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
Webster’s criticism on Calhoun’s Constitutional argument was made in
his loftiest manner. The currency, he said, needed no reform, for it
was, by the Constitution and the law, gold and silver; nor had Congress
the right to make any other medium current. The true remedy was for
Congress to interdict the bills of the suspended banks.[130] Had he
been content to rest his opposition on that ground alone, Webster could
not have been answered, although he might have been regarded as an
impracticable politician; but as the bill came toward its passage, and
as several Federalists declared in its favor, he pressed his hostility
so far, and with so much dogmatism, that several of his own party
revolted, and Grosvenor of New York replied sharply that he did not
propose to be drilled to vote on whatever any one might choose to call
a principle.
In spite of determined opposition from Webster, Pitkin, John Sergeant,
and other Federalists, the House passed the bill, March 14, by a vote
of eighty to seventy-one. The majority was small, but of the minority
not less than thirty-eight were Federalists; and, omitting Randolph
and Stanford, only thirty-one Republicans voted against the bill. The
House contained one hundred and seventeen Republicans. In the Senate
the opposition was almost wholly confined to Federalists, and the bill
passed by a majority much larger than that in the House. Twenty-two
senators voted in its favor; only twelve voted against it, and of the
twelve only four were Republicans. The President approved it April 10;
and thus, after five years of financial disorder, the Republican party
reverted to the system of Washington, and resumed powers it had found
indispensable to government.
The Federalists of New England were in a situation too alarming to
bear even the little delay required to organize the Bank. For them a
general return to specie payments was the only escape from imminent
ruin; and acting on this conviction, Webster moved, April 26, a joint
Resolution ordering that all taxes should be collected after Feb. 1,
1817, in some medium equivalent to specie, thus allowing but nine
months for the work of resumption. The same day the House passed the
Resolution by the decisive majority of seventy-one to thirty-four. The
Senate substituted February 20 as the day of resumption, and passed the
Resolution April 29, which was approved by the President the next day.
Public-domain text, read in full here on John Shaqi.
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