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
After the New York banks had resolved to recommence specie payments,
and before the day arrived for doing so, Mr. Clay submitted a
resolution in the Senate to promote resumption by making the notes
of the resuming banks receivable in payment of all dues to the
federal government. It was clearly a movement in behalf of the
delinquent banks, as those of New York, and others, had resolved
to return to specie payments without requiring any such condition.
Nevertheless he placed the banks of the State of New York in the
front rank for the benefits to be received under his proposed
measure. They had undertaken to recommence payments, he said, not
from any ability to do so, but from compulsion under a law of the
State. The receivability of their notes in payment of all federal
dues would give them a credit and circulation which would prevent
their too rapid return for redemption. So of others. It would be a
help to all in getting through the critical process of resumption;
and in helping them would benefit the business and prosperity of the
country. He thought it wise to give that assistance; but reiterated
his opinion that, nothing but the establishment of a national
bank would effectually remedy the evils of a disordered currency,
and permanently cure the wounds under which the country was now
suffering. Mr. Benton replied to Mr. Clay, and said:
This resolution of the senator from Kentucky [Mr. CLAY], is to aid
the banks to resume--to aid, encourage, and enable them to resume.
This is its object, as declared by its mover; and it is offered
here after the leading banks have resumed, and when no power can
even prevent the remaining solvent banks from resuming. Doubtless,
immortal glory will be acquired by this resolution! It can be
heralded to all corners of the country, and celebrated in all manner
of speeches and editorials, as the miraculous cause of an event
which had already occurred! Yes, sir--already occurred! for the
solvent banks have resumed, are resuming, and will resume. Every
solvent bank in the United States will have resumed in a few months,
and no efforts of the insolvents and their political confederates
can prevent it. In New York the resumption is general; in
Massachusetts, Rhode Island, Maine, and New Jersey, it is partial;
and every where the solvent banks are preparing to redeem the pledge
which they gave when they stopped--_that of resuming whenever New
York did_. The insolvent and political banks will not resume at all,
or, except for a few weeks, to fail again, make a panic and a new
run upon the resuming banks--stop them, if possible, then charge it
upon the administration, and recommence their lugubrious cry for a
National Bank.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account