Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-12
FWesaty-a0Mrtia C0sagE'ess--:sas ess
sFEECH OF MR.. BENTON CoucIudedj

and Constitutions and tie destruction Of the public pres.
pery and, secondy the overthrow Of the constitution
al currency, and the imposition of the paper oney OF
all the State Governments upon the Federal Govern
ment He had spoken TO the FIRST of these pnects and
as lie hoped, successfully v;Gcated the Prestdn from
all the charges which il rested tire secund nbJrct
WIS now 10 be attended to, and would be discussed
with oil the brevly and despatch which the magnitude
Of lie subject permitted.
This design (said Mr.. 3 to overthrow Tire hard
ney system OF the Constitution and 10 enthrone The pa.
per monty syslrm in lis place, is old rs the Consi-
tuition ITSELF and has been the icatTg policy OF great
pucal party, from the foundation Of that party near
fifty years ago, and under all its mutations Of
down TO the present hour Gold and silver, thou I not
without struggle for national bank and National pa
CURRENCY were made the currency of tk Federal
lovernnicnt by the convention which crealcS this Gu
rernmrnt. So fixed and jealous WIS The mind u The
convention On this point, that even Tire power Of C"n
ing gold and silver, which had been left 10 the STATES
under the articles of confedcration, taken away
from them by the Constitution. The members of
that great convention we're not only fixed upon haz"g
gold and silver for the currency OF the Govern.
nent, but also determined upon It's uniformity that
The piece should BE- the thing in iori, name,
device, and value, Throughout the Union. The
cuslon Of paper money was carefully enforced
by the Constitution as lhe adoption Of gold and sill.
yer sedulousy guarded. The words o! the
Constitution. and the history Of The times, and espc
caly tie iih Number Of the Fe0fraIist, written by
Mr.. Madison all prove this The early lrgis!a"n Of
Congress CONFIRMED the words and spirit Of the Con-
sttulon, and adopted The painest and strongest Ian
guuge guard the currency which il had adopted The
Two acts fundamental for the collection of the great
branches Of the Ievenuc-hnds and customs, that Of
l7SD for the latter, and SVO for The former, were ex
press that gold and silver coin only should be received
tor The customs, and sIrcc and evidences of the public
debt only Tor the public lands. These two great acts,
being faithful interpreters Of the Constitution have
yer been openly attacked III either House Of Congress-
In ali The changes which subsequent legislation las made
in the laws, Of which the hard mnney enac,ments
part, these clauses have been relane6 in the
| n
rency still remains the constitutional and the statutory
currency of the Federal Government. Temporary en-
aclents in favor of Treasury notes. and United STATES
Bark notes have ceased and the ont resolution or1clG
neither does repeal law. Resolutions, whether
joint scvera, not thu mode of national legislation
They only decaratory OF facts principles,
prcssYc Of the opinions and purposes Of The House
Houses from which they emanatc. The joint resolution
differs from The single in nothing but in being the dec
araon, the opinion. the purpose ot both Houses in
srcad nf This being tie case and the two funda
mental enact.ncnts ofl7cJ and loco being still in force
retained in subsequent alterations of the laws to which
they belong, the question how comes they have been
treated dead letters the statute book, and paper
money received in place of The bard mrney which they
| lmpcratlrely require!
The 10 this question (said MIR. B carries us
up 10 the time of Gen Hamilton to the first year of lis
administ ration Of the Treasury Department. and TO he
foundation Of the political school of which he the
head. As Secretary Of the Treasury it became his du
y carry into eiec, the act Of 1850, for the collection
Of the custom house duties in gold and silver coin only
!
by construction. He interpreted gold and silver coin
only /" he the notes Of specie paying banks and de-
p9slle Of bank notes, as cash, to be dePoste Of
which he issued the collectors Of the
responded with it, At the ensuing session Of Congress
he justified this construction in argumentatyr report
and few extracts from this report will show how The
| plain meaning of law can he TUNED upside down by
Fconslruccn and will reveal he Of the first i'm
position Of paper money uP"n The Federal Government,
and the reasons for that imposition.
''Ths section 3Oli OF The revenue act OF l4c"l pro-
vdcs fer the recri pit Of he duties in gold and silver
coin only. The Secretary has considered this provision
having for It's object the exclusion Of ayucns ia tho
paper emissions Of the particular States and the secrr-
ing The immediate ultimate collection OF the duties in
specie intended 10 prohibit individuals the right Of
paying in any thing excerpt gold silver cnin but
TO hinder the Treasury from making such arrangements
as its cXigencrs, the speedy c"mmnrd of the public
sources: and the convenience Of the community nigh.
dictate: these arrangements being compatible with The
eventual receipt of The duties in specie.
Such the reflections of the Secretary with regard
to the authority TO permit bank notes to be taken pay
mcnt of the dnes. The expedcncy of doing it, appear.
cd 10 !ii; 10 be still less questionable. The extension
Of their circulation BY The calculated TO in
both tic ability and inclination Of the banks 10
aid the Government. Bank notes
being convenient species Of money whatever ncreas.
rs their circuaiinu increases the quantity Of current
money But convinced the Sc.
dietary is Of the usefulness Of the rcgu!ation ye
lerng the nature Of the clause upon which these
marks arise he lhDugh ii his duty to bring The subject
!
by all concerned 10 be temporary Indeed. whenever
national bank shall be instituted, disposition
of the thing will be matter of course"
Such tie argument. and snch was the object for
departing from the act Of 1850 ana from the cursu,on
OF! which il vas tie faithful expositor The effect
the gradual and general diffusion Of paper currency
the country. and corresponding general and gEad
ua disappearance and banishncn Of gold and silver
That when the first national bank charter expired, in
lcIl tic Federal Government left without
Unal currency. having neithr: :hc United States Bank
notes gold and but little silver in the country. Mr.
hladsGn's administration then driven 10 the deplp
rale necessity OF using Stale bank paper for national
currency; and the result is too well known in the ten
years cunvusons of The paper system which ensued
The citc, of the whole The speedy resort 10 anolleE
national bank. This bank 81 It's conclusion under
the administration Of PRESIDENT Jackson and he, avoid
ing the error into which President Madisons admin
isrution had fallen in Ic1l resolved re.eslabis,
the constitutional currency, and especially to revive
tie circulation Of gold, which had ceased for more
than twenty years. The of this great plan
truly tiater!ng The gold currency in three years
had risen from nothing about fifteen millions 81 dob
lars and the silver currency had increased in the
brief space from less than thirty millions 10 about sixty
millions, and boil! against the determined opposition OF
powerful political and moneyed po1ly. The SUCCESS
Of The experiment established and II was clear
that tr party opposed To gold and silver could no long
or effect any thing by d5rc, opposition. a new mode
Of making head against it then fallen upon and
That mode 10 expand the paper system until It
bursed and thus To ruin the party in power by running
Inc iaiceS ana the currency ine Gentt"l !eceiF"ol-
lily Of local paper for public lands made easy 10 inun.
date the Treasury through the land offices, with local
bak paper! and the spirit Of speculation cooperating
will! this political design, turned an immense Hood o
paper upon The national domain. il easy that
this mass OF paper, though credited 10 The government OH
the books Of the deposit banks as specie, was not cash.
but only promises To pay cash. and that in fact 1t was
destined 10 become a and second accumulation oil un
available funds crisis in the federal finances was evil
IDENTITY approaching and there was every reason 10 ne
leve-ihc floors of the two Houses Of Congress daily
ailcslcd the fac-hat swarms CT speculators loaoeu
Will parer money were to anht upon the public lands
Immediately after the rise Of Congress- II was propa'e