Makers of American history: by unknow

Author:unknow
Language: eng
Format: epub
Tags: Calhoun, John C. (John Caldwell), 1782-1850, Webster, Daniel, 1782-1852, Clay, Henry, 1777-1852. [from old catalog]
Publisher: New York, The University society, incorporated
Published: 1904-03-25T05:00:00+00:00

i

Congress, Mr. Webster made a hasty tour to the j

West, in the course of which he addressed large pub |

He meetings at Wheehng in Virginia, at Madison in Indiana, and at other places. The coincidence of |

passing events with all his anticipations of the cer j

tain effects of the administration policy gave pecul ;

iar force to these addresses. It is to be regretted that these speeches appear from inadequate reports; of some of the speeches made by him on this tour, no notes were taken. |

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 enforce- | ment by the government of a system of specie pay ' ments in all its public receipts and expenditures was \ an actual impossibility, in the present state of things j in this country and the other commercial countries I 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 1 and transportation of the precious metals, must fail in practice in a commercial country, where the great j 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

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