As the first Bank of the United States had its origin in necessity, so had the second; and, although there was something of misfortune, and certainly something of mismanagement, in its early career, no candid and intelligent man can, for a moment, doubt or deny its usefulness, or that it fully accomplished the object for which it was created. Exchanges, during all the later years of its existence, were easily effected, and a currency the most uniform of any in the world existed throughout the country. The opponents of these institutions did not deny that general prosperity and a happy state of things existed at the time they were in operation, but contended that equal prosperity would exist without them, while specie would take the place of their issues as a circulating medium. How have their words been verified? Both in the case of the first bank and that of the last, a general suspension of specie payments has happened in about a year from the time they were suffered to expire, and a universal confusion and distrust prevailed. The charter of the first bank expired in 1811, and all the State banks, south of New England, stopped payment in 1812. The charter of the late bank expired in March, 1836, and in May, 1837, a like distrust, and a like suspension of the State banks, have taken place.
The same results, we may readily suppose, are attributable to the same causes, and we must look to the experience and wisdom 393 of the people and of Congress to apply the requisite remedy. I will not say the only remedy is a national bank; but I will say that, in my opinion the only sure remedy for the evils that now prey upon us is the assumption, by the delegates of the people in the national government, of some lawful control over the finances of the nation, and a power of regulating its currency.
Gentlemen, allow me again to express my thanks for the kindness you have shown me this day, and in conclusion to assure you, that, though a representative in the federal government of but a small section, when compared with the vast territory that acknowledges allegiance to that government, I shall never forget that I am acting for the whole country, and, so far as I am capable, will pledge myself impartially to use every exertion for that country’s welfare.
FOOTNOTES
A Speech delivered on the 17th of May, 1837, at a Public Dinner given to Mr. Webster by the Citizens of Wheeling, Virginia.
The mail of that day brought advice of its suspension. See [the note on page 378].