Nor was the tireless Missouri senator satisfied even yet; for he introduced a resolution asking leave to bring in a bill to tax the circulation of banks and bankers, and of all corporations, companies, or individuals, issuing paper currency. One object of the bill was to raise revenue; but even more he aimed at the regulation of the currency by the suppression of small notes; and for this end the tax was proposed to be made heaviest on notes under twenty dollars, and to be annually augmented until it had accomplished its object and they had been driven out of circulation. In advocating his measure he used, as was perhaps unavoidable, some arguments that savored strongly of demagogy; but on the whole he made a strong appeal, using as precedents for the law he wished to see enacted both the then existing banking laws in England and those that had obtained previously in the history of the United States.
Taken altogether, while the Jacksonians, during the period of Van Buren's presidency, rightly suffered for their previous financial misdeeds, yet so far as their actions at the time were concerned, they showed to greater advantage than the Whigs. Nor did they waver in their purpose even when the tide of popular feeling changed. The great financial measure of the administration, in which Benton was most interested, the independent treasury bill, he succeeded in getting through the Senate twice; the first time it was lost in the House of Representatives; but on the second occasion, towards the close of Van Buren's term, firmness and perseverance met their reward. The bill passed the Senate by an increased majority, scraped through the House after a bitter contest, and became a law. It developed the system known as that of the sub-Treasury, which has proved satisfactory to the present day.
It was during Van Buren's term that Biddle's great bank, so long the pivot on which turned the fortunes of political parties, finally tottered to its fall. It was ruined by unwise and reckless management; and Benton sang a pæan over its downfall, exulting in its fate as a justification of all that he had said and done. Yet there can be little doubt that its mismanagement became gross only after all connection with the national government had ceased; and its end, attributable to causes not originally existent or likely to exist, can hardly be rightly considered in passing judgment upon the actions of the Jacksonians in reference to it.