The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1811-02-13
NO.. X.

A man once said, if he could make the
8onSS oi nation, others might make their
iuV8." Let me make the Ia lvs Oi nation
and others may make their songs. / he laws
OF q nation nave an irresistible effect on hab-
It's and morals, and the most demoralzing
law, ever made by our Congress, was that
establishing the national bank.
In addition TO the evils before enumerated,
the United States bank has engcndered the
little banks, which have distressed every part
OF our country. The prospect OF gain CO.
operated with state jealousy towards this bank
To produce interpretations without measure
or reflection. Let this cease and the lil'le
banks will be sent to perdition, and thus Set
back TO their native country but ii this is 10
he continued, the little banks will increase in
number (and worthlessness il possibe) til
our churches shall become banning- houses,
our school houses brokers Offices, and III bor-
rowing and lending shall be our only means
OF arriving at nationa. greatness.
The business has already arrived at an a.
farming and ridiculous height. Lately in the
land OF steady habits, little bank, where on
iy 5 $4,000 could be admitted at the first de-
post, on u subscription for S 100 900, there
were actually subscribed Seven miiH1ns 400
hHndrcd m1uSsnG doLla'S, and eighteen han
dred thousand dollars were paid down as de-
post AT another bank, in the same State,
where only fifty thousand dollars could be adj
nltted, single individual deposited one HIN
drcd aRd .fHy thousand dollars.
Let not the reader imagine, that these de-
posts were OF eagles or dollars, or even of
bank bills. No, they where of that unmean-
in5 Kind OF paper, called hoStc-noteS,in which
the blanks are as easily filed with a million as
an hundred dollars The drawer gives his
note to bank in New ork for any sum. In
these banking days Of millions, sums arc un-
important. liz takes certificate from the
cashier, that he has deposited such sum- lie
then draws a post-note for the amount. The
receiver OF the deposit look at the receipt
and the post-notc, and finding all correct, the
business Is at an end. There was no money
in the case, No possibility of the post.no,e be-
in; presented no possibility of paying it if
presente& yet the Whole was fey/tctiy cor
rect banking transaction
1T "a men should meet to-day, and 4.
should give his note to u. for 10 coo dollars,
b. to {. for the same, and 50 on through the
alphabet, and finally Il. should give his note
to A. they would not increase or diminish
thClr aggregate wealth. AZ they should meet
tomorrow and burn ali the notes, they would
be as they were, and the country would not
be affected but il these notes should be dis
counted al the bank, they would assume the
appearance Of 100000 dollars, and would
give a credit to those men 10 double or treble
that amount. If so chests Of that necessary
Of iIc, lIyson Tea, were sold to a. ON his
note, and by him To b. on his note. and so oa
and the notes should be discounted, the so
chests would, by the aid Of bank reflectors,
appear TO he 200 chests.
In such fantastick forms We have aahcored
TO advance in wealth, and much of thi. has
been placed to the credit OF our snccess on
the ocean. Every new bank has thrown out
the shadows of wealth, So as to keep up the
farce. Young men, fascinated by the show,
have left the peaceful and moral habits of the
country, to make their .forishoons in the city
They were willing 10 risguc the pcstilcnce OF