Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-11

Iati0n Wnicn constitutes so great pOriion \
of the medium Of payment throughout that
whole region, is an noperation which how
ever wisely conducted, cannot but inliiott (
blow on the community of tremendous
force and lrightiul consequences. The
thing cannot be done without distress,
bankruptcy and ruin to many. If the
President had seen any practicable man
ner in which this change might be eficc-
ted, without producing these consequcn.
COS, he would have rendered infinite SER
vice to the community by pointing it out.
But he has pointed out nothing; he con-
tents himself with saying, without giving
any reason, that the pressure be heavy,
the fault will be the banks. l hope this
is not merely an attempt to forestall o.
pinion, and to throw OH the bank the re-
soonsibility of those evils which threaten
the country, for the sake Of removing it
| from himself.
/ The responsibility justly lies with him;
and there it ought to remain. A great
majority of the people are satisfied with
the bank as it is, and desIrous that 1t
should be continued. They wished no
change. The strength of this public sem
timent has carried the bill through Con-
/ gress, against all the influence Of the ad
ministraton, and all the power Of org an
| lied party. But the President has un-
! dertaken, on his own responsibility, to
arrest the measure, by refusing his assent
to the bill. He is answcrable for the
consequences, therefore, which necessa-
rily follow the change which the cxpira-
ton Of the bank charter may produce ::
and if these consequences shall prove
disastrous, they can fairly be ascribed to
his policy only, and to the policy of his
, administration.
:. Although, sir, have spoken Of the cf-
, fects of this rcto in the western country il
, has not been because l considered that
part of the United States exclusively al
iected by it.
:. Some of the Atlantic States may feel
: its consequences, perhaps, as sensibly as
i those of the west, thoue h not for the same
Q reasons. The concern manifested by
PENNSYLVANIA for the renewal ofthe char
i ter, shows her sense Of the importance ol
D the bank to her own interest, and that o.
t the nation. That great and enterprisine
! State has entered INTO an extensive sys
: TEN of internal improvements, which ne
f cessarly makes heavy demands OF he
i credit and her resources aud by TIT
s sound and acceptable currency which
y the bank affords, by the stability which
! gives to private credit, and by occaslon
IS al advances made in anticipation OF he
# revenues, and in aid Of her great obi ects
she has found herself bcnelitted, doubt
d less in no inconsidcrable degree. lie
l. Legislature has instructed her Senator
$ here to advocate the renewal OF the char
@ ter at this session; they have obcyed he
t. voice, and yet they have the misiortun
: to find that, in the judgment Of the Pres
d ident, the measure IS unconstitutional, an
l. necessary, dangerous TO liberty, and IS
;, moreorer, iH-hmed. But, MIR. president
N it is not the local interest Of the west, no
h the particular interest Of Pennsylvania
]. or any other State, which has influence
ut Congress in passing this bill.
,y 1t has been governed by wise fore
sc sight, and by desire to avoid cmbarass
st ment, in the pecuniary concerns OF til
It, country, to secure the sale collection an
in convenient transmission OF public moneys
he to maintain the circulation OF this coun
s. try sound anG safe as it now happily Is
~ against the possible effects of wild spl'
Of it of speculation. Finding the ban
I'd highly useful, Congress has thought mt
IS provide for its continuance.
ny As to the lime Of passing this bill,
to W ould seem to be the last thing to b
st, thought of, as ground of objection b
ry the President; since, from the date OF h
-, first message, to the present time, he n;
It's never failed TO call our attention to III
he subject with all possible apparent carr
rn estness. So early as December, 1895
he in his message to the two houses, he d'
of clares, that he "cannot in justice to III
e. parties interested, too soon present tt
| subject to the deliberate consideration
We the Legislature, in order to avoid the
its wills resulting from precipi,ancy, in me-
G. sure involving such important principle
ce and such deep pecuniary interests"
gh ware ofthis early invitation given to Co
lat gress, to take up the subject, by Il
. President himself, the writer Of the Inc
cir sage seems to vary the ground Of obje
Ii tion, and instead Of complaining that tl1
of time of bringing forward this measu
,r- was premature, to insist, rather, that Q
or ter the report OF the committee Of the OF
,e- or House, the bank should have wit
tie drawn its application for the present
At But that report offers no Just ground, sur
,ss ", for such withdrawal. The subje
III was before Congress; il was for Congre
In to decide upon it, with all the light sh'
\ hv Tho ronort. and tho otie stion of no.