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
millions of gold and silver which have sustained the country and
the government under the shock of the stoppage--has enabled the
honest solvent banks to resume, and will leave the insolvent and
political banks without excuse or justification for not resuming.
Our experiments--I love the word, and am sorry that gentlemen of
the opposition have ceased to repeat it--have brought an avalanche
of gold and silver into the country; it is saturating us with the
precious metals, it has relieved and sustained the country; and
now when these experiments have been successful--have triumphed
over all opposition--gentlemen cease their ridicule, and go to
work with their paper-money resolutions to force the government to
use paper, and thereby to drive off the gold and silver which our
policy has brought into the country, destroy the specie basis of the
banks, give us an exclusive paper currency again, and produce a new
expansion and a new explosion.
Justice to the men of this day requires these things to be stated.
They have avoided the errors of 1811. They have avoided the pit
into which they saw their predecessors fall. Those who prevented
the renewal of the bank charter in 1811, did nothing else but
prevent its renewal; they provided no substitute for the notes of
the bank; did nothing to restore the currency of the constitution;
nothing to revive the gold currency; nothing to increase the specie
of the country. They fell back upon the exclusive use of local bank
notes, without even doing any thing to strengthen the local banks,
by discarding their paper under twenty dollars. They fell back upon
the local banks; and the consequence was, the total prostration,
the utter helplessness, the deplorable inability of the government
to take care of itself, or to relieve and restore the country, when
the banks failed. Those who prevented the recharter of the second
Bank of the United States had seen all this; and they determined to
avoid such error and calamity. They set out to revive the national
gold currency, to increase the silver currency, and to reform and
strengthen the banking system. They set out to do these things;
and they have done them. Against a powerful combined political and
moneyed confederation, they have succeeded; and the one hundred
millions of gold and silver now in the country attests the greatness
of their victory, and insures the prosperity of the country against
the machinations of the wicked and the factious.
CHAPTER XXII.
MR. CLAY'S RESOLUTION IN FAVOR OF RESUMING BANKS, AND MR.
BENTON'S REMARKS UPON IT.
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