Читать книгу Thirty Years' View (Vol. II of 2) - Benton Thomas Hart - Страница 43

About one-half of the States had contracted debts abroad which they were unable to pay when due, and in many instances were unable to pay the current annual interest. These debts at this time amounted to one hundred and seventy millions of dollars, and were chiefly due in Great Britain. They had been converted into a stock, and held in shares, and had gone into a great number of hands; and from defaults in payments were greatly depreciated. The Reverend Sydney Smith, of witty memory, and amiable withal, was accustomed to lose all his amiability, but no part of his wit, when he spoke of his Pennsylvania bonds – which in fact was very often. But there was another class of these bond-holders who did not exhale their griefs in wit, caustic as it might be, but looked to more substantial relief – to an assumption in some form, disguised or open, virtual or actual, of these debts by the federal government. These British capitalists, connected with capitalists in the United States, possessed a weight on this point which was felt in the halls of Congress. The disguised attempts at this assumption, were in the various modes of conveying federal money to the States in the shape of distributing surplus revenue, of dividing the public land money, and of bestowing money on the States under the fallacious title of a deposit. But a more direct provision in their behalf was wanted by these capitalists, and in the course of the year 1839 a movement to that effect was openly made through the columns of their regular organ – The London Bankers' Circular, emanating from the most respectable and opulent house of the Messrs. Baring, Brothers and Company. At this open procedure on the part of these capitalists, it was deemed expedient to meet the attempt in limine by a positive declaration in Congress against the constitutionality, the justice, and the policy of any such measure. With this view Mr. Benton, at the commencement of the first session of Congress after the issuing of the Bankers' Circular, submitted a series of resolutions in the Senate, which, with some modification, and after an earnest debate, were passed in that body. These were the resolutions:

"1. That the assumption of such debts either openly, by a direct promise to pay them, or disguisedly by going security for their payment, or by creating surplus revenue, or applying the national funds to pay them, would be a gross and flagrant violation of the constitution, wholly unwarranted by the letter or spirit of that instrument, and utterly repugnant to all the objects and purposes for which the federal Union was formed.

"2. That the debts of the States being now chiefly held by foreigners, and constituting a stock in foreign markets greatly depreciated, any legislative attempt to obtain the assumption or securityship of the United States for their payment, or to provide for their payment out of the national funds, must have the effect of enhancing the value of that stock to the amount of a great many millions of dollars, to the enormous and undue advantage of foreign capitalists, and of jobbers and gamblers in stocks; thereby holding out inducement to foreigners to interfere in our affairs, and to bring all the influences of a moneyed power to operate upon public opinion, upon our elections, and upon State and federal legislation, to produce a consummation so tempting to their cupidity, and so profitable to their interest.

"3. That foreign interference and foreign influence, in all ages, and in all countries, have been the bane and curse of free governments; and that such interference and influence are far more dangerous, in the insidious intervention of the moneyed power, than in the forcible invasions of fleets and armies.

"4. That to close the door at once against all applications for such assumption, and to arrest at their source the vast tide of evils which would flow from it, it is necessary that the constituted authorities, without delay, shall RESOLVE and DECLARE their utter opposition to the proposal contained in the late London Bankers' Circular in relation to State debts, contracted for local and State purposes, and recommending to the Congress of the United States to assume, or guarantee, or provide for the ultimate payment of said debts."

In the course of the discussion of these resolutions an attempt was made to amend them, and to reverse their import, by obtaining a direct vote of the Senate in favor of distributing the public land revenue among the States to aid them in the payment of these debts. This proposition was submitted by Mr. Crittenden, of Kentucky; and was in these words: "That it would be just and proper to distribute the proceeds of the sales of the public lands among the several States in fair and ratable proportions; and that the condition of such of the States as have contracted debts is such, at the present moment of pressure and difficulty, as to render such distribution especially expedient and important." This proposition received a considerable support, and was rejected upon yeas and nays – 28 to 17. The yeas were Messrs. Betts of Connecticut, Clay of Kentucky, Crittenden, Davis of Massachusetts, Dixon of Rhode Island, Knight of Connecticut, Merrick of Maryland, Phelps of Vermont, Porter of Michigan, Prentiss of Vermont, Ruggles of Maine, Smith of Indiana, Southard of New Jersey, Spence of Maryland, Tallmadge, Webster, White of Indiana. The nays were: Messrs. Allen of Ohio, Anderson of Tennessee, Benton, Bedford Brown, Calhoun, Clay of Alabama, Alfred Cuthbert, Grundy, Henderson of Mississippi, Hubbard, King of Alabama, Linn of Missouri, Lumpkin of Georgia, Mouton, Nicholas of Louisiana, Norvell of Michigan, Pierce, Preston, Roane, Robinson, Sevier, Strange, Sturgeon, Tappan of Ohio, Wall of New Jersey, Williams, Wright. As the mover of the resolutions Mr. Benton supported them in a speech, of which some extracts are given in the next chapter.