The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-07-17
POLITICAL BANKING.
TEXTRACT FROM SENATOR BEN
TOMS SPEECH ON THE BANK.
RUPT BILL;1

Over the one-halfofthe Union al pre-
sent lamen,able dearth Of specie pre-
walls. You may travel hundreds ofmles
and hardly see piece Of silver in cir
culation as large as your thumb nail ls
this scarcity fictitious or reall Is il the
result Of misgovernmont in the Admin
istralion, or the conlrivance Of miscop-
duct on the part ofsthe mischief making
banksl The Federal party answer, mis-
government Of the Administration; the
Democracy answer, misconduct of the
banks. Here, then, is contradiction,
and an issue; and, for its trial, let US sp
peal to facts. Let US appeal again to
the custom-house reports, and see what
has been the importation of specie for
some years past; and let US look to our
mines and our mints, 10 see what has
been the domestic supply. Sir, we have
document on this subject called for on
my motion some months ago, and fur
nished by the Secretary Of the Treasu-
ry in the early part Of the session. !, is
number 290 Of the Senate documents,
and is both full! and detailed in its state
msnts upon this vital point. 1t shows
that the importations Of coin and bull
lion for the last twenty years, amount,
in round numbers, to one hundred and
. seventy millions OF dollars. 1t shows
tha, the product Of our gold mines, du-
!. ring the same period, are near ten nils
lions; and that our coinage, since the
> reformation of the gold standard, in
t 1884, and the legalIzed circulation Of
3 foreign silver at the same time, amounts
10 about fifteen millions in gold, and sew
enteen millions of silver. Excluding
. tho coinage as not adding tothe acqui-
4 siilons, and il is seen that we have &C.
n qulred by importing and mining. in the
It short space of twenty years, the large
= amount Of one hundred and eighty mll>
# lions iD gold and silver And 10 that
g sum the amount of twenty millions pre>
d viously in the country, and you have
n two hundred millions. Make further
allowance for the sums brought IN by
' passengers in their own trunks, and moi
q eatered on the custom house brooks
1t end there is no obligation on any one tc
) make the entry-mske an ALLOW ance o.
:. ~ even hafa million year for the innu'
merable importalions, small in the de-
:. tail but enormous in the aggregate-&
the total should be two hundred and ten
}, millions of dollars. This is the answer
s which facts and documents give 10 the
. question-an acquisition of more specie,
4 in the brief space Of time that have sal
a in this chamber, than The business OF the
b country could employ or consume. And
q now, what has become Ofit2 Whs. has
4 become of these two hundred and ten
millioDsl Sir, can tell you what has
e become oft. A large part has been mel
d led up, to make magnificent services ol
Is plate for the presidents, cashiers, drec-
!. tors, and stockholders OF insolvent and
/ fraudulent banks; another large part has
been shipped to Europe, while credi-
tors al home are placed at defiance; anotl
!. or large part is now locked up in the
a vaults of three hundred and fifty suspen.
g ded banks, which refuses shilling for
d their dlshonored notes; and, finally. a.
u mother large part is in the hands Of bros
kers, who discount, at their pleasure,
d The dshonored notes which the banks
IS issue and refuse to pay. This is what
e has become Of our two hundred and ten
d millions ofspecie, acquired in The last,
c twenty years, and, two t1irds ofit, in
If the last seven. And now, sir, whose
II fault is it, that no specie is seen in cir
culation in the one-haf of this Union?
e Is it the fault Of the Government, or ol
If the gambling and political part of the
II banks? ls ii the fault Of those who have
e made that vast acquisition Of specie, oI
j. is it the fault Of those who have made
d that vast acquisition Of specie, or is il
. . the fault ofthose who deprive the peo.
r. pie of its use! Let the intelligence o.
!. any citizen answer the question, upor
e the view Of her facts which have pre-.
1t sented, and the truth Of which is incon.
teatable. Let him answer, and he vii
Il say it is these banks which have done
IS US this mischief, and which will contin-
n ue TO repeat it as often as it suits tbeil
!, !, interest and their policy 10 DO so, unless
!. a bankrupt law intervenes TO check thei
career. Not content with merely depri'
wing the country ofthe use Of such spe,
;! cle, they laugh at the impotency of th'
Government. end imPudently proclaim
ia that the specie experiment has failed.
70 Yes sir Two hundred and ten mil.
ii lions Of dollars may be computed Il
r have been our specie acquisitions in thu
y last twenty years, and two-thirds of tha
sum In the last seven years. This is
], fact not to be lost upon the public min'
Ia net 10 he Fepeated and forOoiten II i