principles. The first bill, proposing a paper-money bank, originated in the
House, and was killed there by a strong majority, Mr. Webster making a long
speech against it which has not been preserved. The next bill came from the
Senate, and was also for a paper-money bank. Against this scheme Mr.
Webster made a second elaborate speech, which is reprinted in his works.
His genius for arranging and stating facts held its full strength in
questions of finance, and he now established his reputation as a master in
that difficult department of statesmanship. His recent studies of
economical questions in late English works and in English history gave
freshness to what he said, and in clearness of argument, in range of view,
and wisdom of judgment, he showed himself a worthy disciple of the school
of Hamilton. His argument proceeded on the truest economical and commercial
principles, and was, indeed, unanswerable. He then took his stand as the
foe of irredeemable paper, whether in war or peace, and of wild,
unrestrained banking, a position from which he never wavered, and in
support of which he rendered to the country some of his best service as a
public man. The bill was defeated by the casting vote of the Speaker. When
the result was announced, Mr. Calhoun was utterly overwhelmed. He cared
little for the bank but deeply for the government, which, as it was not
known that peace had been made, seemed to be on the verge of ruin. He came
over to Mr. Webster, and, bursting into tears, begged the latter to aid in
establishing a proper bank, a request which was freely granted.

The vote was then reconsidered, the bill recommitted and brought back, with
a reduced capital, and freed from the government power to force loans and
suspend specie payments. This measure was passed by a large majority,
composed of the Federalists and the friends of the government, but it was
the plan of the former which had prevailed. The President vetoed the bill
for a variety of reasons, duly stated, but really, as Mr. Webster said,
because a sound bank of this sort was not in favor with the administration.