Daniel Webster (1782–1852)

Daniel Webster spoke to a crowd of supporters in Andover, Massachusetts about banking, currency, commerce, and matters related to his then-recent resignation from the office of the Secretary of State. This work is a transcript of that speech. Letters and appendices were added to the work to supplement his speech. Webster advocated for a federally managed central banking system, currency, and tariffs. He and other Whigs believed the shutdown of the Second Bank of the United States in 1836 led to the Panic of 1837. By 1843, the United States was still in the depression caused by the Panic. Webster concluded reestablishing a central bank and maintaining tariffs on foreign goods would strengthen domestic industry and allow the economy to rebound.

Webster was a skilled public speaker and this speech is no exception. He used letters and reports to support his claims but relied too heavily on the Constitution to justify his economic policies and overlooked some of the economic theory, maybe with the assumption that he and his audience, strong supporters of him, were in mutual understanding.… (more)