Benton, Thomas Hart, 1782-1858; Legislators -- United States -- Biography
Clay, always active as the friend of the banks, introduced a resolution,
nominally to quicken the approach of resumption, but really to help out
precisely those weak banks which did not deserve help, making the notes
of the resuming banks receivable in payment of all dues to the federal
government. This was offered after the banks of New York had resumed,
and when all the other solvent banks were on the point of resuming also;
so its nominal purpose was already accomplished, as Benton, in a caustic
speech, pointed out. He then tore the resolution to shreds, showing that
it would be of especial benefit to the insolvent and unsound banks, and
would insure a repetition of the worst evils under which the country was
already suffering. He made it clear that the proposition practically was
to force the government to receive paper promises to pay from banks that
were certain to fail, and therefore to force the government in turn to
pay out this worthless paper to its honest creditors. Benton's speech
was an excellent one, and Clay's resolution was defeated.
All through this bank controversy, and the other controversies relating
to it, Benton took the leading part, as mouthpiece of the
administration. He heartily supported the suggestion of the president,
that a stringent bankrupt law against the banks should be passed.
Webster stood out as the principal opponent of this measure, basing his
objections mainly upon constitutional grounds; that is, questioning the
right, rather than the expediency, of the proposed remedy. Benton
answered him at length in a speech showing an immense amount of careful
and painstaking study and a wide range of historical reading and legal
knowledge; he replied point by point, and more than held his own with
his great antagonist. His speech was an exhaustive study of the history
and scope of bankruptcy laws against corporations. Benton's capacity for
work was at all times immense; he delighted in it for its own sake, and
took a most justifiable pride in his wide reading, and especially in his
full acquaintance with history, both ancient and modern. He was very
fond of illustrating his speeches on American affairs with continual
allusions and references to events in foreign countries or in old times,
which he considered to be more or less parallel to those he was
discussing; and indeed he often dragged in these comparisons when there
was no particular need for such a display of his knowledge. He could
fairly be called a learned man, for he had studied very many subjects
deeply and thoroughly; and though he was too self-conscious and pompous
in his utterances not to incur more than the suspicion of pedantry, yet
the fact remains that hardly any other man has ever sat in the Senate
whose range of information was as wide as his.
Public-domain text, read in full here on John Shaqi.
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