Benton, Thomas Hart, 1782-1858; Legislators -- United States -- Biography
The distress was a godsend to the Whig politicians. They
fairly raved in their anger against the administration, and denounced
all its acts, good and bad alike, with fluent and incoherent
impartiality. Indeed, in their speeches, and in the petitions which they
circulated and then sent to the president, they used language that was
to the last degree absurd in its violence and exaggeration, and drew
descriptions of the iniquities of the rulers of the country which were
so overwrought as to be merely ridiculous. The speeches about the panic,
and in reference to the proposed laws to alleviate it, were remarkable
for their inflation, even in that age of windy oratory.
Van Buren, Benton, and their associates stood bravely up against the
storm of indignation which swept over the whole country, and lost
neither head nor nerve. They needed both to extricate themselves with
any credit from the position in which they were placed. In deference to
the urgent wish of almost all the people an extra session of Congress
was called especially to deal with the panic. Van Buren's message to
this body was a really statesmanlike document, going exhaustively into
the subject of the national finances. The Democrats still held the
majority in both houses, but there was so large a floating vote, and the
margins were so narrow, as to make the administration feel that its hold
was precarious.
The first thing to be done was to provide for the immediate wants of
the government, which had not enough money to pay even its most
necessary running expenses. To make this temporary provision two plans
were proposed. The fourth instalment of the surplus--ten millions--was
due to the states. As there was really no surplus, but a deficit
instead, it was proposed to repeal the deposit law so far as it affected
their fourth payment; and treasury notes were to be issued to provide
for immediate and pressing needs.
The Whigs frantically attacked the president's proposals, and held him
and his party accountable for all the evils of the panic; and in truth
it was right enough to hold them so accountable for part; but, after
all, the harm was largely due to causes existing throughout the
civilized world, and especially to the speculative folly rife among the
whole American people. But it is always an easy and a comfortable thing
to hold others responsible for what is primarily our own fault.
Public-domain text, read in full here on John Shaqi.
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