Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-18
TwENTy-sEvENTn coNGREss--ad Session
(krom Me Globe.)
FEDERAL ENCHEQUER.


SpEECH or Mr. BENTON, OF MissornI,
In Senate, January b. l5i2-On the Cabinet Plan for
Federal Eychequer.
Nj. PRESIDENTS: ! have SAID OH several occasions
since tie prescn: Administration formed that we
had gone back not merely 10 the Federal tunes OF Cen
Hamilton, bat far beyond hem-to the Wing times OF
SIR it5beu Wa!pule, and the Tory times ct Queen
Anne When have said this did net mean II ioF
sarcasm, for insult annoy the feelings Of th"-e
who had Just gotten into power. My alan was lar high
er aud noalcrihat of showing tie reirograde move
ment Which orr Government making, ard wax
h9 ~ the country 10 sense 81 lis dangers bcire II
100 Late; and 10 the conviction Of thc necessity ~
afres'iay that movement, ana recovering the ground
which have lost. History is said 10 be philosophy
teaching W example; and wish 10 have the benefit Of
tn Instructive voice Of his great teacher III The aucnl-
able circumstances in which are no" placed
Va had sad that sc had gone back 10 III. wal
pol. aiiuce AaHe li,ncs e the British Government
knew full wei! the Of the declaration winch
had made, and the obligation which had imposed On
myself 10 Sustain my asserton and knc" that history
would bear out in il knew all THIS; and felt thai
IL could show To the American people ta. we had re-
roradcd 20 the mos. calamtous period Of British hlso
ry-lhc period from which her present cGclailles Ill
date-and that were about To adopt the systems Of
policy which she then adopted, aud which has led Ia her
presen, condition; felt tina, if could do this, might
succeed in rousG5 up the country to sense Of lis d"a.
ger before was late to avoid the perils which
Wulpolc was the fountain head Of British woes All
the measures which have led 10 the present condition
of the British cmpirc, ard have gwen It more dr5i
aud taxes, more paurers, aud mote human misery
than before collected under the sway o one
scep.re all these date from the regns of the first and
second George, when this minister, Tor twenty-five
years vas the ruler Of parlicmentbg II tie mo-
ueyed interest, and The ruler Of kings BY heating the
Tories their g:;ge ii noresstancc and PASSIVE
obedience 10 the ROYAL will. The Tories rucd under
Queen Anne: they went for Church and State, and
rested for support the landed interest. The Wings
came into power with the accession Of George the FIRST:
they went for Bank and State; and rested Tor support
on the moneycd interest Sir Robert Walpoic the
head Of the Wing party; and Immediately became lie
iavcritc Of that monarch, aud afterwards Of lis sncccs
sor; and, avang himself during that long period OF
power Of all the Q! genus, uniGpcded ~ the
obstacle q. principles, lie succeeded in mpressng his
own image upon the age III which he lived, and giving
10 ,ic Government policy the direction which IL has
followed ever since. Morals, politics. public and pri-
vale pursuits, all received the impress o the Minister
genius; aud what that genius produced will now pro-
cced 10 slow: | read from Smoets continuation Of
Hume
This was the are Of interested projects inspired by
vena spirit OF adventure, the natural consequence o
that avaric', fraud and proG.gacy which The MDfEi .
I'D CORPORATIONS had introduced
GAN other pro!isso aod enlroymen's
were utterly neglected: md the peoples attention Who'll
" en-.ossad by this Gle South Sca) and other chine
real schemes which were well known ~ the Genon
nation Of bubbles. New companies started up every
day. under Tire coun,cnancc Of The crime nobility inc
PRIME Of wales was constituted Governor OF tl. Welsh
Copper Company: the Duke Of Chandos appeared al
the head If the York-buildngs Company: the Duke Of
}ridrewater formed third, for building horses III
London and Westminster. About hundred such
schemes wcIc projected md put in execution, TO the
run of many thousands The sums proposed TO be
raised by lhecc expeG!cns amounted 10 three hundred
millions sterling; which exceeded the value Of all the
lands IL En.ilnd. "DIrlu- tic niatua-
lion produced b. these infamous schenr, uzury, vice.
aud r-aliarcr increased 10 shocking degree Of extra
:aGn.iaa. Tac elycntUrers intoxicated b. their ana
ain.gp veal Il, pampered themselves with tie rnres
dagt,s. aa the most expensive wines that could be
imported. 'ucy purchased the most snmptuous iGrn
iu!e egg:pa.r and apparel though without taste or
dlscc5nmcE their discourse was the language OF pride
,nso!sGca and tic most ridiculous cstpna'ion they az
rced Il scot: at religion and morality; aud 10 set
lea:eu a defiance
"Thc wee, luxury and prostitution Of the agetlc al
NEST total extinction Of sentiment, honor and puhlic
spt-had prepared tie minds Of men for slavery and
corrupton The means in the hands Of lic minis
try tie public treasure was at their devotion they mu
tplied places and pensions, 10 increase the number OF
Their dcpcndants lhcy sguandered away tic national
treasure without taste, dscernment, deccncy, or re-
morse they enlisted army Of The most abandoned
cmssarils whom they employed to vndlcalc the worst
measures the face OF truth, common sense, and com
n0reStg
cobi,es and enemies the Government all those who
presumed to question the merit Of their adnnisra-
ion', "Thc interior Co
yernmen, Of Grea, Britain chiefly managed b. Sir
Robert Walpole, man oi extraordinary talents, who
had from low BEGINNINGS raised himself 10 the head 81
The Ministry liavnr obtained seat in the flonse 81
Commons, liz declared himself one Of the most forward
oartisans nf the Wing faction. lie was endued with
species Of eloGucnce which, though neither or
elegant flowed with great facility, and was so plausible
on all subjects, that when he msreprcSented Tie
truth whether from Ignorance or design, he seldom
failed 10 persuade that part of his audience for whose
hearing lis .haraGcnc chiefly intended. lie was
sell acquainted with tie nature Of the public funds,
and understood the whole mystery Of siockJobb'ng-
This kDowcdre produced connection between nm
and the MONEY CORPORATIONS, which served TO
enhance his Importance. lie perceived The bulk Of man
kind we're acua,cd by so!d thirst OF ucre: he had sn-
racty enough 10 convert the egeneracy oil the tunes to
his own advantage and this, and this alone, he found
cd the whole sners;uctl Of his subsequent admins
tr,tion In til. late renn Cucrn Anne he had, b. dn
Of speaking deccively every questions - boldly I'M
neaciinr the conduct Of the Tory Minister'S by ms &C
livjiy in elections, and engaging rs Prcrtor m nc
schccs ot tic moneyed interest, become leading mem
her m the House ot Commons. lie knew the inaxins
he had adop,ed would subject him TO the hatred, the r.
diculc ard rcproach Of individuals who had not
vet resigned all sentiments Of patrotis, nor all views
Of opposiliom but the number Of these Inconsistent
bic when compared to that which constituted the body
OF the community; and he would not suffer t:e co.*
dea;ion of such antagonists 70 come IN competition "''
his schemes Of mover, afinencc and authority.
Such was he picture of Great Britain in the time Of
SIR Robert Walpoe; and such was the natural tut 81
a s,ockjobbing Government, composed OF Bank ana
Stale resting for support on heartess corporations,
and lending The wealth and credit Of the country to
the Interested schemes Of projectors and Adventures
Such was the picture of Great Britain during tins peri
od and ,ylo would not mistake II (leavng out names
and daes) for description Of our own times, N our
own America during the existence OF the Bank Of The
IT, S, and the thousand affiliated institutions which
grew up under it, protection during its long reisn OF
power and corruption: But, 10 proceed with Lng!sh
history:
Among the corporations brought into existence by
Sir Robert Walpoe, or moulded by him into the form
which they have since worn, were the South Sea Com
pany the East India Company, The Bank Of England,
the Royal Insurance Company, the London Insurance
Company, the Charitable Corporation, and multitude
of others, besides the Exchequer and Funding sys'
tens, which were the machines for smuggling debts
al 10 and e5dlltnr them pos