condition. He had seen the Government deposits, in the State banks, loaned and loaned over again in aid of speculations in the public lands; so that instead of selling from two to four millions in a year, in a little over one year the sales had risen to nearly forty millions. It was also known that the Bank of England had declined to discount for American houses in London, who relied upon these State banks for reimbursement, and that their drafts were returned protested. It was clear that the State bank system could not be relied upon, and could not be rendered safe and efficient by legislation. Advising with men like Silas Wright, Levi Woodbury, and John Forsyth, his own views were strengthened, and he determined to recommend a complete divorce of the Government from all banks, and the establishment of additional Treasury offices for keeping and disbursing the public money. He was of opinion that, while one set of officers were generally safely intrusted to collect our revenues, another, under suitable guards and restrictions, and provided with proper means, might be relied upon for keeping and paying out on the Secretary's warrants. We then had only a treasurer, who really kept and handled very little money, it remaining in banks. This recommendation contemplated assistants at points where large amounts were collected. This system, when eventually passed, was called the "Sub-Treasury." On the meeting of Congress, Mr. Van Buren communicated his views in one of the clearest and ablest messages ever sent to that body. As he expected and had foretold, his recommendation brought down upon him the combined friends of the national and State banks, which, for the time being, threw him and his party in the minority. When he had determined upon this recommendation, he informed Benjamin F. Butler, Francis P. Blair, and others, that it would probably be the means of his political destruction, but that it was necessary and right, and would eventually receive the strong, decided, and lasting approval of the nation, and that he preferred hazarding his own position to resorting to temporary expedients, which must end in disappointment and loss; and that he should cheerfully take upon himself all the hazards that doing right might subject him to. His predictions proved true. Act passed was one to post

At the extra session, the first

pone the making the fourth and last deposit with the States; and the second to borrow ten millions of dollars, and, if not obtained, to issue Treasury notes, in order to carry on the Government. As it was provided that this loan should not be sold below par, our agents sent abroad to negotiate it, returned without selling any part of it, and the Government was compelled to resort to Treasury notes to meet its necessary expenses. Such were the fruits

of unwise, ill-advised, anti-democratic measures, by which the Government lost literally millions, the people were subjected to heavy losses and trying evils, and the Democratic party for the time defeated. Distribution had its origin with the enemies of Mr. Van Buren, who sought to organize a third party, which should hold the balance of power in Congress by the management of the public money—or rather giving it away—so as to make that party a favorite. It was intended to divide the Democratic party, then strong and powerful, and to bring such men as William C. Rives, Nathaniel P. Tallmadge, Hugh L. White, and others prominently before the public for the succession, to the exclusion of Colonel Benton and Silas Wright. They more than accomplished their work. They not only temporarily divided and in that way defeated the Democratic party, but they prostrated themselves, and never rose again. The Whigs, from policy, aided in the division and overthrow of the Democratic party, hoping to prevent Mr. Van Buren's reëlection, and expecting to secure a President from their own party. In this they were not disappointed. Their President, Harrison, only lived a month, and their Vice-President, Tyler, proved more fatal to their party than distribution, and bank failures, and combinations did to Mr. Van Buren and the Democratic party. Of the sub-Treasury growing out of this disastrous policy, we shall hereafter speak.

74.-THE SPECIE CIRCULAR.

Prior to the adjournment of Congress on the 4th of July, 1836, a movement was made by Colonel Benton to test the feeling of Congress on the subject of refusing the receipt of bankpaper for public lands, and he became satisfied that no action unfavorable to its receipt could be expected from that body. After

the adjournment and before the next session, General Jackson became satisfied that the public lands were being converted into worthless paper at the rate of several millions per month, as well as saddling upon the West non-resident land-owners, who would not improve the lands, but would withdraw the consideration when sold, which was expected to be several times Government price. The first would injure the Treasury, and the last injure the settlement and prosperity of the West. Nor would these distant land speculations be likely to prove ultimately beneficial to Eastern and Northern people engaged in them. Their sales were not probable until a far-distant day, and the profits largely absorbed in paying interest on money borrowed to make them, in taxes, agents' fees, and journeys to look after such lands. The mania for these speculations was wide-spread, and was rife everywhere, even in Congress. Makers and indorsers of notes, to large amounts, often were found with nothing but political capital. Political opponents indorsed for each other, so that neither party would have an object in exposing operations and partisans. A Government depository at Washington had exhausted its deposits, dividing them about equally between partisans. General Jackson consulted freely, but found a majority of his Cabinet opposed to taking any measures tending to eradicate and prevent these evils. Congress, in 1816, had passed a joint resolution requiring the Secretary of the Treasury to adopt such measures as he deemed proper, to cause our revenues to be paid in legal currency, notes of the Bank of the United States, or specie-paying State banks. It was fair to say that this resolution authorized, if it did not require, the Secretary to exclude, in the collection of the revenue, all bank-notes that were not readily convertible into specie. General Jackson, on the meeting of his Cabinet, instead of further advising, announced his determination to issue a circular, under this resolution, requiring specie in all cases of sale of the public lands. It was drawn up by Colonel Benton, then sitting in an adjoining room, engrossed by the President's secretary, and signed by the Secretary of the Treasury. This Specie Circular being sent to all the land-offices, prevented further throwing away the public lands. Its issue was one of the President's most firm and

useful acts, and saved the nation millions, and put an end to illtimed speculations in the public lands.

Of course the act was denounced by both the banks and speculators, and a variety of severe epithets were applied to the President. But he remained unmoved. He had performed his duty, and was indifferent to consequences. No act of his life shows General Jackson to better advantage. He was in very bad health and was soon to retire from office, and it was natural that he should seek peace and quiet, and to be on agreeable terms with those he was about to leave. He would leave a friend in the Executive chair who would respect his advice and wishes. But in this matter omission and delay were treason to the interest of the people. No consideration could induce him to postpone or avoid duty. He made the order, and saved in the value of our public lands nearly the amount of a year's expenses of the Government. The few sought to profit by the continued use of a worthless paper currency. In behalf of the many he stepped in and prevented it. His action was intended to secure the rights of all and not the favored ones, and he prevented the better parts of the West from becoming the property of non-resident landholders, which is a curse to any country. In this measure he stood upon democratic ground, and the Democracy fully sustained him, while the anti-Democrats, who always demand and expect to enjoy greater privileges than the masses, condemned with the greatest possible bitterness. At the next session his enemies in the Senate and House opened a furious war upon him. But it all ended in loud and hard words; and soon after the 4th of March he parted with his ardent friends and admirers at Washington and returned to his beloved Hermitage. The last time the writer saw him, he was sent for to his room. His venerable form lay prostrate on a couch. Opposite his head and in front was a small light-stand, on which lay a well-worn Bible and Psalmbook which had belonged to his beloved Rachel, and leaning against them was a miniature of her, upon which he gazed when alone. A more striking exhibition of devotion to the memory of a departed wife cannot be found on record. They now sleep in the same tomb at the Hermitage.

75.-THOMAS H. BENTON.

Colonel Benton made his mark in American history, and his name is widely known to the world. Though some, who did not know him well, charged him with being dogmatical, no one has ever had the hardihood to accuse him of dishonesty or suggested that his motives were selfish. He labored hard in his investigations, formed opinions for himself, and maintained them with firmness and ability. They were honest opinions, and conscientiously and manfully defended, whoever might assail them. He was born in North Carolina in 1782, and died at Washington in 1858. His education was originally imperfect, but liberally supplied in after-years by his own exertions. His father dying when he was quite young, his mother removed to Tennessec, and occupied lands he had left his family. Here young Benton studied law, and commenced practice. While thus employed, he became one of General Jackson's staff in the militia, with the rank of colonel, which title he always retained. In the War of 1812 he served in a volunteer regiment under General Jackson, and when that was disbanded, President Madison commissioned him a lieutenantcolonel in the army, but, before reaching his regiment in Canada, peace rendered his services unnecessary and he resigned, and went to St. Louis to reside, where he devoted himself to his profession. He thoroughly identified himself with the interests of the West, and became their leading and most prominent advocate. He was elected a Senator in Congress by the Legislature of Missouri, but, owing to difficulties concerning her admission, he did not take his seat until 1821, after which he served continuously in the Senate for thirty years, until 1851, and subsequently two years in the House from the St. Louis district. After his retirement from Congress he devoted himself principally to the production and publication of two great works-"Thirty Years in the United States Senate," and an "Abridgment of the Debates in Congress." The latter he had hardly completed when he died.

Colonel Benton possessed a powerful frame, enjoyed excellent health, had a vigorous intellect, and a memory of wonderful tenacity and accuracy. He could endure as great an amount of labor