History of the United States, Volume 3Andrews, Elisha Benjamin
History
History of the United States, Volume 3
Andrews, Elisha Benjamin
United States -- History
Most public men, even those in his cabinet, thought this action
foolhardy and useless; but Quincy Adams, neither expecting nor receiving
any thanks for it, just as in the Seminole War difficulty, nobly stood
up for the President. A telling speech by him in the House led to its
unanimous resolution, March 2, 1835, that the execution of the treaty
should be insisted on. The French ministry blustered, and for a time
diplomatic relations between the two countries were entirely ruptured.
But France, affecting to see in the message of 1835, though voiced in
precisely the same tone as its predecessor, some apology for the menace
contained in that, began its payments. This money, as also all due from
the other states included in Napoleon's continental system, was paid
during Jackson's administration, a result which brought him and his
party great praise, not more for the money than for the respect and
consideration secured to the United States by insistence upon its
rights. The President's message to Congress in 1835 announced the entire
extinguishment of the public debt--the first and the last time this has
occurred in all our national history.
An important measure touching the hard-money system of our country was
passed in large part through the influence of President Jackson. By the
Mint Law of 1792 our silver dollar was made to contain three hundred and
seventy-one and a quarter grains of fine silver, or four hundred and
sixteen of standard silver. The amount of pure silver in this venerable
coin has remained unchanged ever since; only, in 1837, by a reduction of
the alloy fraction to exactly one-tenth, the total weight of the coin
became what it now is, four hundred and twelve and a half grains,
nine-tenths fine. The same law of 1792 had given the gold dollar just
one-fifteenth the weight of the silver dollar. This proportion, which
Hamilton had arrived at after careful investigation characteristic of
the man, was exactly correct at the time, but within a year, as is now
known, on account of increase in the relative value of gold, the gold
dollar at fifteen to one became more valuable than its silver mate. The
consequence was that the gold brought to the United States mint for
coinage fell off year by year, until some of the years between 1820 and
1830 it had been almost zero. Gold money had nearly ceased to circulate.
[1834-1836]
Public-domain text, read in full here on John Shaqi.
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