United States -- History -- 1815-1861; United States -- Politics and government -- 1815-1861
He declared, finally, that the only questions which demanded
consideration were those relative to the existing disorders of the
currency, and the efficiency of a national bank in working their cure.
Upon these two points he was distinct, decided, and thoroughly
national. He said that the Constitution had without doubt placed the
monetary system of the country entirely within the control of
Congress; that the "States" had usurped the power of making money by
chartering banks of issue in the face of the constitutional provision
forbidding the "States" to emit bills of credit; that the two hundred
millions of dollars of irredeemable bank-notes, paper, and credits,
issued by these banks, were the cause of the {6} financial disorders
of the country; and that the remedy for this condition of things was,
in his opinion, to be found in a great specie-paying national bank,
sustained by the power of the general Government in the work of
bringing such a pressure upon these "State" banks as would force them
either to pay specie or go into liquidation. This was clear, generous,
and patriotic. No one made a fairer statement of the case, and no one
advocated a more national remedy in its treatment.
[Sidenote: Webster's objections to the Bank Bill.]
On the other hand, it was Webster who, at this time, appeared narrow
and particularistic. He objected to the large amount of the capital,
and to the stock feature of the proposed bank, and expressed alarm at
the proposition to place it under such strong governmental control. He
thought that the bills and paper of the "State" banks would be good
enough, if the general Government would only force them to redeem
their currency in specie by refusing to accept for Government dues the
bills of banks which did not pay specie on demand.
Whatever may be thought of Webster's attitude from the point of view
of political economy, it was certainly, from the point of view of
political science, the attitude of a "States'-rights" man rather than
that of a nationalist. Webster did not, however, call the
constitutionality of the bill in question. That was conceded upon all
sides.
The friends of the measure felt more anxiety in regard to Mr. Clay. He
had, only five years before, as we have seen, pronounced a similar
bill unconstitutional in his opinion, and he was now the Speaker of
the House, with all the power over the procedure in the House which
that position involved. It was generally felt that the fate of the
measure would be largely determined by his attitude toward it.
[Sidenote: Mr. Clay's support of the Bank Bill.]
Public-domain text, read in full here on John Shaqi.
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