Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-03

Would the operations of the government,
or Of the commercial world, be facilita-
ted Would confidence between man
and man be promoted? Would the facil-
ity to stand shock, in the event of a
war in Europe for instance, be given to
the local Banksi
These questions, and others of an an
Ialogous character, need not be disc usse
by the undersig gned; for his predecessor,
on all accounts so much more compete Mt
to advise the President than he is, has
placed this part Of the subject, especial
ly, in IA point Of view that cannot, he re-
spectlully thinks, be overlooked by a
Chief Magistrate, so anxious as the Pre-
sident has proved himself to be, to pro-
tect the mass OF the community from EN-.
barrassnent. From want of experience
or information, the undersigned may no,
anticipate evil so extensive as that ap.
pretended by his predecessor but his
iears are still SO strong, that he is quite
unwilling to be the one who is to put the
match to train, the end OF which he
has not the sagacity to discern.
Even II he doubted whether the Uni.
ted Siatss Bank could meet every de-
mand VI Government as made upon it,
he would hesitate, whether it would not
be his duty to forbear, rather than to in
crease the evil, by abridging the power
oil The Ban. To surmount its difficulties
SO that, in the absence of all doubt of the
kind, the undersigned would be at loss
for al excuse, were he to produce, by
an act on his part, the very mischief tha,
is apprehended. Credit, like female
fame, is Of such peculiar nature, tha,
its blossoms may be blighted even by
the breath Of inquiry. What then, might
not be the consequence Of the blast oi
Indignation Of Government, against an
agent in whose interest j: was itself sc
deeply concerned /? Much more trivial
changes than that proposed by the Pre-
s'dent, have produced great commercial
convulsions. Such measure as is urg-
ed would be regarded by the Bank SC
decidedly hostile, as to afford it an ex-
cuse to shake the fabric of credit, for the
purpose Of throwing odium on the Co.
vernment, and producing persuasion,
that, in the extension of the charter
would be found the only remedy for the
mischief. That it would not hesitate to
do so, the President believes-that i,
ought not to have an excuse for doing
so, the undersigned is certain.
Ii is, indeed, me ntioned, in the letter
Of the President, that the United States
Bank will not be able to effect any such
purpose. But the undersign ned is not
satisfied, that an institution with so large
capital, with branches at so many i'm
portant points, acting with one accord,
and for single end, with specie equal
to half its circulation, has it not in its
power to affect the operations of local
banks, with specie equal to about sixth
Of their circulation only. Ifthe Bank is
really so harmless as this part of the
Presidents letter supposes, then the a
larm that the undersigned has at all times
entertained, at the existence of such a
power, is unlounded, and one ofthe most
serious objections to the renewal of the
charter is obviated. But the undersign-
ed is not able to arrive at such con-
clusion; he is convinced, that it is in the
power of the United States Bank, so or.
ganized and SO secured, grievously to
affect the local banks, and the commu.
nifty; the undersigned thinks that the tri,
al ought not 10 be made.
Beyond doubt, the power of the Uni
ted States Bank to control the loca
banks, and through them, masses Of tho
people, and, through those masses, som,
Of the constituted authorities Ofthe coun
try, is Of such character and tendency
as 10 excite alarm. But the very exis
.ence Of such power teaches extrem,
caution; such an adversary should gaiI
NO advantage from an abortive expert
Ment to limit its influence.
/ The struggle to be made is not to Sc,
which can do the other the most harm
the Government or the Bank. The Go
vernmeRt has but one duty to execute, t,
inform the people and their representa-
tives Of the apprehended danger. 1t i
not called upoa to MAIN the Bank, les
the Bank should master the country
Ia any attempt to MAIN, the agents Q
the Bank would be those most likely (
escape; the wound would be felt in tn
cottage of the farmer, rather than in tn
palace Of the banker.
\ On the other hand, if the suggesto
Of the President is sound, that the Uni
ted States Bank dare not operate op
pressively, because the State Banks, ha
wing Government deposites, might ru
upon the branches, then there is chez
at all times in the hands of the Govern
ment; and the Bank, during its legal ex
istence, will be careful not to do or ON
what might warrant total removal Q