Having exposed the evil, and that to the country generally as well as to the federal treasury, Mr. B. went on to give his opinion of the benefits of suppressing it; and said:
"It would put an end to every complaint now connected with the subject, and have a beneficial effect upon every public and private interest. Upon the federal government its effect would be to check the unnatural sale of the public lands to speculators for paper; it would throw the speculators out of market, limit the sales to settlers and cultivators, stop the swelling increases of paper surpluses in the treasury, put an end to all projects for disposing of surpluses; and relieve all anxiety for the fate of the public moneys in the deposit banks. Upon the new States, where the public lands are situated, its effects would be most auspicious. It would stop the flood of paper with which they are inundated, and bring in a steady stream of gold and silver in its place. It would give them a hard-money currency, and especially a share of the gold currency; for every emigrant could then carry gold to the country. Upon the settler and cultivator who wished to purchase land its effect would be peculiarly advantageous. He would be relieved from the competition of speculators; he would not have to contend with those who received undue accommodations at banks, and came to the land-offices loaded with bales of bank notes which they had borrowed upon condition of carrying them far away, and turning them loose where many would be lost, and never get back to the bank that issued them. All these and many other good effects would thus be produced, and no hardship or evil of any kind could accrue to the meritorious part of the country; for the settler and cultivator who wishes to buy land for use, or for a settlement for his children, or to increase his farm, would have no difficulty in getting hard money to make his purchase. He has no undue accommodations from banks. He has no paper but what is good; such as he can readily convert into specie. To him the exaction of specie payments from all purchasers would be a rule of equality, which would enable him to purchase what he needs without competition with fictitious and borrowed capital."
Mr. B. gave a view of the actual condition of the paper currency, which he described as hideous and appalling, doomed to a catastrophe; and he advised every prudent man, as well as the government, to fly from its embrace. His voice, and his warning, answered no purpose. He got no support for his motion. A few friends were willing to stand by him, but the opposition senators stood out in unbroken front against it, reinforced largely by the friends of the administration: but it is in vain to attribute the whole opposition to the measure merely to the mistaken opinions of friends, and the resentful policy of foes. There was another cause operating to the same effect; and the truth of history requires it to be told. There were many members of Congress engaged in these land speculations, upon loans of bank paper; and who were unwilling to see a sudden termination of so profitable a game. The rejection of the bill it was thought would be sufficient; and on the news of it the speculation redoubled its activity. But there was a remedy in reserve for the cure of the evil which they had not foreseen, and which was applied the moment that Congress was gone. Jackson was still President! and he had the nerve which the occasion required. He saw the public lands fleeting away—saw that Congress would not interfere—and knew the majority of his cabinet to be against his interference. He did as he had often done in councils of war—called the council together to hear a decision. He summoned his cabinet—laid the case before them—heard the majority of adverse opinions:—and directed the order to issue. His private Secretary, Mr. Donelson, was directed to prepare a draught of the order. The author of this View was all the while in the office of this private Secretary. Mr. Donelson came to him, with the President's decision, and requested him to draw up the order. It was done—the rough draught carried back to the council—put into official form—signed—issued. It was a second edition of the removal of the deposits scene, and made an immense sensation. The disappointed speculators raged. Congress was considered insulted, the cabinet defied, the banks disgraced. But the vindication of the measure soon came, in the discovery of the fact, that some tens of millions of this bank paper was on its way to the land-offices to be changed into land—when overtaken by this fatal "Specie Circular," and turned back to the sources from which it came.
CHAPTER CXLVII.
DEATH OF MR. MADISON, FOURTH PRESIDENT OF THE UNITED STATES.
He died in the last year of the second term of the presidency of General Jackson, at the advanced age of eighty-six, his mind clear and active to the last, and greatly occupied with solicitous concern for the safety of the Union which he had contributed so much to establish. He was a patriot from the beginning. "When the first blood was shed in the streets of Boston, he was a student in the process of his education at Princeton College, where the next year, he received the degree of Bachelor of Arts. He was even then so highly distinguished by the power of application and the rapidity of progress, that he performed all the exercises of the two senior collegiate years in one—while at the same time his deportment was so exemplary, that Dr. Witherspoon, then at the head of the college, and afterwards himself one of the most eminent patriots and sages of our revolution, always delighted in bearing testimony to the excellency of his character at that early stage of his career; and said to Thomas Jefferson long afterwards, when they were all colleagues in the revolutionary Congress, that in the whole career of Mr. Madison at Princeton, he had never known him say, or do, an indiscreet thing." So wrote Mr. John Quincy Adams in his discourse upon the "Life of James Madison," written at the request of the two Houses of Congress: and in this germ of manhood is to be seen all the qualities of head and heart which mature age, and great events, so fully developed, and which so nobly went into the formation of national character while constituting his own: the same quick intellect, the same laborious application, the same purity of morals, the same decorum of deportment. He had a rare combination of talent—a speaker, a writer, a counsellor. In these qualities of the mind he classed with General Hamilton; and was, perhaps, the only eminent public man of his day who so classed, and so equally contended in three of the fields of intellectual action. Mr. Jefferson was accustomed to say he was the only man that could answer Hamilton. Perspicuity, precision, closeness of reasoning, and strict adherence to the unity of his subject, were the characteristics of his style; and his speeches in Congress, and his dispatches from the State Department, may be equally studied as models of style, diplomatic and parliamentary as sources of information, as examples of integrity in conducting public questions: and as illustrations of the amenity with which the most earnest debate, and the most critical correspondence, can be conducted by good sense, good taste, and good temper. Mr. Madison was one of the great founders of our present united federal government, equally efficient in the working convention which framed the constitution and the written labors which secured its adoption. Co-laborer with General Hamilton in the convention and in the Federalist—both members of the old Congress and of the convention at the same time, and working together in both bodies for the attainment of the same end, until the division of parties in Washington's time began to estrange old friends, and to array against each other former cordial political co-laborers. As the first writer of one party, General Hamilton wrote some leading papers, which, as the first writer of the other party, Mr. Madison was called upon to answer: but without forgetting on the part of either their previous relations, their decorum of character, and their mutual respect for each other. Nothing that either said could give an unpleasant personal feeling to the other; and, though writing under borrowed names, their productions were equally known to each other and the public; for none but themselves could imitate themselves. Purity, modesty, decorum—a moderation, temperance, and virtue in everything—were the characteristics of Mr. Madison's life and manners; and it is grateful to look back upon such elevation and beauty of personal character in the illustrious and venerated founders of our Republic, leaving such virtuous private characters to be admired, as well as such great works to be preserved. The offer of this tribute to the memory of one of the purest of public men is the more gratefully rendered, private reasons mixing with considerations of public duty. Mr. Madison is the only President from whom he ever asked a favor, and who granted immediately all that was asked—a lieutenant-colonelcy in the army of the United States in the late war with Great Britain.