The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1834-12-10

i o,,r pana; tgens so far as it had the power, by d
ordering the dsontinuance OF the pubic dues aie '
first dav of Janry the executive has exened an It's
lawful authorityO sever the cohheAioh po'"o'h '' wv
eminent and thi iaithless corporation.
The high handed of this institution imposes up
on the constitutional functonanes OF the Government du
ties of the ga,tst and imperative character-dules
which they cannot avoid and from which trust there VIII
be no inclna,in the part of any OF them to shrink.
Nv own senseof them is most clear also my readi-
ness to discaee those which may rghtiuy fall me- 10
continue onv ness relations with the Bank of the I'm
ted States tit NAV be avoided without violation OF the
national fat-aer that institution has set at dehahce the
conceded right of the Government to examine Its AFFAIRS
after it has dne all in its power TO derde the pubic au-
torty in other respects and bring into dsrepue at
home and abroad-aer has ATTEMPTED to defeat the clear
~ expressed VIII of the people by turning against them the
immense pOwerinrusied to their hands, ana py ihVo'ng
country otherwise peaceful, fourshing and happy-in
dissenson embarrassment, and dlstresswould make the
nation itself degradation, seduously prepared Tor ITS
public agensand do much to destroy the confidence oil
mankind i'm popular governments to bring INTO contempt
their authority efciency.-in guarding against an
evil Of such magnitude considerations OF temporary con-
venence out OF the question: and we should
be influenced by such motives only look to the honor and
preservation of the republican system. Deeply and sol
cmnly impressed with the justice of these views, feel 1t
be my duty recommend to you, that law be passed
authorizing sale of the public stock that the provision
of the charter requiring the receipt OF notes OF the Bank
in payment of public dues SHALL accordance with the
power reserved Congress IN the lth section OF the char
ter, be suspended until the Bank pays the Treasury the
dividends withheld ;-and that all laws connecting the
Government its officers with the Bank, directly or IN
directly be repealed and that the institution be hereafter
left to It's own resources and means 9.
3, Events have satisfied my mind and think the minds
of the American People, that the mschcs and dangers
which flow from National Bank, far oyerbaiance all ITS
advantages. The bold effort the present Bank has made
to control the Government the dsresses has wanonly
Produced the violence of which has been the occasion
in of cities famed for its observance of law and
der are but premonitions of the fate which awaits the
American people should they be deuded into perpetual
ton of this institution, the establishment o another like
it, 1t is erveny hoped that thus admonshed those who
have heretofore favored the establishment OF substitute
for the present Bank, will be induced to abandon IT, as 1t
is evidently better incur any inconvenience, that may
be reasonably expected than concentrate the whole
moneycd power of the Republic in any form whatsoever
q or under any restrictions.
Happily it already illustrated that the agency of such
an institution is not necessary to the fiscal operations OF
: the GoycrnmenEhc States Banks are found fully ade
quate the performance of all services which were re-
qured of the Bank of the United Staes-que prompt
ly and with the chcapness. They have maintained
themselves, and discharged all these ducs,-whle the
Bank of the United States still more, powerful and III
the field open enemy and Is not possible to con-
cciye that they will find greater difficulties IN their opera
tions---when that enemy shall cease to exist
The attention of Congress is earnestly invited to the
regulation of the deposes in the States Banks by law.
ahongh the power exercised by the Executive De-
: parment this behalf, only such as uniformly eX-
erted through Administrations from the origin of the
II Government Np the present time yet is one which Is
susceptible of regulation by law, and therefore ought to
be so regulated The power of Congress direct what
places the Treasurer shall keep the moneys in the Trea
II sry, and impose restrictions upon the Executive au-
thorv in relation their custody and removal Is I'M
: limited and its exercise will rather be courted than dis
couraged by those public officers and agents on whom
rests the responsibility for their safety desirable that
little power possible should be left to the President
= or Secretary of The Treasury those mstltuons-
which, being thus freed from Executive influence and with
out common head direct their operations, would have
neither the temptation the ability to interfere in the
political conflicts of the country Not deriving their char
ters from the national authorizes, they would never have
those inducements meddle in general elections, which
= have led the Bank of the United States to agitae and
n convulse the country for upwards of two years
The progress of gold coinage credtable to the
officers the mint and promises III short period to FUR
d nish the country with sound and portable currency
which will much diminish the inconvenience to travellers
of the want of general paper currency should the State
l. banks be capable of furnishing Those institutions have
already shown themselves competent to purchase and fur
t nsh domestic exchange for the convenience o trade,
y reasonable rates. and doubt entertained that, III
re short period, a the of the country i'll bank
IN commodatons * exchange, will be supplied promptly
and cheap they have heretofore been by the Bank OF
the United States Ithc several States shall be induced
=, gradually reform their Banking systems and prohibit
J. the issue ofa small notes, SHALL in few years have
c currency sound and as lc liable 10 iuctuatons as
is any other commercial country.
The report ofhe Secretary of War, together with the
Is accompanying documents from the several bureaus OF
L that Department, Will exhibit the situation OF the various
c objects committed to Its administration.
No event has occurred since your last session rendering
necessary the movements of the army with the exception
the expedition of the regiment of Dragons into the
Il roy of the wandering and predatory tribes nhabting
the frontier, and living adjacent the Mexican