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
the combined stoppage of the banks again suppressed it. That was the
currency--gold and silver, with the regulation of which Congress
was not only intrusted, but charged: and this regulation included
preservation. It must be saved before it can be regulated; and to
save it, it must be brought into the country--and kept in it. The
demand of the federal treasury could alone accomplish these objects.
The quantity of specie required for the use of that treasury--its
large daily receipts and disbursements--all inexorably confined to
hard money--would create the demand for the precious metals which
would command their presence, and that in sufficient quantity for
the wants of the people as well as of the government. For the
government does not consume what it collects--does not melt up or
hoard its revenue, or export it to foreign countries, but pays it
out to the people; and thus becomes the distributor of gold and
silver among them. It is the greatest paymaster in the country; and,
while it pays in hard money, the people will be sure of a supply.
We are taunted with the demand: "_Where is the better currency?_"
We answer: "_Suppressed by the conspiracy of the banks!_" And this
is the third time in the last twenty years in which paper money has
suppressed specie, and now suppresses it: for this is a game--(the
war between gold and paper)--in which the meanest and weakest
is always the conqueror. The baser currency always displaces the
better. Hard money needs support against paper, and that support
can be given by us, by excluding paper money from all federal
receipts and payments; and confining paper money to its own local
and inferior orbit: and its regulation can be well accomplished by
subjecting delinquent banks to the process of bankruptcy, and their
small notes to suppression under a federal stamp duty.
Public-domain text, read in full here on John Shaqi.
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