Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-07-24

when the Treasury had to pay away mo-
ney; and the public debt, and the expens-
es Of Government would be paid through
tho Bank, millions on millions Of dollars
without the peoples feeling ONT, and
this was about the way ont; the Bank
was well known in Europe, and every
body had confidence in it, and was rea-
dy to lend money at low interest when
ever il wanted il, so that when pinch
would come, all Squire Biddle had to do
was to draw money from the foreigners,
instead of making our own countrymen
pay up, and then pay it back by degrees,
leetle by leetle, ill he had whitfield it
down to the leetle eend Of nothn. The
pet banks can't do this, folks abroad
don't know EN-, and folks at home mother,
100 miles of.
Now let's see how things will work as
things are now fixed. The Treasury
must call on the pct banks for the peo-
ple's money, and over 90 millions Of dol
lars must be paid up right off; and the
pct banks must take it from our folks
who have borrowed it from EN-; and this
comes plagy tuf us times now are, and
no trade goin.
As soon as see this, l set right down
and rit to Squire Biddle about it, and |
tell'd him he must come right out and
loan money. He answered and tel'd
me he did not dare to do it, for Congress
and the Gineral, and all the folks of that
party, said the Bank Of the United States
must be wound up; and if the Bank now
in the face of that went to extendin its
loans, they would all say it was ony to
git friends, just as they did afore; that
the Gineral said the country was never
more prosperous than it now was; and
the ony way for the Bank to act for the
safety ofits stockholders, (and they were
numerous old folks, and young orfans,
and innocent foreigners, who had put
their money in that stock, was, TO wind
it up gradually, so that by the time its
charter run out, there wouldn't be such
an everlastin sum to pay by folks who
had been borrowin from the Banks.
Well, this was true enuf; and l see
exactly on which toe the shoe pinched,
and for spell l couldn't see how the
country could get relief. So arter a
while began to think about Congress,
and the Gineral and his folks. Consarn
it, thinks /, this Congress has ony got
one year more to sarve. This fall there
is to be new election, and the Ginral's
folks aint all Gre alton by tarnal sight;
and KNOWN as do, that this war agin
he Bank is party war, and folks ony
ryin to knock il down ust to git other
banks in the place ont, it seem'd plagy
hard that SO many people should suffer
just for party notions; and set down a.
gin and give the Squire another letter,
and tell'd him did rally believe if the
Bank of the United States,--instead
Of winding up, as the Gineral telPd
EN- to do, would let off, and 20 along re-
ieving the people as far as was in its
power, takin care at tho same time of its
stockholders, (for they had rights too,
and it was their money! did rally be-
ieve the good sense of the eople would
back the Bank; and when the time came
10 consider on new charter, the people
would look at it strait in tho face, and
not with party squint, and do it justice.
The Squire's answer to this was just
what expected. He said that the in
crest Of every Director and Stakeholder
IF the Bank was so blended and mixed
lp with the interests Of the country, that
I was one and the same thing, that no
,ank could prosper unless the people
and that if the Bank thought
he Gineral and his folks would not
make clatter & to-do about it, it would
% right to work, and lend out as much
f its money as the condition of the coun-
ry requires; that it could not do as much
IS it formerly could, on account Of the
emoval of the peoples money from it,
md on account Of some Of the pet banks
md party folks all the while pcken at it; =
or it was Just like war times, when YOU
must keep force at every place, to
,uard agin attack.
But if things would only be kept
eaceable and friendly, the Bank would
urn right to and give relief where it was
most wanted. was SO tickled wheE
ot this letter, and ] see day light so
lear ahead, that | sot right down and |
'rit to the Squire, and l tell'd him now
ays Squire, want you to tell all your
'lks all about the country, if they think
le present notions Of Congress are gom
} be the notions Of the next Congress-,
,ey are mistaken; and if they think the
eople are goin to have all the business
one by party folks, and on party princi-
e, that's another mistake. And ifthey
link the Gineral and his folks are all
reation, that's bigger mistake than
10 others.
So, says /, the safest course is to sarve
'e interest of the country and the peo-