Benton, Thomas Hart, 1782-1858; Legislators -- United States -- Biography
Benton and others pretended to believe that the panic was the result of
a deep-laid plot on the part of the rich classes, who controlled the
banks, to excite popular hostility against the Jacksonian Democracy, on
account of the caste antagonism which these same richer classes were
supposed to feel towards the much-vaunted "party of the people;" and as
Benton's mental vision was singularly warped in regard to some subjects,
it is possible that the belief was not altogether a pretense. It is
entirely unnecessary now seriously to discuss the proposition that it
would be possible to drag the commercial classes into so widespread and
profoundly secret a conspiracy, with such a vague end in view, and with
the certainty that they themselves would be, from a business
stand-point, the main sufferers.
The efforts made by Benton and the other Jacksonians to stem the tide of
public feeling and direct it through the well-worn channel of suspicious
fear of, and anger at, the banks, as the true authors of the general
wretchedness, were unavailing; the stream swelled into a torrent and ran
like a mill-race in the opposite way. The popular clamor against the
administration was deafening; and if much of it was based on good
grounds, much of it was also unreasonable. But a very few years before
the Jacksonians had appealed to a senseless public dislike of the
so-called "money power," in order to help themselves to victory; and now
they had the chagrin of seeing an only less irrational outcry raised
against themselves in turn, and used to oust them from their places,
with the same effectiveness which had previously attended their own
frothy and loud-mouthed declamations. The people were more than ready to
listen to any one who could point out, or pretend to point out, the
authors of, and the reasons for, the calamities that had befallen them.
Their condition was pitiable; and this was especially true in the newer
and Western states, where in many places there was absolutely no money
at all in circulation, even the men of means not being able to get
enough coin or its equivalent to make the most ordinary purchases. Trade
was at a complete stand-still; laborers were thrown out of employment
and left almost starving; farmers, merchants, mechanics, craftsmen of
every sort,--all alike were in the direst distress. They naturally, in
seeking relief, turned to the government, it being almost always the
case that the existing administration receives more credit if the
country is prosperous, and greater blame if it is not, than in either
case it is rightfully entitled to. The Democracy was now held to strict
reckoning, not only for some of its numerous real sins but also for a
good many imaginary ones; and the change in the political aspect of many
of the commonwealths was astounding. Jackson's own home State of
Tennessee became strongly Whig; and Van Buren had the mortification of
seeing New York follow suit; two stinging blows to the president and the
ex-president.
Public-domain text, read in full here on John Shaqi.
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