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 doctrine of this speech is as important as it is true. A sound and
uniform currency is essential, not only for the convenient and safe
management of the fiscal concerns of a government; but, no less so, for
the security of private property. It is, indeed, at once the standard
and basis of all transfer and exchange; and, whenever the circulating
medium has become much deranged in any country, it has been found an
arduous, and sometimes a dangerous task, to restore it to a sound state.
The effort almost necessarily brings on a conflict between the two great
classes of debtor and creditor, into which every community is
divided,--the creditor claiming the highest standard of value in the
currency, and the debtor the lowest; and the results of such a conflict
have not unfrequently been found in changes, convulsions, and political
revolution. From such a conflict we were saved in this country, by the
defeat of the paper-currency bank proposed in 1814,--by the
establishment of the present specie paying bank, and by the adoption of
Mr. Webster's resolution, which was approved by the President on the
30th of April, 1816.
It was at this period, however, that Mr. Webster determined to change
his residence, and, of course, to retire for a time at least, from
public life. He had now lived in Portsmouth nine years; and they had
been to him years of great happiness in his private relations, and, in
his relations to the country, years of remarkable advancement and
honour. But, in the disastrous fire, which, in 1813, destroyed a large
part of that devoted town, he had sustained a heavy loss, which the
means and opportunities offered by his profession in New Hampshire were
not likely to repair. He determined, therefore, to establish himself in
a larger capital, where his resources would be more ample, and, in the
summer of 1816, removed to Boston, where he has ever since resided.
Public-domain text, read in full here on John Shaqi.
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