Mr. Webster's action at this time in regard to this great question, which
was destined to have such an effect upon his career, can be more fitly
narrated when we come to consider his whole course in regard to slavery in
connection with the "7th of March" speech. The other matters of this
session demand but a brief notice. The President animadverted in his
message upon the loss of the Fortification Bill, due to the defeat of the
three million clause. Mr. Webster defended himself most conclusively and
effectively, and before the session closed the difficulties with France
were practically settled. He also gave great attention to the ever-pressing
financial question, trying to mitigate the evils which the rapid
accumulation of the public funds was threatening to produce. He felt that
he was powerless, that nothing indeed could be done to avert the
approaching disaster; but he struggled to modify its effects and delay its
progress.
Complications increased rapidly during the summer. The famous "Specie
Circular," issued by the Secretary of the Treasury without authority of
law, weakened all banks which did not hold the government deposits, forced
them to contract their loans, and completed the derangement of domestic
exchange.
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