Abridgment of the Debates of Congress, from 1789 to 1856.

DEBATES OF CONGRESS. 377 JUNE, 1834.] Foreign Silver Coins. [SENATE. in which case the remnant of the debt will lie to discuss, and so cordially to detest, any inceasover that the'experiment' may have a full ure of the Federal Executive, as its course in trial." Now, sir, let the administration and relation to the United States Bank. They feel its friends, in the absence of any better occasion its effects; they writhe under them; and if for joy, make themselves happy in the glorious every Congressional district in the United triumph which they announce; and let them States be equally intelligent and equally honflap their wings and crow because the importa- est, after the next election, the President will tions of the first quarter do not show the not have a single friend returned to the House diminution which we predicted would occur in of Representatives. the third quarter, and the last. I do not mean, Mr. President, to go over the There was some difficulty in meeting such an beaten ground of bank distress or panic-speech argument as the Senate had just heard. In distress. The varied tones of assault upon the one part of it, we are distinctly told there is no bank are now understood. One day the indistress, no pressure, no pecuniary embarrass- solvent institution, which in a little month ment; on the contrary, the country never was should be prostrate at the Executive foot-stool; more prosperous, business never more active the next, the gigantic monster, which. like the or profitable, money never more plentIy. These golden calf, was the object of our idolatry, now positions are boastingly made, and stand out useless and insufficient, and capable of nothing prominently in the speech which has cheered but what local banks might effect; and now the this report as the extinguisher of all the fond- fearful engine whose resistless power would est hopes. and speculations of the opposition. crush the liberties of the nation, and bring its Well, sir, if this is the issue, we are prepared to Government into subjection, as it had brought meet it; the country is prepared to pass upon our people into distress and ruin. The history it, and we think that melancholy experience of the bank operations, happily for those who will enable every man to give his verdict. desire to arrive at truth, is contained in But, sir, with an incongruity which is income: official documents. The extent of loans and prehensible, the loud peals of triumphant exul- curtailments, expansion and contraction, may tation have not ceased to vibrate on our ears be known by authentic proof. before, in the speech, we find it distinctly as- Mr. WEBSTER modified his motion to refer to serted and reiterated in terms of the harshest the Committee on Finance, and moved that the denunciation and "invective," that the bank communication be laid on the table and printhas caused the distress-that panic speeches in ed; which was agreed to. the Senate, have caused the dis.tress-have produced " wreck of merchants in every city." It Foreign Silver Coins. is certainly difficult to reconcile two positions On motion of Mr. WEBSTER, the Senate proapparently so utterly opposed. To believe that ceeded to the consideration of the bill from the bank or the Senate, or both, have produced the iHouse to regulate foreign silver coins. a degree of distress which filled our cities with Mr. W. said that this was a measure of great "wrecks," and at the same time to believe importance to the commercial community, and that this report and other evidences " utterly he hoped that there would be no delay in passcontradicted the idea of distress and commercial ing on it. He had some amendments, which embarrassment which had been propagated from the Committee on Finance had proposed, and this chamber for the last six months "-that which he would briefly state. The bill, as it "never since America had a place among came from the House, did not regulate the nations was the prosperity of the country weight of coins. He had received a communiequal to what it is at this day "-will require, cation from the director of the mint, and also in my poor opinion, more credulity than is to one from the committee of the other House, on be found in the most benighted region of this the subject, and he believed they were right in wide-spread Union. Sir, it is folly to tell a the opinion that the weight of coins should be man sinking and dying with disease, and con- established. The first amendment, therefore, scions of his condition, that all his symptoms proposed, was to make the limitation of the indicate health and strength and vigor, and dollar to the weight of 415 grains; the next to promise long life; and yet such is the experi- establish the weight of the French five-franc ment now made. The good people of the coun- pieces at 384 grains. try, the farmers, the merchants, the manufac- These amendments were agreed to. turers, mechanics, and laborers, who feel them- Mr. W. said he had another amendment to selves diseased and dying under the fatal mal- propose, which had been suggested to him by ady of Executive rashness and indiscretion, are the director of the mint; it was on fixing the calmly asked to believe that they were never so fineness of the South American dollar. The prosperous, never so happy, never so independ- Senate would recollect that, by the bill, the ent. They will not be persuaded or cajoled by dollar was regulated, " when of not less fineany report of a Secretary, nor will they be con- ness than ten ounces, fifteen pennyweigbts, and vinced by any studied commentary upon it. twelve grains, of pure silver, in the troy pound Since I have known any thing of public of twelve ounces of standard silver, at one hunaffairs, never have I known our yeoman- dred and sixteen cents and one-tenth of a cent ry so perfectly to understand, so generally per ounce." Now it was proposed to strike

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 377
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

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Abridgment of the Debates of Congress, from 1789 to 1856.

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