Such was the financial embarrassment induced by the explosion of the system of the late administration, that President Van Buren's first official act was a proclamation for an extra session of Congress, to be held in September, 1837. At this session the new government plan of finance, usually called "the Sub-treasury system," was brought forward. It was the opinion of Mr. Webster, that the rigid enforcement by the government of a system of specie payments in all its public receipts and expenditures was an actual impossibility, in the present state of things in this country and the other commercial countries of the civilized world. The attempt to reject altogether the aid of convertible paper, of bills of exchange, of drafts, and other substitutes for the use and transportation of the precious metals, must fail in practice in a commercial country, where the great mass of the business affairs of the community are transacted with their aid. If the attempt could be forced through, it would be like an attempt on the part of the government to make use of the ancient modes of travel and conveyance, while every citizen in his private affairs enjoyed the benefit of steam navigation and railways. Mr. Webster accordingly opposed the sub-treasury project from its inception; and it failed to become a law at the extra session of Congress in 1837. Somewhat to the surprise of the country generally, it received the support of Mr. Calhoun. In common with most of his friends, he had sustained the Bank of the United States, and denounced the financial policy of General Jackson at every stage. But at the extra session of Congress he expressed opinions favorable to the sub-treasury, and followed them up in a remarkable letter to his constituents, published after the adjournment. At the winter session of 1837-38 he defended the government plan in an elaborate speech. This speech drew from Mr. Webster a very able reply. He had, earlier in the session, delivered his sentiments in opposition to the government measure, and Mr. Calhoun, in his speech of the 15th of February, 1838, had animadverted upon them, and represented the sub-treasury system as little more than an attempt to carry out the joint resolution of the 30th of April, 1816, which, as we have seen above, was introduced by Mr. Webster, and was the immediate means of restoring specie payments after the war.