Did they not make an universal shout,

That Tiber trembled underneath her banks

To hear the replication of their sounds

Made in her concave shores?"

But it is time that I allude to those great services which Webster rendered to his country when he was a member of Congress,--services that can never be forgotten, and which made him a national benefactor.

There were three classes of subjects on which his genius pre-eminently shone,--questions of finance, the development of American industries, and the defence of the Constitution.

As early as 1815, Mr. Webster acquired a national reputation by his speech on the proposition to establish a national bank, which he opposed, since it was to be relieved from the necessity of redeeming its notes in specie. This was at the close of the war with Great Britain, when the country was poor, business prostrated, and the finances disordered. To relieve this pressure, many wanted an inflated paper currency, which should stimulate trade. But all this Mr. Webster opposed, as certain to add to the evils it was designed to cure. He would have a bank, indeed, but he insisted it should be established on sound financial principles, with notes redeemable in gold and silver. And he brought a great array of facts to show the certain and utter failure of a system of banking operations which disregarded the fundamental financial laws. He maintained that an inflated currency produced only temporary and illusive benefits. Nor did he believe in hopes which were not sustained by experience. "Banks," said he, "are not revenue. They may afford facilities for its collection and distribution, but they cannot be sources of national income, which must flow from deeper fountains. Whatever bank-notes are not convertible into gold and silver, at the will of the holder, become of less value than gold and silver. No solidity of funds, no confidence in banking operations, has ever enabled them to keep up their paper to the value of gold and silver any longer than they paid gold and silver on demand." Similar sentiments he advanced, in 1816, in his speech on the legal currency, and also in 1832, when he said that a disordered currency is one of the greatest of political evils,--fatal to industry, frugality, and economy. "It fosters the spirit of speculation and extravagance. It is the most effectual of inventions to fertilize the rich man's field by the sweat of the poor man's brow." In these days, when principles of finance are better understood, these remarks may seem like platitudes; but they were not so fifty or sixty years ago, for then they had the force of new truth, although even then they were the result of political wisdom, based on knowledge and experience; and his views were adopted, for he appealed to reason.

Webster's financial speeches are very calm, like the papers of Hamilton and Jay in "The Federalist," but as interesting and persuasive as those of Gladstone, the greatest finance-minister of modern times. They are plain, simple, direct, without much attempt at rhetoric. He spoke like a great lawyer to a bench of judges. The solidity and soundness of his views made him greatly respected, and were remarkable in a young man of thirty-four. The subsequent financial history of the country shows that he was prophetic. All his predictions have come to pass. What is more marked in our history than the extravagance and speculation attending the expansion of paper money irredeemable in gold and silver? What misery and disappointment have resulted from inflated values! It was doubtless necessary to do without gold and silver in our life-and-death struggle with the South; but it was nevertheless a misfortune, seen in the gambling operations and the wild fever of speculation which attended the immense issue of paper money after the war. The bubble was sure to burst, sooner or later, like John Law's Mississippi scheme in the time of Louis XV. How many thousands thought themselves rich, in New York and Chicago, in fact everywhere, when they were really poor,--as any man is poor when his house or farm is not worth the mortgage. As soon as we returned to gold and silver, or it was known we should return to them, then all values shrunk, and even many a successful merchant found he was really no richer than he was before the war. It had been easy to secure heavy mortgages on inflated values, and also to get a great interest on investments; but when these mortgages and investments shrank to what they were really worth, the holders of them became embarrassed and impoverished. The fit of commercial intoxication was succeeded by depression and unhappiness, and the moral evils of inflated values were greater than the financial, since of all demoralizing things the spirit of speculation and gambling brings, at last, the most dismal train of disappointments and miseries. Inflation and uncertainty in values, whether in stocks or real estate, alternating with the return of prosperity, seem to have marked the commercial and financial history of this country during the last fifty years, more than that of any other nation under the sun, and given rise to the spirit of extravagant speculations, both disgraceful and ruinous.

Equally remarkable were Mr. Webster's speeches on tariffs and protective industries. He here seemed to borrow from Alexander Hamilton, who is the father of our protective system. Here he co-operated with Henry Clay; and the result of his eloquence and wisdom on those great principles of political economy was the adherence to a policy--against great opposition--which built up New England and did not impoverish the West. Where would the towns of Lowell, Manchester, and Lawrence have been without the aid extended to manufacturing interests? They made the nation comparatively independent of other nations; they enriched the country, even as manufactures enriched Great Britain and France. What would England be if it were only an agricultural country? It would have been impossible to establish manufactures of textile fabrics, without protection. Without aid from governments, this branch of American industry would have had no chance to contend with the cheap labor of European artisans. I do not believe in cheap labor. I do not believe in reducing intelligent people to the condition of animals. I would give them the chance to rise; and they cannot rise if they are doomed to labor for a mere pittance. The more wages men can get for honest labor, the better is the condition of the whole country. Withdraw protection from infant industries, and either they perish, or those who work in them sink to the condition of the laboring classes of Europe. Nor do I believe it is a good thing for a nation to have all its eggs in one basket. I would not make this country exclusively agricultural because we have boundless fields and can raise corn cheap, any more than I would recommend a Minnesota farmer to raise nothing but wheat. Insects and mildews and unexpected heats may blast a whole harvest, and the farmer has nothing to fall back upon. He may make more money, for a time, by raising wheat exclusively; but he impoverishes his farm. He should raise cattle and sheep and grass and vegetables, as well as wheat or corn. Then he is more independent and more intelligent, even as a nation is by various industries, which call out all kinds of talent.

I know that this is a controverted point. Everything is controverted in political economy. There is scarcely a question which is settled in its whole range of subjects; and I know that many intellectual and enlightened men are in favor of what they call free-trade, especially professors in colleges. But there is no such thing as free-trade, strictly, in any nation, or in the history of nations. No nation legislates for universal humanity on philanthropic principles; it legislates for itself. There is no country where there are not high duties on some things, not even England. No nation can be governed on abstract principles and in disregard of its necessities. When it was for the interest of England to remove duties on corn, in order that manufactures might be stimulated, they took off duties on corn, because the laboring-classes in the mills had to be fed. Agricultural interests gave way, for a time, to manufacturing interests, because the wealth of the country was based on them rather than on lands, and because landlords did not anticipate that bread-stuffs brought from this country would interfere with the value of their rents. But England, with all her proud and selfish boasts about free-trade, may yet have to take a retrograde course, like France and Prussia, or her landed interests may be imperilled. The English aristocracy, who rule the country, cannot afford to have the value of their lands reduced one-half, for those lands are so heavily mortgaged that such a reduction of value would ruin them; nor will they like to be forced to raise vegetables rather than wheat, and turn themselves into market-gardeners instead of great proprietors. The landlords of Great Britain may yet demand protection for themselves, and, as they control Parliament, they will look out for themselves by enacting measures of protection, unless they are intimidated by the people who demand cheap bread, or unless they submit to revolution. It is eternal equity and wisdom that the weak should be protected. There may be industries strong enough now to dispense with protection; but unless they are assisted when they are feeble, they will cease to exist at all. Take our shipping, for instance, with foreign ports,--it is not merely crippled, it is almost annihilated. Is it desirable to cut off that great arm of national strength? Shall we march on to our destiny, blind and lame and halt? What will we do if England and other countries shall find it necessary to protect themselves from impoverishment, and reintroduce duties on bread-stuffs high enough to make the culture of wheat profitable? Where then will our farmers find a market for their superfluous corn, except to those engaged in industries which we should crush by removing protection?