The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-02-22
IVA bullion" ard Qthsr. bobesu

"old Dulhon~ esme1
- ! { ]
-. IL. s,.t OF Januar,, le4a. raol,
million" sent the check OF the eecretar!
tpf Sh senate for sl4s payable to his OF
c &C.,, Missouri, to the hankof W1hi1s
~, with this endorsement: 'Th.
"sr ',, Or a protest. Thomas u: Benton.
l ns." cashier explained that the amoun
ln'Ll not liz paid In specie, 'as TIyas
e, s. note. alone have been deposited
!,s. TO meet the Recrtary ofthe Treas
nr, checks" The check was there
Wy formerly protested, and MI. Hem,
W. made the transaction the text Of q
-" "ocL in the Renatc. II one Of hb ~.
.;,,r. had interrupted hts remark,
9Th The prediction that forty year late,
wv" '",u,l,l Ike quoted - an authority in
n ., " Of permanent Federal paper cur.
-" a..v wr may imagine what u torrent
's'.,.,,,nt invet.tive and ridicule would
,.,.. ~ en- set in motion. Our c0tempo,
Ia .,. ,hr brooklyn Eayte, however.
. :ani: Mr.. Benton, together with Thomas
'aG;.r.ou, Andrew Jackson, and John
:" r,I.,o,,n, TO it's mis-: in its contention
e., the co,,$titutionality and expediency
~ i".;, u currency. To show that Com
w.. should not delegate the power to
In; INC circulating notes, and l,y implica-
~" that Congress has the power itself.
linton j. quoted as follows:
..Th,. government ought not tn dele
,.,. his power ii it could. It was tn,
.u,; !. ROVER I" give to any banking
.o,,,anv whatever, Or tO any authority
lut the highest and most responsible
wh;r;, was known to our form of gov
,ri,lant.'
iii il couli' implies that the govern
mcnt could not delegate what it haa
not-a power to issue paper currency.
Mr.. Benton was cOnteDding against
;.nk notes, not for Treasury notes. An
domination of his works furnishes an
overwhelming mass Ofautfl"rity against
~, EI9lc's scheme. We have room on
~ tur u few extracts:
'..Tl,c issuing If currency 10 u preroga-
i've q: sovereignty. The real sovereign
* o. this 'r,lntry-tl,c government
,,n only issue il currency If the actual
dollar: can only issue gold and silver
and each piece wOrti, its face"
Thirty Years View, vol. iii, y. 100.
.Tne Constitution has vested Con-
"f!S WIN IVtuVINy w sSEUNAAV iUc VII
m-uoi "f currency, for there is no such
vor! il the Constitution, nor amy word
whir!, cen III. ni,tic to include paper cur
rpncy--!"a. to regulate the value of the
coin Of our mint and also If foreign
rin.''-[ Arrangement Of tile Debates Of
Congress, vol. xiii, =. G:2. /
Mr.. Benton attacked the national hank
tce..,,>e it had i,een the ocs'asion
Of an indirect tlclMrturetlIe on the
,art Of the government frOlu the hard |
money w,liry Of the COnstitutiOn. He
was even more hostile to II direct de-
,s,-tur from the policy. "Witi, all my
objections To the a,iOnai hank and its |
,a:rr." ne says i'm one Of his speeches,
Thirty Years View" vol. ii, p. 1851,
Il am far more opposed to government !
banking AMI to government issues Of
PAPER money"
The Emyle reports Andrew Jackson AZ
>ayiny that ''if Congress has the power
10 regulate the currency" the power
should H. exercised Ivy Congress and not
ly corporation. There h ot,ectual viz.
tue in the ''if," IN far as paper currency
is concerned. 'Ol,l Hickory" rivaIlel
"OL! Bullion" himself in denOuncing
,arr currency. One example will suf-
i;cr. an extract from his farewell nd
dress. March :. 1887:
1.-THE Constitution Of the United
States Un,urstionably intended to 81
cure the people Il circulating medium Of
."!d and Silver. but the establishment
ia national hank bv Congress, with
;ir privilege "f issuing lMper money re-
'rval''c in payment "fpuhli.' dues, and
he unfortunate course Of legislation in
II" several States on the same subject,
lrovc from general circulation the com
''it'',i'''ial currency and substituted one
VI paper in its place.
II w"Ml'l l.e strange indeed II, while
'pln's;n@ the hank because it had sub
'itutui Taper for the constitutional
currency" f gold and silver. jackson
AL favored the direct substitution Of
'smr for the constitutional currency Ivy
h" government itself.
The E.y'c quotes Thomas Jc';"rs"n
IS !oIl"ws: ''I.rt hanks continue, if
hey please. hut let them discount for
ssh a!"nr on Treasury notes" II our
r'en;"rary l,aa begun it, extract Il lit
ie iu1h back it would have printed
''r i'.!,";ny t"W"rkS Of Thomas JEFF
r'-nn," Vol. VI. =. 1872: !!
Tine question may lH asked and
'.ht To ls' kn'k.sl at What il tO be-
he r'>"l'r'" il loans cannot be obtained:
'icT' j. lat one. :: a,
nHSnry bills. lmttOlnetl on taxes. bcar-
i's "r no! naring interest. as may bc
'!hd u.r.>Sary, thrown into circ,l!a-
l"n. viii take the place ri so much gold
l"! liver. :: :: Let banks
'a.iHue." etc. |.
What Jefferson was ,.Unsialcrin. was
=; last r.>"rt Of the government when {
:. .her mrHnS 81 raising money had failed.
ne circulation Of its Treasury notes
'a> u merely incidental and subordinate |
'a't'r. The hsn was the thing. The f:
+, WAS :, debt I" ~ paid, and were Z
,"t!"'n"! on tax.s'' for shat purpose. {
1t Insists II another place ~. 80, ON
d !, Specific lax" 10 meet the notes, and