The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-12-02
Extraordinary Letter from Col
RPutOu

BPut0n.
We think we can lay before the readers Of
the Sealiael nothing that will be read with more
avidity and profit than the extraordinary letter
of THoMAs H. BkxroN, dated at Washington
city, Nov. 18th, 1857, and published 10 the Ma
tis,,al IaSe6igsaoer of the 18th, and published on
the first page Of to-days paper, from which jour
nal we copy it,
There is a fund ofinfounatien in this letter.
We call it extraordinary, because, apart from
the singular realization the prophecies Of Mr..
Benton in relation to hard money, which, o.
course, he does not fail to recall, there is an
amount Of admonition to banks and to legisla-
tors, and above ALL TO the people, which cannot
be laid too closely to heart.
y The 'eader will observe that Of General JAcK-
soNs original plan, which contained five dis
tinct propositions, all have succeeded but two
These propositions are:
"1st--TO revive%he gold currency, by cor
recting the erroneous standard OF 1791
2ud-To create demand for hard money by
making it the exclusive currency ofthe Federal
Treasury.
/ 3rd-To make sure of this hard money by
keeping it in its own treasures"
These three reforms have been cycmpllshed
The two remaining to be accomplished, accor-
ding to Col. BENToN's plan, are:
"4th-To suppress all paper currency under
$50 by stamp duty" and
5th-To wind up all dciaultipg banks by a
bankrupt law against delinquents."
There is no reasonable man who doubts that
the success of the three propositions above nam
ed have bsen the source Of great blessings to the
country and the people; and we conceive the
success OF the other TWO will be attended by SIM
liar happy results.
Those who question this opinion should read
Col. BENToN's letter.
The fact that we are far behind the banks of
England in the amount Of specie 'erequired for
banks ofissue is triumphantIy stated in this let
ter. This part Of the argument will reach the
popular heart, and should teach lesson to our
banks by which they cannot too deeply profit.
NIL <hbAADoNE tAttlple oteiHS W nave beeIl
borrowed from the statute quoted by Col. BEN
TON from the reign ofHENRY VIII, to which we
also refer thecurious reader. We have never
read more striking exemplfcation of the wis
dom of the old British legislators than the ex-
| tract given from this law
The argument of Col. BENTON against small
paper money presented as tits in eight distinct
propositions, each of which is a lesson in itself
need not be elaborated
| Finally this statement proves conclusvely that
the entire panic under which we have been sur-
fering is the result Of fright. lie says there
were nothing in the state Of the country to Jus.
.tiy the suspension. Ec points out that the
sooner resumpsion takes place the better; and
he adds, that there is not a monarch in EIrope
who would treat his subjects, or suffer them to
be treated, as the people of the United States
are treated by the base plrt oftheir banks. He
might have added, says the Press that it a re.
markabe fact, that While Great Britain is suffer.
! ing because specie is being Withdrawn from her
banks and merchants and sent to the United
States, this country, with an enormous supply
fspecie, is in the position ofa suspended coun-
try,' and affect to be really as badly, or worse
off than Great Britain herself Such is Col.
BENToN's letter.