The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1811-01-09

A man borrows ten thousand dollars of the
u. States Bank OH his note due OH the st oil
Jan next A few days before that, he will
receive notice that his note will be due on the
LIST. and that payment mnsf be made on the
4th. Will he, as prudent man begin in
Dec. to prepare for that payment or will he
wait till the evening of the Sd Of January,and
then suddenly press the President, Directors
or Cashier, for monies due him, expecting to
compel postponement on his note like a
prudent man, he prepares in season, and ex-
poets, in crse Of non-payment, protest and
the ruin of his credit.
On the 25th Of February 1877, publick no.
ticc was given, that the last day of grace for
the United States bank would be the 4th of
March, 1917. Did not prudence demand
that for two years past the loans should have
been diminished and the debts gradually col
lccted Why this pressure at this late hour
Is it to con.het the stockholders of other banks
and the debtors of this bank TO demand OF
Congress a renewal of the charter IL the
pressure can be fairly traced to this motive,it
will produce an effect contrary TO the one in
tended. No human wisdom or cunning could
have contrived, SO as to persuade Republican
Congress to risque again the destinies OF their
country on corporation, independent of the
government : but the pressure, If deemed
unreasonable, may produce AN act of limita-
tion in favour Of the sufferers or comhel them
10 make one for themsefves.
A great capitalist lately declared, that he
would not have applied for renewal OF the
charter, but would have drawn specie from
the other banks, ill their discounts should
have been wholly stopped, and till Congress
should soicH the stockholders OF the u. D.
bank TO accept renewal Of their charter.
This is plain language from one we'll ac-
quainted with the secrets and history OF banks,
and perhaps is the very language, meant by
the present managers. The boon in view is
worth a struggle, and we will not call III qucs-
tion the policy of their measures but it may
be well to recollcct that with four hundred
thousand dollars of specie (only 25th part
OF their capilaD they were permitted to be-
gin business that Congress had given to
their bills the qualities of specie, SO far as
circulation was concerned In all subsequent
instalments, payment in their bills, or even
In notes Of stockholders, was equal to silver,
and gold for their purposes. This bank sup
plying paper substitute for specie, our dol
lars were exported for tea, silks and china,
and our Spanish and British gold went to pay
foreign stockholders their dividends, and to
pay British merchants eight millions sterling
annually, being the compact balance of trade
against us. in what has been called lucrative
But small quantity of specie was ever ac-
by the United States bank yet
this bank was more instrumental in driving
specie ont Of the country than all the other
banks. The enormous currency of bills is-
suing under the patronage of government,
from ten millions Of capital, reduced silver
and gold to the servile rank of small change.
The precious metals Will not stay where they
arc not wanted. It Is perhaps in the power
Of the United States bank to draw into their
possession the great portion of what yet re-
mains to us. II this be true, let not the fact
alarm us, but let us learn from it the danger
Of delegating such power.
The present is a momentous crisis in our
Affairs. 1t requires energy. The institution
,f national bank was hazardous expert.
ment. Tn. renewal of it will remove haz-
ard from Republicanism, as death removes
hahn from q hafient.
(To be Continued
III. ~. ana saG5~s,s