The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-14


reject and repudiate all these new principles. j
shall set my face against all banks but specle-pay-
ing bank, hard-money bank, wel[reguated aud
we-constituted bank established on principles safe
10 the Government and safe To the people. N zee
ea.0i hare seh bank the next best thing will be to
have none. Gentlemen may set their hearts at rest,
SIR, about all these new projects The country is too
wise--it has already had too much taste Of eIpe,i
mems TO countenanee any one OF them II there be
not a sound bank, a sale bank bank Independent of
Executive control there will for the present at least
be no bank at all. Again, We have already had dis
tnct intimatons That paper might be issued on the
foundation OF the revenue The Treasury Of the United
States INTENDED 10 become III Bank Of The Uiisd States
and The Sec eiay u The Treasury is intended 10 be the
great national banker Sir, TO say nothing Of the
dity of such notion | may be allowed TO make
observation upon IT, We have heretofore heard
much Of the danger of consolidation and Of the great
and ,ceit founded fear Of the union Of all po,ee,s ia this
Government. Now, sir, when shall be brought TO
the state OF things IN which all the circulating paper
Of the country shall be issued directly by the Treasu-
ny Department, under the immediate control Of the Er-
eeutios, shall have consolidation with a witness"
Now the Excbequer, at least, does not pro-
fess 10 be Government Bank On the contra
ry, IL Processes strongly not 10 be one and be-
fore The charge of il consistency can he made
out in this case, against Mr.. Webster, the ques.
ton must be selled what is a Government
Bank? And as this question is not likely TO be
settled very speedily by argument, the better
way will be TO ascertain by evidence what
sort OF Government Bank II was which
Mr. Webster so strongly opposed in The speech
above referred TO. BY recurring TO Mr.. Me-
Duties report Of 1880, il will be seen that the
whole of The elaborate argument therein cou-
tanned against the Bank proposed by General
Jackson, is founded solely upon the suppositon
that ii was to be bank Of discount, founded
on the revenues of the Government, which Ie-
venues at that time would have afforded an
enormous capital whcreon 10 base aper cir
culalion 10 be deli out in loans to individuals.
Whatever the question may be now, as 10 the
essential feature of bank, we have therefore
conclusive evidence as 10 what Mr.. Webster
and Others then meant by Government Bank:
20 assert that he now means the same thing
Having now done with MIR. Davis, we will
return to Mr.. Marshall. THIS gentleman pro
fesses to have entertained great rev renee for
Mr.. Webstcr's abiiities-to have slept for years
with bis speeches under his pilIow-and above
all TO have had unbounded confidence in his
doctrines and opinions on currency. But he
believes that the Exchequer contradicts all tina,
he ever learned from Mr. Webster on The sub
ject Of currency.
We are afraid that Mr.. Mar shall has literally
slept orer Mr.. Webster's speeches, or ha, for
gotten them. Is he aware that Mr. Webster
has been, from the outset of his political ca
Ieer, what is called hard money men Not
the advocate OF the doctrine, wholly impractical
bic in thil country, Of an exclusively me allie
currency; but foe to rredeemable paper cur
rency in every shape, and TO any paper curren-
cy likely, by any contingency, TO become ire
deemable.
Mr.. Webster zeaously opposed the charter Of
The late Bank of the United States, and voted
against every proposition tending TO establish
that institution. IL is true, that after The Bank
had seemed TO be successful in restoring sound
currency, thus accoinplshn a great national
object he was opposed to its destruction, or to
any rash tampering with a matter OF such vital
importance to The People as the currency.
But after the Bank had been destroyed, Mr.
Webster proclaimed, on the floor Of the Senate,
On The year 1885, his acquiescence in the de-
cislon of the People; and declared that he
never would again stand forward as the adyo
cate of such an institution, until there could be
no mistakine the call of public opinion for il.
Mr.. Webster was opposed, as all know, to
the connection between the Sat, Banks and
the General Government. Yet he has always |
maintained the right and duty Of tn Govern !
ment to regulate the currency.
IL Mr.. Marshall has attenlively read Mr..
Webster's speeches, and observed his course
he cannot deny thai such have been his nrofes. /
sions and opinions
Now let US sum them up.
Mr.. Webster does not doubt The nerC,ct con-
s,itutionality of a National Bank bur he he.
heves thai bank, on the model of the preceding
bank, is an obsolete idea. Six or seven wears
ago, he openly declared in the Senate. that he
should concur in no movement for such a bank
until public opinion should unequivocally call
for it and he believes that public opinion ;s
growing more and more against it. He is OF
posed 10 The employment, of the State banks by
the General Government. lie /, opposcd to
the Sub-Trea,uy; and contends thar it is the
right and duty If the General Government to
regulate the currency.
What, then, it might have b en- asked, can
be possibly be in favor Off Any one who knew
what Mr. Webster was opposed to, wi houl
knowing what he approved would, upon read |,
isg the plan of an Exchcqucr, say, that Mr..
7" ebster must approve some such project a, |
that for it is only by that, or some kindred
protect, that it is possible for the General GOV.
eminent TO interfere for the regulation Of M,
currency, without resortinr 10 what Mr. weh. |