The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1833-10-02

new charter. But what was the result
Has the country been ruincd,or even dig
tressed Was il ever more prosperous
than since that act The President
verify believes the Bank has not the
power to produce the cnlamiiies its
friends threaten. The funds of the Gov
ernment will not be annihlated by being
transferred They will Immediately be
issued for the bennett of trade, and if
the Bank of the United States curtalls
its loans, the State Banks, strengthened
by the public deposites, will extend
theirs.-What comes in through one
Bank, will go out through others, and
the equilibrium will be preserved. Should
the Bank, for the mere purpose of pro-
ducing distress, press its debtors more
heavily than some of them can hear, the
consequences will recoil upon itself, and
in the httemps to embarrass the conntry,
it will only bring loss and ruin upon the
holders of its own stock. But if the
President believed the Bank possessed
all the power which has been attributed
to it, his determination would only be
rendered the more infexible. If, indeed,
this corporation holds in its hands the
happiness and prosperity of the Ameri-
can people, it is high time to take the
alarm. If the despotism be already up
on us, and our only safety is in the NOR
cy of the despot, recent developments
in relating to his designs and the means
he employs, show how necessary it is to
shake it off. The struggle can never
come with less distress to the people. or
under more favorable auspices than at
the present moment.
All doubt as to the willingness of The
State Banks 10 undertake the service Of
the Government, TO the same extent,
and on the same terms, as il is now
performed by the Bank of the United
States, is put to rest by the, report of the
agent recently employed to collect
information; and from that willingness,
their own safety in the operation may
be confidently inferred. Knowing
their own resources better than they
can be known by others, it is not to be
supposed that they wovld be willing to
place themselves in SITUATION which
they cannot occupy without danger Of
annihilation or embarrassment. The
only consideration applies to the safety
ofthe public funds, if deposited in those
institutions. And when it is seen that
the directors. .ofmany ofihem are not only
willing to pledge the character and capi-
tai of the corporations in giving success
to this measure bat also their own pro-
perty and reputation, we cannot doubt
that they, at least, believe the public
der osits would be safe in their manage
nent.
The President thinks tlia, these facts
and circumstances afford as strong
guarantee as can be had in human
affairs for the safety Of the public
funds, and the practicabi!ity of new
system of collection and disbursement
through the agency of the State
Banks.
From all these considerations the
President thinks that the State Banks
ought Immediately to be employed in the
collection and disbursement of the pub
i,c revenue, and the funds nov in the
Bank of the United States drawn ou,
witt: ali convenient dispatclI. The safety
ofthe public moneys, if deposited in
the State Banks, must be secured be-
yond all reasonable doubts: but the
extent and nature o: the security, IN
addition to their capital, if any be
deemed necessary, is a subject of detail
to which the Treasury Department
will undoubtedly give its anxious atsen-
ton. The Banks to be employed must
remit the moneys of the Government
without charge, as the Bank of tie
United States now does; must render all
the services which that Bank now per-
forms; must keep the Government ad-
vised of their situation by periodical
returns; in fine, in any arrangement
with the State Banks, tho Government
must not, in any respect, DO placed on
a worse footing than it now is. The
President is happy to perceive by the
report of the agent, that the Banks
which he has consulted have, in general,
consented to perform the service on
these terms, and that :hose in New
York have further agreed to make pay
ments in London without other charge
than the mere cost Of tie bills Of ex-
change.
1t should also be enjoined upon any
Banks which may be employed, that it
will be expected of them to facilitate
domestic exchanges for the benefit of
internal commerce to grant oil reason
able facilities to the payers ofthe reven-
ue; to exercise the utmost liberality- to-
wards the other State Banks; and do
nothing uselessly to embarrass the
Bank Of the United States.
As one of the most serious1obiection TO