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.