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
Indissolubly connected with this bank suspension, and throwing
a broad light upon its history, (if further light were wanted,)
was Mr. Webster's tour to the West, and the speeches which he
made in the course of it. The tour extended to the Valley of the
Mississippi, and the speeches took for their burden the distress and
the suspension, excusing and justifying the banks, throwing all
blame upon the government, and looking to the Bank of the United
States for the sole remedy. It was at Wheeling that he opened the
series of speeches which he delivered in his tour, it being at that
place that he was overtaken by the news of the suspension, and which
furnished him with the text for his discourse.
"Recent evils have not at all surprised me, except that they
have come sooner and faster than I had anticipated. But, though
not surprised, I am afflicted; I feel any thing but pleasure
in this early fulfilment of my own predictions. Much injury is
done which the wisest future counsels can never repair, and
much more that can never be remedied but by such counsels and
by the lapse of time. From 1832 to the present moment I have
foreseen this result. I may safely say I have foreseen it,
because I have presented and proclaimed its approach in every
important discussion and debate, in the public body of which I
am a member. We learn to-day that most of the eastern banks have
stopped payment; deposit banks as well as others. The experiment
has exploded. That bubble, which so many of us have all along
regarded as the offspring of conceit, presumption and political
quackery, has burst. A general suspension of payment must be the
result; a result which has come, even sooner than was predicted.
Where is now that better currency that was promised? Where is
that specie circulation? Where are those rupees of gold and
silver, which were to fill the treasury of the government as
well as the pockets of the people? Has the government a single
hard dollar? Has the treasury any thing in the world but credit
and deposits in banks that have already suspended payment? How
are public creditors now to be paid in specie? How are the
deposits, which the law requires to be made with the states on
the 1st of July, now to be made."
Public-domain text, read in full here on John Shaqi.
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