Advantages of a Gold Currency

1 fitted to; and, therefore, the whole region south of the Potomac, was exempted from the lash. Mr. B. paused to fix the attention nf the Senate upon these facts. Where the power of the Bank enabled her to depress commerce and sink the revenue, and her policy permitted her to do it, commerce was depressed, and the revenue was sunk, and the prophecies of the distress orators were fulfilled^ but where her power did not predominate, or her policy required a different course, commerce increased, and the revenue increased /and the result of the whole is, that New York arid some other anti-bank cities, have gained what Philadelphia and other bank cities have lost; and the federal Treasury is just as well off, as if it had got its accustomed supply from every place. This view of facts, Mr. B. said, must fasten upon the Bank the odium of havirig produced all the real commercial distress which has been felt. But at one point, at New Orleans, there was further evidence to convict her of wanton and wicked oppression. It was not in the Secretary’s reports, but it was in the weekly returns of theJBank: and showed that in the beginning of March, that institution had earned off from her branch in New Orleans, the sum of about 800,000 dollars in specie, which it had been (collecting all the winter by a wanton curtailment, under the pretext of supplying the amount of deposits taken from her At that place. These 800,000 dollars were.collected from the New Orleans merchants in the very crisis of the arrival of western produce. The merchants were pressed to pay debts, when they ought to hate been accommodated with loans. The price of produce was thereby depressed; the whole of dollars. He was of opinion, that two millions ought to be added for sums not entered at the Cus- west suffered from the depression ; and now itis pro- tom House, which would make twelve millions ; am’ ved that the money was not wanted to supply the added to the six millions of 1833, would give eigh- place of the deposits, but was sent to Philadelphia, where there was no use for it, the Bank having more there than. she can jise ; and that the whole operation was a wanton and wicked measure to coerce the west to cry out for a return of the deposits, and a renewal of the charter, by attacking their commerce in the market of New7Orleans. This fact, said Mr. B., would have been proved from the books of the Bank, if they had been inspected. Failing in that, the proof was intelligibly found in the weekly returns. Mr. B. had a further view to give of the prosperity of the country, and further evidence to show that all the distress really suffered was facticious and unnatural. It was in the great increase of money in the United States during the last year and a half. He spoke of money, not paper promises to pay money, but the thing itseh^real gold and silver—and affirmed that there was a clear gain of from EIGHTEEN to TWENTY MILLIONS OF SPECIE, within the time that he had mentioned. He then took up the custom-house returns to verify this important statement, and to let the People see that the country was never so well off for money as at the very time that it was proclaimed to be in the lowest state of poverty and misery. He first showed the imports and exports of specie and bullion for the year ending the 30th of September, 1833. It was as follows: Year ending September 30,1833. Gold bullion, Silver do. Gold coin, Imports. $48,267 297,840 563,585 Exports. $26,7X5 495,890 Silver do. 6,160,676 $7,070,368 1,722,196 $2,244^61 Mr. B. having road over this statement, remarked upon it, that it presented a clear balance of near five millions of specie in favor of the United States on the first day of October last, without counting at least another million which was brought by pass- , engers, and not put upon the custom-house books.1 It might be assumed, he said, that there was a clear accession of six millions of specie to the money of the United States on the morning of that very day whick has been pitched upon by all the distress orators in the country to date the ruin and desolation of the country. Mr. Benton then shpwed a statement of the imports and exports of specie and bullion, from the first of October, 1833, to the 11th of June, instant. It was as follows : From October 1st to June 11th. Gold bullion, Silver do. Gold coin, Silver do. IMPORTS. $304,491 256,617 410,907 ^10,156,909 $11,128,924 EXPORTS. $11,177 1,376 87,570 898,638 $998,761 Mr. Benton remarked, upon this statement, that it presented a clear' gain of more than ten millions teen - millions of specie of clear gain to the country in the last twenty months. This, he said, was prosperity. It was wealth itself; and besides, it showed that the country was not in debt for its large importations, and that a larger proportion of foreign imports now consisted of specie than was ever known before. Mr. Benton particularized the im-, ports and exports of gold; how the former had in* creased, and the latter diminished, during the last few months; and said that a great amount of gold, both foreign and domestic, was now waiting in the country to see if Congress would raise gold to its fair value. If so raised, this gold would remain, and enter into circulation ; if not, it would immediately go off to foreign countries, for gold was not a thing to stay where it was undervalued. He also spoke of silver, and said that it had arrived without’law, but could not remain without law. Unless Congress passed an act to make it current, and that at full value as money, and not at the mint value, as bullion, it would all go off. Mr. Benton recapitulated the evidences of national prosperity—increased imports—revenue from customs exceeding the estimates—increased revenue from public lands—increased amount of specie— above eleven millions of available funds now in the Treasury—domestic and foreign commerce active— the price of produce and property fair and good- labor every where finding employment and reward— more money in the country than ever was in it at. any one time before—the numerous. advertisements for the purchase of slaves, in the papers of this city for the southern market, which indicated the high price