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
"It is, said Mr. C., a government bank, issuing government
bank notes; an experiment to set up a government bank. It
is, in point of fact, an incipient bank. Now, if government
has the power to issue bank notes, and so to form indirectly
and covertly a bank, how is it that it has not the power to
establish a national bank? What difference is there between a
great government bank, with Mr. Woodbury as the great cashier,
and a bank composed of a corporation of private citizens? What
difference is there, except that the latter is better and safer,
and more stable, and more free from political influences,
and more rational and more republican? An attack is made at
Washington upon all the banks of the country, when we have at
least one hundred millions of bank paper in circulation. At
such a time, a time too of peace, instead of aid, we denounce
them, decry them, seek to ruin them, and begin to issue paper in
opposition to them! You resort to paper, which you profess to
put down; you resort to a bank, which you pretend to decry and
to denounce; you resort to a government paper currency, after
having exclaimed against every currency except that of gold and
silver! Mr. C. said he should vote for Mr. Benton's amendment,
as far as it went to prevent the creation of a government bank
and a government currency."
Mr. Webster also supported the motion of Mr. Benton, saying:
"He would not be unwilling to give his support to the bill, as a
loan, and that only a temporary loan. He was, however, utterly
opposed to every modification of the measure which went to
stamp upon it the character of a government currency. All past
experience showed that such a currency would depreciate; that
it will and must depreciate. He should vote for the amendment,
inasmuch as $100 bills were less likely to get into common
circulation than $50 bills. His objection was against the old
continental money in any shape or in any disguise, and he would
therefore vote for the amendment."
The motion was lost by a vote of 16 to 25, the yeas and nays being:
YEAS--Messrs. Allen, Benton, Clay, of Kentucky, Clayton, Kent,
King, of Georgia, McKean, Pierce, Rives, Robbins, Smith, of
Connecticut, Southard, Spence, Tipton, Webster, White--16.
NAYS--Messrs. Buchanan, Clay, of Alabama, Crittenden, Fulton,
Grundy, Hubbard, King, of Alabama, Knight, Linn, Lyon, Morris,
Nicholas, Niles, Norvell, Roane, Robinson, Smith, of Indiana,
Strange, Swift, Talmadge, Walker, Williams, Wall, Wright,
Young--25.
CHAPTER X.
RETENTION OF THE FOURTH DEPOSIT INSTALMENT.
Public-domain text, read in full here on John Shaqi.
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