No More Learning

78. intrinsic values: The states in giving power over the coinage to Congress clearly implied that currency in foreign coins was to
of the
laws
? 508
88/583-584
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509
of usury [46:51; 51:16]. The phrase "prize pup" is not in Benton, but a descdption of the bank as monster is: "the great monster, in going down, had carried many others along with her; and . . . slew more in her death than in her life. Vast was her field of destruction-extending all over the United States and reaching to Europe" [TYV, II, 365].
92. Nicholas Biddle: President Jackson's prime opponent in fighting for renewal of the charter of the Bank of the United States
[34:70].
93. An amendment . . . murdered indigo: These 21 lines are all taken from a chapter entitled "Revision of the Tariff": "Mr. Ben? ton then proposed an amendment, to impose a duty of 25 cents per pound on imported indigo. . . . He stated his object to be two- fold . . . first, to place the American System beyond the reach of its enemies, by procur- ing a home supply of an article indispensable to its existence; and next, to benefit the South by reviving the cultivation of one of its ancient and valuable staples. Indigo was first planted in the Carolinas and Georgia about the year 1740. . . . An act was passed for the encouragement of its production . . . in the reign of George the Second. . . . At
the breaking out of the Revolution [the ex- port of] it amounted to 1,100,000 Ibs. . . . After the Revolution. . . the British . . . looked to India. . . . The export of American indigo rapidly declined. In 1800 it had fallen to 400,000 Ibs. ; in 1814 to 40,000 Ibs. ; and in the last few years to 6 or 8,000 Ibs. In the meantime our manufactories were growing up; and having no supply of indigo at home, they had to import from abroad. . . . Our manufacturers now paid a high price for fine indigo, no less than $2. 50 per pound. " What's more, "it had to be paid for almost entirely in ready money. " Bad federal legis- lation had drained money from the South to the North, "and this in the midst of the fact that the South, in four staples alone, in cotton, tobacco, rice and indigo . . . had ex- ported produce since the Revolution, to the value of eight hundred millions of dollars,
and the North had exported comparatively nothing. This sum was prodigious; it was nearly equal to half the coinage of the mint of Mexico since the conquest by Cortez . . . The Tariff of 1816 contributed to destroy the cultivation of indigo; sunk the duty on the foreign article, from twenty-five to fif- teen cents per pound" [TYV, 1,19-99].
94. Sardegna: Prob. a press release of 1954 suggested a parallel, but it has not been identified.
95. Freemen . . . : The tariff on indigo did not prevail. A spokesman for the South de- plored the fact that the Congfess controlled by the North would not pass legislation that would enable them, not to look for bounty, but to rely on themselves: "He is not in fact a freeman, who habitually looks to the gov? ernment for pecuniary bounties. . . . An idea more fatal to liberty could not be incul? cated" [TYV, I, 100].
96. Freeholds . . . 1823: From Benton's ar- guments that land should be given to settlers [cf. 82 above], in which he quotes from a proclamation published in Europe: "Mirza Mahomet Saul, Ambassador to England, in
the name, and by the authority of Abbas Mirza, King of Persia, offers to those who shall emigrate to Persia, gratuitous grants of land, good for the production of wheat, bar- ley, rice, cotton, and fruits, free from taxes or contributions of any kind, and with the free enjoyment of their religion . . . London, July 8th, 1823" [TYV, I, 106].
97. Jackson . . . : In the election of 1828 Jackson received 178 (not 183) electoral votes and John Quincy Adams received 83. Benton remarks about the election, "there was no jealousy, or hostile, or aggressive spirit in the North at that time against the South'" [TYV, I, Ill].
98. Stay laws . . . tongue: These 7 lines are from Benton's defense of President Jackson against the critical remarks of Tocqueville, who said he was "a man of violent temper and mediocre talents. . . . He was raised to the Presidency . . . soley by the recollection of a victory which he gained twenty years
ago, under the walls of New Orleans. Benton lists many of Jackson's accomplish- ments (of which Pound notes a few) and tells Tocqueville that his writings may pass for American history in Europe but not in the U. S. [TYV, 1,112].
99. Guilford: A key battle in the revolution- ary war [cf. 85 above]. It was Benton's concern to show that this battle prepared the way for the victory of Yorktown.
100. Yorktown: A town on the Chesapeake Bay where in 1781 the final battles of the American Revolution were fought. Washing- ton captured Cornwallis here.
101. Used plough and hoe: In his encomium on the life of Nathaniel Macon [cf. 15 above], Benton emphasizes his patrician stateliness as well as his life close to the soil. "He was not rich, but rich enough to dis- pense hospitality and charity, to receive all guests in his house, from the President to the day laborer" [TYV, 1,115-117].
102. r&v CX? 8~TOV: H, "He furrows the im- perishable, inexhaustible earth" [Antigone, II,337? 338].
. . .
104. DEBT: Benton quotes from Jackson's first inaugural address: "The observance of a strict and faithful economy . . . will facilitate the extinguishment of the national debt-the unnecessary duration of which is incompati- ble with real independence . . . it will coun- teract that tendency to public and private profligacy which a profuse expenditure of money by the government is but too apt to engender" [TYV, I, 119].
105. Martin Van Buren: [37:1]. He was confirmed as President Jackson's secretary of state.
106. Jas Hamilton: James H. , 1786-1857. The source says: "Mr. James A. Hamilton, of New York, son of the late General Hamilton, being charged with the duties of the office until Mr. Van Buren could enter upon them"
[ibid. ].
107. Ingham: Samuel D. l. , 1779-1860. He became secretary of the treasury in 1829.
108. Berrien: John M. B. , 1781-1856, attor- ney general of the U. S. , 1829-1831.
109. Barry: William T. B. , 1785. 1835, was made postmaster general in 1829.
110. defence: In describing Jackson's "First Annual Message" to the Congress, Benton mentions his sentiments about the navy: "it was, a navy for DEFENCE, isntead of CON- QUEST; and limited to the protection of our coasts and commerce" [TYV, I, 122].
111. West Indies: The recovery of trade with the West Indies, lost following the American Revolution, became a part of Jackson's program [TYV, 1,124].
112. Nathan Dane: 1752? 1835. He drew up the "Anti? Slavery Ordinance of 1787. " Ben- ton quotes from a speech by Daniel Webster: "At the foundation of the consitution of these new northwestern States, we are accus- tomed, sir, to praise the lawgivers of antiqui- ty . . . but I doubt whether one single law of any lawgiver, ancient or modern, has pro- duced effects' of more distinct, marked, and lasting character, than the ordinance of '87. That instrument) was drawn by Nathan Dane. . . . It fixed, for ever, the character of the population in the vast regions northwest of the Ohio, by excluding them from invol- untary servitude. . . . Now, sir, this great measure again was carried by the north, and by the north alone" [TYV, I, 134? 135].
113. salt tax: This tax, imposed during a time of war, stayed on the books until Presi- dent Jackson got rid of it. It wasn't easy. Benton has a chapter entitled "Repeal of the Salt Tax" [TYV, I, 143-148].
114. A. J. 's first message: "It has been al-
103. Drew a knife
of Macon, Benton celebrates his steadfast? ness to friends. He "would stake himself for a friend, but would violate no point of pub- lic duty to please or oblige him.
Of this his relations with Mr. Randolph gave a Signal instance. He drew a knife to defend him in the theatre at Philadelphia" [TYV, I, 117].
: Continuing his
praise
? 510
88/585? 586
88/586-587
511
ready shown that General Jackson in his first annual message to Congress, called in ques~ tiOD both the constitutionality and expedi~ ency of the national bank" [TYV, I, 158].
115. Maysville Road: [cf. 88 above].
116. To pull down . . . : Benton, writing on "Non? Renewal of Charter" of the Bank of the United States, said that it has "too much power" and should not "be allowed to exist in our country. But I knew it was not sufficient to pull down: We must build up also" [TYV I, 187].
117. hard money: The error made by those who refused to recharter the bank in 1811 was in not providing a substitute. Benton would avoid that error by proposing a gold coinage [ibid. ].
118. France . . . : [cf. 89 above].
. . .
[TYV,I,187? 188].
120. laid on Table: Referring to the fate of an earlier resolution he had brought against the bank, Benton said, "This report came . . . just fourteen days before" the end of a six months' session. "It had no chance at all of getting the Senate's attention. The report was, therefore, laid upon the table unanswered, but was printed by order of the Senate . . . " [TYV, I, 188].
121. pawn? broker: The charter of the Bank of England was to expire about the same time as that of the Bank of the United States-lS33. Nine years before that, debate about its renewal took place. Benton sum- marizes some points made in that debate: "Mr. Hume said . . . Let the country gentle- men recollect that the bank was now acting as pawn-broker on a large scale, and lending
money on estates, a system entirely contrary to the original intention of that institution"
[TYV, 1,189].
122. Ellice: Mr. Edward Ellice said: "It (the Bank of England) is a great monopolizing body, enjoying privileges which belonged to no other corporation [Pound's "contrap- tion" may be intentional}) and no other class of his majesty's subjects" [ibid. ].
123. stock? holders: Defenders of the bank said the debate was unfair as it would dimin- ish the value of their property. Benton said that was absurd, that American stockholders knew the charter had to come up for re- newal [TYV, I, 190].
124. real estate: Said Bentun of the stock? holders: "They have been dividing seven per cent. per annum . . . and have laid up a real estate of three millions of dollars for future division" [ibid. ].
125. at 46: Benton produced a case involv? ing the bank which was decided by the Suo preme Court. He read part of the case "showing that it was a case of usury at the rate of forty? six per cent" [ibid. ].
126. SCIRE FACIAS: L, "Make cause to know. " In law, "a judicial unit founded upon some matter of record and requiring the party proceeded against to show cause why the record should not be enforced, an- nulled, or vacated" [Webster's]; or "why letters patent, such as a charter, should not be revoked" [Oxford Universal Dictionary, 3d ed. ]. Continuing from 125 above: "so that the bank, being convicted of taking usury, in violation of its charter, was liable to be deprived of its charter, at any time that a scire facias should issue against it" [ibid. ].
127. institution: Said Benton: "Mr. Presi? dent, I object to the renewal of the Charter of the Bank of the United States, because I look upon the bank as an institution too great and too powerful to be tolerated in a government of free and equal laws" [TYV, I, 191].
128. Vice President: The vice'president ob? jected that Benton's statements were out of order under the motion he had made. Ben- ton insisted he was in order as he had asked leave to bring in a joint resolution: "The Vice President then directed Mr. Benton to
proceed" [ibid. ].
129. Direct power: Benton proceeded: "The direct power of the bank is now prodi- gious, . . . and. . . must speedily become boundless and uncontrollable. " Then listing its present power to issue notes up to "nine- ty million" with "an opening for an unlim- ited increase" with possible widening of powers, he said, "This opens the door to boundless emissions" [ibid. ].
130. To whom . . . : Benton asks and an? swers these questions in his speech, showing that such power must make the bank "the absolute monopolist of American money"
[ibid. ].
131. Gt Britain: Benton illustrates: "I speak of what happened in Great Britian, in the year 1795, when the Bank of England, by a brief and unceremonious letter to Mr. Pitt . . . gave the proof of what a great man? eyed power could do . . . to promote its own interest, in a crisis of national alarm and difficulty. I will read the letter. " The short letter says: "It is the wish of the Coort of Directors that the Chancellor of the Exche? quer would settle his arrangements of fi- nances for the present year, in such manner as not to depend upon any further assistance from them, beyond what is already agreed for" [TYV, 1,192].
. . .
which the government, for about ? 50 bor? rowed, became liable to pay ? 100. . . . It tends to create public debt, by facilitating public loans, and substituting unlimited sup? plies of paper, for limited supplies of coin"
[TYV, I, 192? 193].
133. 1694: Benton goes on: "The British
debt is born of the Bank of England. That bank was chartered in 1694, and was noth- ing more nor less in the beginning, than an act of Parliament for the incorporation of a company of subscribers to a government loan. The loan was ? 1,200,000; the interest ? 80,000; and the expenses of management ? 4,000" [TYV, 1,193].
134. GERM: Benton: "And this is the birth and origin, the germ and nucleus of that debt, which is now ? 900,000,000" [ibid. ].
135. It tends . . . : Benton: "It tends to be? get and prolong unnecessary wars, by fur- nishing the means of carrying them on with~ out recurrence to the people" [ibid. }.
136. aggravate: Benton: "It tends to aggra? vate the inequality of fortunes; to make the rich richer, and the poor poorer. . . . It tends to make and to break fortunes, by the flux and reflux of paper" [ibid. ].
137. "To carry . . . Monopoly: These 19 lines come from a 12-point summary of Ben- ton's objections to renewal of the charter: "I. To carryon the trade of banking upon the revenue and credit, and in the name, of the United States of America. 2. To pay the revenues of the Union in their own promis- sory notes. 3. To hold the moneys of the United States in deposit, without making compensation for the undrawn balances. 4. To djscredit and disparage the notes of other banks, by excluding them from the collec? tion of the federal revenue. 5. To hold real estate, receive rents, and retain a body of tenantry. . . . 7. To estabHsh branches in the States without their consent. 8. To be ex- empt from liability on the failure of the bank. 9. To have the United States for a partner. 10. To have foreigners for partners. 11. -To be exempt from the regular adminis-
119. Parnells
newal, Benton wrote: "In the speech which I delivered, I quoted copiously from British speakers-not the brilliant rhetoricians, but the practical, sensible, upright business men, to whom countries are usually indebted for all beneficial legislation: the Sir Henry Par? nells, the Mr. Joseph Humes, the Mr. Edward Ellices, the Sir William Pulteneys [sic]"
: In the chapter on
nonre?
132. Political
"What are the tendencies of a great moneyed power, connected with the government, and controlling its fiscal operations? Are they not dangerous to every interest, public and private-political as well as pecuniary? " He answers: "Such a bank tends to subjugate the government. . . . It tends to collusion between the government and the bank in the terms of the loans . . . and insults upon the understanding, called three per cent loans, in
DEBT:
Benton
asks,
? 512
88/587-589
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513
tration of justice fQr the violations of their charter.