Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850Benton, Thomas Hart
History
Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850
Benton, Thomas Hart
United States -- Politics and government -- 1815-1861
not sue themselves, nor protest themselves. They sue and protest
others, and sell out their property, and put their bodies in jail;
but, as for themselves, who are the main debtors, it is another
affair! They take their time, and usually wait till the notes are
heavily depreciated, and then square off with a few cents in the
dollar! A commission of bankruptcy is the remedy for this evil;
assignees of the effects of the bank are the persons to make these
owners, and managers, and chief debtors to the institutions, pay up.
Under the bankrupt law, every holder of a note, no matter how small
in amount, nor how distant the holder may reside, on forwarding the
note to the assignees, will receive his ratable proportion of the
bank's effects, without expense, and without trouble to himself.
It is a most potent, a most proper, and most constitutional remedy
against delinquent banks. It is an equitable and a brave remedy. It
does honor to the President who recommended it, and is worthy of the
successor of Jackson.
Senators upon this floor have ventured the expression of an opinion
that there can be no resumption of specie payments in this country
until a national bank shall be established, meaning, all the while,
until the present miscalled Bank of the United States shall be
rechartered. Such an opinion is humiliating to this government,
and a reproach upon the memory of its founders. It is tantamount
to a declaration that the government, framed by the heroes and
sages of the Revolution, is incapable of self-preservation; that
it is a miserable image of imbecility, and must take refuge in the
embraces of a moneyed corporation, to enable it to survive its
infirmities. The humiliation of such a thought should expel it
from the imagination of every patriotic mind. Nothing but a dire
necessity--a last, a sole, an only alternative--should bring this
government to the thought of leaning upon any extraneous aid. But
here is no necessity, no reason, no pretext, no excuse, no apology,
for resorting to collateral aid; and, above all, to the aid of a
master in the shape of a national bank. The granted powers of the
government are adequate to the coercion of all the banks. As banks,
the federal government has no direct authority over them; but as
bankrupts, it has them in its own hands. It can pass bankrupt laws
for these delinquent institutions. It can pass such laws either with
or without including merchants and traders; and the day for such
law to take effect, will be the day for the resumption of specie
payments by every solvent bank, and the day for the extinction of
the abused privileges of every insolvent one. So far from requiring
the impotent aid of the miscalled Bank of the United States to
effect a resumption, that institution will be unable to prevent a
resumption. Its veto power over other banks will cease; and it will
itself be compelled to resume specie payment, or die!
Public-domain text, read in full here on John Shaqi.
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