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 Tennessee, 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

as any other person; and often, when any pressing emergency seemed to him to require it, contented himself with only from two to four hours of rest and sleep in twenty-four. With his retentive memory, and such persevering industry, he was seldom found wanting in complete preparation to meet and discuss any question that arose. After making an off-hand speech, he has been known to report it himself verbatim, without changing a word in his manuscript. His great devotion to business was often mistaken for coldness or haughty reserve. He never stooped to petty expedients to carry a point. He deemed his publicly-expressed reasons as quite sufficient to satisfy the minds of others why he acted. He often moved measures alone when others would not or dared not follow, and time usually proved him to be right.

When he believed himself right he did not hesitate to move, even alone, as in the case of his first attack on the Bank of the United States. This proves, that he was far more devoted to principle than to expediency and policy. He seldom quoted the authority of names, relying more upon reasoning and illustrations from history. He was remarkable for self-possession, and the fearlessness with which he spoke and voted. He was a fast friend and a vigorous opponent, whom few wished to encounter. He was no friend of needless forms and ceremonies, but always adhered to such etiquette as he believed necessary to support the dignity of his senatorial position. As members of the Cabinet could not become such without the consent of the Senate, and as foreign ministers did not rank above them, he never made the first call upon either, except when business demanded it.

No Senator was ever more familiar with our public affairs, or was more felt in their discussion. He did not sustain President Adams during his administration, but he gave General Jackson, Mr. Van Buren, and Mr. Polk most hearty support. He headed those who resisted the efforts of the Bank of the United States to obtain a recharter, and defended with irresistible force General Jackson's vetoes, removal of the deposits, and Specie Circular. He united cordially with Silas Wright in his efforts to establish our Treasury upon a solid basis, and to divorce the State from banks, as recommended by Mr. Van Buren. He resisted both the first