The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-10-16
A SPECIE CURRENCY.
From the Richmond whIg.l

last twenty. seven years. 1t commenced "nen
President jackson, having failed to maze
Nicholas Biddle discharge certain Oin'ei "
the limited States Bank, determined TO rum
the Rank itself. The notion had no existence
before that time for even jackson hi"Seii
had .a;d in one of his Messages, that he could
give the plan of such Bank, as he thought
he could sign, that is to say II he could get
p.nt which would answer the purpose of
rains of State he would sign the BILL
The great expositor Of the hard money Prin.
o;nIs was Colonel Benton. The Monster"
was to him a vsritable Monster" The men
who were in favor Of il were all Bank
Ruffians." 1t was the burden of his ever
lasting song. 1t was the "delsnda est Cartha.
90" of all his speeches. He promised, If it
could be gotten out Of the way, to bring back
the age of gold He would ''make gold flow
up the Mississippi" The hearts of the mer-
chants would leap for Joy, when they saw
their customers coming in. with the gold gilt
tering through "the interstices of their
purses" He was seconded in all his afforts
by the Executive. The President, deified
since his death, and found out by those who
described him as tyrant during his life, to
be "the greatest man that ever lived" seems
to have been a very honest, a very ignorant,
and very pig headed old gentleman, with
ideas. touching financial matters, about as
expanded as are commonly entertained by a
small shop keeper in a country village. which.
we believe he had actually been at one time
of his life. A single expression Of his which
remains on record, gives the key to his whole
character. When asked to afford some relief
to the country, at that time suffering terribly,
he replied that "every man who trades upon
fictitious capital (meaning credit) ought to
break" He carried out his views to the bit.
ter end. He had said the Bank was broken,
and broken he was determined she should be.
When the Bank Of England became embar.
raised during the French war, Parliament in
terposed to save her credit. The Minister,
William Pitt the younger, knew that If she
failed it would ruin half the people in the
Island He knew that if he could help her
over the crisis, it would hurt nobody and
would save all those who would otherwise
be ruined. He succeeded-the Bank wealth.
cred the storm-it carried England through
those long wars-it finally resumed specie
payments--and no man was the worse for it.
But Jackson was not Pitt. The Bank had
offended him, and he was determined to de-
stroy it. II the people were ruined, it made
no odds. He was going to apply an admira'
BILE salve to their wounds, which was to be
prepared by DIR. Benton. 1t was hard
money currency. He and the DR.. aforesaid,
and other hard money doctors, talked SO much
about the age Of gold, that people began to
fear the precious metals would become worth
less by being too common. The President
took all of the deposites out of the U. S,
Bank, put them in certain pets Of his own,
gave an extra kick or two at the Monster"
and told the people that they ought to be
very happy. In due course Of time he walk.
ed off to the Hermitage, declaring as he went
that he left this great nation prosperous and
happy" This was in March. In May, when
Mr.. Van Buren, called on "the Pets" for the
specie, it was found to be in the condition of
the rivals of Eclipse. 1t was no whers. In.
stead of gold flowing up the Mississippi,
enough could not be obtained by any but
Government officers, to make pair of shoe
buckles. Instead of specie currency, we
had nothing but the rags and shin plasters of
eight hundred broken banks So much for
the first chapter in the history Of currency
tinkering by President jackson. The next is
still richer.
1t must be remembered that we had no Cal.
ifornia then and no homemade gold. Any
body but hard money man could have seen
that to constitute specie currency, IL would
be necessary 60 retain in the country all the
gold and silver possible. The business of the
country was enormously expanded, and so
was the currency. Now, in order that there
might be no contraction, it was necessary
that there should be for every paper dollar
then in circulation, dollar in gold and sill.
YER The surest way to effect this object
would have been to put on heavy tariff
But policy the very reverse Of this was in.
culcated. To preserve the Union, the CON-
promise Of 1888 had to be passed, and when
it reached Its minimum in 1887, it amounted
TO virtual Free Trade, and had already drain
ed of the gold and silver to such degree, |
that all the banks suspended specie payment. |
II is remarkable that South Carolina, to APP |
pease the trouble excited, by which State the
Compromise" had been passed, was among
the strongest advocates Of hard money, as
she is to this day Of Free Trade. How the
two can exist together, If anybody has ever
undertaken to explain, he certainly has not
succeeded, for it lie very evident, that where
Free Trade begins hard money currency
always ends.
We shall soon have this cry Of hard mo.
ney currency repeated, il the present state of
things continue. We shall be told that the
banks are not to be depended on-that their
paper is rag money"-that they are swim.
ding shops-and that the financial Difficult.
ties are all owing to them. We shall be told
this by the lowest brawlers for Free Trade
by the very men who have thrown down the
barriers, and invited foreign nations to come
aud take off our specie by the cargo-by the
very men who tell us that the gold we send
of by every steamer to pay the enormous
IL L.. =. i