The second represented the theories of Hamilton and the Federalists,
and favored a bank with a reasonable capital, specie-paying, and free to
decide about making loans to the government. The third body was composed of
members of the national war-party, who were eager for a bank merely to help
the government out of its appalling difficulties. They, therefore, favored
an institution of large capital, non-specie-paying, and obliged to make
heavy loans to the government, 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.
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