which involved, of course, an irredeemable paper currency.  In a word, there was the party of no bank, the party of a specie bank, and the party of a huge paper-money bank.  The second of these parties, with which of course Mr. Webster acted, held the key of the situation.  No bank could be established unless it was based on their 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.  Another paper-money scheme was introduced, and the conflict began again, but was abruptly terminated by the news of peace, and on March 4 the thirteenth Congress came to an end.