Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-04
FWenty-Gifth ConSress--"2d sess.
SPEECH OF MR.. BENTON, OF Missouri,
(C0ntinutd

/ "'e TIC moHty OF the constitution In Inc n
cep's and disbursements Of the Federal Treasury
The u s. 10 receive their own money TO keep their ow
money, and pay out their money stand upon thes
Two principles; cannot surrender them though coul
consent TO take them al time. The details of Il,
bill are open TO compromise There am ready 10 Civ
nrd to take-to surrender and concede-to do ever
thing consistent with Misrepresentation of the principles
nconclIae the support TO purchase the orbearanc
OF friends. In some particulars would prefer chang
of details; would prefer additional branch minis i
place of. The ReceiVers General-mnts tina; would nm
swer the double purpose Of keeping the money of tn
Government, and coming money for the people
| J'ke principles Of the bill hold 10 be founded il
the cearest reasons OF prnprrty, and constitutional
~, and sustained by the fullest voice of trial am
experience. Every Government should be, at al
every hing sise. A Government should not be pu
To- lhe delays and contingencies Of asking for its
much less Of sueing for il, and above all of hayine
to sue where State laws may nterpose 10 delay o.
to defeat the recovery. The revenue of Government
is It's daily supportt is like the daily support of nnil,
1T cannot be stopped, withheld, without affecting
the Pxistencs of The Government itself Every Govern
ment upon earth, our excepted, puts i.S none
where ii can 60 and take it All other Government:
put their money where they command il, where they
can seize it, il necessary, and punish delinquent hold
er. We do tie same with all our property except mo
ney Our ships and forts, military and naval stores
public lards and public edifces are all in our own
custody w. do not have TO beg, or bring suits at law
TO recover lrir possession We keep them subject 10
our order, because the existence and the opera
tons, Of Government which holds civil society toge.
Their, and prrenls mankind from relapsng into anar
chy and viuEnce, will not admit of interruption and
delays. If his is true Of property, how much more
true is it of noney-that daily pabulum, without which
Government cannot exist day; This fundamental
AXIOM ttueof every Government, is pre- emnently so
of ours. Or Government is com pIex-Slae and Fe.
deral-and each should have their own lnde pendent
Treasury. The present Constitution grew ont of the
Independent. treasury question. Other helped
to the frMtion of the Constitution; but n revenue
OF its own-a avenue independent Of the States and Of
course independent of corporatons-was the exciting
and controlling cause which led 10 its adoption. The
whole hisloryl The confederation, from the close of
The Revoutisl TO the year l7S9, proves this. Yet
where is the Independent Treasury, where is the Fede
raj Treasury Interpretations hold money, may
refuse 10 pay twhen they please, and shall be backed
by their Safe Legislatures when they refuse 10 pay-
To commit money 10 the custody of such corpo.
ra;ions, 10 for4o the end for which the Federal Go
vp!nmef was formed; 10 commit il 10 such corpora.
tons agn, after the experience which have had and
during he experience which we have, is to repeat
a folly Dr which we have been three times punished
and to exhibit faulty which announces doom Of de-
slructil Upon the clearest principles Of reason Of
stlulioal Obligation and OF experience the Federal Go
vernmatis bound 10 lake into its hands The kee
ing offs money. This is one principle of The
bill; tlr other is the Of hard money in the receip,s
and Endorsements of the Federal Government This
pnciie is the ally Of the other They 90 together and
can hsdy live separately. To receive the promissory
notes the banks is 10 receive nothing but their pro
misses % pay money If they break that promise, the
only is TO take what they choose give; that
TO sy, more broken promises 10 pay money To sue
hem and, if suit is brought, Stale laws may inrerpnse
pnect the bank. and to compel the Government 10
ale its pay in more broken promises 10 paw Far bet
e take the prcrnissory of the citizens They
gould nolreiuse payment The banks have done; and
they did, ihe State Legislatures would inerpose
o sf t, reds,al Government ougn' -...
:: Prostitution. It's duty Y The C,.no,:,"y of
,niT"s i, b. usin, s dHSney, two grea, advantage"
y ouii alwa,s result l. The Government would always
have in It's .ofers RIA money me coun.ly wou.a a..
Tvs posses an abundant supply OF the precious metals
Federal Government owes great duI'es 10
seIr opdo the country in relation 10 the currency
Il shouldn't abdicale those duties, nor delegate them
I, sboudot expeI specie from the country Wy abandon
ina Tho re of IT, The experience of forty years shows
S, ccse,ion Of demand for specie the part of the
Federal government, banishes gold and silver rom The
country This was the result both under the first and
second Inks of the United States On the other hand
The e1peience Of five years shows lh"ta GeHahu lot
specie b. the Federal Government attracts 10 Inc coo
,rv: Ihaiwc have increased supply from twcny to
eirh,v Millions in five years under that demand and that
Continuation of the demsnd will continue The increase
until thecounry is adequately and iuliy supplied. ms
is the yay 10 regulate the currency. u hundred ana
,wen,v thirty millions in gold and silver Will regulate
attained and ught be attained in SIX seven years.
Ly a ca,inuation of General Jackson's policy.
An heoua,c supply Of specie for the country is one
IF the highest duties of the Federal Government By
the Constitution, 1t IS made Inc consefva," u sPrc'e
ha ,bdcanr lis duties it had banished from the land
I'm, which il was bound 10 preserve The States de-
t;o,ot n This Government in 1889, adequate cur
,annr r. aold and silver The first revenue law ever
n,ssedby Congress- enacted tina, the revenue should be
poid an oold md sirer coin only There was then no
C., Han nm turP
w ia, law did not turn upon the ground OF scarcity
r IL, nrecious metals but on the plea OF convenience
j.; b,,dinr bank paper and upon the policy OF increas-
ing te quantity Of bank circulation There was no
comdant of the inadeqnacy OF specie uh''' Tue Hs'
nan of The o. S. had banshed it from the country, as
Al, Modisnn and others predicted that 1t would do
,oo mercantile payments always have been, and Tor
,,a, @ he made in bits Of paper. representing masses
oc rroner,v He is nnny, or believes others 10 De nun
Mo; who talks about merchants spending their time 10
counting piles of dollars, one by one masses OF sPe
~ 40 e. c maid il is done in bulk, in kegs or bags or
I egbinp or by transfer Of credit on The books OF
t Bills of Exchange, receipts or certificates, repre-
,, masses of cotton, tobacco, rice, gram, iour Dee,
no cad cattle &c, make the great pay inens 80 lar
- ,e mercantile operations are concerned, specie IS
as S;ncaTor parl of the means of payments. With
,ha hody of the community, it's different Specie 49, or
houd be- the main part of their payments, ana win
everv Government, it should be Inc sole VI
ynen,s As to the banks, it IS IN vain Tor then 10 eH
pect 10 live upon commence. "'ee '" -, ~ -,
rba - the fate Of the lshmans mare, which her master
undertook to make live upon straw day third
in snece, for all It's abesiu circulation and dePosltes'
is the rule of the Bank of England With less man
la, proportion the bank holds helse TO be unsafe WIN
that proportion in hand she expects 10 make up le o'er
thirds if run upon out of The debts due her, er
eed, to borrow and Government aid in exchfquer bills
Scarcely bank in the u S. undertakes to come up 10
the bank Of England standard OF safety Inc LeglsIa
,ure OF Louisiana, is the only one thal nave seen d.
tempting to establish that standard.
There is concerted attempt at this time IN The on'ee
States 10 decry specie rdcule it, 10 Willy It, 10 sup
press it, and Danish it. Gold especially is lie ooec
Of the vilicallon of this pary-thal goa wncn s'anu
named in the Constitution of the United States, ant
which from the earliest records of The human race hal
been the chosen money Of The world. do not enV!
tina, party their assduous sbors in The defamation o
the precious metals DO no, fear the success Of incl
r,f;ons do not fear even that they will ever sue
coed in making themselves turn their backs upon ~
smacs, piece Of gold silver which is offered Tor 'hei