Chapter 92

This brings us, as far as concerns the questions of currency, to the last session of Congress. Early in that session the Secretary of the Treasury sent in a plan of an exchequer. It met with little favor in either House, and therefore it is necessary for me, Gentlemen, lest the whole burden fall on others, to say that it had my hearty, sincere, and entire approbation. Gentlemen, I hope that I have not manifested through my public life a very overweening confidence in my own judgment, or a very unreasonable unwillingness to accept the views of others. But there are some subjects on which I feel entitled to pay some respect to my own opinion. The subject of currency, Gentlemen, has been the study of my life. Thirty years ago, a little before my entrance into the House of Representatives, the questions connected with a mixed currency, involving the proper relation of paper to specie, and the proper means of restricting an excessive issue of paper, came to be discussed by the most acute and well-disciplined understandings in England in Parliament. At that time, during the suspension of specie payments by the bank, when paper was fifteen per cent below par, Mr. Vansittart had presented his celebrated resolution, declaring that a bank-note was still worth the value expressed on its face; that the bank note had not depreciated, but that the price of bullion had risen. Lord Liverpool and Lord Castlereagh espoused this view, as we know, and it was opposed by the close reasoning of Huskisson, the powerful logic of Horner, and the practical sagacity and common sense of Alexander Baring, now Lord Ashburton. The study of those debates made me a bullionist. They convinced me that paper could not circulate safely in any country, any longer than it was immediately redeemable at the place of its issue. Coming into Congress the very next year, or the next but one after, and finding the finances of the country in a most deplorable condition, I then and ever after devoted myself, in preference to all other public topics, to the consideration of the questions relating to them. I believe I have read every thing of value that has been published since on those questions, on either side of the Atlantic. I have studied by close observation the laws of paper currency, as they have exhibited themselves in this and in other countries, from 1811 down to the present time. I have expressed my opinions at various times in Congress, and some of the predictions which I have made have not been altogether falsified by subsequent events. I must therefore be permitted, Gentlemen, without yielding to any flippant newspaper paragraph, or to the hasty ebullitions of debate in a public assembly, to say, that I believe the plan for an exchequer, as presented to Congress at its last session, is the _best_ measure, the _only_ measure for the adoption of Congress and the trial of the people. I am ready to stake my reputation upon it, and that is all that I have to stake. I am ready to stake my reputation, that, if this Whig Congress will take that measure and give it a fair trial, within three years it will be admitted by the whole American people to be the most beneficial measure of any sort ever adopted in this country, the Constitution only excepted.

I mean that they should take it as it was when it came from the Cabinet, not as it looked when the committees of Congress had laid their hands upon it. For when the committees of Congress had struck out the proviso respecting exchange, it was not worth a rush; it was not worth the parchment it would be engrossed upon. The great desire of this country is a general currency, a facility of exchange; a currency which shall be the same for you and for the people of Alabama and Louisiana, and a system of exchange which shall equalize credit between them and you, with the rapidity and facility with which steam conveys men and merchandise. That is what the country wants, what you want; and you have not got it. You have not got it, you cannot get it, but by some adequate provision of government. Exchange, ready exchange, that will enable a man to turn his Orleans means into money to-day, (as we have had in better times millions a year exchanged, at only three quarters of one per cent,) is what is wanted How are we to obtain this? A Bank of the United States founded on a private subscription is out of the question. That is an obsolete idea. The country and the condition of things have changed. Suppose that a bank were chartered with a capital of fifty millions, to be raised by private subscription. Would it not be out of all possibility to find the money? Who would subscribe? What would you get for shares? And as for the local discount, do you wish it? Do you, in State Street, wish that the nation should send millions of untaxed banking capital hither to increase your discounts? What, then, shall we do? People who are waiting for power to make a Bank of the United States may as well postpone all attempts to benefit the country to the incoming of the Jews.

What, then, shall we do? Let us turn to this plan of the exchequer, brought forward last year. It was assailed from all quarters. One gentleman did say, I believe, that by some possibility some good might come out of it, but in general it met with a different opposition from every different class. Some said it would be a perfectly lifeless machine,--that it was no system at all,--that it would do nothing, for good or evil; others thought that it had a great deal too much vitality, admitting that it would answer the purpose perfectly well for which it was designed, but fearing that it would increase the executive power: thus making it at once King Log and King Serpent. One party called it a ridiculous imbecility; the other, a dangerous giant, that might subvert the Constitution. These varied arguments, contradicting, if not refuting, one another, convinced me of one thing at least,--that the bill would not be adopted, nor even temperately and candidly considered. And it was not. In a manner quite unusual, it was discussed, assailed, denounced, before it was allowed to take the course of reference and examination.

The difficulties we meet in carrying out our system of constitutional government are indeed extraordinary. The Constitution was intended as an instrument of great political good; but we sometimes so dispute its meaning, that we cannot use it at all. One man will not have a bank, without the power of local discount, against the consent of the States; for that, he insists, would break the Constitution. Another will not have a bank with such a power, because he thinks that would break the Constitution. A third will not have an exchequer, with authority to deal in exchanges, because that would increase executive influence, and so might break the Constitution. And between them all, we are like the boatman who, in the midst of rocks and currents and whirlpools, will not pull one stroke for safety, lest he break his oar. Are we now looking for the time when we can charter a United States Bank with a large private subscription? When will that be? When confidence is restored. Are we, then, to do nothing to save the vessel from sinking, till the chances of the winds and waves have landed us on the shore? He is more sanguine than I am, who thinks that the time will soon come when the Whigs have more power to work effectually for the good of the country than they now have. The voice of patriotism calls upon them not to postpone, but to act at this moment, at the very next session; to make the best of their means, and to try. You say that the administration is responsible; why not, then, try the plan it has recommended. If it fails, let the President bear the responsibility. If you will not try this plan, why not propose something else?

Gentlemen, in speaking of events that have happened, I ought to say, and will, since I am making a full and free communication, that there is no one of my age, and I am no longer very young, who has written or spoken more against the abuse and indiscreet use of the veto power than I have. And there is no one whose opinions upon this subject are less changed. I presume it is universally known, that I have advised against the use of the veto power on every occasion when it has been used since I have been in the Cabinet. But I am, nevertheless, not willing to join those who seem more desirous to make out a case against the President, than of serving their country to the extent of their ability, vetoes notwithstanding. Indeed, at the close of the extra session, the received doctrine of many seemed to be, that they would undertake nothing until they could amend the Constitution so as to do away with this power. This was mere mockery. If we were now reforming the Constitution, we might wish for some, I do not say what, guards and restraints upon this power more than the Constitution at present contains; but no convention would recommend striking it out altogether. Have not the people of New York lately amended their constitution, so as to require, in certain legislative action, votes of two thirds? and is not this same restriction in daily use in the national House of Representatives itself, in the case of suspension of the rules? This constitutional power, therefore, is no greater a restraint than this body imposes on itself. But it is utterly hopeless to look for such an amendment; who expects to live to see its day? And to give up all practical efforts, and to go on with a general idea that the Constitution must be amended before anything can be done, was, I will not say trifling, but treating the great necessities of the people as of quite too little importance. This Congress accomplished, in this regard, nothing for the people. The exchequer plan which was submitted to it will accomplish some of the objects of the people, and especially the Whig people. I am confident of it; I know it. When a mechanic makes a tool, an axe, a saw, or a plane, and knows that the temper is good and the parts are well proportioned, he knows that it will answer its purpose. And I know that this plan will answer its purpose.

There are other objects which ought not to be neglected, among which is one of such importance that I will not now pass it by; I mean, the mortifying state of the public credit of this country at this time. I cannot help thinking, that if the statesmen of a former age were among us, if Washington were here, if John Adams, and Hamilton, and Madison were here, they would be deeply concerned and soberly thoughtful about the present state of the public credit of the country. In the position I fill, it becomes my duty to read, generally with pleasure, but sometimes with pain, communications from our public agents abroad. It is distressing to hear them speak of _their_ distress at what they see and hear of the scorn and contumely with which the American character and American credit are treated abroad. Why, at this very time, we have a loan in the market, which, at the present rate of money and credit, ought to command in Europe one hundred and twenty-five per cent. Can we sell a dollar of it? And how is it with the credit of our own Commonwealth? Does it not find itself affected in its credit by the general state of the credit of the country? Is there nobody ready to make a movement in this matter? Is there not a man in our councils large enough, comprehensive enough in his views, to undertake at least to _present_ this case before the American people, and thus do something to restore the public character for morals and honesty?

There are in the country some men who are indiscreet enough to talk of _repudiation_,--to advise their fellow-citizens to _repudiate_ public debt. Does repudiation pay a debt? Does it discharge the debtor? Can it so modify a debt that it shall not be always binding, in law as well as in morals? No, Gentlemen; repudiation does nothing but add a sort of disrepute to acknowledged inability. It is our duty, so far as is in our power, to rouse the public feeling on the subject; to maintain and assert the universal principles of law and justice, and the importance of preserving public faith and credit. People say that the intelligent capitalists of Europe ought to distinguish between the United States government and the State governments. So they ought; but, Gentlemen, what does all this amount to? Does not the general government comprise the same people who make up the State governments? May not these Europeans ask us how long it may be before the national councils will repudiate public obligations?

The doctrine of repudiation has inflicted upon us a stain which we ought to feel worse than a wound; and the time has come when every man ought to address himself soberly and seriously to the correction of this great existing evil. I do not undertake to say what the Constitution allows Congress to do in the premises. I will only say, that if that great fund of the public domain properly and in equity belongs, as is maintained, to the States themselves, there are some means, by regular and constitutional laws, to enable and induce the States to save their own credit and the credit of the country.

Gentlemen, I have detained you much too long. I have wished to say, that, in my judgment, there remain certain important objects to engage our public and private attention, in the national affairs of the country. These are, the settlement of the remaining questions between ourselves and England; the great questions relating to the reciprocity principle; those relating to colonial trade; the most absorbing questions of the currency, and those relating to the great subject of the restoration of the national character and the public faith; these are all objects to which I am willing to devote myself, both in public and in private life. I do not expect that much of public service remains to be done by me; but I am ready, for the promotion of these objects, to act with sober men of any party, and of all parties. I am ready to act with men who are free from that great danger that surrounds all men of all parties,--the danger that patriotism itself, warmed and heated in party contests, will run into partisanship. I believe that, among the sober men of this country, there is a growing desire for more moderation of party feeling, more predominance of purely public considerations, more honest and general union of well-meaning men of all sides to uphold the institutions of the country and carry them forward.

In the pursuit of these objects, in public life or in a private station, I am willing to perform the part assigned to me, and to give them, with hearty good-will and zealous effort, all that may remain to me of strength and life.

[Footnote 1: The office of Representative in Congress.]

[Footnote 2: Lord Ashburton.]

[Footnote 3: Mr. Edward Everett.]

[Footnote 4: Mr. Andrew Stevenson.]

[Footnote 5: Mr. Parmenter.]

[Footnote 6: Mr. R.C. Winthrop.]

THE LANDING AT PLYMOUTH.

A SPEECH DELIVERED ON THE 22d OF DECEMBER, 1843, AT THE PUBLIC DINNER OF THE NEW ENGLAND SOCIETY OF NEW YORK, IN COMMEMORATION OF THE LANDING OF THE PILGRIMS.

[The great Pilgrim festival was celebrated on the 22d of December, 1843, by the New England Society of New York, with uncommon spirit and success. A commemorative oration was delivered in the morning by Hon. Rufus Choate, in a style of eloquence rarely equalled. The public dinner of the Society, at the Astor House, at which M.H. Grinnell, Esq. presided, was attended by a very large company, composed of the members of the Society and their invited guests. Several appropriate toasts having been given and responded to by the distinguished individuals present, George Griswold, Esq. rose to offer one in honor of Mr. Webster. After a few remarks complimentary to that gentleman, in reference to his services in refuting the doctrine of nullification and in averting the danger of war by the treaty of Washington, Mr. Griswold gave the following toast:--

"DANIEL WEBSTER,--the gift of New England to his country, his whole country, and nothing but his country."

This was received with great applause, and on rising to respond to it Mr. Webster was greeted with nine enthusiastic cheers, and the most hearty and prolonged approbation. When silence was restored, he spoke as follows.]

MR. PRESIDENT:--I have a grateful duty to perform in acknowledging the kindness of the sentiment thus expressed towards me. And yet I must say, Gentlemen, that I rise upon this occasion under a consciousness that I may probably disappoint highly raised, too highly raised expectations. In the scenes of this evening, and in the scene of this day, my part is an humble one. I can enter into no competition with the fresher geniuses of those more eloquent gentlemen, learned and reverend, who have addressed this Society. I may perform, however, the humbler, but sometimes useful, duty of contrast, by adding the dark ground of the picture, which shall serve to bring out the more brilliant colors.

I must receive, Gentlemen, the sentiment proposed by the worthy and distinguished citizen of New York before me, as intended to convey the idea that, as a citizen of New England, as a son, a child, a _creation_ of New England, I may be yet supposed to entertain, in some degree, that enlarged view of my duty as a citizen of the United States and as a public man, which may, in some small measure, commend me to the regard of the whole country. While I am free to confess, Gentlemen, that there is no compliment of which I am more desirous to be thought worthy, I will add, that a compliment of that kind could have proceeded from no source more agreeable to my own feelings than from the gentleman who has proposed it,--an eminent merchant, the member of a body of eminent merchants, known throughout the world for their intelligence and enterprise. I the more especially feel this, Gentlemen, because, whether I view the present state of things or recur to the history of the past, I can in neither case be ignorant how much that profession, and its distinguished members, from an early day of our history, have contributed to make the country what it is, and the government what it is.

Gentlemen, the free nature of our institutions, and the popular form of those governments which have come down to us from the Rock of Plymouth, give scope to intelligence, to talent, enterprise, and public spirit, from all classes making up the great body of the community. And the country has received benefit in all its history and in all its exigencies, of the most eminent and striking character, from persons of the class to which my friend before me belongs. Who will ever forget that the first name signed to our ever-memorable and ever-glorious Declaration of Independence is the name of John Hancock, a merchant of Boston? Who will ever forget that, in the most disastrous days of the Revolution, when the treasury of the country was bankrupt, with unpaid navies and starving armies, it was a merchant,--Robert Morris of Philadelphia,--who, by a noble sacrifice of his own fortune, as well as by the exercise of his great financial abilities, sustained and supported the wise men of the country in council, and the brave men of the country in the field of battle? Nor are there wanting more recent instances. I have the pleasure to see near me, and near my friend who proposed this sentiment, the son of an eminent merchant of New England (Mr. Goodhue), an early member of the Senate of the United States, always consulted, always respected, in whatever belonged to the duty and the means of putting in operation the financial and commercial system of the country; and this mention of the father of my friend brings to my mind the memory of his great colleague, the early associate of Hamilton and of Ames, trusted and beloved by Washington, consulted on all occasions connected with the administration of the finances, the establishment of the treasury department, the imposition of the first rates of duty, and with every thing that belonged to the commercial system of the United States,--George Cabot, of Massachusetts.

I will take this occasion to say, Gentlemen, that there is no truth better developed and established in the history of the United States, from the formation of the Constitution to the present time, than this,--that the mercantile classes, the great commercial masses of the country, whose affairs connect them strongly with every State in the Union and with all the nations of the earth, whose business and profession give a sort of nationality to their character,--that no class of men among us, from the beginning, have shown a stronger and firmer devotion to whatsoever has been designed, or to whatever has tended, to preserve the union of these States and the stability of the free government under which we live. The Constitution of the United States, in regard to the various municipal regulations and local interests, has left the States individual, disconnected, isolated. It has left them their own codes of criminal law; it has left them their own system of municipal regulations. But there was one great interest, one great concern, which, from the very nature of the case, was no longer to be left under the regulations of the then thirteen, afterwards twenty, and now twenty-six States, but was committed, necessarily committed, to the care, the protection, and the regulation of one government; and this was that great unit, as it has been called, the commerce of the United States. There is no commerce of New York, no commerce of Massachusetts, none of Georgia, none of Alabama or Louisiana. All and singular, in the aggregate and in all its parts, is the commerce of the United States, regulated at home by a uniform system of laws under the authority of the general government, and protected abroad under the flag of our government, the glorious _E Pluribus Unum_, and guarded, if need be, by the power of the general government all over the world. There is, therefore, Gentlemen, nothing more cementing, nothing that makes us more cohesive, nothing that more repels all tendencies to separation and dismemberment, than this great, this common, I may say this overwhelming interest of one commerce, one general system of trade and navigation, one everywhere and with every nation of the globe. There is no flag of any particular American State seen in the Pacific seas, or in the Baltic, or in the Indian Ocean. Who knows, or who hears, there of your proud State, or of my proud State? Who knows, or who hears, of any thing, at the extremest north or south, or at the antipodes,--in the remotest regions of the Eastern or Western Sea,--who ever hears, or knows, of any thing but an American ship, or of any American enterprise of a commercial character that does not bear the impression of the American Union with it?