The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-28


and strongest noc pkere fhs spirit Of consolidation
,pas strongest and shere me defence of Stale Rights
,cas peaksst"--Mr Benion's Speech, June 2d, 1884
Having considered the first easected by Mr.. Benion.n
his late speech pove the right and the ability OF the
Government the people 18th the amount OF their
specie and to enforce the collection n gold and silver
coins and shown that the Congress which Mr.. Benton
supposed had established the position, did fact sbsn-
don il themselves by the establishment Of National
Bank shall now proceed TO call your attention. 10 the
other two cases cited by Mr. b., and will inquire how
far they will go to sustain this and extraordinary
doctrine.
"The next piece Of evidence (sad Mr. Benton) fur
nish, drawn from the history Of England, in the reign
Of William III, Immediately preceding the establish
ment Of the Bank Of England, and the introduction OF
the paper system and the funding system into that king
dom. The taxes then four millions, and the spe-
Gle Of the kingdom sixteen millions These taxes were
paid without difficulty; for they probably did not sub
tract one million sterling from circulation"
What authority Mr. b. has for asserting that these
taxes were paid othout difficulty, and that they proba-
bly, did NOT saLract million from circulation, he has
not given If he means, that the taxes were paid
without difficulty because payment was not successful
y resisted, and that probably not million was sub
tracted from circulation, because the money inme
diaely paid over to the army Ireland France. pro-
baby he is right But the taxpayers in England, and
their representatives Parliament, considered that too
much was levied and extracted from them, and found
~
lief James the II. being Roman Catholic, and hav-
ing LEFT England the throne was declared to have been
abdcated by him. William the iii. Protestant, and
Mary, were called to the throne, and the Catholic
branches Of the Royal family declared incapable Of
exercising the kngy office succeeding thereto
Ireland maintained her allegiance to James, who, un-
der the auspices Of the king o France, carried strong
force to their assistance, while England herself was
rife with disorder and Scotland actually in arms against
William. Overwhelmed with war; from the Conti-
A nd isla nds he rpht
to the crown and excited by oil the enthusiasm OF rel
gous controversy, William know bounds to his de-
mands for and money but the ability OF his subjects
to comply. The Parliament too, which had excluded
Roman Catholics from the regal Office, not want
ing in granting the last farthing that could be safely
extracted from the people by the power OF taxaon.-
Thus, with kingdom full OF armed men and tax-gah-
eers warning for the crown and the perpctuaton Of the
Protestant religion with the regal Office, II is not
prsng that William succeeded for time in extracting
yearly from his subjects one-fourlh the amount Of
ney in the kingdom But if this experiment could have
succeeded and been proved practicable proportion
between the taxes and the money Of the naon under
monarchy would any Senator, properly i'nbued with
the spirit OF freedom, quote as example Tor our I'M
itatonl The spirit Of freedom implanted in the hearts
Of men, will dictate the just proportion between taxa
ton and the Of payment and will not be exposed
to expressions which the circumstances of the Govern
do require, and which the governed cannot
dure Under this feeling, natural to men, when dis
tress, bankruptcy and oppression could no longer
De Dorne, tne BANK OF England was incorporated n
loan Of 200 000l made, which gave to the
Government, and some relief to the people. The notes
fthe bank were Of course receivable the public dues
and no doubt orme@a large proportion Of the circula
ton within the kingdom The forces in ireland, and
particularly those TO France, drained a very
large Of specie from the circulation Of England
The demand was therefore, greatly increased and it
is said, that the notes Of the bank owing the pub
lie distress arising from the immense expenses OF the
war, were, for WHILE twenty per cent below their no.
lkan Ilctha IF
whether based upon Government, corporation, nd
ydual responsibility in times Of public distress, will fall
below specie because responsibility in such times
can be considered equal to the understandable metals
themselves. by common consent, some compensation
will be rcckoned proper for immediate want, risk and
expense incident to the conversion Of the particular
bills into metals BY reference the sales Of
different kinds OF money in New York, it will be
how the value Of each stands in relation every other
New York suspended bank notes, being the currency
for payment, and counted at l0O specie sells at LOT
l-2-Treasury notes. bearing two per cent interest,
payable year hence, sell at l02 H. and protested
Treasury drafts drawn upon suspended banks, sell at
lOl IL. five put specie at l0O and call it the
rency for payment New York suspended bank notes
would sell for 81 l-2-protested Treasury drafts "a
Treasury notes 95, about this proportion No per-
will pretend to doubt the soyency Of the United
States or the ultimate payment OF Treasury notes and
drafts but public distress has created present for
SPECIE which make the and drafts five six per
cent. under par raised specie that much above par
From these facts within own knowledge in relation
to our own currency, we may well conclude that the
public distress in England, which followed the gross
experiment of taxing the people l4th the amount Of
money in the kingdom, and the Of relief which
directly left them with paper currency deprecated
twenty per centum state Of distress to which
the people of this country will consent to be Ie-
duced, they help it, The specie in England Just
before the establishment OF the bank, supposed,
above stated TO amount to l6 600 000i about S72-
0O0,000-snd the taxes TO 4,000,000i about $lS,-
NJ Rnx,fA Nkat,s, h,,n tt,,I
States SS0000O00 in specie. and that revenue Of
$4,000 900 may be collected in gold and silver coins
1t will, therefore, lie seen, that if the paper circulation
be destroyed, the collection Of S25000,000 will be
more oppressive to the people OF the IT, States, than
the 4,oO0,0Ool sterling levied on the people of Eng
land by William III, to them II is possible, (but
with much injury to the people) while have large
paper circulation TO collect Of revenue spe
Gle. But will venture TO say, that verify believe no
Administration will exist in this country than can
reduce the currency to specie, and collect revenue Of
So 100000, out ofa circulation Of 8 90 600 600
or more or less in that proportion. What would be
left for the people, after paying the of the Cen
eral Government at this rate, and then the Of
the State Governments, and their municipal, county,
parish, poor and road lcvies1 have before given
reasons for believing Mr. Benton's estimate Of
the amount Of specie in the United States high, and
that it cannot probably exceed Sos 0O0, 600 From
other very plausible views. il would seem that the
amount is less than have Just supposed to be-
The imports Of specie according the best authorities
from 1921 to 1856 inclusive, amounted in all to $780,
607,907-and the exports Sl00, 954 975-leaying in
favor Of imports S3l $751; 932 Suppose there was in
the United States in 1921, S30,000,000, (Which is
quite full allowance--for in 1888 there in the
banks S25,000,000 and in circulation 81, 900 600
making S29 100000, according the best authorities
it would leave the first day OF January, 1897, $751;
652,932. statement before made up from actual
shipments oil specie, giving the Of the vessels
the taken in EACH and the ports Europe where
delivered, shows actual expectation ont of New
York. from the Sd of February last to the 18th Of Sep
TENDER, OF 1859 The writer thinks this was