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
the increase, under the sagacious policy of General Jackson, has
taken place precisely where it was needed--at the bottom, and not
at the top; at the foundation, and not in the roof; at the base,
and not at the apex. Our paper currency has increased but little;
we may say nothing, upon the bases of 1811 and 1832; our specie has
increased immeasurably; no less than eight-fold, since 1811, and
four-fold since 1832. The whole increase is specie; and of that we
have seventy millions more than in 1811, and sixty millions more
than in 1832. Such are the fruits of General Jackson's policy! a
policy which we only have to persevere in for a few years, to have
our country as amply supplied with gold and silver as France and
Holland are; that France and Holland in which gold is borrowed at
three per cent. per annum, while we often borrow paper money at
three per cent. a month.
But there is no specie. Not a ninepence to be got for a servant; not
a picayune for a beggar; not a ten cent piece for the post-office.
Such is the assertion; but how far is it true? Go to the banks, and
present their notes at their counter, and it is all too true. No
gold, no silver, no copper to be had there in redemption of their
solemn promises to pay. Metaphorically, if not literally speaking,
a demand for specie at the counter of a bank might bring to the
unfortunate applicant more kicks than coppers. But change the
direction of the demand; go to the brokers; present the bank note
there; no sooner said than done; gold and silver spring forth in any
quantity; the notes are cashed; you are thanked for your custom,
invited to return again; and thus, the counter of the broker, and
not the counter of the bank, becomes the place for the redemption
of the notes of the bank. The only part of the transaction that
remains to be told, is the per centum which is shaved off! And,
whoever will submit to that shaving, can have all the bank notes
cashed which he can carry to them. Yes, Mr. President, the brokers,
and not the bankers, now redeem the bank notes. There is no dearth
of specie for that purpose. They have enough to cash all the notes
of the banks, and all the treasury notes of the government into the
bargain. Look at their placards! not a village, not a city, not a
town in the Union, in which the sign-boards do not salute the eye of
the passenger, inviting him to come in and exchange his bank notes,
and treasury notes, for gold and silver. And why cannot the banks
redeem, as well as the brokers? Why can they not redeem their own
notes? Because a _veto_ has issued from the city of Philadelphia,
and because a political revolution is to be effected by injuring the
country, and then charging the injury upon the folly and wickedness
of the republican administrations. This is the reason, and the sole
reason. The Bank of the United States, its affiliated institutions,
and its political confederates, are the sole obstacles to the
resumption of specie payments.
Public-domain text, read in full here on John Shaqi.
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