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 Bank of the United States has not ceased to exist more
than seven months, and already the whole currency and exchanges
are running into inextricable confusion, and the industry
of the country is burdened with extravagant charges on all
the commercial intercourse of the Union. And now, when these
banks have been created by the Executive, and urged into these
excesses, instead of gentle and gradual remedies, a fierce
crusade is raised against them, the funds are harshly and
suddenly taken from them, and they are forced to extraordinary
means of defense against the very power which brought them
into being. They received, and were expected to receive, in
payment for the government, the notes of each other and the
notes of other banks, and the facility with which they did so
was a ground of special commendation by the government; and now
that government has let loose upon them a demand for specie
to the whole amount of these notes. I go further. There is an
outcry abroad, raised by faction, and echoed by folly, against
the banks of the United States. Until it was disturbed by the
government, the banking system of the United States was at
least as good as that of any other commercial country. What
was desired for its perfection was precisely what I have so
long striven to accomplish--to widen the metallic basis of
the currency by a greater infusion of coin into the smaller
channels of circulation. This was in a gradual and judicious
train of accomplishment. But this miserable foolery about an
exclusively metallic currency, is quite as absurd as to discard
the steamboats, and go back to poling up the Mississippi."
The lead thus given out was sedulously followed during the winter,
both in Congress and out of it, and at the end of the session had
reached an immense demonstration in New York, in the preparations
made to receive Mr. Webster, and to hear a speech from him, on
his return from Washington. He arrived in New York on the 15th of
March, and the papers of the city give this glowing account of his
reception:
Public-domain text, read in full here on John Shaqi.
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