Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-03

see, that, however selfish the u. States
Bank may be, the local banks have no
more extended principles Of action'-|
Will not the anxiety to make money, the
ignorance or the imprudence Of particu-
lariy remote local banks, tempt them so
to extend their loans, aud trade upon the
public money, that when that money
shall be called for, they may either fail
to pay it, or ruin their debtors by de-
manding its return : Upon whom would
reproach, in such events, be cast Not
on the banks, but on the Secretary Of
the Treasury, as an oppressive, perhaps
a party, measure. 1t is manifest that
the welfare of the people demands, that,
instead OF being a partner Of either, they
should be independent Of both U. States
and local banks.
that the United States Bank Charter
would not be extended, would he advise
q change Of the depository Of the public
money Would he urge the uDdersi gn-
ed to execute articles Of co-Pastnership
between the good people Of the United
States and divers banking companies,
that may be very well conducted, but
whose solvency materially depends on
the solvency Of each other, and the SOL
vency Of the whole upon events beyon
the control of any or of all As the cor
porators, who have so long enjoyed a
profitable part of the sovereign power,
who have had the opportunity to amass
fortune, and who have not been free
from abuses TO which monopOlies are IL
able, are soon to cease in their opera
tions, does it not become the duty of the
representatives of the people, whose
lives, Liberties, and happiness, are more
or less affected by those institutions, to
consider whether, the fiscal operations Of
the Government. may not be conducted
without such agency? Could the inquiry
be made at more propitious time Is
it wise to make en,angIing alliances Ell
ther with an institution not authorized by
the constitution Of the United States, or
with loose corporations, which interfere
with, derange, depreciate, and Danish
the only currency known to the constitu-
ton, that Of gold and silver! Is it not in
consistent with the dignity of the Co
vernment, to be obliged to giant favors
or exclusive privileges to particular de-
scriptions Of persons, that would not be
otherwise granted, merely to secure a
free and safe receipt and disbursement Of
the public income and expenditure Is
it consistent with the public spirit and in
telligence Of the representatives Of the
people to suppose, that they cannot de-
wise method to escape such thraldom
But, if, in the wisdom Of Congress, no
such mode can be found, as will enable
the Government to conduct its fiscal op-
erations without the aid Of a bank, then
it is respectfully suggested, whether some
constitutional provision should not be
made, to ensure all the good, with as lit
tie as possible Of the evil, Of bank.
Although the undersigned limits the
inquiry TO the mere wants Of the Govern
ment, it is not because he thinks this the
only question worthy Of consideration
On the contrary, an inquiry into the state
Of the entire currency, il not now de-
manded, must soon be required. But it
is not to the agents Of Banks, that resort
may be safely had, in inquiries Of this
nature; good and useful as those agents
may be, and no doubt are, in all the pri-
vate relations of life, they are not so free
from bias, as voluntarily 10 develope the
nature and results of their own opera
tions; the laboratory Of the people is pre-
ferable, their representatives the mani
pulators.
The inquiry that must at last be made,
and for which preparation may be neces-
sary, is not, which of two descriptions OF
monopolies, ali,e at variance with the
sovereign attributes Of the United States
and the general good of the people. i
the least pernicious, but how their abas-
es, and the conse quences Of those abus-
es may be gradually y corrected and avert.
ed. Such a scrutiny would be worthy
Of the wisdom Of Congress it might be
so conducted as not to affect injuriously
by its results, any interests; and an op.
portunity might be presented to the Un
ion and the States gradually to limit o
remove institutions, which, whilst they
have some uses, are yet SO partial ir
their operations, and too liable to be ger
verted, as to affect seriously the morals
to impair the earnings, and endanger The
liberties Of the people.
Those institutions ale now so power
ful, and have such a commo interest
men in companies are SO prone to d.
what, as individuals, they would scarce
ly think of-that any change affecting
them will be stoutly resisted. Can the
be resisted a. oil, If their power shal
have no check ere long Or is the evi
only to be remedied by one ofthose cen
vulsions in which, as IN war, the ruin Us