Benton did not believe, as a matter of principle, in the issue of treasury notes, but supported the bill for that purpose on account of the sore straits the administration was in, and its dire need of assistance from any source. He treated it as a disagreeable but temporary makeshift, only allowable on the ground of the sternest and most grinding necessity, He stated that he supported the issue only because the treasury notes were made out in such a form that they could not become currency; they were merely loan notes. Their chief characteristic was that they bore interest; they were transferable only by indorsement; were payable at a fixed time; were not reissuable, nor of small denominations; and were to be canceled when paid. Such being the case he favored their issue, but expressly stated that he only did so on account of the urgency of the governmental wants; and that he disapproved of any such issue until the ordinary resources of taxes and loans had been tried to the utmost and failed. "I distrust, dislike, and would fain eschew this treasury-note resource; I prefer the direct loans of 1820-21. I could only bring myself to support this present measure when it was urged that there was not time to carry a loan through in its forms; nor even then would I consent to it until every feature of a currency character had been eradicated from the bill." A sharp struggle took place over the bill brought in by the friends of the administration and advocated by Benton, to repeal the obligation to deposit the fourth instalment of the surplus with the states. This scheme of a distribution, thinly disguised under the name of deposit to soothe the feelings of Calhoun and the other strict constructionist pundits, had worked nothing but mischief from the start; and now that there was no surplus to distribute, it would seem incredible that there should have been opposition to its partial repeal. Yet Webster, Clay, and their followers strenuously opposed even such repeal. It is possible that their motives were honest, but much more probable that they were actuated by partisan hostility to the administration, or that they believed they would increase their own popularity by favoring a plan that seemingly distributed money as a gift among the states. The bill was finally amended so as to make it imperative to pay this fourth instalment in a couple of years; yet it was not then paid, since on the date appointed the national treasury was bankrupt and the states could therefore never get the money,--which was the only satisfactory incident in the whole proceeding. The financial theories of Jackson and Benton were crude and vicious, it is true, but Webster, Clay, and most other public men of the day seem to have held ideas on the subject that were almost, if not quite, as mischievous.