was allowed to take the course of reference and examination.

The difficulties we meet in carrying out our system of constitutional government are indeed extraordinary. The Constitution was intended as an instrument of great political good; but we sometimes so dispute its meaning, that we cannot use it at all. One man will not have a bank, without the power of local discount, against the consent of the States; for that, he insists, would break the Constitution. Another will not have a bank with such a power, because he thinks that would break the Constitution. A third will not have an exchequer, with authority to deal in exchanges, because that would increase executive influence, and so might break the Constitution. And between them all, we are like the boatman who, in the midst of rocks and currents and whirlpools, will not pull one stroke for safety, lest he break his oar. Are we now looking for the time when we can charter a United States Bank with a large private subscription? When will that be? When confidence is restored. Are we, then, to do nothing to save the vessel from sinking, till the chances of the winds and waves have landed us on the shore? He is more sanguine than I am, who thinks that the time will soon come when the Whigs have more power to work effectually for the good of the country than they now have. The voice of patriotism calls upon them not to postpone, but to act at this moment, at the very next session; to make the best of their means, and to try. You say that the administration is responsible; why not, then, try the plan it has recommended. If it fails, let the President bear the responsibility. If you will not try this plan, why not propose something else?

Gentlemen, in speaking of events that have happened, I ought to say, and will, since I am making a full and free communication, that there is no one of my age, and I am no longer very young, who has written or spoken more against the abuse and indiscreet use of the veto power than I have. And there is no

Have

one whose opinions upon this subject are less changed. I presume it is universally known, that I have advised against the use of the veto power on every occasion when it has been used since I have been in the Cabinet. But I am, nevertheless, not willing to join those who seem more desirous to make out a case against the President, than of serving their country to the extent of their ability, vetoes notwithstanding. Indeed, at the close of the extra session, the received doctrine of many seemed to be, that they would undertake nothing until they could amend the Constitution so as to do away with this power. This was mere mockery. If we were now reforming the Constitution, we might wish for some, I do not say what, guards and restraints upon this power more than the Constitution at present contains; but no convention would recommend striking it out altogether. not the people of New York lately amended their constitution, so as to require, in certain legislative action, votes of two thirds? and is not this same restriction in daily use in the national House of Representatives itself, in the case of suspension of the rules? This constitutional power, therefore, is no greater a restraint than this body imposes on itself. But it is utterly hopeless to look for such an amendment; who expects to live to see its day? And to give up all practical efforts, and to go on with a general idea that the Constitution must be amended before any thing can be done, was, I will not say trifling, but treating the great necessities of the people as of quite too little importance. This Congress accomplished, in this regard, nothing for the people. The exchequer plan which was submitted to it will accomplish some of the objects of the people, and especially the Whig people. I am confident of it; I know it. When a mechanic makes a tool, an axe, a saw, or a plane, and knows that the temper is good and the parts are well proportioned, he knows that it will answer its purpose. And I know that this plan will answer its purpose.

There are other objects which ought

not to be neglected, among which is one | of such importance that I will not now pass it by; I mean, the mortifying state of the public credit of this country at this time. I caunot help thinking, that if the statesmen of a former age were among us, if Washington were here, if John Adams, and Hamilton, and Madison were here, they would be deeply concerned and soberly thoughtful about the present state of the public credit of the country. In the position I fill, it becomes my duty to read, generally with pleasure, but sometimes with pain, communications from our public agents abroad. It is distressing to hear them speak of their distress at what they see and hear of the scorn and contumely with which the American character and American credit are treated abroad. Why, at this very time, we have a loan in the market, which, at the present rate of money and credit, ought to command in Europe one hundred and twenty-five per cent. Can we sell a dollar of it? And how is it with the credit of our own Commonwealth? Does it not find itself affected in its credit by the general state of the credit of the country? Is there nobody ready to make a movement in this matter? Is there not a man in our councils large enough, comprehensive enough in his views, to undertake at least to present this case before the American people, and thus do something to restore the public character for morals and honesty?

There are in the country some men who are indiscreet enough to talk of repudiation, to advise their fellowcitizens to repudiate public debt. Does repudiation pay a debt? Does it discharge the debtor? Can it so modify a debt that it shall not be always binding, in law as well as in morals? No, Gentlemen; repudiation does nothing but add a sort of disrepute to acknowledged inability. It is our duty, so far as is in our power, to rouse the public feeling on the subject; to maintain and assert the universal principles of law and justice, and the importance of preserving public faith and credit. People say that the intelligent capitalists of Europe

ought to distinguish between the United States government and the State governments. So they ought; but, Gentlemen, what does all this amount to? Does not the general government comprise the same people who make up the State governments? May not these Europeans ask us how long it may be before the national councils will repudiate public obligations?

The doctrine of repudiation has inflicted upon us a stain which we ought to feel worse than a wound; and the time has come when every man ought to address himself soberly and seriously to the correction of this great existing evil. I do not undertake to say what the Constitution allows Congress to do in the premises. I will only say, that if that great fund of the public domain properly and in equity belongs, as is maintained, to the States themselves, there are some means, by regular and constitutional laws, to enable and induce the States to save their own credit and the credit of the country.

Gentlemen, I have detained you much too long. I have wished to say, that, in my judgment, there remain certain important objects to engage our public and private attention, in the national affairs of the country. These are, the settlement of the remaining questions between ourselves and England; the great questions relating to the reciprocity principle; those relating to colonial trade; the most absorbing questions of the currency, and those relating to the great subject of the restoration of the national character and the public faith; these are all objects to which I am willing to devote myself, both in public and in private life. I do not expect that much of public service remains to be done by me; but I am ready, for the promotion of these objects, to act with sober men of any party, and of all parties. I am ready to act with men who are free from that great danger that surrounds all men of all parties, the danger that patriotism itself, warmed and heated in party contests, will run into partisanship. I believe that, among the sober men of this country, there is a growing desire

for more moderation of party feeling, more predominance of purely public considerations, more honest and general union of well-meaning men of all sides to uphold the institutions of the country and carry them forward.

In the pursuit of these objects, in public life or in a private station, I am willing to perform the part assigned to me, and to give them, with hearty goodwill and zealous effort, all that may remain to me of strength and life.

[THE great Pilgrim festival was celebrated on the 22d of December, 1843, by the New England Society of New York, with uncommon spirit and success. A commemorative oration was delivered in the morning by Hon. Rufus Choate, in a style of eloquence rarely equalled. The public dinner of the Society, at the Astor House,

at which M. H. Grinnell, Esq. presided, was attended by a very large company, composed of the members of the Society and their invited guests. Several appropriate toasts having been given and responded to by the distinguished individuals present, George Griswold, Esq. rose to offer one in honor of Mr. Webster. After a few remarks complimentary to that gentleman, in reference to his services in refuting the doctrine of nullification and in averting the danger of war by the treaty of Washington, Mr. Griswold gave the following toast:

"DANIEL WEBSTER, the gift of New England to his country, his whole country, and nothing but his country."

This was received with great applause, and on rising to respond to it Mr. Webster was greeted with nine enthusiastic cheers, and the most hearty and prolonged approbation. When silence was restored, he spoke as follows.]

enter into no competition with the fresher geniuses of those more eloquent gentlemen, learned and reverend, who have addressed this Society. I may perform, however, the humbler, but sometimes useful, duty of contrast, by adding the dark ground of the picture, which shall serve to bring out the more brilliant colors.

I must receive, Gentlemen, the sentiment proposed by the worthy and distinguished citizen of New York before me, as intended to convey the idea that, as a citizen of New England, as a son, a child, a creation of New England, I may be yet supposed to entertain, in some degree, that enlarged view of my duty as a citizen of the United States and as a public man, which may, in some small measure, commend me to the regard of the whole country. While I am free to confess, Gentlemen, that there is no compliment of which I am more desirous to be thought worthy, I will add, that a compliment of that kind could have proceeded from no source more agreeable to my own feelings than from the gentleman who has proposed it,

an eminent merchant, the member of a body of eminent merchants, known throughout the world for their intelligence and enterprise. I the more espe cially feel this, Gentlemen, because, whether I view the present state of things or recur to the history of the past,