The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1834-02-12
PUBLIC MEETING IN NEWPORT.

]
By an advertisement, in the Newport
] Mercury Of Saturday last. the citizens Of
/ Newport met on Monday evening, at the
State House, TO consider the expediency Of
memorializlng Congress, on the subject of
the present state of the Money market. The
! Representative Chamber, and Gallery was
! filed TO cverfowing, by conside9ate and
attentive audience. Mr. Joshua Ssyer was
appointed Chairman of the meeting. The
subject was fully debated by number OF
gentlemen, particularly as to the present
pressure upon business in the town of New.
port. 1t was stated, and not denied, that no
distress existed in this town, sufficient to
cause any alarm-a scarcity of money was
| nevertheless experienced, in some degree,
arising however, more from the circumstance
of public excitement, which compelled the
Banks to withhold new discounts to enable
them tomeet the calls for specie, oc casioned
by the unnecessary alarm of those who hei
their blls than from any increased wants of
The Commercial part of our citizens. The
Banks in Newport, as well as the Merchants
and traders, have never been in the habit of
extending their business, so far beyond the ir
means, as those OF most other places. And
the former have, on this occasion, amply pro
Vided themselves with specie to meet any
calls that may be made on them, until the
public mind on the subject, becomes tran
quill, and confidence is fully restored. Some
resolutions were offered to the meeting, a
gainst the removal Of the deposites, and ~
favour Of their restoration, also in fivour of
re churteFng the Bank of the United States,
which proposals meeting with no cheering
Welcome, were withdrawn by the mover.
The meeting convened at an early hour in
the evening and continued till between nine
and ten o'clock--the best feelings pervaded
the assembly, the debates were void of acri.
mony-each seemed desireas of understand
idg the subject before they acted upon it,
They finally concluded, that it was safer not
to act at all, than to hazard hasty and per.
baps an injudicious opinion and the meeting
then adjourned without day.
The example set by the meeting, as above
if followed By the two houses of Congress. |
and by the country, at large, would, in our |
opinion, do more to restore ease 10 the Mer.
camille community, and all other classes of
Citizens, and branches of industry, than ulll
the power Of Legislation could effect. So
long as the cla,tcriDg of sword against
shield, in Congress, is heard ,hroushou ;he
nation, and each town, city, and village, is
drawn into the example, the public mind can
find no reposc, and while the public mind is
thus agita,ed confidence is suspended. IL
has similar effect to the prophecy in En-.
gland, which pretended to foretell the dc.
'truction Of the world on certain day -
previous to which day, the Bank of England
lad one ofthc greatest runs for specie, that
t ever experenced--but after the day was
passed, people began to wonder at their for
ner folly and excitement, and the specie
uddenly returned to the Bank to be cx.
hanged for bills We forgot to mention
roposition made TO the mcctin :, to recon-.
iend to Congress, speedy disposition of
he Bank question, or discontinuance of !
he contest in that body. The proposition I
'as well received by the meeting, but they {
oncluded to do nothing, and there fore it |
'as not acted upon. !
THE REV. E K.AVERY, 500.
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