Benton foresaw the coming of the panic so clearly, and was so particularly uneasy about the immediate effects upon the governmental treasury, that he not only spoke publicly on the matter in the Senate, but even broached the subject in the course of a private conversation with the president-elect, to get him to try to make what preparations he could. Van Buren, cool, skillful, and far-sighted politician though he was, on this occasion showed that he was infected with the common delusion as to the solidity of the country's business prosperity. He was very friendly with Benton, and was trying to get him to take a position in his cabinet, which the latter refused, preferring service in the Senate; but now he listened with scant courtesy to the warning, and paid no heed to it. Benton, an intensely proud man, would not speak again; and everything went on as before. The law distributing the surplus among the states began to take effect; under its operations drafts for millions of dollars were made on the banks containing the deposits, and these banks, already sinking, were utterly unable to honor them. It would have been impossible, under any circumstances, for the president to ward off the blow, but he might at least, by a little forethought and preparation, have saved the government from some galling humiliations. Had Benton's advice been followed, the moneys called for by the appropriation acts might have been drawn from the banks, and the disbursing officers might have been prevented from depositing in them the sums which they drew from the treasury to provide for their ordinary expenses; thus the government would have been spared the disgrace of being obliged to stop the actual daily payments to the public servants; and the nation would not have seen such a spectacle as its rulers presented when they had not a dollar with which to pay even a day laborer, while at the same time a law was standing on the statute-book providing for the distribution of forty millions of nominal surplus. No effort was made to stave off even so much of the impending disaster as was at that late date preventable; and a few days after Van Buren's inauguration the country was in the throes of the worst and most widespread financial panic it has ever seen. The distress was fairly appalling both in its intensity and in its universal distribution. All the banks stopped payment, and bankruptcy was universal. Bank paper depreciated with frightful rapidity, especially in the West; specie increased in value so that all the coin in the country, down to the lowest denomination, was almost immediately taken out of circulation, being either hoarded, or gathered for shipment abroad as bullion. For small change every kind of device was made use of,--tokens, bank-bills for a few cents each, or brass and iron counters.