Select Speeches of Daniel Webster, 1817-1845Webster, Daniel
General
Select Speeches of Daniel Webster, 1817-1845
Webster, Daniel
Speeches, addresses, etc., American
Two months only after General Jackson had retired, and when his
vigorous hand was no longer there to uphold it, the league of State
banks fell, and crumbled into atoms; and when Mr. Van Buren had been
only three months President, he convoked a special session of Congress
for the ensuing September. The country was in wide-spread confusion,
paralyzed in its commerce, its currency utterly deranged.[4] What was
to be done? What would Mr. Van Buren recommend? He could not go back to
the Bank of the United States, for he had committed himself against its
constitutionality; nor could he, with any great prospect of success,
undertake to reconstruct the league of deposit banks; for it had
recently failed, and the country had lost confidence in it. What, then,
was to be done? He could go neither backward nor forward. What did he
do? I mean not to speak disrespectfully, but I say he--_escaped!_
Afraid to touch the fragments of the broken banks, unable to touch the
United States Bank, he folded up his arms, and said, The government has
nothing to do with providing a currency for the people. That I may do
him no wrong, I will read his own language. His predecessors had all
said, We _will not_ turn our backs upon this duty of government to
provide a uniform currency; his language is, We _will_ turn our backs
on this duty. He proposes nothing for the country, nothing for the
relief of commerce, or the regulation of exchanges, but simply the
means of getting money into the treasury without loss. In his first
message to Congress, he thus expresses himself:--
"It is not the province of our government to aid individuals in the
transfer of their funds, otherwise than through the facilities of the
Post-Office Department. As justly might it be called on to provide for
the transportation of their merchandise.
"If, therefore, I refrain from suggesting to Congress any specific plan
for regulating the exchanges or the currency, relieving mercantile
embarrassments, or interfering with the ordinary operations of foreign
or domestic commerce, it is from a conviction that such are not within
the constitutional province of the general government, and that their
adoption would not promote the real and permanent welfare of those they
might be designed to aid."
Public-domain text, read in full here on John Shaqi.
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