Page:Webster and Hayne's Celebrated Speeches.djvu/27

Rh trade with the enemy in a time of war; and finally by getting up the renowned “Hartford Convention,” and preparing the way for an open resistance to the government, and a separation of the states. Sir, if I am asked for the proof of those things, I fearlessly appeal to contemporary history, to the public documents of the country, to the recorded opinion and acts of public assemblies, to the declaration and acknowledgments, since made, of the executive and legislature of Massachusetts herself.

Sir, the time has not been allowed me to trace this subject through, even if I had been disposed to do so. But I cannot refrain from referring to one or two documents, which have fallen in my way since this debate began. I read, sir, from the Olive Branch of Matthew Carey, in which are collected “the actings and doings” of the peace party of New England, during the continuance of the embargo and the war. I know the senator from Massachusetts will respect the high authority of his political friend and fellow-laborer in the great cause of “domestic industry.”

In p. 301, et seq., 309 of this work, is a detailed account of the measures adopted in Massachusetts during the war, for the express purpose of embarrassing the financial operations of the government, by preventing loans, and thereby driving our rulers from their seats, and forcing the country into a dishonorable peace. It appears that the Boston banks commenced an operation, by which a run was to be made upon all the banks to the south; at the same time stopping their own discounts; the effect of which was to produce a sudden and most alarming diminution of the circulating medium, and universal distress over the whole country—“a distress which they failed not to attribute to the unholy war.”

To such an extent was this system carried, that it appears, from a statement of the condition of the Boston banks, made up in January, 1814, that with nearly $5,000,000 of specie in their vaults, they had but $2,000,000 of bills in circulation. It is added by Carey, that at this very time an extensive trade was carried on in British government bills, for which specie was sent to Canada, for the payment of the British troops, then laying waste our northern frontier; and this too at the very moment when New England ships, sailing under British licenses, (a trade declared to be lawful by the courts both of Great Britain and Massachusetts, ) were supplying with provisions those very armies destined for the invasion of our own shores. Sir, the author of the Olive Branch, with a