Passing to the proposed national bank, he reiterated the able arguments which he had made in the previous Congress against the large capital, the power to suspend specie payments, and the stock feature of the bank, which he thought would lead to speculation and control by the state banks.

This last point is the first instance of that financial foresight for which Mr.Webster was so remarkable, and which shows so plainly the soundness of his knowledge in regard to economical matters.

A violent speculation in bank stock did ensue, and the first years of the new institution were troubled, disorderly, and anything but creditable.

The opposition of Mr.Webster and those who thought with him, resulted in the reduction of the capital and the removal of the power to suspend specie payments.

But although shorn of its most obnoxious features, Mr.Webster voted against the bill on its final passage on account of the participation permitted to the government in its management.