin upon general
principles, and must conduct ourselves to just
| conclusions by careful process OF investigation
have just remarked that Congress has the
power to coin money and to regulate commerce
has power also to issue its bills OF cedtTreasury
noes-and other paper at pleasure But the states can
bills OF edit and therefore since the adoption Of the
Constitution the of paper as circulating medium has
become almost universal the question now arises on what
govern nent on what power does devolve the
and duty Of experimenting this paper circulation That's
the question Now 1t Is my opinion gentlemen, and has
been for many ears that ii is the duy of the general
government 10 take of,he Of the country
supernend it-hat the government has duty beyond
the coming powerthat the to regulate Commerce
does give to Congress- authority over that great nsru
ment of all Commerce-money, whether that money ex
that it bound that the actual circulating medium
Of the country is safe for the uses OF the peopiettst
TO take place OF com
to see that snch paper under proper and
SAFE and such as is not likely to deraud and Cypress thu
people and deprive them Of their just earnings Thar
my opinion have said gentlemen that this topic have
very little that say shall read TO you very short
lyalthough is very bad taste to quote from ones self
what said former occasion on this SUBJECT aud con-
sidering the incemency of the dayGt began to grow
cold about this Tine half past one oclock)aud the ad
vauced hour shall use but short extracts Isay then
that Of all our disputes for years past this lies tn.
foundation; to w whether be among the powers and
of Congress to take any further the national
thant tn ule hp
at the mintp Now II the government II hound TO take
that there be good currency for all the country
But the ether hand the government Is at liberty to
abandon the general Of the country 10 its fate
without consideration and without remorse, then OF ne
cessy il must take OF itself Amid the general
wreck of currency and credit, II must have place OF
pay and disbursement peculiar to itself These
remarks, gentlemen, into which shall not very extern
sivey enter. They made by me in my place in The
Senate. In Fanen Hail. on my return from the session
of Congress in Julv 1888, they put the question thus
and adhere to it till this day That If Congress be-
bound that there be currency for the people,
as well for the government then something
beyond Sub Treasury scbemessomething hey Dd mere
vaults for the holding of public
to framed by Congress. On the cther hand, il Con
gress may discharge itself from all duty in this respect
but the collection OF its own revenues then OF course
may resort to system which may deem expedient
Now gentlemen, there are three propositions upon The
subject, which would very gladly submit to the cons
deration OF every candid man, OF whatever party.
would wish to reason them cut becapse gentlemen, my
wish is to establish the principles which lembrace-and
which pass under the general denomination OF w hig
princplesby convincing the great Of society tn at
they true that they just that they are in con'or
nifty with the constitution and that they ere calculated
to promote the prosperity and happiness OF NIL classes OF
the people. Now say there are three propositions, Of
which it seems to me, honest and intelligent men can
ever dfr The first is that in the present state Of
the present condition OF the country paper
only does but it will continue to constitute tae great
mass Of currency in circulation All the humbug about
specie all the pretence that were to return to an
elusive metallic currency must appear to every man to
| he unworthy of regard We know it cannot be done
/ vu. A.pI -, IL tIok
banks or some corporations or some sources we snail
have paper circulating in the country, aud that that
ton. Is therea man in this whole the Com.
monwesh who will without Observation-Disclosures
whose party spirit will carry him so far as to
enable him to say that he expects TO see an exclusive
specie currency, and not feel his cheek burn Laugh
and cheers) There is none such Well, then, il IL
be agreed that must haveshal have the great mns
of eur circulating medium composed # paper, is there
any that deny, that thing most desirable to
The country that this paper currency should he that
bos credit every whereof universal ability-if
| may such word 3-psper that every BODY wonld
Maine to Georgia and ell along the Missisp ~
Ia that not desirable We have common counry-w'
have a common governmentst not desirable that W.
should have in the Of circulation something thai
everybody respects Nobody deny that thai Is d.
srable able THU for the purposes OF so
ciey and busnessthat would benefit every body and
especially those least connected with our commercial
states. This, I think, all must admit. IL 1t not
desirable for the in, Illinois and the man
IN Alabama, to have something that he can remit to
the manufactures Of Essexis not desiraheo the man
ufcurer of Essex that he should have something hsth
coud remit and they would he willing to received
daughter and cheers Well then, il this il granted
there Is only one other question TO he considered and ths
IT, currency thus universal in its character thus
equal in its vane all over the country, he furnished by
any institution Of any state whatever7 Have
experience Of that nature1 WHY we have seen enough
70 the contrary You may take the hills OF any Of 'h'
banks Of this day and present them in Vr
gnia and they will not pass And you NAV take the hills
ofhe ban Of Virginia and will they pass in Massschr-
setts7 They are State institutions these banks and The
citizens Of each State qusned with the institutions
NJ their State They Know the soldy, the o'vercv
he responsibility o. ,her own banks and they trust 'h'
paper thee banks far IL ought to be trusted And
IN know lso the laws and instt tons Of the Geper'
}ovsr msnt Bn, they cannot do not know the particu
ar tons other States, wha amount OF credit
il or ought BE- given tn, inttut,ps to the banks
or example, the paper issued by them. An accnr
ding v fyou 60 10 Richmond Petrrsburgh with Ma.
sschuse money In yonr pockets you would hna hsr
Toes pass readily from hand 10 hand in business
though at the time II is true that broker there