support of those measures, and with it the senator and his principles. Yes, I repeat, it would have brought in the senator and his consolidation doctrines, which regard this government as one great national republic, with the right to construe finally and conclusively the extent of its own powers, and to enforce its construction at the point of the bay. onet; doctrines which, at a blow, sweep away every vestage of state-rights, and reduces the states to mere, petty and dependent corporations. It would have also brought in his policy, bank, tariff, and all. Even now, when victory is still uncertain, the senator announces the approach of the period when he shall move the renewal of the protective system; a precious confession, that dropped out in the heat

of discussion.

[Mr. Webster. No, I spoke deliberately.]

land man, he cannot object. He has avowed his
determination, in a certain contingency, which he
thinks is near, that he will move the renewal of
the tariff. I ask, is there concert on that point,
between him and his associate, in this attack? And
finally, he asks if I disclosed my motives then?
Yes: I am not in the habit of disguising them. I
openly and constantly avowed that it was one of
my leading reasons in supporting gen. Jackson, be-
cause I expected he would use his influence to ef-
fect a gradual, but thorough, reduction of the tariff
that would reduce the system to the revenue point;
and when I saw reason to doubt whetner he would
accomplish what I deemed so important, I did not
wait the event of his election, but moved openly
and boldly in favor of state interposition, as a cer-
tain remedy which would not fail to effect the reduc-
tion, in the event he should disappoint me.

do mischief, where we intended good. But the senator is far from being liable to such a charge. His affections, instead of being too wide and boundless, are too concentrated. As local as his attachment is, it does not embrace all within its limited scope. It takes in but a class even there--power. ful, influential, and intelligent, but still a class which influences and controls all his actions, and so absorbs his affections as to make him overlook large portions of the union, of which I propose to give one or two striking illustrations.

I must then reinind the senator that there is a vast extent of wide-spread union, which lies south of Mason and Dickson's line, distinguished by its peculiar soil, climate, situation, institutions, and productions, which he has never encircled within the warm embraces of his universal patriotism. As So much, then, the worse. That justifies all I long as he has been in public life, he has not, to the have said and done; that proves my foresight and The senator, after despatching my letter, con- best of my knowledge, given a single vot to profirmness, and will open the eyes of thousands, espe- cluded his speech by volunteering a comparison be-mote its interest, or done an act to defend its rights. cially in the south, who have heretofore doubted tween his and my public character, not very flat. I wish not to do him injustice. If I could rememthe correctness of my course on this question. tering to me, but highly complimentary to himself. ber a single instance I would cite it; but I cannot, The victory would not only have been complete He represented me as sectional; in the habit of in casting my eyes over his whole course, call to had I co-operated, but it would also have been per- speaking constantly of the unconstitutional and op- mind one. As boundless and ardent, then, as is his manent. The portion of the state-rights party, pressive operations of the tariff; which he thought patriotism, according to his own account, it turns with which I acted, would have been absorbed— very unpatriotic; of having certain sinister objec s in out that it is limited by metes and bounds, that exyes absorbed; it is the proper word, and I use it in view in calling on the south to unite, and of marching clude nearly one-half of the whole union! spite of the sarcasm of the senator. The other off under the state-rights banner, while he paints But it may be said that this total absence of all would have been scattered and destroyed, and the himself in the most glowing and opposite colors. manifestation of attachment to an entire section of senator and his party, and their principles and pol- There is, Mr. President, no disputing about taste; the union is not to be attributed to the want of an icy, would have been left undisputed masters of the such are the effects of a difference of organization ardent desire to promote its interest and security, field, unresisted and unresistible. The first fruits and education, that what is offensive to one is often but of occasion to exhibit it. Unfortunately for the of the victory would have been the re-union of the agreeable to another. According to my conception, senator, such an excuse is without foundation. Oppolitical and money power-a wedded union never nothing can be more painful than to pronounce our pertunities are daily and hourly offering. The sec. more to be dissolved. The tariff would have been own praise, particularly in contrast with another, tion is the weakest of the two, and its peculiar inrenewed. I may now speak positively, after the even when forced to do so in self-defence; but how terest and institutions expose it constantly to injusdeclaration of the senator, to be again followed by one can rise in his place, when neither his motive tice and oppression, which afford many and tine an overflowing revenue, profuse and corrupt expen- nor conduct is impeached, and when there is no- opportunities to display that generous and noble ditures, heavy surplus, and overwhelming patron- thing in the question, or previous discussion, that patriotism which the senator attributes to himself, age, which would have closed the door to wealth would possibly justify it, and pronounce an eulogy and which delights in taking the side of the assailed and distinction to all who refused to bend the knee on himself, which a modest man would blush to against the assailant. Even now, at this moment, at the shrine of the combined powers. All this was pronounce on a Washington or a Franklin to his face, there is an opportunity which one professing such seen and fully comprehended by the senator; and is to me utterly incomprehensible. But, if the sena- ardent and universal attachment to the whole counhence again, I repeat, his deep grief, his keen dis- tor, in pronouncing his gorgeous piece of autibio- try as the senator professes, would greedily emappointment, and his attacks on me, for refusing to graphy, had contented himself in simply proclaim- brace. A war is now, and has been systematico-operate. ing, in his deep tone, to the senate and the assem- cally and fiercely carried on in violation of the conThe senator must have known that, in refusing, bled multitude of spectators, that he came into con- stitution, against a long-standing, and widely-exI acted on principles and opinions long entertained gress as the representative of the American people; tended institution of that section, that is indispenand fully declared years ago. In my reply to his that, if he was born for any good, it was for the sable, not only to its prosperity, but to its safety associate in this joint war on me, in which I am at- good of the whole people, and the defence of the and existence, and which calls loudly on every patacked at once in front and rear, I demonstrated, to constitution; that he habitually acted as if acting in triot to raise his voice and arm in its defence. How the satisfaction of the senate, the truth of what I the eyes of the framers of the constitution; that it has the senator acted? Has he raised his mighty assert so completely, that the senator's associate would be easier to drive these pillars from their arm in the defence of the assailed, or thundered did not even attempt a denial. And yet, such is bases, than to drive or seduce him from his lofty forth his denunciation against the assailants? These the depth of the senator's grief and disappointment, purpose; that he would do nothing to weaken the are searching questions. They test the truth of his that it hurried him to a repetition of exploded brotherly love between these states, and do every universal and boasted attachment to the whole charges which, in his cooler moments, he must thing that they should remain united, beneficially country; and in order that the senate may comknow to be unfounded. He repeated the stale and and thoroughly, I would have gazed in silent wonder, pare his acts with his professions, I propose to prerefuted charge of a summerset, of going over, and without uttering a word at the extraordinary spec- sent more fully the facts of the case and his course. of being struck with a sudden thought; and sum- table, and the happy self-delusion in which he It is well known, then, that the section to which moned up all his powers of irony and declamation, seems to exist. But when he undertook not only I refer, is inhabited by two races, from diferent of which he proved himself to be a great master on to erect an image to himself, as an object of self-continents, and descended from different stocks; and the occasion, to make iny Edgefield letter, in which, adoration, but to place alongside of it a carved that they have existed together under the present I assigned my reason for refusing to co-operate, figure of myself, with distorted limbs and features, relation from the first settlement of the country. It ridiculous. I see in all this but the disappointed to heighten and render more divine his own image, is also well known that the ancestors of the senahopes of one who had fixed his gaze intensely on he invited, he challenged, nay, he compelled me to power that had eluded his grasp, and who sought inquire into the high qualities which he arrogates to wreak his resentment on him who had refused to himself, and the truth of the comparson which he to put the splendid prize in his hands. He resort has drawn between us. If the inquiry should exed to ridicule, because it was the only weapon that cite some reminiscences not very agreeable to the truth and justice left him. He well know how senator, or disturb the happy self-delusion, in which much deeper are the wounds that they inflict than he reposes, he must blame not me, but his own the slight punctures that the pointed, but feeble, self-sufficiency and boasting at my expense. shafts of ridicule leave behind; and he used the more harmless weapon only because he could not command the more deadly. That is in my hand. I brandish it in his eyes. It is the only one I need, themselves! Our understanding, like our eyes, and I intend to use it freely on this occasion. seems to be given not to see our features, but those After pouring out his wailing in such doleful of others. How diffident we ought to be of any fatones, because I would not co-operate in placing hin vorable opinion that we may have formed of our and his party in power, and prostrating my own, selves! That one of the distinguished abilities of the senator next attacks me because I stated in my the senator, and his mature age, should form so erEdgefield letter, as I understood him, that I rallied roneous an opinion of his real character, is indeed on gen. Jackson with the view of putting down the truly astonishing. I do not deny that he possesses tariff by executive influence. I have looked over inany excellent qualities. My object is truth, and that letter with care, and can find no such expres- I intend neither to exaggerate nor detract. But I sion. [Mr. Webster. It was used at the extra must say, that the character which he attributes to all, nor a majority. We have had recent proof. session.] I was about to add that I had often used himself is wholly dissimilar from what really be- during the discussion of the resolutions I offered at it, and cannot but feel surprised that the senator longs to him. So far from that universal and ardent the commencement of the session, to what great exshould postpone the notice of it till this late period, patriotism which knows neither place nor person, tent just and patriotic feelings exist in that quarter, if he thought it deserving reply. Why did he not that he ascribes to himself, he is, above all the in reference to the subject under consideration. I reply to it years ago, when I first used it in debate? distinguished public men with whom I am acquaint- then narrow the question, and ask, how has the But the senator asked what I meant by executive ed, remarkable for a devoted attachment to the in- majority of the senator's constituents acted, and influence. Did I mean his veto? He must have terest, the institutions, and the place where Provi- especially a large portion of his political supporters asked the question thoughtlesssly. He must know dence has cast his lot. I do not censure him for and admirers? Have they respected the title to our that the veto can only apply to bills on their pas- his local feelings. The author of our being never property, which we trace back to their ancestors, sage, and could not possibly be used in case of ex intended that creatures of our limited faculties and which, in good faith and equity, carries with it isting laws, such as the tariff acts. He also asks if should embrace with equal intenseness of affection an implied warranty, that binds them to defend and there was concert iu putting down the tariff between the remote and the near. Such an organization protect our rights to the property sold us? Have myself and the present chief magistrate? I reply would lead us constantly to intermeddle with what they regarded their faith plighted to us on eutering by asking him a question, to which, as a New Eng- we would but imperfectly understand, and often to into the constitutional compact which formed the

Know yourself, is an ancient maxim, the wisdom of which I never before so fully realized. How imperfectly even the talented and intelligent know

tor's constituents (I include the section,) brought no small portion of the ancestors of the African, or inferior race, from their native home across the ocean, and sold them as slaves to the ancestors of our constituents, and pocketed the price, and profited greatly by the traffic. It is also known, that when the constitution was formed, our section felt much jealousy lest the powers which it conferred should be used to interfere with the relations existing between the two races; to allay which, and induce our ancestors to enter the union, guards, that were deemed effectual against the supposed danger, were inserted in the instrument. It is also known that the product of the labor of the inferior race has furnished the basis of our widely extended commerce and ample revenue, which has supported the government and diffused wealth and prosperity through the other section. This is one side of the picture. Let us now turn and look at the other.

How has the other section acted? I include rot

the support of government; but that taxes imposed on drawn into its support a fixed majority in the
the people fer the sole benefit of any class of men, are community, which controlled irresistibly every de-
equally inconsistent with the principles of our consti- partment of the government. But one hope was
tution, and with sound judgment.
left short of revolution, and that was in the states
"Resolved, That the supposition that until the suppos- themselves, in their sovereign capacity as parties to
the constitutional compact. Fortunately for the
country and our institutions, one of the members
of the union was found bold enough to interpose
her sovereign authority, and declare the protective
tariff that had caused all this mischief, and threat-
ened so much more, to be unconstitutional, and
therefore, null and void, and of no effect within her
limits; and thus an issue was formed which brought
events to a crisis.

union, to abstain from interfering with our proper-
ty, and to defend and protect us in its quiet enjoy
ment? Have they acted as those ought who have
participated so largely in the profits derived from
our labor? No; they are striving, night and day, in
violation of justice, plighted faith, and the constitu-ed tariff, or some similar measure, be adopted, we are
and shall be dependent on foreigners for the means of
tion, to divest us of our property to reduce us to subsistence and defence, is in our opinion, altogether
the level of those whom they sold to us as slaves, fallacious and fanciful, and derogatory to the character
and to overthrow an institution on which our safety of the nation.
depends.
"Resolved, That high bounties on such domestic man-
I come nearer home. How has the senator him-ufactures as are principally benefitted by that tariff,
self acted? He who has such influence and weight favor great capitalists rather than personal industry, or
with his constituents, and who boasts of his univer- the owners of small capitals, and therefore that we do
sal patriotisin and brotherly love and affection for the not perceive its tendency to promote national industry.
"Resolved, That we are equally incapable of dis-

whole union? Has he raised his voice to denoance

We all remember what followed. The govern

this crying injustice, or his arm to arrest the blow of Covering its beneficial effects on agriculture, since the ment prepared to assert by force its usurped

done more. The whole senate has seen him retire

farmer must give more than he now does for all he
obvious consequence of its adoption would be, that the
buys, and receive less for all he sells.
"Resolved, That in our opinion, the proposed tariff
and the principles on which it is avowedly formed
would, if adopted, have a tendency, however different
may be the motives of those who recommend them, to
diminish the industry, impede the prosperity, and cor-
rupt the morals of the people.

I

the assailants, which threatens to dissever the union, powers. The proclamation was issued, and the and forever alienate one-half of the community from war message and force bill followed, and the state the other? Has he uttered a word in condemnation armed to maintain her constitutional rights. How, of violated faith, or honor trampled in the dust? No; now, I ask, did the senator act in this fearful crisis; he has sat quietly in his place, without moving a he who had, but a short time before, pronounced finger or raising his voice. Without raising his the system to be unconstitutional, unequal, unvoice, did I say? I mistake. His voice has been just, and oppressive? Did he feel any sympathy raised, not for us, but for our assailants. His arm has for those who felt and thought as he did but a brief been raised, not to arrest the aggressor, but to open hold the very sentiments and language which their falling into the same errors (if such he then What can be more explicit or decided? They period before? Did he make any allowance for the doors of this chamber, in order to give our as- have so often held on this floor. That very system considered them) into which he himself had fallen? sailants an entrance here, where they may aim the most deadly blow against the safety of the union, was then pronounced to be unconstitutional, un- Did he show that ardent devotion to preserve the and our tranquillity and security. He has thrown equal, oppressive, and corrupting in its effects, by brotherly love between the members of the union the mantle, not of protection over the constitution, the senator and his constituents, for pronouncing he now so boastingly professes? Did he, who calls but over the motive and character of those whose which now he accuses me as being sectional, and himself the defender of the constitution, feel any daily avocation is to destroy every vestige of bro-holding language having a mischevious effect on compunction in resorting to force, to execute laws therly love between these states, and to convert the the rising generation. union into a curse, instead of a blessing. He has delivered another speech against the system, in re-distrust of those in power, who had been foremost Four years after this, in April, 1824, the senator constitution? Did he, who manifested such deep which he had pronounced to be in violation of the from his seat, to avoid a vote on one of the resolu- ply to the then speaker, and now his associate on in proclaiming their own usurpations, and calling tions that I moved, with a view to rally the patrio- this occasion, in which he again denounced the in- on the patriotic of all parties to oppose them, show tic of every portion of the community against this equality and oppression of the system with equal any dread in consigning to them unlimited power to fell spirit, which threatens to dissolve the union, force in one of the ablest arguments ever delivered crush one of the members of the union, and which, and turn the brotherly love and affection in which on the subject, and in which he completely demo- after accomplishing that, might be so readily turned it originated into deadly hate, which was so oblished the reasons of his then opponent. But an to crush the liberty of all? Quite the reverse. A viously true he could not vote against, but which event was then fast approaching which was destin- sudden thought again struck him. He again, in a he dodged, rather than throw his weight on our views and feelings. A few months after, the pre-arms of power; and took his position in the front ed to work a mighty and sudden revolution in his twinkling, forgot the past, and rushed over into the side, and against our assailants. And yet, while these things are fresh in our recollection, notorious, sidential election took place; Mr. Adams was elect- rank, as the champion of the most violent measures and known to all, the senator rises in his place, and ed by the co-operation of the author of the Ameri- to enforce laws at the point of the bayonet, which proclaims aloud that he comes in as the represen- can system, and the now associate of the senator. he had pronounced unconstitutional, unjust, and tative of the United States; that, if he was born Those who had been enemies came together. New oppressive? And this too at the hazard of civil for any good, it was for the good of the whole peo- was a close alliance between the east and the west, stitution and the liberties of the country; refusing political combinations were formed, and the result war, and the manifest danger of subverting the conple, and defence of the constitution; that he always acts as if under the eyes of the framers of the con- of which that system formed the basis. A new all terms of adjustment, and resisting to the last stitution; that it would be easier to drive these pil. light bursted in on the senator. A sudden thought with violence the bill which compromised and setlars from their bases, than him from his lofty pur- the German sentimentalist. He made a complete the recollection of himself and all present, he can struck him; but not quite as disinterested as that of led the conflict! And yet, with all this fresh in pose; that he will do nothing to destroy the brotherly love between these states, and every thing; serted the free trade side in a twinkling; and join-patriot; the defender of the constitution, and benesummerset, heels over head; went clear over; de- rise in his place and proclaim himself the universal that the union may exist forever, beneficially and thoroughly for all! What a contrast between pro- could no longer act with me, whom he had left has done every thing to preserve brotherly love beed the restrictive policy, and then cried out that he factor of every portion of the union; the man who fession and performance! What strange and extrastanding where he had just stood, because I was too tween its members, and who is ready to make every ordinary self-delusion. But this is not the only instance. There is ano-sectional! At once every thing the senator had sacrifice to make it beneficial to all the parties! ther in which the contrast between the course of the ever said or done was forgotten; entirely expungsenator and his lofty pretension of unbounded and ed from the tablets of his memory. His whole na ardent patriotism is not less astonishing. I refer ture was changed in an instant, and thereafter no to the protective tariff, and his memorable and in- measure of protection was too strong for his palate. With a few contortions and slight choking, he even gulphed down, a few years after, the bill of abomination-the tariff of '28; a measure which raised ing supporter and author. Its theory rested on the gate amount in value of the whole imports into the principle, that all articles which could be made in public treasury. I desire it to be noted and reour country should be protected, and it was an membered that, out of an importation of sixty-four axiom of the system that its perfection cousisted in millions of dollars, including every description of prohibiting the introduction of all such articles imports, the free and dutied articles, the governfrom abroad. To give the restrictions on com- ment took for its share thirty-two millions under merce necessary to effect its object a plausible the tariff of 1828, and that the senator, yes, he, the appearance, they were said to be for the protection defender of the constitution and equal protector of of home industry, and the system itself received the every section and interest, voted for that measure, imposing name of the American, system. Its ef- notwithstanding his recent denunciation of the sysfects were desolating in the staple states. The tem as unconstitutional, unequal, and oppressive? heavy duties imposed on their foreign exchanges But he did more, and things still more surprising, left scarcely enough to the planter to feed and as the sequel will show. clothe his slaves, and educate his children, while wealth and prosperity bloomed around the favored portion of the union.

consistent course in relation to it.

Its history may be told in a few words. It rose subsequent to the late war with Great Britain. The senator's asssociate in this attack was its lead-the duties so high as to pass one-half of the aggre- he will again undertake to revive the system! More

a

The senator was at first opposed to the system. As far back as the autumn of 1820, he delivered speech to the citizens of Boston, in Faneuil hall, in opposition to it, in which he questioned its constitutionality, and denounced its inequality and oppression.

His speech was followed by a series of resolutions embodying the substance of what he had said, and which received the sanction of himself and constituents, who, at that time, were less interested in manufactures than in commerce and navigation, which suffered in common with the great staple interests of the south. I ask the secretary to read the resolutions:

"Resolved, That no objection ought ever to be made to any amount of taxes equally apportioned and imposed for the purpose of raising revenue, necessary for

But what is more extraordinary, what is truly wonderful and astonishing, is, while these words were on his tongue, he, in the same breath, with a full knowledge of all the disastrous consequences which have and must necessarily follow the renewal of the protective system, should declare that he anticipates the speedy arrival of the time when cannot be added. The contrast between the sena tor's course and the character which he ascribes to himself cannot be rendered more striking. I shall not add another instance, as many of them as are at my command. A volume could not more conclugively prove how unfounded are his pretensions to that lofty, universal, and ardent patriotism which he claims for himself, and how strong the delusion under which he is in regard to his true character.

Let us now turn and inquire what has been my course; I whom he represents as sectional, whose course he pronounces to be unfriendly to the union, because I now call the protective system unconstiThe protective tariff did not change the charac- tutional and oppressive; who, he intimates, desires ter of its operation with the change of the senator. to unite the south for no patriotic purpose, and reIts oppressive and corrupting effects grew with its presents as going off under the state rights banner. growth, till the burden became intolerable under And here, Mr. President, let me say, put in no the tariff of '28. Desolation spread itself over the claim to the lofty destiny to which the senator says entire staple region. Their commercial cities were he was born. Instead of coming here, like the deserted. Charleston parted with its last ship, and senator, as the representatives of the whole people, grass grew in her once busy streets. The political I appear in the more humble character of the reprecondition of the country presented a prospect not sentative of one of the states of this union, sent less dreary. A deep and growing conflict between here to watch over her particular interests and to the two great sections agitated the whole country, promote the general interest of all, as far as the and a vast revenue, beyond its most extravagant constitution has conferred power upon us, and as it wants gave the government, especially the execu- can be done without oppression to the parts. These tive branch, boundless patronage and power, which are my conceptions of my representative character, were rapidly changing the character of the govern- with the trust confided to me, and the duties at. ment, and spreading corruption far and wide through tached to it, which I endeavor to discharge with every condition of society. Something must be industry, fidelity, and all the abilities which it has done and that promptly. Every hope of reforma- pleased my Creator to confer on me. Instead of tion, or change through this government had van- falling short of what I profess, I trust my public ished. The absorbing force of the system had life, if examined with candor, will show that have

ever so interpreted my duty to my state as to per- ling, to distort the most elevated or correct senti- could not be exercised unless comprehended under mit it in no instance to interfere with the just ment. In this case the senator, by selecting a sin-one or the other head. To which I added the furclaims of the union. It is my good furtune to re-gle member of the sentence, and throwing a strong ther objection, that if we had the right to receive present a state which holds her character far above emphasis on "off," gave a meaning directly the the notes of state banks in our dues as cash, it her interest, and which claims the first place, when opposite of representing me as abandoning the would necessarily involve the right of taking them a sacrifice is to be made for the safety and happi cause of the constitution and country, and himself under our control and regulation, which would ness of all, and would hold me to a strict account as being their champion, which it seems was suffi- bring this government necessarily into conflict with if, in representing her interest, I should forget what cient for his purpose. The declaration is taken the reserved rights of the states; and to this I addis due to her honor among her confederates. All from my opening speech at the extra session; and ed, that the receipt of the bank notes by the gov her acts prove that she is as liberal in making con- that the senate may judge for itself, I shall give the ernment tended to expel gold and silver from circessions, when demanded by the common good, as entire passage: culation, and depreciate and render their value inore she is prompt and resolute to resist aggression to "We are about to take a fresh start. I move off un- fluctuating, and, of course, could not be reconciled promote the interest of others at her expense. Act- der the state rights banner, and go in the direction in with the object of the express power given to coning in the same spirit, as whilst her representative, I which I have been so long moving. I seize the oppor-gress to coin money, and regulate the value thereof, have never failed to meet and repel aggressions, tunity thoroughly to reform the government; to bring it to which it is as repugnant in its effects, as the dewhile I trust, I have on no occasion been unwind back to its original principles; to retrench, economise, basing or the clipping the current coin would be. ful of her honor and the general interests of the and rigidly to enforce accountability. I shall oppose I, at the same time, conceded that the practice of strenuously all attempts to originate a new debt, to whole union. Having made these remarks, I shall create a national bank, to reunite the political and mo- the government had been the opposite from its comnow proceed to show that, as humble as my pre-ney power, (more dangerous than church and state,) in mencement. Such are my reasons, and how have tensions are, and as sectional and unpatriotic as he any form or shape." they been met? has thought proper to represent me, my course for liberality and a just regard to the interest of every portion of the union will not suffer in comparison with his, as lofty as are his pretensions.

That is what I did declare, and which the senator represents as deserting the constitution and country; and this is the way I am usually answered. I know not whether I have greater cause to complain or rejoice at the fact that there is scarcely an argument or sentiment of mine, which is at tempted to be met, that is not garbled, or misstated. If I have reason to complain of the injustice, I have at the same time the pleasure to reflect that it is a high implied compliment to the truth and correctness of what I say

The senator commenced by stating, that he would consider the two objections together, as they were connected; but, instead of that, he never uttered another word in relation to the right of making a general deposite. That was surrendered without an attempt to meet my objections, which at least proved his discretion. He next undertook to show that precedents were in favor of receiving bank notes, which I had conceded, and no one disputed. Among other things, he stated, I was the first to authorize the receiving of bank notes by law, and, in proof, referred to my amendment to the joint resolution of 1816, which authorizes the receipt of the notes of specie paying banks in the dues of the government. He stated, that the resolution, as proposed by himself, provided that nothing but gold and silver and the notes of the United States Bank should be received, and that my amendment extended it to the notes of state banks. This is all true, but is not the whole truth. He forgot to inform the senate that, at the time, the notes of non-specie paying banks, as well as specie-paying, were received in the dues of the government, and that my amendment limited, instead of enlarging, the existing practice. He also forgot to state that, without my amendment, the notes of the United States Bank would have been exclusively received in the public dues, and that I was unwilling to bestow a monopoly of such immense value on that iustitution, which would have been worth ten times the amount of the bonus it gave for its charter.

In making the inquiry I have into the course of the senator in relation to the section to which I belong, I called on him to point out a single instance, with all his boasted patriotism, in which he had given a vote to promote its interests, or done an act to defend its rights; but now, when the inquiry is into my course in relation to his section, I propose to reverse the question, and to apply to myself a There still remains an important chapter to commuch more severe test than I did to him. I ask, plete the comparison between the public character then, from what measure, calculated to promote the of the senator and myself; I mean the part which interests of his section, have I ever withheld my we took in the late war between Great Britain and support, except, indeed, the protective tariff, and this country. I intended at one time to enter on it, certain appropriations, which, according to my and to trace the rise and progress of the war, with mode of construing the constitution, I regard as units various vicissitudes of disasters and victories, constitutional, and would of course be bound to and the part which the senator and his political asoppose, wherever the benefit should fall? I call on sociates acted at that important period; but those the senator to point out a single instance; and, if he are by-gone events, belonging to the historian, in desires it, I will yield him the floor in order to give whose hands I am coutent to leave them, and shall him an opportunity to do so. Will the senator call, not recur to them, unless the senator hereafter . on his part, for instances in which I have supported shall provoke me by a renewal of his attack. the interest of his section? I can point to numerous; Having now dispatched the personalities of the to my early and constant support of the navy; to my senator, I turn next to his argument, which, as I resistance to system of embargoes, non-importation have stated, consists of three parts; the preliminaand nou-intercourse acts; to my generous course in ry discourse on credit and banks; the discussion of support of manufactures that sprung up during the the question at issue; and the reply to my remarks war, in which my friends think I went too far; to at this and the extra session. I shall consider each, the liberal terms on which the tariff controversy as I have begun, in the reverse order. The arguwas settled, and the fidelity with which I have ad- ment of the senator is indeed so miscellaneous and hered to it; and the system of fortifications for the loosely connected, that it is a matter of but little defence of our harbors, which I projected and com-importance in what order it is considered. menced, and which is so important to the two great When be announced his intention to reply to my interests of commerce and navigation, in which his remarks, both at this and the extra session, I anti-vincing reasons he urged against my positions? section has so deep a stake. To which I might add cipated that they would be met fully, if not satis- Why, simply, that he had no time to reply to them! many more; but these are sufficient for one, repre-factorily, point by point. Guess, then, my sur- with which, and the erroneous assertion that I had sented as so sectional, against the blank list of the prise, on finding him pass by, without even attempt. denied that the government could exercise any insenator in relation to my section, with all his claiming an answer to the numerons objections which I cidental power, he passed over all the weighty obto ardent and universal patriotism. If we turn to made to the union of the political and money pow-jections I had urged against the constitutionality of the west, iny course will at least bear comparison with his for liberality towards that great and growing section of our country. To pass over other instances, I ask him what measure of his can be compared with the cession I have proposed of the pub. fic lands to the new states on the liberal conditions proposed? It is a measure, above all other, calculated to promote their interest, to elevate their character, to terminate their political dependence, and to raise them to a complete equality with the old states for the mutual benefit of us and them, but which, sectional, as I am represented to be, proved too liberal for the senator, with all his wide-extended and ardent attachment to the whole union.

After bestowing much time to establish what none denied, the senator at length came to the argument; and what do you suppose were the con

receiving and treating bank notes as cash in the public dues. It was thus he met the only argument he attempted to answer of the many and strong ones which I have urged in support of my opinion on this important question, and to which he proposed to make a formal reply.

er, as affecting the morals, the politics, the currency,
the industry, and prosperity of the country, which,
if the fourth part be true, is decisive of the ques-
tion, and noticing but two out of the long list, in
his reply. If we may judge of the strength of those
which he has passed over by his own inconclusive
answer (as I shall presently show) to the two I shall next notice the reply he attempted to my
which he selected, my argument may be pronounc- remarks at the late session. And here, again, he
ed to be impregnable. I shall begin with his re-selected a single argument, and to which his an-
ply to my remarks at the present session.

swer was not less inconclusive and unsatisfactory It will be remembered, among other objections than to that which I have just considered. Among against the connexion with the banks, I urged that other objections to the union of the government the government had no right to make a general de- with the banks, I stated that it would tend to cenposite in bank, or receive the notes of banks in the tralize the circulation and exchanges of the country; But it seems that I mean something very sinister public dues. I placed the first on the ground, that to sustain which, I showed that no small portion of in my call on the south to unite, and the senator when public inoney was placed in deposite in banks, the credit and circulation of the banks depended very significantly asks me what is meant. I have and passed to the credit of the government, it was, on the public deposites, and the fact that the gov nothing to disguise, and will readily answer. If he if ever, in the treasury; and that it could not be ernment received and treated their notes as cash in would look at home, and open his eyes to the sys-drawn out and used for any purpose, unless under its dues. I then showed that it was that portion tematic and incessant attacks made on our peace an appropriation made by law, without violating an which pre-eminently gave a control over the circuand quiet by his constituents; if he would reflect express provision of the constitution, which pro-lation and exchanges of the country. In illustraon his threat to renew the system of oppression vides that no money should be drawn out of the tion, I asked if the government, when it first went from which we have freed ourselves with such diffi- treasury, but in consequence of appropriation by into operation, had selected a merchant of New culty and danger, and bear in mind that we are the law. I then urged, that to place money in general York, and entered into a contract with him that he weaker section, and, without union among our deposite in banks, with the implied understanding should have the free use of the public revenue from selves, we cannot resist danger that surrounds us, always attached to such transactions, that they the time it was collected till it was disbursed, and he will see that there is neither mystery nor danger would have the right to draw it out and use it as that nothing but his promissory notes, except gold in the call. I go farther. Our union is not only ne- they please, till called for by the government, was and silver, should be received in the public dues, ce sary to our safety and protection, but is also to a manifest violation of this provision of the consti- whether it would not give him a great and decided the successful operation of our system. We con- tution. control over the circulation and exchanges of the stitute the check to its over-action; and, as expecountry, accompanied with advantages to the port rience proves, the only power through which, when where he resided over all others? I next asked, disordered, reformation can be peacefully effected. whether the location of a bank of the United Our union is dangerous to none, and salutary to all. States at the same place, with the same privileges, The machine never works well when the south is would not give equal control and advantages? divided, nor badly when it is united. Nay, much greater, as, in addition, it would concentrate at the same place an immense amount of capital collected from every portion of the country.

In support of the other objection against receiving of bank notes in the public dues, I laid down the known and fundamental rule of construction on all questions touching the powers of this government, that it had no right to exercise any but such as are expressly given by the constitution, or that may be The senator next tells us that I declared I would necessary to carry into effect the granted powers. march off under the state rights banner, which he I then insisted that no such power was granted, nor seized on to impugn my patriotisin and to boast of was its exercise necessary to carry any granted his own. It is an easy task, by misstating or garb-power into effect, and concluded, that the power

Such was my argument, which the senator, months after it was delivered, undertakes to con

trovert; but, I must say, for my life, I could not specie-paying banks, "receivable in payment of assert, that no administration which expends more understand his reasons. He lost his usual clearness, the public dues," it surely can order the same on an average for the next few years can maintain and became vague and obscure, as any one must words to be written on a blank piece of paper. itself, unless there should be some unexpected dewho attempts to refute what is so perfectly evident. Such is the character of the paper I suggested, mand on the treasury. In the next place, twentyTo escape from this difficulty, he, with his usual and which the senator says would do more to cen- one millions is at least five times too large for the address, confounded what I had said on another sub-tralize the circulation and exchanges than the union average deposites. Should this bill pass, three milject, with another point, which he thought more ea-of the government and the banks, which, however, lions would be much nearer the truth. We shall sily answered, and against which he directed his he signally failed to prove. That it would have a hear no more of surplusses, when the revenue is attack. He stated that I proposed a government greater tendency than the exclusive receipt in its collected in gold and silver. This would make a paper; and then insisted that it would be the union dues of gold and silver, I readily acknowledge, and great deduction in his estimate of the trouble and of the political and money power, and would do to that extent I think it objectionable; for I do not labor in counting. But I give the senator his own more to centralize the currency and exchanges than agree with the senator that there should be some estimate, and ask him if he never heard of other the connection of the government with the banks. one great emporium, which should have control of and shorter modes than counting, of ascertaining Now, unfortunately for the senator, I proposed the commerce, currency, and exchanges of the the amount in coins? Does he not know that it no such thing, and expressed no notion of the kind, union. I hold it desirable in neither a political nor can be ascertained with as much certainty and exnor any thing like it. He may search every speech commercial point of view, and to be contrary to the actness by weight as by counting, and with more I have delivered at this and the extra session, and genius of our institutions and the spirit of the con- despatch, when the amount is large, in coins than he can find nothing to justify his assertion. To stitution, which expressly provides, among other in his favorite bank notes? If I am not misinformput this beyond all dispute, I will quote what I did things, that no preference should be given to the ed, it is the mode adopted at the English exchesay, and the only thing that I ever did that could ports of one state over another. But that a receiv- quer, and that it is done with the greatest possible afford him even a pretext for his assertions. The able paper, such as I suggested, would have a promptitude by experienced individuals; so that his extracts are taken from my remarks at the extra greater, or as great tendency to centralize the con- formidable objection vanishes. merce and currency of the country as the union with the banks, I utterly deny; and if I had no other reason, the vehement opposition of the senator, who approves of such tendency, would be conclusive; but there are others that are decisive.

session.

"I intend to propose nothing. It would be impossible, with so great a weight of opposition to pass any measure without the entire support of the administration; and, if it were, it ought not to be attempted when so much must depend on the mode of execution. The

But the senator next tells us, that I stated, in my remarks, that the bill, should it pass, would place the banks and the government in antagonist relation to each other, which he considers as a very weighty objection to it. I again must correct his best measure that could be devised might fail, and im- result exclusively from the facility it would afford when the banks were connected with the governThe centralizing tendency of such a paper would statement. I made no such remark. I indeed said, pose a heavy responsibility on its author, unless it met with the hearty approbation of those who are to exe- to remittance from distant portions of the union, in ment, they had a direct interest in increasing its cute it. I then intend merely to throw out suggestions, which respect it would stand just on a par with fiscal action. The greater the revenue and expenin order to excite the reflections of others," &c. bank notes when received in the dues of the pub-ditures, and the larger the surplus, the greater "Believing that there might be a sound and safe pa- lic; while the latter would, in addition, give to the would be their profit, but, when they were separaper currency founded on the credit of the government favored port where the mother bank might be loca- ted, the reverse would take place. That the greater exclusively, I was desirous that those who are respon-ted, (or the head of the league of state banks,) the amount of gold and silver collected and withdrawn sible and have the power should have availed them- immense profits from the use of the public depo- from circulation, the less would be left for banking selves of the opportunity of the temporary deficit in the sites, and the still greater from having their notes operations, and, of course, the less their profit; and treasury, and the postponement of the fourth instalment intended to be deposited with the states, to use would afford unbounded facilities in the pay- the other, the opponents of the government, as far received in government dues. The two united that in one case they would be the allies, and, in them as the means of affording a circalation for the present relief of the country and the banks, during the ment of custom-house bonds, and give millions of as its fiscal action was concerned; or, to express it process of separating them from the government," &c. profit annually, derived exclusively from the use more concisely, when united with the government, Here is not a word about proposing; on the con- of government credit. This great facility and vast they would be on the side of the tax-consumers, trary, I expressly stated, I propose nothing; that increase of profit would give a great and decided and when separated, on that of the tax-payers. I but threw out suggestions for reflection. Instead advantage to the commerce of the section where Such were my remarks; and now I ask, is it not of excluding all paper from circulation, I suggest- the head of the system might be located, and which, true? Can any one deny it? Or admitting its ed the use (not of treasury notes, as he stated, or in a great measure, accounts for the decay of the truth, can its importance be disputed? Were there any other paper containing a promise to pay mo- commerce of the south, where there were no banks, no other reasons in favor of the bill, I would consiney) but simply one which should contain a promise when this government was established, and which, der this of itself decisive. It would be almost imto be received in the dues of the government; and of course, gave to the other section exclusively all possible to preserve our free institutions, with the that, too, only to the extent necessary to meet the the benefit derived from the connection. If specie weight of the entire banking system thrown on the temporary deficit of the treasury, and to alleviate the had from the first been exclusively received in the side of high taxes and extravagant disbursements, process of separating from the banks; and this he public dues, the present commercial inequality or to destroy it if thrown into the opposite scale. has arbitrarily construed and perverted to suit his would never have existed; and I may add, it never purpose in the manner I have shown! will cease till we return to the constitutional currency. What the senator has said as to the union of the political and money powers, and the tendency to extravagance from the use of treasury notes and their depreciation, is so clearly inapplicable to the description of paper I suggested, that I do not deem it necessary to waste words in reply to it. Having now repelled his reply to my remarks at

It is a great misfortune that there should be brought into this chamber the habits contracted at the bar, where advocates contend for victory, with out being scrupulous about the means; while here the only object ought to be truth and the good of the country. All other considerations ought to be forgotten within these walls, and the only struggle ought to be to ascertain what is true and calculated this and the extra session, I shall next proceed to to promote the honor and happiness of the community. Great individual injustice is done by such misstatements of arguments. The senator's speech will be published and circulated in quarters where my correction of his statements will never reach; and thousands will attribute opinions to me that I never uttered nor entertained.

notice his argument on the question under discus-
sion, which, extraordinary as it may seem, consti-
tutes by far the most meagre and inconsiderable
portion of his speech. The structure he reared
with so much labor, is composed of a little centre
building, of some twenty or thirty feet square,
with an extended wing on each side, and a huge
portico in front. I have, I trust, effectually demol-
ished the wings, and propose next to go through the
same process with the centre building.

The suggestions which he has so perverted have been a favorite topic of attack on the part of the senator, but he has never yet stated nor met what I really said truly and fairly; and, after his many As long as was the speech, it contained but three, and unsuccessful attempts to show what I suggest or, at the utmost, four arguments, directly applica ed to be erroneous, I now undertake to affirm posi- ble to the question under discussion; of which two tively, and without the least fear, that I can be au- have again and again been repeated by him every swered, what heretofore I have but suggested; that time he has addressed the senate; another was a paper issued by government, with the simple pro- drawn from an argument of mine in favor of the mise to receive it in all its dues, leaving its credit-bill, which the senator has misstated, and pressed ors to take it, or gold and silver, at their option, into his service against it, and the other is neither would, to the extent that it would circulate, form altogether new, nor very well founded, or. from its a perfect paper circulation, which could not be character, of much force. I shall begin with it. abused by the government, and would be as steady The senator objected to the collection of the puband uniform in value as the metals themselves, and lic dues in gold and silver, because, as he conthat, if, by possibility, it should depreciate, the loss ceives, it would be exceedingly inconvenient; in would fall, not on the people, but on the govern- proof of which, and in order to present as strong ment itself; for the only effect of depreciation picture as possible, he went into minute calculawould be virtually to reduce the taxes, to prevent tions and details. He first supposed that the avewhich the interest of the government would be a rage peace revenue would be equal to thirty millions sufficient guaranty. I shall not go into the discus- annually, and the average deposites to twenty-one. sion now, but on a suitable occasion I shall be able He then estimated that this vast sum would have to to make good every word I have uttered. I would be counted at least five times in the year, and then be able to do more, to prove that it is within the estimated that it would require eight hundred constitutional power of congress to use such a pa- thousand dollars to be counted daily, which would per, in the management of its finances, according require a host of officers, in his opinion, to perform to the most rigid rule of construing the constitution; the task. The answer to all this is easy. In the and that those, at least, who think that congress first place, the senator has over-estimated the avercan authorize the notes of private state corpora- age receipts by at least one hundred per cent. Fif tions to be received in the public dues, are estop-teen millions ought to be much nearer the truth ped from denying its right to receive its own paper than thirty. Even that I regarded as exceeding If it can virtually endorse by law, on the notes of what the expenditure ought to be; and I venture to

a

But the senator regards the expression of taxconsumers and tax-payers as mere catch-words, of dangerous import, and tending to divide society into the hostile parties of rich and poor. I take a very different view. I hold that the fiscal action of the government must necessarily divide the community into the two great classes of tax-payers and tax-consumers. Taking taxation and disbursements together, and it is unavoidable that one portion of the community must pay into the treasury, in the shape of taxes, more than they receive back in disbursements, and another must receive more than they pay. This is the great disturbing principle in all governments, especially those that are free, around which all other causes of political divisions and distractions finally rally. Were it otherwise, if the interest of every portion and class of the community was the same in reference to taxation and disbursements, nothing would be more easy than to establish and preserve free institutions; but as it is, it is the most difficult of all tasks, as history and experience prove. This principle of disorder lies deep in the nature of men and society; and extends equally to private associations as to political communities. There will necessarily spring up in both a stockholding and direction interest; the latter of which, without wise provisions and incessant vigilance, will absorb the former, of which the winding up of many a bank will prove. The two remaining arguments of the senator have been often asserted and as often refuted; and I shall depatch them with a few words. He tells us, as he has often done, that we are bound to regulate the currency; and that the constitution has given to congress the express power to regulate it; with many other expressions of similar import. It is manifest, that the whole argument turns on the ambiguity of the word currency. If, by it, is meant the current coin of the United States, no one can doubt that congress has the right to regulate it. The power is expressly given by the constitution, which says, in so many words, that it shall have power to coin money and regulate the value thereof; but if it is intended to include bank notes, as must be the intention of the senator, there is no such express power given in the constitution. It is a point to be proved and not assumed, and every attempt of the senator to prove it has ended in signal failure. He has not, and cannot, meet the an

coin; this was a subject in regard to which congress late commerce, and which he says involves the more nor less than the credit of the drawers and

had run into no folly.

swer which he received from the senator from placed in the same state of things that I then was, that those who are opposed to the union of the poPennsylvania at the extra session, and his repetition with all my present feelings and views, I could litical and money power oppose that union with of the assertion, after so decisive an answer, serves hardly have acted differently from what I then did. other reasons, on the ground that it is unfavorable but to prove how much more easy it often is to re- The senator greatly mistakes, in supposing that to a full development of the credit system, and dan. fute an argument than to silence him who advanced I feel any disposition to repudiate or retract what I gerous to the banks themselves, which they believe it. But I do not despair even of silencing the sena- then said. So far from it, I have, just cause to be can only be saved from entire destruction by the tor. There is one whose authority on this point I proud of the remarks I made on the occasion. It separation; and it follows, of course, all that he am sure he must respect: I mean himself. When put the question for the bank, for the first time, on said in relation to them is either a begging of the the bill granting a charter to the late United States its true basis, as far as this government is concern-question, or irrelevant. But, assuming what he Bank was under discussion in the other house, in ed, and the one on which it has ever since stood; said to be applicable, I shall show that it is either 1816, he then took the opposite side, and argued which is no small compliment to one then so inex-unfounded in fact, or erroneous in conclusion. with great force, against the very right for which perienced as myself. All I insist on is, that the re- So far from agreeing with the senator, that what he now so obstinately contends. He then main-port contains but a very hasty sketch-a mere out- he calls bank credit is so much real capital added tained that the framers of the constitution were line, as the reporter himself says-of my remarks, to the country, I hold the opposite-that banks do hard money men; that currency meant the cur- in which four fifths is omitted, and that it would be not add a cent of capital, or credit. Regarded rent coin of the United States; and that congress doing me great injustice to regard it as containing strictly, the credit of banks is limited to the capital has no right to make any other. But the senator a full exposition of my views. But, as brief as it actually paid in. This usually is the only sum for shall speak for himself; and that he may be heard is, what is reported cannot be read, in a spirit of which the stockholders are liable; and, without in his own words, I shall read an extract from his fairness, without seeing that I regarded the ques- what is called banking privileges, they would not speech delivered at the time: tion at the time as a mere practical one, to be deci- have a cent of credit beyond that amount. But the "Mr. Webster first addressed the house. He re-ded under all the circumstances of the case, with- capital subscribed and paid is not created by the gretted the manner in which this debate had been com- out involving the higher questions which now, that banks. It is drawn out of the general fund of the menced, on a detached feature of the bill, and not on a the connection between the government and the country. Now, I ask, what constitutes its credit question affecting the principle; and expressed his fears banks is broken, come rightfully into discussion. beyond its capital? In the first place, and mainly, that a week or two would be lost in the discussion of At that time the only question, as I expressly sta- it is derived from the fact that both general and this question, to no purpose, inasmuch as it might ultimately end in the rejection of the bill. He proceeded to ted, was, not whether we should be connected with state governments receive and treat bank notes as reply to the arguments of the advocates of the bill. It the bank, for that was existing in full force, but cash, and thereby, to the extent of their fiscal acwas a mistaken idea, he said, which he had heard ut- whether it was most advisable, admitting the exis-tion, virtually give them the use of their credit. It tered on this subject, that we were about to reform the na-tence of the connection, that the United States, as is an existing credit, belonging to them exclusivetional currency. No nation had a better currency, he well as the separate states, should exercise the ly, and is neither created, nor increased, by persaid, than the United States; there was no nation power of banking. I nave inade these remarks, not mitting the banks to use it. In the next place, the which had guarded its currency with more care; for the that I regard the question of consistency, after so deposites with the banks, both public and private, framers of the constitution, and those who enacted the great a change of circumstances, of much impor- add a large amount to their credit; but this again is early statutes on this subject, were hard money men; tance, but because I desire to stand where truthither the property or credit of the government and they had felt, and therefore duly appreciated the evils of and justice place me on this great question. a paper medium; they, therefore, sedulously guarded individuals, which they are permitted to use, and the currency of the United States from debasement. The last argument of the senator on the question which they neither create nor increase. Finally, The legal currency of the United States was gold and silver at issue was drawn from the provision of the cou- notes and bonds, or other credits discounted by the stitution which gives to congress the right to regu- banks, make up their credit, which are neither "What then, he asked, was the present evil? Hav- right and obligation to furnish a sound circulating endorsers, on which the banks do business. They ing a perfectly sound national currency, and the govern- medium. The train of his reasoning, as far as I take in the paper or credit of others, payable at a ment having no power in fact to make any thing else cur- could comprehend it, was, that, without a curren- given day, deduct the interest in advance, and give rent but gold and silver, there had grown up in different cy, commerce could not exist, at least to any consi-out their own credit or notes, payable on demand, states a currency of paper, issued by banks, setting out derable extent, and, of course, there would be without interest; that is, the credit of their own with the promise to pay gold and silver, which they had nothing to regulate; and, therefore, unless congress paper rests on the credit of the paper discounted, been wholly unable to redeem: the consequence was, furnished a currency, its power of regulating comthat there was a mass of paper afloat, of perhaps fifty or taken in exchange, which credit they neither millions, which sustained no immediate relation to the merce would become a mere nullity; and from create nor increase. In a word, all their credit belegal currency of the country-a paper which will not which he inferred the right and obligation to fur-yond the capital actually paid in, is but the credit enable any man to pay money he owes to his neigh-nish, not only a currency, but a bank currency! of the public, or individuals, on which, by what is bor, or his debts to the government. The banks had is- Whatever may be said of the soundness of the reasued more money than they could redeem, and the soning, all must admit that his mode of construing evil was severely felt, &c. Mr. W. declined occupying the constitution is very bold and novel. To what the time of the house to prove that there was a depre- would it lead? The same clause, in that instrument, ciation of the paper in circulation: the legal standard of which gives congress the right to coin money and value was gold and silver; the relation of paper to it regulate the value thereof, gives it also the kindred hundred millions of banking capital in the union, proved its state, and the rate of its depreciation. Gold right to fix the standard of weights and measures. and that it is real bona fide solid capital, as much and silver currency, he said, was the law of the land at home, and the law of the world abroad; there could, in the They are just as essential to the existence of conso as the plantations of the south. This is certainly present state of the world, be no other currency. In conse-gress as the currency itself. The yard and the news to me. I had supposed that this vast amount quence of the immense paper issues having banished bushel are not less important in the exchange of was little more than a fictitious mass of credit piled specie from circulation, the government had been oblig. commodities, than the dollar and the eagle; and the on credit, in the erection of which, but little specie ed, in direct violation of existing statutes, to receive the very train of reasoning which would inake it the or real capital was used; and that, when a new amount of their taxes in something which was not re- right and duty of the government to furnish the bank was created, the wheelbarro was put in mocognized by law as the money of the country, and one, would make it equally so, to furnish the tion to roll the specie from the old to the new inwhich was, in fact, greatly depreciated, &c. This was other. the evil." Again: commerce cannot exist without stitution, till it got fully under way, when it was government also bound to furnish them? Nor with- mistake; that the whole capital is actually paid in ships and other means of transportation. Is the rolled back again. But it seems that all this is a out articles, or commodities, to be exchanged, cot. cash, and is as solid as terra firma itself. This certon, rice, tobacco, and the various products of agri- tainly is a bold assertion, in the face of facts daily culture and manufactures. Is it also bound to fur- occurring. There have been, if I mistake not, nish them? Nor these in turn, without labor; and four or five recent bank explosions in the senator's must that, too, be furnished? If not, I ask the sen- own town, in which the whole vanished into thin the line, and on what principles? Does he not see What has become of that portion of his solid capiator to make the distinction. Where will he draw air, leaving nothing behind but ruin and desolation. that, according to this mode of construction, the tal? Did the senator ever hear of a plantation thus higher powers granted in the constitution would car-exploding and vanishing? And I would be glad to ry all the inferior, and that this would become a gov- know how large a portion of his three hundred mil ernment of unlimited powers?-Take, for instance, lions of solid capital will finally escape in the same struction to it, and what power would there be that question. the war power, and apply the same mode of con- way? A few years may enable us to answer this congress could not exercise-nay, be bound to exercise? Intelligence, morals, wealth, numbers, currency, all are important elements of power, and may become so to the defence of the union and safety of the country; and, according to the senator's reasoning, the government would have the right, and would be in duty bound to take charge of the schools, the pulpits, the industry, the population, as well as the currency of the country; and these would, comprehend the entire circle of legislation, and leave the state governments as useless appendages of the system.

What can be more decisive? What more pointed? They are the very doctrines which he is in the daily habit of denouncing under the name of loco-foco. The senator may hereafter be regarded as the father of the party; and I deem it not a little unnatural that he should be so harsh and cruel to his offspring.

But it may be said that I then advocated the opposite side. Be it so, and it follows that his authority and mine stand as opposing qualities on the opposite side of an equation; and I feel confident that the senator will really admit that his will at least be sufficient to destroy mine.

I really acknowledge that my opinion, after the lapse of upwards of twenty years, with the light which experience in this long period has shed on the banking system, has undergone considerable changes. It would be strange if it had not. I see more clearly now, than I did, the true character of the system and its dangerous tendency; but I owe it to myself and the truth of the cause, to say I was, even at that early period, far from being its advocate, and would then have been opposed to the ystem had it been a new question. But I then rearded the connection between the government and he banks indissoluble, and acquiesed in a state of ings that I could not control, and which I considered as established. The government was then re- the little centre building, with its four apartments, Having now, I trust, taken down to the ground ceiving the notes of non-specie-paying banks in its nothing remains of the entire structure but the dues, to its own discredit and heavy loss to its cre- huge portico in front, and on which I shall next ditors. The only practical alternative was at that commence the work of demolition. The senator period between a league of state banks and a bank opened his discourse on credits and banks, by asof the United States, as a fiscal agent of the gov-serting that bank credit was, in truth and reality, ernment. I preferred then, as I now do, the latter so much capital actually added to the community. to the former, as more efficient, and not a whit I waive the objection, that neither credit, nor the more unconstitutional; and, if I now were again banking system, is involved in the question; and

called barking privileges, they are permitted to do business and make profit; and so far from creating credit or capital, they in fact add not a cent of capital or credit to that which previously existed.

But the senator next tells us that there is three

took to draw a distinction between bank credit and The senator next, by way of illustration, undergovernment credit, or public stocks, in which he was not very successful. It would be no difficult task to prove that they both rest substantially on debt, and that the government stock may be, and is to a great extent. actually applied in the same mode, as bank credit in the use of exchanges and business. It in fact constitutes, to a great extent, the very basis of banking operation; but, after having occupied the senate so long, it would be unreasonable to consume their time on what was introduced as a mere illustration.

mense advantage of banking institutions. He askThe senator next undertook to prove the imed what would be done with the surplus capital of the country, if it could not be invested in bank stocks? In this new and growing country, with millions on millions of lands, of the best quality, still lying unimproved; with vast schemes of improvements, constantly requiring capital; with the immense demand for labor for every branch of busi