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 distress of the country figured largely in the speeches of
several members, but without finding much sympathy. That engine of
operating upon the government and the people had been over-worked
in the panic session of 1833-'34 and was now a stale resource, and
a crippled machine. The suspension appeared to the country to have
been purposely contrived, and wantonly continued. There was now
more gold and silver in the country than had ever been seen in it
before--four times as much as in 1832, when the Bank of the United
States was in its palmy state, and was vaunted to have done so
much for the currency. Twenty millions of silver was then its own
estimate of the amount of that metal in the United States, and not
a particle of gold included in the estimate. Now the estimate of
gold and silver was eighty millions; and with this supply of the
precious metals, and the determination of all the sound banks to
resume as soon as the Bank of the United States could be forced into
resumption, or forced into open insolvency, so as to lose control
over others, the suspension and embarrassment were obliged to be of
brief continuance. Such were the arguments of the friends of hard
money.
The divorce bill, as amended, passed the Senate, and though not
acted upon in the House during this called session, yet received the
impetus which soon carried it through, and gives it a right to be
placed among the measures of that session.
CHAPTER XII.
ATTEMPTED RESUMPTION OF SPECIE PAYMENTS.
The suspension of the banks commenced at New York, and took place
on the morning of the 10th of May: those of Philadelphia, headed
by the Bank of the United States, closed their doors two days
after, and merely in consequence, as they alleged, of the New
York suspension; and the Bank of the United States especially
declared its wish and ability to have continued specie payments
without reserve, but felt it proper to follow the example which
had been set. All this was known to be a fiction at the time; and
the events were soon to come, to prove it to be so. As early as
the 15th of August ensuing--in less than one hundred days after
the suspension--the banks of New York took the initiatory steps
towards resuming. A general meeting of the officers of the banks of
the city took place, and appointed a committee to correspond with
other banks to procure the appointment of delegates to agree upon
a time of general resumption. In this meeting it was unanimously
resolved: "_That the banks of the several States be respectfully
invited to appoint delegates to meet on the 27th day of November
next, in the city of New York, for the purpose of conferring on
the time when specie payments may be resumed with safety; and on
the measures necessary to effect that purpose._" Three citizens,
eminently respectable in themselves, and presidents of the leading
institutions--_Messrs._ Albert Gallatin, George Newbold, and
Cornelius W. Lawrence--were appointed a committee to correspond with
Public-domain text, read in full here on John Shaqi.
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