. The writings and speeches of Daniel Webster ... eir individual creditby enormous sacrifices; and all, being alarmed for the future, aswell as distressed for the present, forbore from new transactionsand new engagements. Finding enough to do to stand stUl,they do not attempt to go forward. This deprives the industri-ous and laboring classes of their occupations, and brings wantand misery to their doors. This, Sir, is a short recital of causeand effect. This is the history of the first six months of the experiment. Mr. President, the recent measures of the Secretary, and theopinions which are
. The writings and speeches of Daniel Webster ... eir individual creditby enormous sacrifices; and all, being alarmed for the future, aswell as distressed for the present, forbore from new transactionsand new engagements. Finding enough to do to stand stUl,they do not attempt to go forward. This deprives the industri-ous and laboring classes of their occupations, and brings wantand misery to their doors. This, Sir, is a short recital of causeand effect. This is the history of the first six months of the experiment. Mr. President, the recent measures of the Secretary, and theopinions which are said to be avowed by those who approveand support them, threaten a wild and ruthless attack on thecommercial credit of the country, that most delicate and atthe same time most important agent of general credit is the creation of modern times, and belongs,in its highest perfection, only to the most enlightened and best Roger Brooke Taney From the Painting by G. P. A. Healy, Robing Room,United States Supreme Court, Washington. £0E Continuance of the Bank Charter 89 governed nations. In the primitive ages of commerce, article isexchanged for article, without the use of money or credit. Thisis simple barter. But in its progress, a symbol of property, acommon measure of value, is introduced, to facilitate the ex-changes of property; and this may be iron, or any other articlefixed by law or by consent, but has generally been gold and sil-ver. This, certainly, is a great advance beyond simple barter, butno greater than has been gained, in modern times, by proceed-ing from the mere use of money to the use of credit. Credit isthe vital air of the system of modern commerce. It has donemore, a thousand times, to enrich nations, than all the mines ofall the world. It has excited labor, stimulated manufactures,pushed commerce over every sea, and brought every nation,every kingdom, and every small tribe, among the races of men,to be known to all the rest. I
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