Daniel Webster Quotes
There are persons who constantly clamor. They complain of oppression, speculation, and pernicious influence of wealth. They cry out loudly against all banks and corporations, and a means by which small capitalists become united in order to produce important and beneficial results. They carry on mad hostility against all established institutions. They would choke the fountain of industry and dry all streams.
Webster was taking regular bribes from large corporations and even complained when his payments were late. So he might have had a pro-large business bias. At the time taking bribes even if there was a quid pro quo was not illegal or even “unethical” by then Congressional rules.
Daniel Webster, 1782-1852, U. S. Congressman (Federalist, NH & MA) & U. S. Senator (Federalist & Whig, MA), Senate Debate, March 12, 1838
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There were few if any consumer protection laws in those days and many wealthy aristocrats made their money by taking advantage of the poor. They were the landowners, bankers, financiers and often the industrialists. Shaw was a sarcastic social critic and this is a typical line he gave his upper class characters. Today, we have more controls on business and finance, and many wealthy business people have gotten that way by providing great value to the consumers and being honest. However, we still have large numbers of wealthy members of society who do make their money from the poor and middle class by unethical and often illegal means. In the aftermath of the Meltdown of 2008. hundreds of thousands of the homes of the working poor and middle class were foreclosed by the major banks forging the legal documentation for the foreclusures. Millions of consumer contracts are issued that even a PhD cannot understand the terms of without special legal and financial training. There is even a legal definition of a salesperson lying to make a sale which is so commonplace that our law excuses it and calls it "puffing". However, there has been over time, improvement over Shaw's era.
One important observation of this quotation is the pejorative language Mises used to describe “Union Bosses” as opposed to “Union Leaders.” There were indeed a few Union “Bosses” but most unions had popularly elected leaders. It is similar to the left wing critic who refers to Corporate Executives as “Greedy Monopolists.” A few are but most are not. Historically, in the last half of the 20th century and the beginning of the 21st, the conservatives tended to be much better at pejorative language and used it more frequently and uniformly than the liberals who tended to be better in the last part of the 19th century and the first half of the 20th century.
By producing growth and an increasing standard of living and universal education, capitalism’s citizens have the time, education, and resources to protest and produce social unrest. However, that assumes that there is also a democratic state. For Schumpeter and many others, capitalism and democracy go hand in hand, but many point to historical examples of one developing faster than the other.
There is a very interesting parallel with the views and statements of FDR at the same time.
At the time many workers lived in housing owned by their employer. When the Pullman company had a labor dispute, they not only locked the workers out of their jobs but evicted them from their meager housing.
In his economic view, managers, accountants, attorneys, owners, shareholders, landlords, were all supported by the workers who have to support themselves and all the others.
Daniel Webster was an American lawyer and statesman who represented New Hampshire and Massachusetts in the U.S. Congress and served as the U.S. Secretary of State under Presidents William Henry Harrison, John Tyler, and Millard Fillmore. As one of the most prominent American lawyers of the 19th century, he argued over 200 cases before the U.S. Supreme Court between 1814 and his death in 1852. During his life, he was a member of the Federalist Party, the National Republican Party, and the Whig Party.
