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
What a picture! how simply, how powerfully drawn! and what a change
in six years! Public chests full--payments made to the day--orders
on the treasury the best bills of exchange--France alone, of all
Europe, having no paper money; meaning no government paper money,
for there were bank notes of five hundred francs, and one thousand
francs. A government revenue of one hundred and sixty millions of
dollars was paid in gold and silver; a hard money currency, of five
hundred and fifty millions of dollars, saturated all parts of France
with specie, and made gold and silver the every day currency of
every man, woman and child, in the empire. These great results were
the work of six years, and were accomplished by the simple process
of gradually requiring hard money payments--gradually calling in the
assignats--increasing the branch mints to fourteen, and limiting the
Bank of France to an issue of large notes--five hundred francs and
upwards. This simple process produced these results, and thus stands
the French currency at this day; for the nation has had the wisdom
to leave untouched the financial system of Bonaparte.
I have repeatedly given it as my opinion--many of my speeches
declare it--that the French currency is the best in the world.
It has hard money for the government; hard money for the common
dealings of the people; and large notes for large transactions. This
currency has enabled France to stand two invasions, the ravaging of
300,000 men, two changes of dynasty, and the payment of a _milliard_
of contributions; and all without any commotion or revulsion in
trade. It has saved her from the revulsions which have afflicted
England and our America for so many years. It has saved her from
expansions, contractions, and ruinous fluctuations of price. It
has saved her, for near forty years, from a debate on currency.
It has saved her even from the knowledge of our sweet-scented
phrases: "sound currency--unsound currency; plethoric, dropsical,
inflated, bloated; the money market tight to-day--a little easier
this morning;" and all such verbiage, which the haberdashers' boys
repeat. It has saved France from even a discussion on currency;
while in England, and with us, it is banks! banks! banks!--morning,
noon, and night; breakfast, dinner, and supper; levant, and
couchant; sitting, or standing; at home, or abroad; steamboat, or
railroad car; in Congress, or out of Congress, it is all the same
thing: banks--banks--banks; currency--currency--currency; meaning,
all the while, paper money and shin-plasters; until our very brains
seem as if they would be converted into lampblack and rags.
Public-domain text, read in full here on John Shaqi.
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