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
Mr. Clay and Mr. Webster assailed it for what it contained, and
for what it did not--for its specific recommendations, and for its
omission to recommend measures which they deemed necessary. The
specie payments--the disconnection with banks--the retention of
the fourth instalment--the bankrupt act against banks--the brief
issue of treasury notes; all were condemned as measures improper
in themselves and inadequate to the relief of the country: while,
on the other hand, a national bank appeared to them to be the
proper and adequate remedy for the public evils. With them acted
many able men:--in the Senate, Bayard, of Delaware, Crittenden, of
Kentucky, John Davis, of Massachusetts, Preston, of South Carolina,
Southard, of New Jersey, Rives, of Virginia:--in the House of
Representatives, Mr. John Quincy Adams, Bell, of Tennessee, Richard
Biddle, of Pennsylvania, Cushing, of Massachusetts, Fillmore, of New
York, Henry Johnson, of Louisiana, Hunter and Mercer, of Virginia,
John Pope, of Kentucky, John Sargeant, Underwood of Kentucky,
Lewis Williams, Wise. All these were speaking members, and in
their diversity of talent displayed all the varieties of effective
speaking--close reasoning, sharp invective, impassioned declamation,
rhetoric, logic.
On the other hand was an equal array, both in number and
speaking talent, on the other side, defending and supporting the
recommendations of the President:--in the Senate, Silas Wright,
Grundy, John M. Niles, King, of Alabama, Strange, of North
Carolina, Buchanan, Calhoun, Linn, of Missouri, Benton, Bedford
Brown, of North Carolina, William Allen, of Ohio, John P. King, of
Georgia, Walker, of Mississippi:--in the House of Representatives,
Cambreleng, of New York, Hamer, of Ohio, Howard and Francis Thomas,
of Maryland, McKay, of North Carolina, John M. Patton, Francis
Pickens.
The treasury note bill was one of the first measures on which the
struggle took place. It was not a favorite with the whole body of
the democracy, but the majority preferred a small issue of that
paper, intended to operate, not as a currency, but as a ready means
of borrowing money, and especially from small capitalists; and,
therefore, preferable to a direct loan. It was opposed as a paper
money bill in disguise, as germinating a new national debt, and as
the easy mode of raising money, so ready to run into abuse from
its very facility of use. The President had recommended the issue
in general terms: the Secretary of the Treasury had descended into
detail, and proposed notes as low as twenty dollars, and without
interest. The Senate's committee rejected that proposition, and
reported a bill only for large notes--none less than 100 dollars,
and bearing interest; so as to be used for investment, not
circulation. Mr. Webster assailed the Secretary's plan, saying--
Public-domain text, read in full here on John Shaqi.
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