The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-10-18


Again: This Government receiyabiity
enables notes to stray from their known
orbit of circulation; to GO off into dstan.
parts, where they are unknown; to live
there awhile in the sun shine Of federal IA
vor, 10 circulate awhile on land office and
custom house credit; and, finally, Ia sink
as insolvents upon the hands of strangers.
Again: There must be selection of banks,
or universality of reception. If selection,
then fav"rltism, patronage, caprice-refu-
sal to-day, reception to- morrow-imposit-
ion on some, undue advantage to others
come into play. If reccivability is univer-
sal, then thousand banks now in existence,
ard thousands more to he created, all be-
come furnishcrs of federal currency aud
in Il few years the public lands are changed
into paper the custom house revenue be-
comes bale of paper--and this paper
worth as little as it would be if it was de-
composed, and restored to its original state
of lanpblack and rags.
Again: To take the promissory notes of
the banks Cor lands, customs, and postages,
Is to extend credit 10 the banks which is
denied to the community. The farmer is
required to pay ready money for the pub
lie lands but il the note Of the bank is re-
ceived, this is n credit to the bank-n
credit to n barren moneyed corporation
which IS denied to productive, mer-
itorious citizen. The snme Of postages
and the same is, in some degree, the
case Mt the custom-houses now, aud !
will be fully, when ready money payments
nre required there, as another bill before the |
Sennte now proposes.
Again: To make the banks repositories
of oar moneys, involves the use, or the pro-
hibition Of the use, of these moneys. If the
former, then the revenues are as much ieo-
parded as ever; if the latter, then the bank
has no benefit from the deposite
Again: To continue these banks rs de-
posilorles, is to create nm inieres,--a power
ful, ncliye, concentrated interest, in Con-
gress and out Of ofCongress--in favor Of high
taxes and low appropriations. The late
Bank of the United States was such nm in
terest during the whole time of its existence.
1t was the ally Of high Tariffs, and The
enemy Of appropriation bills. Its principle
of action was--faks from the people, and
!eaUe Dith u.s. and so it " i'll he with league
Of local depository banks. Their presidents.
and directors; their stockholders and nttor-
neys, with all their friends and debtors, will
be unit, to keep up taxes, and to keep
down appropriations. The Government
should not crente, for itself and for the pco- -
pie so formidable an antagonist.
The friends of the banks treat it rs their :.
rain. as grievous outrage and indigni,y, 6
for the Government Of the United States 10
refuse To take their notes, and to refuse to Z
use them rs repositories; yet this was their
H. L. IL. a Al.
istence of the Bank of the United States,
and yet they made no objection to it then.
This is strange but what is more so is,
that while struggling against the Govern
ment, they are, many of them, in favor of
rc-es,nblishing n national bank the frs,
net of which will be to strip them of Gov 1,
ern,nent depesites, and exclude the paper
from Government receivablliiy
Congress has sacred duty 10 perform, !,
in reforming the finances and the currency e
for the rum of both has resulted from feder-
nj legislation, and federal administration. h
The States, at the formation Of the Con- A.,
delivered solid currency--I will v
not say sound, for that word implies sub n
lect to unsoundness, to rotlenness, and to /,
death they delivered solid currency, II
They started the new Gov .
rrnment fair upon gold and silver. The a
first act of Congress altested this great fact I,
for it made the revenues payable in gold n
md silver coin only. Thus the States de-
yered solid currency to this Government,
and they reserved the same currency for n
and they provided the consti- i.
,uiional sanctions to guard both. The @
hing tn be saved, and the power to save it, e
was given to this Government by the States i.
and in the bands of this Government it be- #
rame deteriorated. The first great error
was Gan. ilamiltun's construction of the act G
,f 1889, by which he nulliicd that act, and e.
,verturncd the statute and the Constitution I,
ogeiher. The next great error was the cs- "
ubshmeut of a national bank of circula-
ion, with authority to pay all the public a,
iucs in its own paper. This confirmed the ii
,ver,hrow Of tue Constitution, and of the d
,ntue of 1889; and i, set the fatal exam q,
,le for the States to make banks, and to re- g,
:eive their paper for public dues, as the y,
United States had done. This was the m
,rigin of the evil-thhs was the origin of the
,vcrihrow of the solid currency which the s
States had delivered to the Federal Govern
neut. 1t was the Hnmiltonian policy tha, $,
lid the mischief; and the state of things NJ
n 1887, is the natural fruit Of that policy.
Il is time for us to quit ito return to the W
and the statute of 1880, and III
o cuntinc the Federal Treasury TO the hard n,
money which was intended for it. I
! repeat, this is n measure of reform, W
worthy to be called reformation. 1t goes -
Jack to fundamental abuse, nearly coeval III
with the foundation of the Government. W
Two epochs have occurred for the reforma- "
ion Of tins nbuse; one was lost, the other tl
q no,x in ipnnardy. Mr. Madison's nl.