Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1857-11-14
Col. Benton on the Independent Trea-
sury System.

Whenever men talk oil tue currency, Tue
name Of Thomas II. Benton comes up. His
vigorous and sonorous eloquence during Gen.
Jackson's Administration will sound through
centuries Of time his strong, massive rhe-
toric will be read by generations to come,
and the truth be has spoken or the Indepen-
dent Treasury will never be forgotten Impe-
rious and naughty as no is, his is a character
that has outived detraction. and at this time
commands respect, even where his opinions
are objected TO- We cannot read these fne
hearty passages from one Of his speeches,
twenty years ago. in support OF the lndepen-
dent Treasury, which is now law. and which
be so boldly pushed upon the statute-book,
without feeling proud OF such statesman -
Phiia. Press.
al am for restoring to the Federal Trea-
sury the currency Of the Constitution. i am
for carving back this government to the
solidity of its founders. This is great Oh
iect in tself-a reform OF the first magnitude
"a reformation with healing on its wings,
bringing safety TO the government and bies-
sings TO the people The currency is thing
which reaches every individual, and every in
stitution. From the government to the
wash-woman, all are reached by it, and all
concerned in it; and what seems paradoxical
all are concerned in the same degree for all
nre concerned to the whole extent of their
property anu utulHips uuu uii iouht "uStHNt
il be much or little. The government with
its many ten millions of treasure, safers no
more in proportion than the humble and
meritorious labor who works from sun to sun
for the shillings that give food and rainment
10 his family The Federal Government has
deterioratcd the currency, aud carried mis-
chief 10 the whole community, and lost its
own revenues, and subjected itself to be
trampeed upon by corporations, by departing
from the Constitution, and converting this
Government from hard money to paper
money government. The object of the
amendment and the bill is to reform these
abuses, and it is a reform worthy TO be called
Il reformation to engage the labor
Of putriots-worthy to unite the exer.ions Of
different partes-worthy TO fix the attention
Of the agc--worthy TO excite the hopes Of tho
people, and to invoke upon lis success the
blessings Of Heaven.
I'VE have had three general stuppages OF
the local banks in the short space Of twenty.
two years 1t is at an average ratio of one
in seven wears, aud who is to guaranty us
from another, and from the cousequeu; losses
if VIC continue TO receive their bills in pay
3 nrut Of public dues? Another stcppage
must come, and that, reasoning from all an-
alugies in less than seven years from the re-
sumption Many must perish in the attempt
10 resume, anu NOuIu 40 uctitT " " iiIl up Ut
once, without attempting TO go On without
adequate means. and against appalling obs,a-
cl,s. An0ttcr rsraiSi0n must come. The
banks recommended payment in lSlI-in t%o
wears Ike failures were more disastrous shan
svcr, Thus in England, after ;ho long sus-
urrg!an of twenty-six years. Payments re.
commenced in l523--in 1925 the most desc.
liting crash of banks took place which had
yer been known in the kingdom, although
the bank of England had imported ih less
than four years twenty millions sterling in
puld-about one hundred millions OF dollars
to recommeuce upon. Its effects reached
this country, crushed the cotton honscs in
New Orleans, depressed the mouey market,
aud injured all business.
"EeSume when they will, or vixen they
shall, and the longer il is delayed the worse
il ia for themselves, the epoch of resumption
is to be. a perlous crisis for many. This
stopping and resumlng by banks is tie reali
za;ion Of the poctical description Of tie de-
scent into hell aud the return from it: Fac;liS
fiscensuS .lcerni-Sed rer0hare grafum--hic
,pus. bic labo, est. Easy is the descent into
Ihe regions below, but to return this J.;
work this is labor indeed. Our banks have
made the descent; they have gone down with
ease but to return--te ascend the rugged
eteps, and behold again the light above, hos
many will fAl,er, and fall back in the gloomy
regions below.
Banks of circulation are banks Of hazard
md Of failure 1t is an incident Of their na-
tnre.--Those without circulation rarely fail.
That of Venice has stood seven hundred
Years those of Hamburg, Amsterdam, aud
others. have stood for centuries. Tho Bank
Of England the great mother OF banks OF cir
culation. besides an actual storpage OF quur'
los had hnr ,ris and pnn
vulsion in average periods of seven or eigh;
wears, for the last half ccntury--in 1888, '93
'97, l5i4, 'l9, 20. Stand has uny beet
saved lrom repeated failure by the powerful
support Of the British Government, and pro
fuse supplies of exchequer bills All tn,
banks OF the United States are banks OF cir
collation. they are subject to the inheren
dangers Of that class Of banks, and are beside
subject to new dangers p,cuiiur 10 them
selves.
The power Of the few banks over th
whole presents O new feature OF danger Il
our system.-lt consoldates the banks Q
the Uuion into one mass, and subjects then
10 one fate, aud that fate to be decided by
few. without even the knowledge Of the rest
An unknown divan Of bankers sends forth Il
edict. which sweeps over the empire, crosse
the line of the State with the facility Of
Turkish frman, prostrating all State inStitu
lions, breaking up all engagements, and ley
cling all law before it. This is consolidate
of kind which the genius Of Patrick ilenr
had not even conceived. But while this I'll
man is thus potent and irresistible for pro-
traton, it is impotant and powerless for RI
surrection. IT goes out in vain, bidding ii
prGstrste banks to Tise.
Again from The mode of doing busine
among the bauhs-using each others pap'
TO bank upon, Instead Of holding each oih'
10 weekly settlements, and liquidation oI ba
ances in specie. aad from the fatal practice
issuing notes. at one place, payable at anoth
our banks have all become bauks OF Oh
chain the strength of the whole being depe
dent on the strength Of each.
"A few govern all. Whether it is to ia
Or to resume, the few govern; and not on
the few, but the weak. \ few weak ban
fail q panic ensues, aud the rest shut u
many strong ones are ready TO resume, I
weak are not ready to resume, and the stro
must wait. Thus the principles OF safe
and the rules OF government, are reserve