The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-10-18
DIALOGUE BETWEEN THE BANKS
AND THE PEOPLE.

The following dialogue is now "going
on" between the Banks ahd their old friends
the People. As it is somewhat interesting,
we report it, as far as it has progressed,
for the benefit of oil concerned;
Banks-We are here, you see, Mcssrs.
People, stranded on lee shore we have
agreed to suspend payment; now, we want
n stop lava law to prevent your suing MS
| for our notes.
| People Then you have no objectios to
its being extended for our benefit, so as to
stop you from suing as upon orr notes.
Banks-O, no, that won't do AT all.
People--It's poor rule that won't work
both ways.
Banks We'll, we can fight off the suits I;
we've got the money for the lawyers; let
us have law to protect our charters from
forfeiture during the suspension.
Pcoplc--Do we understand youl You
have 90, the specie locked up, so that we
are forced to take your paper as money
YOU charge US six per cent, for making pa
per money for us, which You do not in
tend to redeem; you want us To authorize
this by law
Enthusiastically il will be for your BEN
eft we can then lend you as much paper
as you want, and what need you care whelh-
er we redeem it or not since it passes for
money.
Pcople-At ten per cent, discount.
Banks-Very small Six per cent, for
the loan, and ten per cent, for the discount,
is sixteen cents loss ON each dollar. Ralh-
er more than we think we ought to be taxed
Tor your benefit Besides, if ten per cent
is small matter, why don't you just buy
the specie yourselves and pay us
Banks-Wcll, you are hard TO please.
Give ms United States Bank then, with a
capital of fifty million, and authority to es-
iablish branches in every state--and that
will regulate the currency.
People-You had United States Bank
at your head in lSl9--it did not regulate
the currency. You had one in IS32-it
did not regulate the currency. You have
one now-it does not regulate the curren-
cy; it has stopped payment like the rest Of
you. If you want us to take more hair you
must find better dog.
Banks-Ah but the present United
States Bank is only State Bank.
Pcoplc-Yes, but remember Mr.. Biddle
says it is safer, stronger, and more pros
perons than ever it was"
Banks PRAY then Messrs. People 'wha, 1
viii you do 7 The currency is deranged-
the exchanges des,royed-we have stopped
payment with all the public money-,he
Treasury is consequently bankrupt. How
will you get alongl
= People-Oh, we shall try; as long as
tho Land Bank pays grain aad potatoes,
we shall get something to eat; and while
we can draw our deposltes from it in flax,
the can make something to wear.
Banks-But some of you owe us-how
are you going to pay
Peop.e-Suppose we stop payment rs
you have done if you don't pay us your
notes Why should I'VE pay you ours D.
What's fish for Peter is surely fish for Paul.
We can't err five follow your example, can
We
Banks-That's Agrariauism-we'll go
% revolution" against that. But how will :
hat restore the CURRENCY Il
People--Oh, suppose VIC pass a law, (
you to redeem your fives and
ems in specie within reasonable time
,rohibit you thereafter from issuing any
,otes under twenty dollars-6x a period
within which you must resume the redemp-
on of all your paper-and declare your
barters forfeited the moment you fail to
omply with amy -sf these rcquisiiions