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.
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