Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-02-27
PUBLISHED WEEKLY.
POLITIC AL.
From the Boston Patriot Of 18th.
THE CRISIS.

We have already seen the manner in
which the Federal Executive has ac-
quired, and is still acquiring power: let
us now look for a moment at the manner
in which that power has been employed.
Six months ago, the condition of the
country was such, as gave promise Of
long and unbroken course of prosperity.
1t is true, that the vast moveme nts Of in
dustry and enterprise, had absorbed
much active capital, and thus created a
comparative scarcity; but there was no
extraordinary pressure, no distress; moth
ing, which would not probably have been
corrected in the natural order Of things,
without producing any serious conse-
quences. In general, our land present
ed a scene, on which the eye of the pa
triot and philanthropist might be fixed
with unmingled satisfaction. The arm
OF labor was every where employed, and
was every where receiving its reward;
commercial enterprise was gathering its
sure, but not extravagant gains; agricul-
tural industry was stimulated by quick
demand for its productions; there was an
almost unexampled call for every species
Of mechanical toll Within three months,
however, the darkness Of de ath has come
over all these brilliant prospects; it not
only shrouds the present, but casts its
gloomy, fatal shadow over the future; it
has destroyed not only our existing pros
perity, but has almost extinguished hope.
The wheels Of our factories. move Ian
guidly, or are still; the spirit of internal
improvement is struck with paralys sis; the
wages of labor are every where sinking
to that point, where they only redeem the
laborer from absolute starvation; and
commercial houses are falling round US,
rs if dashed to pieces by an earthquake.
Whence comes this portentous change
What is it, which has brought upon us
this accumulated mass of peril and dis
tress! The voices Of millions answer:
it comes from an unnecessary, wanton
and fatal exercise Of power on the par,
of the President of the United States.
Whoever considers the reasons, which
have been ssigned for the removal oi
the public funds from the Bank of the
United States, will be at no loss to per-
ceive why we pronounce that act equally
wanton and unnecessary. 1t was very
distinctly stated by the President in one
of his communications to Congress, thai
these funds were not safe in their place
of deposite. Had this been the fact, i
would have presented sufficient cause
for their removal; and the administration
papers, with the Washington Globe q
their head, set themselves forthwith t.
prove, that the Bank was on the very
verge Of insolvency. What was the re
suit? An Executive agent was imme.
diately appointed to enquire into its con
dition; and the report Of that agent shew
ed most distinctly and unequivocally tina
all these intimations and rumors ant
statements were destitute Of even tn
shadow of foundation. The House @
Representatives, by a very decisive ma
jority, resolved that the public deposite
were entirely secure in the Bank Of tn
United States. This ground Of attack
therefore, was SO completely done away
that so far from now declaring that th
Bank is insecure, the whole object ofth
administration papers is to prove, that
is running the country, by Withholding Il
vast resources from the relief of suflcI
ing community.
There is, therefore, no lorgsr any pre-
tencc Of the necessity of the removal
these funds, arising from the ins"lvenc
Of the Bank. When the act Of rcmov'
was resolved upon, IL became necessar
TO find some other shew Of justificat atioI
and the ingenuity Of the Secretary ol th