History of the United States of America, Volume 9 (of 9) : $b During the second administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 9 (of 9) : $b During the second administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
The bill promptly passed the Senate, and was approved by the President
April 27; but the true issue was undecided. No one could deny that
if the duty of twenty-five per cent on cottons and woollens should
prove to be insufficient, the House was pledged to increase it. The
bill was avowedly protective. In regard to the coarser Indian cottons,
it was practically prohibitive, since it valued them all, for tariff
purposes, at twenty-five cents a yard,--a rate which on the cheaper
fabrics raised the duty above one hundred per cent. Yet when the tariff
of 1816 proved to be little protective, in after years it was commonly
represented as a revenue and not a protective tariff. In substance,
Randolph’s opinions controlled the House.
Dallas was more fortunate in regard to the Bank. Randolph’s hostility
to State banks was greater than to the Bank of the United States.
Calhoun reported, January 8, the bill to incorporate for twenty years
a new National Bank with a capital of thirty-five million dollars,
and supported it, February 26, by a speech showing that the Bank was
a proper means for attaining the Constitutional object of restoring
the money of the country to its true medium. Active opposition came
chiefly from the Federalists. Even Samuel Smith seemed to plead rather
that the State banks should be gently treated than that the National
Bank should be opposed. Randolph, while professing hostility to the new
Bank on any and every ground suggested by others, concluded by pledging
himself to support any adequate means for reducing the overpowering
influence of the State banks. Clay thought himself obliged to leave the
Speaker’s chair in order to recant in the most public manner his errors
of 1811. Forsyth, one of Calhoun’s ablest allies, went so far in his
support of the measure as to assert without reserve that the power to
suspend specie payments--a power expressly reserved to the government
by Calhoun’s bill--belonged undoubtedly to Congress, an opinion which
the House did not share. In the Republican ranks open opposition to
the Bank seemed almost silenced; and the member who made himself most
conspicuous in hostility to the bill was Daniel Webster,--the last of
all in whom such a course was natural.
Public-domain text, read in full here on John Shaqi.
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