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
Their example was immediately followed by others, even by the
institutions in those States whose delegates had voted for the long
day; so that within sixty days thereafter the resumption was almost
general, leaving the Bank of the United States uncovered, naked,
and prominent at the head of all the delinquent banks in the Union.
But her power was still great. Her stock stood at one hundred and
twelve dollars to the share, being a premium of twelve dollars on
the hundred. In Congress, which was still in session, not a tittle
was abated of her pretensions and her assurance--her demands for
a recharter--for the repeal of the specie circular--and for the
condemnation of the administration, as the author of the misfortunes
of the country; of which evils there were none except the bank
suspensions, of which she had been the secret prime contriver
and was now the detected promoter. Briefly before the New York
resumption, Mr. Webster the great advocate of the Bank of the United
States, and the truest exponent of her wishes, harangued the Senate
in a set speech in her favor, of which some extracts will show the
design and spirit:
"And now, sir, we see the upshot of the experiment. We see
around us bankrupt corporations and broken promises; but we see
no promises more really and emphatically broken than all those
promises of the administration which gave us assurance of a
better currency. These promises, now broken, notoriously and
openly broken, if they cannot be performed, ought, at least, to
be acknowledged. The government ought not, in common fairness
and common honesty, to deny its own responsibility, seek to
escape from the demands of the people, and to hide itself,
out of the way and beyond the reach of the process of public
opinion, by retreating into this sub-treasury system. Let it, at
least, come forth; let it bear a port of honesty and candor; let
it confess its promises, if it cannot perform them; and, above
all, now, even now, at this late hour, let it renounce schemes
and projects, the inventions of presumption, and the resorts
of desperation, and let it address itself, in all good faith,
to the great work of restoring the currency by approved and
constitutional means.
Public-domain text, read in full here on John Shaqi.
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