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Updated: May 28, 2025
If you talked of hard-money, you were denounced as a Benton bullionist; if you talked of credit, you were called a Whig banker, plotting to devour the poor; and the calmest phrases of science were turned into the shibboleths of an internecine warfare. A better hour has come, and let us improve it to our mutual edification.
Lord Liverpool and Lord Castlereagh espoused this view, as we know, and it was opposed by the close reasoning of Huskisson, the powerful logic of Horner, and the practical sagacity and common sense of Alexander Baring, now Lord Ashburton. The study of those debates made me a bullionist.
Currency and banking are, at certain seasons, subjects of absorbing interest, and, for the last seventy years, the discussions over them have been numerous and voluminous almost beyond example, and yet we remember no case in which a bullionist called a paper-money man bad names, or in which a friend of free banking accused a restrictionist of defrauding the poor or defacing tombstones.
And now a word or two, Gentlemen, upon this hard-money scheme, and the fancies and the delusions to which it has given birth. Gentlemen, this is a subject of delicacy, and one which it is difficult to treat with sufficient caution, in a popular and occasional address like this. I profess to be a bullionist, in the usual and accepted sense of that word.
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