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
These were the crowning measures of the session, and of Mr. Van
Buren's administration,--not entirely consummated at that time,
but partly, and the rest assured;--and constitute in fact an era
in our financial history. They were the most strenuously contested
measures of the session, and made the issue completely between
the hard money and the paper money systems. They triumphed--have
maintained their supremacy ever since--and vindicated their
excellence on trial. Vehemently opposed at the time, and the
greatest evil predicted, opposition has died away, and given
place to support; and the predicted evils have been seen only in
blessings. No attempt has been made to disturb these great measures
since their final adoption, and it would seem that none need now
be apprehended; but the history of their adoption presents one
of the most instructive lessons in our financial legislation,
and must have its interest with future ages as well as with the
present generation. The bills which were brought in for the
purpose were clear in principle--simple in detail: the government
to receive nothing but gold and silver for its revenues, and
its own officers to keep it--the Treasury being at the seat of
government, with branches, or sub-treasuries at the principal points
of collection and disbursement. And these treasuries to be real,
not constructive--strong buildings to hold the public moneys, and
special officers to keep the keys. The capacious, strong-walled and
well-guarded custom houses and mints, furnished in the great cities
the rooms that were wanted: the Treasury building at Washington was
ready, and in the right place.
This proposed total separation of the federal government from all
banks--called at the time in the popular language of the day, the
divorce of Bank and State--naturally arrayed the whole bank power
against it, from a feeling of interest; and all (or nearly so) acted
in conjunction with the once dominant, and still potent, Bank of the
United States. In the Senate, Mr. Webster headed one interest--Mr.
Rives, of Virginia, the other; and Mr. Calhoun, who had long acted
with the opposition, now came back to the support of the democracy,
and gave the aid without which these great measures of the session
could not have been carried. His temperament required him to have a
lead; and it was readily yielded to him in the debate in all cases
where he went with the recommendations of the message; and hence
he appeared, in the debate on these measures, as the principal
antagonist of Mr. Webster and Mr. Rives.
The present attitude of Mr. Calhoun gave rise to some taunts in
relation to his former support of a national bank, and on his
present political associations, which gave him the opportunity to
set himself right in relation to that institution and his support of
it in 1816 and 1834. In this vein Mr. Rives said:
Public-domain text, read in full here on John Shaqi.
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