Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-03-27

uutc oi tue 'eue', \ie' "a" 'o"o ""S
rior to the first revelations al Washing
ton of the hard money scheme-quite pro- +.
phetic.
(From the Journal Des Dsbais Of Jan. 29.l
Gen. Jackson-a brave soldier-zea-
lous for the good OF his country, but
little impatient Of contradiction-has de-
clared y deadly war against the Bank;
and this war he presses vigorously with
stock and poiDt-as he did eighteen
years ago that against the English He
put his VETO upon the act Of the two
Houses Of Congress, renewing the char
ter Of the Bank. Not content with strik-
ing At it, in the future, he in September
last gave il an immediate blow, by with
drawing from it the Government Depo-
sites, which it received in virtue Of a
provision in its charter, aud by means of
which it was enabled largely to extend
its operations; for these deposites averag-.
ed ten millions Of dollars. The Bank
which had paid a million and half for
the privilege Of receiving these depo-
sites, loudly complained, and not with
out justice; for no one can deny that it is
the soundest institution in the u. States.
1t Immediately diminished its discounts,
first, because the withdrawal Of the de-
pOsites diminished its available funds,
aud also, because it alleges, (whether
right OF wrong,) being by the VETo Of
the President, cut off from the hope Of
renewal, it is prudent to prepare in ad-
vance for winding up. As all other
banks are obliged to regulate themselves
by this one, they too are compelled to
curtail their operations. Not only are
they afraid to extend their discounts in
proportion to the deposites they in lieu
Of the Bank of,he United States receive
from the government-because, Con-
gress now having the matter under dis
cussion, they are not sure Of being per-
mitted to retain these deposites--but
they actually diminish them, because Of
the state of rivalship and hostility, in
which, by the very TACT Of their being
chosen repositories, they are placed in
regard OF the Bank Of the United States,
and that with so powerful an adversary
they must necessarily be on their guard.
These sources Of credit then have been
suddenly dried up. But credit is the first
lcant Of the United Siaies-thew daily
bread. They only more onward by means
Of fcreda-they lire upon credit, and Il is
10 credit they o,ce their marvellous pro-
gress. Those populous cities that spring
up on erery side, as y by enchanimeni:
those rich States that one meets miih far
removed from the atlantic seaJoard, west
Of The .aiteghan;es, and along The banks of
the Ohio, and the Mississippi, Tould still
be untamed forests or mordsses-B FOR
CREDIT. The city nf New-York alone
has 90 banks; the annual average Of dis
counts is 100 millions Of dollars. In Pa
ris, where certainly many more opera
tions are carried on than in New Y ork
the amount Of discounts Of the Bank OF
France was, in 1881, 900 millions OF
francs; less than forty five millions of
dollars; in 1882, $50 millions Of francs
A shock given here to credit fit last
any time--is more TO be apprehended
than the most terrible earthquake.
The writer here enters into clear and
concise account Of the establishment Of
the first Bank of the United States, Of
the means by which the renewal Of its
charter was in 1911 defeated, viz:
"By an appeal then, as now, to the
farmers and mechanics, and parading be-
fore them the phantom Of that new aris.
tocracy, the worst Of all, the aristocracy
of money"
j He then traces the evils Of our derang
ed currency during the war, the multi.
plication Of paper issuing, but not Specie
paying, banks; the losses, bankrupt
and frauds consequent On such system
which a new bank Of the United States
was alone found able to remedy, bu
which left in the popular mind stronl
g. antipa,hy to the banking system gener
ally and to spectators. He then pro
ceeds as follows:
The antipathy Of the mass Of the pop
a ulation to banks has then some reason 70
e its existence; but it is not the less blin
and unjust They only look at the evil
and the abuses they shut their eyes
the good The extreme facility Of cred
o it which was the result Of the multiplied
e ty Of banks, and Of their loans, has bee
= Of advantage to every body, to the fa'
mers and mechanics as we'll as to th
great merchants. The banks have bee
u the Leper with which the Americans hav
Il ..so ska. (nr h
y advantage Of a single class, but for th
Q advantage Of all, the agriculture and il
q dustry Of Europe, roads without end, ca