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
A great disturbance of course took place in the business of the
country, from the stoppage of the banks. Their agreement to receive
each others' notes made these notes the sole currency of the
country. It was a miserable substitute for gold and silver, falling
far below these metals when measured against them, and very unequal
to each other in different parts of the country. Those of the
interior, and of the west, being unfit for payments in the great
commercial Atlantic cities, were far below the standard of the
notes of those cities, and suffered a heavy loss from difference
of exchange, as it was called (although it was only the difference
of depreciation,) in all remittances to those cities:--to which
points the great payments tended. All this difference was considered
a loss, and charged upon the mismanagement of the public affairs
by the administration, although the clear effect of geographical
position. Specie disappeared as a currency, being systematically
suppressed. It became an article of merchandise, bought and sold
like any other marketable commodity; and especially bought in
quantities for exportation. Even metallic change disappeared, down
to the lowest subdivision of the dollar. Its place was supplied
by every conceivable variety of individual and corporation
tickets--issued by some from a feeling of necessity; by others, as a
means of small gains; by many, politically, as a means of exciting
odium against the administration for having destroyed the currency.
Fictitious and burlesque notes were issued with caricatures and
grotesque pictures and devices, and reproachful sentences, entitled
the "_better currency_:" and exhibited every where to excite
contempt. They were sent in derision to all the friends of the
specie circular, especially to him who had the credit (not untruly)
of having been its prime mover--most of them plentifully sprinkled
over with taunting expressions to give them a personal application:
such as--"This is what you have brought the country to:" "the end
of the experiment:" "the gold humbug exploded:" "is this what was
promised us?" "behold the effects of tampering with the currency."
The presidential mansion was infested, and almost polluted with
these missives, usually made the cover of some vulgar taunt. Even
gold and silver could not escape the attempted degradation--copper,
brass, tin, iron pieces being struck in imitation of gold and
silver coins--made ridiculous by figures and devices, usually the
whole hog, and inscribed with taunting and reproachful expressions.
Immense sums were expended in these derisory manufactures,
extensively carried on, and universally distributed; and reduced
to a system as a branch of party warfare, and intended to act on
the thoughtless and ignorant through appeals to their eyes and
passions. Nor were such means alone resorted to to inflame the
multitude against the administration. The opposition press teemed
with inflammatory publications.
Public-domain text, read in full here on John Shaqi.
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