Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-22
coNGREss--ad Session
tEroH liz t!Dbs.)
FEDERAL ENCHEQUER.
SPEECH or Mr. BENTON, or MrssorRr,
III Senate, january Is, lSl2-On the Cabinet Plan 'or
n Federal Eychcquer.

FEDERAL ENIHESlE En-
SPEECH or MR. BENTON, or MISSOURI,
In Sennte, Janucry -, ls!2-On the Cabinet Plan or
Federal Eychcquer.
lfthcre we're thousand constitutional provisions III
favor OF paper money, should stll se against II
against the thing Itself, per AID ProPcr Son ac
count Of lis owu inherent hasene=s and vice But Inc
Constitution is agrins tcleary SO upon rs nce upon
lis history: upon lis early practice; upou is uniform
Interpretation. The universal expression ut The lime
Of IFS adoption ~as, that tie new Government was
ha.d money Gnvcrnn,cnt made by hard money men
and that II was 10 save the county from The curse OF
paper morey. This was the universal language
this the universal sentiment; and this hand money cha
ructer OF The Government one OF the great re-
commentators in It's favor, and one of the chef induce
nemts 10 It's adoption Al The early action Of The Co
u, conio'ned 10 this idea lts early legislation
trna ~ hard money Inc needle : In the pol"
Tie very first act Of Congress ur The collection oil sn
tbs or imports passed il the first year Of the Co
vrrnren; existence and enacted by the vc-y mcn ~
lad framed the Corsti,ution-ihIs first act required
those duties - he pad ''G soid md s3rer cofn 0n!g
the word oHq, which is contraction for ilr old Ing
sh onoy, beng added 70 cut oil; The possibility ri an
nrnSion or injection # ! particle OF papcr money
no The Treasury OF the L $ The first act Tor the sale
oil public lauds required them 10 be paid Tor in "specte
:tn spoc, crcuilr II lS3G only The enforcement
81 lia ac': and tic hard money clause in the indie
pendent Treasury revival oil these two or'gtna!
legislative interpretations Of lie Constitution b. the
men who made H. and corresponding with these for a
long linie after lie commencement NJ tie Government,
were the interpretations Of all public men, and OF no
ono more rmlhatica,lv than Of him who IS now liz"
prominent mrnbrr Of tins Administration and 10 hose
hand public opinion attributes the elaborate defence OF
the Cabinet Exchequcr plan which has bccn semi down
10 In tyn euchcs delivered by that gentleman
IN lie House ni Representatives. III the year lclO, he
hns expressed uiScl; the hard money character d
our Government, and the folly and danger Of the pa
per system:
'sNn nation !al better currency th1n United
There which hal guarded IL currency with
r' % H. ,. ] W% a nl !Sss VINO a a1 TSe
bad lr ni day appreciated hr eyis oi papsr medium; They
tactcEr, tinlumsl. snr!ed the Of tie T. = from dc
basement The as currency ii lie T. states, was gold ani sil
yer ecn l:4 gis IN real 70 she cons'ess Lad rin
into u" lilly Colt sad silver currency Wa The aw II The
land u rne and liz !aw oi c woa aT there rou!d, in The
Pfese"t co"@i'!.i q; he world b ~ oI'r. currency
50 splke the present Secretary VI State IN ebrnary,
lelC and speaking So liz spoke the language Of the
Constitution, 81 tae Statesman, and Of the enlightened
1ge in which " I've. lie right in saying that
Congress, up 10 that time, had INTO no folly in re-
a,ion 10 the cutcncg-thai is say bad not attempted
10 srp"rsedc the hard money Of the Constitution b.
national currency Of paper. ! can say the same for
Congress W 10 the present day. Can the Secretary
answer in Ike manner Tor Ike Cabinet of hch he is
member; Can he shy Of Il, that It has ran into no
folly IN relation 20 tie currency The Secretary IS
right again in sayn. that in the present condition Of
the world there be ether currency than gold and
silver. Certainly he II right. Gold and silver is tie
of values. The actual condition Of The world
requires that measure 10 be uniform and universal -
The whole world is now in a state Of incessant
iulerc0amuncaii1n. Commercial, social, political re-
Iaons are universal. Dealings aud transactions
immense Ali nations, civilized and barbarian, acknow
ledge the validity Of the gold and silver standard; and
The nation that should attempt 10 establish another
would lerange liz connections with the world and put
itself without the pale Of the monetary system The
4
don oi The world, III the present state OF TIE univer
sal Observation-Disclosures of all mankind, there coaa hc
ineas !:e OF values bit that " hc'I universally
acknowledged, and that all must conform 10 that nca
sure. In 'h's he showed grasp o. nnd--a compre-
henson aud pro.undny Of ln,elec-which merits en-.
caiun and which oasis .ar tie shade the lawyer
like argument, tie shape Of report which has been
sent down 10 US.
In another speech Of the same year, the Secretary,
then member of the House Of Representatives, thus
wisely ad;ons!ed tie country Of the evils--he plau-
sih!r and ms dous cys-ot de5ascd coin, dcprcci-
aed CURRENCY, depressed and falling public credit,
and The tempcsnous ocean Of paper money:
ether political evils which a. they
dangerous wis aiarH n wi, Tie people &. the
therefore, The
certain dctr"yers ." national prosperity They come N no
genera, preserved b! he general arn Net 80 I'll
ey!- dled nin deprecated currency ." D."
tinu- msricts paper money SYSTEM These ih.h'air
themselves tie shape ci facilities, accommodation and ree
debts, and lighter 3urhcn ri i,vairn The great
Object that legal currency gold and silver" 10 he peefy
ed and Tat NJ, 10 embark on e ocean 81 paper MONEY
of MI the con,riyancrs lr Cheating The one c,s.es Of
mankind ciItctuai TINT which der,r- them YIN
,rirno The rich man field hy the sweat III ia ronf rians
brow Ordinary tyranny oppression, excessive taxation, tcse
lightly the happiness 81 liz community compared WI"
fraudulent r,rrenrie, committed .y deprecated
p7r or own history has recorded r ou instruction. enc h
anil tnou-h o the demoazinG cndt n'y iir MN,
an iuloraac oppression on The vc's and wen disposed,
degraded paper currency, authorized bylaw" or III any w"
couuicnanced ny Government.
THIS as the language Of the gentleman lev short
wears ago; and am wiling to stake these bret SEN
fences arons. the long report which HIS been sent
down 10 u.s. oppose the weight of one 10 the length
Of the other aud could we'll leave the decision Of the
cucstion In The answers which the speeches give 10 the
rcpor, but am YET done with quoting from Inc gen
tlcman He has further answers to give TO hiinseli-
further replies give II his own reports and 10" that
he proposes Treasury note currency, let us sec what
he said Of such a currency no longer since than The
year ls37--i the extra session Of that year-whsn en-
deayoring IN cas-, the mrutaon Of srcd currency,
as odIonS stigma, 81 The ADMINISTRATOR 81 "f >
Buren,. He then said:
.rut now Sir What SOFT Of noez docs The Secretary 'r
Woodbury. propose u issue IT, propose ~, !" issue ia,a "
ar no, hr;,rng interest, AMI feltrlahe III TO hNtd '
.y n ~ w. ~ c mid nml II somr ndcnir time there
lie certain Surplus iii Treasury beyond what ne sttfe'
a,abr PAPER exactly edition q" "ld CONT
mental II ir If the old Confederation were no" oe
rccorc,on win more perfect moi OF pap. NJ"
n,y I; carries no INTEREST," has xcd lac at ayn'ht -
f. circulate n currency and il 10 circulate On Tie crfit at
Government alone with fixed period Of eemTion u th
tr paper money pay sir, what = W
Since se9 although had issued Treasury ncs on sund'! Q"
casios we had issued like these that Is 10 say we ha'
issued hearing interest, intended Tor circulation, ana
with fixed mode OF redemption
This is what tie gentleman then said Of a Treasury
note CURRENCY The noture Of which is not altered by
changing its name to Exchequer bills And wherein
does the proposition which he now advocates dhtr
from the one which he then condemned, except in the
features which make the present proposition far worse
Wherein else do they differ Instead Of the twen
~ dollar minimum, which was then objected TO, we
ha We five dollar minimum Instead OF Inc three
millions then demanded, we have demand for h
teen now. No Government stock was then asked
for: five millions are now required Instead OF the
temporary issue then contemplated, we have perna
neni issue nov recommended. Instead of the cheap
and simple process then pfoposed-Ihe whole issue
to be conducted by part Of the existing Treasury oil
cers-a vast and expensive machinery OF ceh,fa
Board and i(y two branches are Notwithstanding
great extension of patronage, large increase oi Vi