The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-10-18
Correspondence Of the Boston Daily Adv
New YoRK, Der. I2, 1897.


The triumphant psssage Of the Treasury
Note bill, by ii majority of 30 in the House,
will have decided effect in restoring con-
fidence. 1t has been received with eyiden,
satisfaction by business men, and even warm
wings freely admit that it will furnish great
facilities for remutances from the West, and
bring down foreign exchanges. Its effect
in reducing the premium on specie, and for
eIgn bills, has been immediate here. Here
are ten millions of currency equal to spe-
Gle, and current all over the United States
and Europe, TO be thrown into the market,
and this ten millions will perform the oper.
ations of twenty for one, that is 200 millions
in year. II this is not relief for the mer-
chants what would they have, short of the
grave proposal of Professor Hare that the
government ought to assume all the foreign
debts of American merchants If there
are means to pay, here is medium of, in
effect, two hundred millions to adjust bal
ances.-Let the people understand this and
they will see at once who it is that do not
want to relieve the country. The wings
grow on pauic aud distress, and their Rep
resentatiyes went TO Congress, The Extra
session determined to oppose every thing
and propose nothing. A bank, they said,
was the only medicine, yet they did not
propose a bank.-But that question was
tested, and the House, fresh from the peo-
pie, IN the full operation of all the panic
machinery of the day, have decided by thir-
ty majority which would have been forty,
had all been in ther seats, against n bank.
hta has tl,.I H.
and the people are against bank. Such
being the fact, if the wings were honest
would they not seek some other mode OF
relief! The friends Of the administration
bring forward the Treasury Note Bill the
very plan which MIR. Webster relied most
on IN 1916, to relieve the country and bring
about "A resumption of specie payments by
the banks. But the opposition oppose it,
with all their might, in the House, though
II passed the Senate with but 5 nays-and
instead of wanting ten millions as IA medi-
um of paper circulation, all they try for is
TO help the United States Bank to an en-
that MIR. Biddle may make half a million
by the sale of these bonds in Europe; a
sale which would not bring particle of re-
lief to the merchants, and would only bring
loss upon the government, for the bank to
pocket.
This is the true state of the case, and e.
ven the opposition will yet see it, that is,
those of them who can see any thing. A
commercial Representative is known to
have nvowcd that he opposed the Treasury
Notes, because the bill would help make
the administration popular This is whig
patriotism. They want to keep the mer-
chants in distress, in order to change the
government, and hence they opposed the
Treasury Note bill which went directly to
the relief of trade and commerce. Mr..
Fletcher Of Boston pronounced the bill un-
in the teeth of Mr.. Webster,
the great exponder! Why Because it
would bring relief Just so Christopher
Gore, in the United States Senate, in 1914,
declared the means Mr.. Madison took to
make peace, unconstitutional. He opposed
peace because it would relieve the country
before the federalists got into power