Benton, Thomas Hart, 1782-1858; Legislators -- United States -- Biography
The great financial measures advocated by the administration of Van
Buren, and championed with especial zeal by Benton, were those providing
for an independent treasury and for hard-money payments; that is,
providing that the government should receive nothing but gold and silver
for its revenues, and that this gold and silver should be kept by its
own officers in real, not constructive, treasuries,--in strong
buildings, with special officers to hold the keys. The treasury was to
be at Washington, with branches or sub-treasuries at the principal
points of collection and disbursement.
These measures, if successful, meant that there would be a total
separation of the federal government from all banks; in the political
language of the times they became known as those for the divorce of bank
and state. Hitherto the local banks chosen by Jackson to receive the
deposits had been actively hostile to Biddle's great bank and to its
friends; but self-interest now united them all in violent opposition to
the new scheme. Webster, Clay, and the Whigs generally fought it
bitterly in the Senate; but Calhoun now left his recent allies and
joined with Benton in securing its passage. However, it was for the time
being defeated in the House of Representatives. Most of the opposition
to it was characterized by sheer loud-mouthed demagogy--cries that the
government was too aristocratic to accept the money that was thought
good enough for the people, and similar claptrap. Benton made a very
earnest plea for hard money, and especially denounced the doctrine that
it was the government's duty to interfere in any way in private
business; for, as usual in times of general distress, a good many people
had a vague idea that in some way the government ought to step in and
relieve them from the consequences of their own folly.
Meanwhile the banks had been endeavoring to resume specie payment. Those
of New York had taken steps in that direction but little more than three
months after the suspension. Their weaker Western neighbors, however,
were not yet in condition to follow suit; and the great bank at
Philadelphia also at first refused to come in with them. But the New
York banks persisted in their purpose, resumed payment a year after they
had suspended, and eventually the others had to fall into line; the
reluctance to do so being of course attributed by Benton to "the
factious and wicked machinations" of a "powerful combined political and
moneyed confederation"--a shadowy and spectral creation of vivid
Jacksonian imaginations, in the existence of which he persisted in
believing.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account