Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-11-23

nc Hfst WedsuTe PToposeu ny Ne e"'S'H-
ment, was the repeal uf the dcposite bill, 50
far ns related to the unpaid fourth ins,alaent
of the surplus revenue, ordered by Congress
to be deposited with the several States
There was due the State, under this act, be-
tween nine and ten. millions. | need not de.
tail to you the origin Of Tint debtor recount
the history of the passage Of the bill 10 re-
store to the people part OF their own money,
Notwithstanding the strenuous opposition OF
the late Executive. The bill passed; and the
first three instalments were duly paid. Tie
faith of the United States was pledged that
the fourth insialmeBt should be paid also.-
Many States, relying on this faith, lad al
ready appropriated their portion and exPcnd-
ed il in public works. Notwithsta nGiDg the
most urgent representations of the great in.
convenience ard loss which the States would
sustain, in consequence OF the violation OF the
contract on the part Of the government-the
repeal bill was passed; and the payment was
nominal!y postponed, though as fear actual
ly withheld forever.
The second measure was the Treasury
note bill.
At the commencement Of the year 1897,
exclusive Of the money to be deposited with
the States, there were in possession OF the
government about seven millions of dollars;
add to this nine millions more withheld, by
the deposit repeal bill, from the States, and
between six and seven millions more due
from the United States bank; and all the or
dInary revenue of the government besides
In addition to this, It was proposed to raise
ten millions more, by the issue OF treasury
notes, 10 that amount was unable to per-
ceive any necessity Of taxing the people To
that amount; and was therefore opposed to
the measure. And had it even been proved
To my satisfaction that the proposed Issue OF
treasury notes, would have tended to the re-
lief of the merchants, | should have felt my
self bound IN conscience to vote against lt,on
account Of the dangerous principle OF issuing
paper money by the government. All hlsto-
ry is opposed Ia such issues. The States, at
the formation of the Union, knew and dread
ed, aud took precautions against the great
and distressing evils which have always fol-
lowed in the train of government paper
money. The history Of the old Continental
currency, is one continued and solemn lesson
upon that slhject. IF we consider fmrlher.lhe
great additional power which snch system
will place in the hands Of the Executive. it
will appear still more Objectionable. My
own mind rovolcd at it. The present is par
lticularly the time 10 avoid consolidating in
and Of the sword.
| On two things more, I wish to say n word.
One Of them is the Sub-Treasury System.
| The government propose. by this system,
to collect all the revenue Of the country in
gold and sliver,and after deduc,ing an amount
sutiicicu, to meet the ordinary current expen.
ses. to box up the remainder, and place it in
the custody of some thousand government Of
Iicers scattered throughout the land. A for
midabe host of new Office holders will thus
be organized, and stationed among u.s.
qnartcred, may say, upon the people. The
specie Of the country will be Withdrawn from
.circula,ion aud usclessly boarded up in their
strong chests. All the gold and sl.cr being
thus Withdrawn from the daily uses Of trade,
the people will be left TO content themselves
with snch currency as they may he able to
get. Few would deny that, if the govern
nent were permitted to fasicn this system
upon the country, we should soon have an
ircdcemablc paper currency. The banks
are now unable to pay specie; in this st'a-
iion, they seek the aid of the government -
! But the governmental government which
has caused their strcsscs,-instend Of as
sisting ihcm, a6andons them nltugrther, and
takes measures 10 disable them from ever
resuming specie payments. II the govern
mcnt Is suffered to go on, the country will
be flooded with an irredeemabIc paper circu-
lation of twenty, forty, sixty millions, which
the people will be- compelled To use while
the of6cc-hoiders will secure all the specie.
Are you willing, fellow citizens, ih"' the
government shall separate itself entirely from
The pcnpl, THAT 1t shall raise itself into a
privileged class;--tare better than you ;-ex-
"rclse other and higher rights and powcrr?-
How long can government like ours main
tain Itself after it has lost the confidence of
the people? What shall sustain it when de-
serted by the people? Upon WI at shall it
:est, if not upon the affection and devotion ut
the people? How long can it compel the
people tu look up TO its members as beings
ranking in sphere above themselves? After
the interests of the people are separated from
those Of the government, can the people re.
main attached to the government? Will no,
n sense Of Injury and wrong be aroused al
seeing The people worse off than their ser
wants? Who furnishes the government Of
iiccrs with their splendid houses? Who built
the capitol? Who equips the navy? Who
furnishes the government with means to
maintain ITS authority? Who,-but the peo-
pie? And shall the people he degraded to a
condition inferior to that Of those whom they
create? And yet there is nothing in this
picture, revolving us it is to every sensible
mind, which the power of the Executive, il
left to pursue its present career unchecked,
may not bring forth. The scheme is no,
now in operation. 1t was so monstrous tha,
even the party in power were compelled to
lay It aside Cor time; but it is still tho
measure and policy of administration. 1t i:
only postponed presently it will again bt
brought forward
II We have then an important duty to per