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
Mr. Webster's exertions, however, on the subject of the currency, did
not cease with the overthrow of the paper bank system. He was re-elected
to New-Hampshire for the fourteenth Congress, and sat there during the
sessions of 1815-16; and 1816-17. The whole state of things in the
nation was now changed. The war was over, and the great purpose of sound
statesmanship was therefore to bring the healing and renovating
influences of peace into the administration and finances of the country.
The present bank was chartered in April 1816, and was placed,
substantially on the principles maintained in Mr. Webster's resolutions
of the preceding year. But still it seemed doubtful whether this
institution, however wisely managed, would alone have power enough to
restore a sound currency. The small depreciated notes of the state banks
south of New-England, still filled the land with their loathed
intrusion; and, what was worse, the revenue of the general government,
receivable at the different custom-houses, was collected in this
degraded paper, to the great injury of the finances of the country, and
to the still greater injury of the property of private individuals, who,
in different states, paid, of course, different rates of duties to the
treasury, according to the value of the paper medium in which it
happened to be received. Mr. Webster foresaw the mischiefs that must
follow from this state of things, if a remedy were not speedily applied.
He, therefore, in the same month of April 1816, introduced a resolution,
the effect of which was, to require the revenue of the United States to
be collected and received only in the legal currency of the United
States, or in bills equal to that currency in value.
In stating the nature of the evil, after showing by what means the paper
of the state banks south of New-England had become depreciated; he
says,--
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