Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1835-10-08

!, REFORM AND IT'S ENTIRE FAILURE
e SHAMEFUL DUPLICITY OF TIE AID
MlNISTRATiON.
New YORK, Sept. %, 1885.
1t has been demonstrated, in nv last letter
. that the pretended knowledge of the admins
tration, respecting the effect upon the money
market Of winding up the United States Bank
was the offspring Of ignorance, or was base
hypocricy, in relation to this subject. OF the
policy ofthe bank, again repeat, shall give
no opinion. In a few weeks, it will not have
existence as corporate body. Its concerns
are passing into other hands with rapidlty-
:, This, then, was the proper time to hold up to
scorn and dcrlSion. the pcttlfogging polite
ans at Washington, who pretended that they
I could improve the currency Of the country,
and who, by quackery and juggling, obtained
the confidence Of the people.
! But there are other views to be taken of
/ this question:; views which do not affect, in
any degree, the bank; but which are of vital
| Importance to the community. There are
pledges unrcdeemed. The allnrng prospects
held forth in 1894, by the Secretary of the
Treasury, are not realized, and he shrnks
from securing them, when they are within his
grasp.
a gross imposition upon credulous and CON
fding people) that the most positive assuran-
ces were given, that gold currency should
forthwith be substituted for bank notes, un-
der ten dollars, and that the United States
bank was assailed, for having issued bills so
small as fee dollars. This measure was to-
be adopted for the purpose of projecting the
laborlng classes of society, against the frauds
arising out of paper money, by the failure of
the institutions issuing it, as well as the coun-
terfeits, frequently passed off, upon the in
dustrious, but illi.erate man. The pets were
to aid in accomplishing this great and glori-
ous reform in our money system. Let me
give you few short extracts from the Secre-
tary's communication to Congress, as speci-
men of the contemplate game demagogue
can play, for the purpose of tickling the ears
of infatuated followers. Mr. Woodbury. says,
| THE strong disposition Of the public to use
the new coinage, has been observed ,rith
pleasure, and the liberal aid Of the deposite
| banks, in assisting to increase its circulation
has proved Uery useful, and deserves con.men-
daiion."
Il lie adds that such currency sis particu-
larly conducive TO the security Of the poor
and middling classes, who, as they own but
little in, and profit but little by banks, should
be subjected to us small risk as practicable by
their bills"
. Again. "The new coinage constitutes an
invaluable part of the present system for
gradually Withdrawing small notes, and sub
stituting gold and sitrer:"
"Thls dlsusc of small notes, in any country
where the paper system prevails, is well as
certnined to be the only easy mode ofretaining
nGM supply ofspecie." /
hn,1 ;,,a oil L.,
formly commenced with small bank notes."
The withdrawal Of the small notes will,
therefore not only relieve, IN some degree, all;
but in great degree the most exposed por-
ton of the community, from frauds and inju-
ries by counterfeit bills"
/ Such was the horrd language Of the ad-
ministration, at the removal Of the deposites
fom the bank and subsequently. Such the
expectations that were raised. Nor is this
all. The reform in The currency was to be
effected without the least excitement or con-
vulson in the community. The pets were to
aid But suppose they did not; what then?
For this contingency, the Secretary was pro-
vdcd with a remedy. General Jackson had
right to do with the public money what he
pleased; and to dcposite it where he pleased
He had proved to the satisfaction Of Mr.
Woodbury., that he would exercise this right,
and that he would not have "refractory"
member in his cabinet. He authorised the
Secretary of the Treasury to say, that he
would "reiuse to continue the use of any
banks, as public repositories, which, after one
year. shall issue any notes of n smaller de-
nomination than fre dollars; or after three or
four years of a smaller denomination than ten
dollars: and then, after those respective Pc
riods, not to receive in payment, Of any pub
lie dues, the notes Of any bank not conforming
IN its issues to The same regulations"
We'll, how much of this reform has been
accomplished? 1t is not only one but almost
ico yecrs, since certaian State banks were a.
dopied as pets. Have they ceased to issue
bills of n less denomination than fpe dollars?
Has the Secretary, officially made the demand
of them? Has he, IN his contracts with them,
made such stipulation? Or, have they retus-
cd 10 enter into such contract Or, what is
far more probable, as the whole scheme was
intended as fraud upon the people, has the
suggestion been permitted to sleep apparent
ly, the sleep of death, TO be only resusctated
at some future session Of Congress, aud then
thrown out as ga tub to the whale?" IL Is
icarlessly asserted, that no such arrangement,
in regard to small notes, has been made with
the deposite banks, although il was IN the
power and control of the Secretary to have
made it. Why was it not made? Because the
Albany Regency, the organ of Mr. Van Bu-
rem, were privately opposed to It, as 1t was
calculated to operate injuriously upon the
stocks, held by them. 1t Is not necessary Tor
me to express an opinion, as to the proprety
or improperly OF adopting such u measurc.-'
Nv Object has been, and still is, to lay bare
to public gaze, ,he shameless and unprnci.
pie duplc,y of the administration. Have |
not done it? i
There is another branch Of this subject, Of
lao, ;,,o,ost to tho conmunity which h merits ,