MR. WEBSTER'S FINANCIAL VIEWS--REMOVAL OF THE GOVERNMENT DEPOSITS FROM THE BANK OF THE UNITED STATES--MR. CLAY'S RESOLUTIONS OF CENSURE--MR. WEBSTER'S REPORT ON THE REMOVAL OF THE DEPOSITS--INTRODUCES A BILL TO MEET THE CRISIS--THE PRESIDENT'S PROTEST AGAINST THE RESOLUTIONS OF THE SENATE--SPEECH IN ANSWER TO THE PROTEST--PERSONAL RELATIONS TO THE BANK--RISE OF THE WHIG PARTY.
THE "irreconcilable difference on the great question of the currency," between Mr. Webster and the Administration of General Jackson, is a topic that requires to be carefully understood by the reader. To this understanding, a statement of Mr. Webster's opinions on the subject of the currency is here essential.
He was in Congress when the last bank of the United States was created, in 1816, and, after an interval of five or six years, he had been in public life ever since. The opinions which he held in 1816, respecting the duty of the General Government toward the currency of the country, and concerning the means of discharging that duty, had been confirmed by the whole experience of the period that had since elapsed. His financial system rested, for its corner-stone, on the principle that the Government should not permit its revenues to be paid in any bank-paper that was not in fact as well as in theory convertible at once into specie. This he regarded as the only efficient means of repressing a circulation of depreciated paper money. He