The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1809-11-15
From the .AvRoRA.
INFLUENCE OF BRITAIN. !.
No. TX.

The mfatuation Of the /" fret families" and {
the influence Of Yorkshire, Manchester and
birmingham runners, and London counter
boys, and warehouse nobility upon American
manners, was noticed in the proceeding num-
bcr We shall now'notice the effect of Bri-
tish interference in our monicd Institutions,
upon our domestick habits, our social inter-
course, our industry, and our elections.
Notwithstanding the immense amount of
British capital and British credit which were
operating in the United States commercial
speculation was pushed to suoir an extreme,
that additional aid became necessary to Keep )
1t IN motion. A short experience discovered
that the hope Of gain had prompted our Dri-
tish dry goods and hardware merchants, TO
increase their importations far beyond the ac-
tual consumption of the country, and the
same spirit in great measure actuating the ?
country dealers, they also were induced to
purchase too largely ;--thc consequence was,
that the goods remained on them shelves, and },
that they were unable to pay our city store-T
keepers, who in their turn became dcfaailters
in their payments to their British creditors.
"A Iancjo66ing malady infected the coun-
try at the same time that the nefarinrs specu-
lation was begun on the old soldiers: claims
it had been long raging Ia the United States,
and few persons of any credit or property had
escaped the influence of this mental epidemic.
This disease, however,, reached crisis in
which the most extraordinary xicissitudes OF
fortune and folly were exhibited the bent
which the publick sentiment had taken to-
wards foreign commerce., operated in some
measure as cure on the land speculation
disease.-Land certificates, which alnnosu
without examination had passed in payment
like bank notes, became useless, ard forced
the holders to find money to meet there en-
gagements.--Our shipping merchants too, in
consequence Of the great voyages that had
been made, were tempted to. carry there cx->
peditions to such an impru(lent extent, that
many of them found it difficult If rot imprac-
ticable, to make their payments as they be-
came due. 49,, - {, s,.'s.,. sr3
So great indeed was the extremity to which
vast number of persons were reduced, that
it. produced anew disease in society, new ri.
ces, new depravity, in a generation Of usurers
which continue to prey upon society SO
great was the need Of the merchants, ths-
they very currently paid the usurcrs =. ,b.
rate Of two and half per cent. fets n,orfh in
tercst for the loan of money, and n some
cases fre FER cent. fer aicpsh. and even q
higher rate has been giver
In these circumstar.css. the er~
multiplication OF t,anking and ,..rrsne. E ;n'
stitutions was 'rcsortcd to e.. rs,;.s s..
nc "s" ssn. rev out OF .nesc new causes and
s"' ~ p..olick contir...scs now to be meaaecd with
"a excess OF tl,csc evils, since the legislatures
have cstel.shed "A kind of trsflick for bank
chartcss. 80,
dowevcr unsuspicious the American peo-
plc may have been ct the commencement, of
any improper influence arising from the es-
tabiishncnt of those instisutions--it has since
been positively and vehcmcntIy asserted, that
BrifisA Lgfuenee has rsigned pars,nount---
more particularly in the 6unks, and that that
influence hss been exerted with most power.
full effect, in debaucldns the politieks Of our