The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-10-16

cause. 70 whose dicta. the Bank and its
sateiIitsI bow. nnd whose prophesyi,,gs
are received with nore reverence and
awe than were ever the oracles of old by
the heathen world, we propose 10 snke
= brief review pf the amrt ie III question
aud shali endeavsr To prove 10 the sn,is-
faction of our. READERS that in the alter
native forced BY the Bank on the Presi-
dent, he could with honor snd consisten-
cy have taken no other step than the
very one he did take.
AID in The first place. in order 10
shaks the confidence Of the people IN the
executive. the orator 10 loud in h;s
Remuneration of ruin and misery on every
mar WHO hns the misfortune. of b~ing u
debtor to the BaLk. Thirty million il
appears have been loaned. and are
spread over the almost houndless extent
Of the valley Of the Mississippi (; aud 20
get this m.ney again snugIy within their
vaults, is an operation. which Ia the d.
pinien uf Mr.. Webster cannot he rffeci-
ed without inficting, "a blow on the
community Of tremendous force and
frighituI consequences"
Now il we take into consideration
that ten Of these millions are discounted
on Bile of exchange for the redemption
Of whieh the drawers are bound Ia pro-
ly.de, a. the expirntio n of the credit, we
shall find that one third Of the amount
will probabl, he extinguished in the
course of the current hnIf year. Ia this
opinion we are confirmed by knowing
that the planters and Merchants draw
bill in anticipation of their crops reach
Ing the foreign ar domestic market.
Iwhicl, bills are made ~ sufficient time
10 enable them from the proceeds to
meet their engagements. 4.
4 Then there are twenty millions to he
provided for, or five millions per annum,
Iooking forward 10 he period ut which
the charter of The Bank will expire; aud
really this does not seem s" very ap
Ibalhng, when We consider the extrHt
aud fertility of the country and the
wealth and entcrprize of the people
Who are to pay it. Is Mr. Webster
sufficiently runversnnt with the statistics
or fhe West To inform us Of The am0unt
of h1nr. pork. whiskey, grain, Tobacco"
aud cotton drawn annually from its boz
som. and exported from the single port
of New Orleans Why the latter nrii-
.clr alone will this present season amount
to more than three hundred ,bonsand
hales which a, thirty dollars per bale IN
low -stimate) will reach the sum Of nine
millions of dollars; and the people Of a
couniry possessing such resources as
these, gre threatened with ''dIstress,
bankruptcy and ruin" (his very words)
when the pitifn sum, the trivial tax oil
t,csive shiHings on each poll would
sponge the debt Blu, his object is So
,hinIy yelled. that it is impossible TO mis-
take il, Mr.. Webster has coujured up
this I,iant0ln, this raw lead and bloody
bones (which whom stript Of its disguise
and viewed in the light Of reason would
no, startle the sariest tyro) TO frigl'cn
the bold Bnrkwoojsm~n into an aban-
donm~.t of the Hero who has led Them
to victory in war, and in these piping
times Of peace" 81 judiciousIy adapted
the means Of government tn its end that
every one r~poses securely under his
own vine. md ig tree with none 10 make
him afraid Again the advocate If the
Bank is terribly alarmed. because "when
the collection of this debt begins, nt the
same time the circulation Of the bills
viii begin also to be restrained and with
drawn" Now does il not seem in every
stage of our progression, thmt he has got
hold of tho wrong end of the argument,
aud tina, even his powers, transcendant
nc they have hcen termed. must in this
instance fail of making the "worse mp
pear the better cause I" IA Mr.. Web
s,er ignorant Of the fact that. money
like water soiI find us level! That Ther-