The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1811-02-06
.MISCELLfVY.
CONo DERAllONo,
ON TRE <PP6o<66IhC DISSOLUTION 81 SHk
UNIIED SI.IIE3 LINN;
INA SERIES OF NUMBERs.
BY JESSE ATWA1ER, ESQ Or NEW.HANbN.
NO. VII.


OF the charter, because the shares OF the y.
States were sold to MIR. Barring but before
MIR. Barring purchased, he opened the hist
vol. OF the laws, page 2S5, and there read,
that " the corporation by the name and suie
of the Presid,nt, Directors and Company of
me Bank of the United States, shall SO con-
tinue until the 4, day of March 1871"
In the sale OF shares, reference has uni.
tormly been made to the number oil Years.
which would intervene the days OF SAFE and
dissolution.
No, with more confidence 1.-The old world
look to The tuihlmenl of prophecy, than nave
the common people oi our county looked 10
the 4th Of March 1871. AS the day OF the
dissolution of the T.. States bank. To them
the government is solcnnly pledged, that on
hat day i, shall dissolve, and Congress has
no more right TO renew the charter, than 1t
has 10 promise IL per CT. to the holders oil
per cent stock.
On the +th Of March, charter, worth mill
lions, granted tor term OF years, VIII revert
"a the people ~ their indeieasible estate In
feesimpie.
rev are hardy enough at this day to pre-.
enc that the government is pledged to Jor-
eigners for "A renewal. IUo fhraa OF lbs arr
sunienl OH that score are tttn wholly al IN
end, and now let us weigh the Claims oi tho
otber third. 10 you the government has
given, IN consideration oi your abiiuy and
Willingness TO support the iuhdine sysie"t
your dividend st profits, Tor - years, IN
ml,lions oi circulating pape:. You have hsd
that amount III operation, over ana ABOVE tho
amount Of your capital. These bills. repre-
senting nothing but tue chance ot keeping
ou,, have yielded you aprohs without any ei-
fort Of skill or labour. The government has
borrowed Of you millions in bills issuing
from their own boun,y, and has paid you in-
trrest for them.
On your part you have indeed done works
Of supercrroga,ion you have supported tho
funding system, the British treaty, tie alicA
and sedition acts, the stamp ana iahd tax, The
new Judiciary, and many ether measuses- OF
the cid school, which the new schoot found
il necessary TO send to that land, whittier your
charter is Fastening. For these ertrd works
you must seek compensation IN the Ieflcction,
that you have done your uorsf towards sup
porting the indie pendence and advancing tho
Republican character OF your native country.
In your choice of Directors and in the dis"
position Of your fayours, you have drawn
line between political parties, which you VIII
permit Us to follow in every view oil thls SUP"
Ject.
IL is not contended, tha! the name OF /or-
,igner or /cderaHsf is to operate any aba'e-
ment of right, but right TO renewal has e,-
er been seriously contended for. he who!e
subject is then resolvsdinto question oi ex-
Jcdiency. Is it cxpedicnt to renew the chaf-
ter of the United States Bank We might
risuuc the decision OF this question on the
considc rations, which have been presented.
No. TX.
IN organizing bank you give to certain
individuals privileges d' med 10 the rest of
the comm unity. and il this you iol tie rest,
unles. they are to be privileged in some other
way, or to have their equivalent III the bene-
fits flowing from such Bank.
You give to barking company the privi-
egc OF making paper TO represent silver ana
gold. Ii they were TO lend no more, than
neir capital al 6 per cent the expense OF
their buildings and officers, and their losses
by bankruptcy, must be deducted from the
per cent and leave but a small dividend. In
the case Of great bank they lend all their
capital and several millions III bills, which do
not represent real wealth.
These bills represent in the hands OF the
borrower neither capital, skill or incusiry,but
merely the Willingness OF a friend to indorse
hi. paper" Money in spending tells how it
| is earn.," says poor Richard, hut bank loans
| furnish no regulator for the expenditure
they are employed in purchase Of lottery
tickets, land spscuia,ions, or any way which
| the whim Of the vacant borrower can contrive.
There was time in the Gothick days OF
our country, when men were, for certain
crimes, branded upon the forehead with hot
iron, till they could say " God save the king
three times. In latter days borrower from
the United States bank must say, God save
the King" to keep in favour but he could
only say it a few times, before he received
notice that his note-woul be due and must
ne pdd. Do you believe that Il II poor, sin
4 L.. IL.