Benton, Thomas Hart, 1782-1858; Legislators -- United States -- Biography
If the struggle with the Nullifiers showed Benton at his best, in the
conflict with the Bank he exhibited certain qualities which hardly place
him in so favorable a light. Jackson's attack upon the Bank was a move
undertaken mainly on his own responsibility, and one which, at first,
most of his prominent friends were alarmed to see him undertake. Benton
alone supported him from the beginning. Captain and lieutenant alike
intensely appreciated the joy of battle; they cared for a fight because
it was a fight, and the certainty of a struggle, such as would have
daunted weaker or more timid men, simply offered to them an additional
inducement to follow out the course they had planned. Benton's
thorough-going support was invaluable to Jackson. The president sorely
needed a friend in the Senate who would uphold him through thick and
thin, and who yet commanded the respect of all his opponents by his
strength, ability, and courage. To be sure, Benton's knowledge of
financial economics was not always profound; but, on the other hand, a
thorough mastery of the laws of finance would have been, in this fight,
a very serious disadvantage to any champion of Jackson.
The rights and wrongs of this matter have been worn threadbare in
countless discussions. For much of the hostility of Jackson and Benton
towards the Bank, there were excellent grounds; but many of their
actions were wholly indefensible and very harmful in their results to
the country. An assault upon what Benton called "the money power" is apt
to be popular in a democratic republic, partly on account of the vague
fear with which the poorer and more ignorant voters regard a powerful
institution, whose working they do not understand, and partly on account
of the jealousy they feel towards those who are better off than
themselves. When these feelings are appealed to by men who are intensely
in earnest, and who are themselves convinced of the justice and wisdom
of their course, they become very formidable factors in any political
contest.
The struggle first became important when the question of the re-charter
of the Bank was raised, towards the end of Jackson's first term, the
present charter still having three years to run. This charter had in it
many grave faults; and there might well be a question as to whether it
should be renewed. The Bank itself, beyond doubt, possessed enormous
power; too much power for its own or outsiders' good. Its president,
Biddle, was a man of some ability, but conceited to the last degree,
untruthful, and to a certain extent unscrupulous in the use he made of
the political influence of the great moneyed institution over which he
presided. Some of the financial theories on which he managed the Bank
were wrong; yet, on the whole, it was well conducted, and under its care
the monetary condition of the country was quiet and good, infinitely
better than it had been before, or than, under the auspices of the
Jacksonian Democracy, it afterwards became.
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.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account