The American Quarterly Review, No. 18, June 1831 (Vol 9)Various
History
The American Quarterly Review, No. 18, June 1831 (Vol 9)
Various
Intellectual life -- Periodicals; United States -- Intellectual life -- 19th century -- Periodicals
The resolutions proposed by Mr. Webster, and supported in this speech,
were not passed. Probably he did not expect them to pass, when he
proposed them; but the same day, the main question was taken upon the
passage of the bill itself; and, as it was rejected by the casting vote
of the speaker, there can be no reasonable doubt, that without his
exertions this portentous absurdity would not have been defeated. It is
but justice, however, to the supporters of the measure, to say, that the
mischievous consequences of its adoption, were by no means so apparent
then as they are now. We have since had no little experience on the
whole matter. It required all the power and influence of the general
government, and of the present sound and specie-paying Bank of the
United States, acting vigorously in concert for several years after the
war, to relieve the country from the flood of depreciated notes of the
state banks with which it was inundated, and to restore a safe and
uniform currency. When or how this evil could have been remedied, if, at
the very close of the war, it had been almost indefinitely increased by
the establishment of a vast machine, issuing every day as much
irredeemable paper as would be taken at any and every discount, and thus
co-operating with the evil itself, instead of opposing it, is more than
any man will now be bold enough to conjecture. We should, no doubt, have
been in bondage to it to this hour, and probably left it as a yoke upon
the necks of our children.
But, at the time referred to, the necessities of the government were
urgent; and, on motion of Mr. Webster, the rule that prevented a
reconsideration at the same session of a subject thus disposed of, was
suspended the very next day, and a bill for a bank was on the same day,
January 3, recommitted to a select committee. On the 6th, the committee
reported a specie-paying bank, with a much diminished capital, which was
carried in the house, with the fewest possible forms, on the 7th; Mr.
Webster and most of his friends voting for it. It passed the senate,
too, though with some difficulty; but was refused by the president, on
the ground, that it was not sufficient to meet the exigencies of the
case, which, indeed, we now know, no bank would have been able to meet.
This project, however, being thus rejected, another was immediately
introduced into the senate, the basis of which was to be laid, like that
of the first bank proposed, in a paper currency. It passed that body;
but on being brought into the house met a severe and determined
opposition, which ceased only when, on the 17th, the news of peace being
received, the bill was indefinitely postponed.
Public-domain text, read in full here on John Shaqi.
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