Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-07-20
Gold and Silver Currency.

f"e" paper currency, secured upon q Spe-
cie basis, The most conreniem and most use :
Jm public currency?
Extract from the Treasury Report to
Congress, 4. ID. 1898:
".No commercial or mnnm)aci,u ing c M
mumiiy could conduct It's business 10 ann
advantage wiihom II liberal sysim ot cred
Il, aud " facility Of obtaining money on
loa1 aohca The eri .rncits oi their business
require Il. This cannot be oLi";ned ruth
out the aid of paper circulation founded
on credit. His therefore moi The interest
o|Me eountr! to put do~" The p"per cur
rency altogether"
II. ID. 1871, the first Ba.k Of the U.
States was churtered by Congress, and
the Charter approved Of 10y President
Washington, as the Constitution requir-
cd. One of the reasons assigned in Con-
grcss for this measure was, that even the
Government itself (Which had then bee
in ":rraiion but about two years. could
not get along in iiS financial operations
without the fiscal aid of a well regulated
Bank, for the safe keeping-,he dis
bursemcnt-and the collection of the re-
venue. n. ID. 1909, JMarch 9: MIR. Gal-
latin Chen Secretary of the Treasury
under President Jeilrrson) reported that
the affairs of the Bank had been wisely
managed: urged its continuance as an
institution necessary to the Governnr mt
aud to the Country; and added, that
"he Bank uslH ,rouM form an additional
bond Of common interest and Union among
The .Siaics."
A d. 1911: First National Bank ex-
pirci. Treasury Report OF January,
1897, showing the number "( local banks
at different periods, viz: Jan. /, 1911,
(when tn, first national Bank expired,
89.--Jan. /, 1915, 2O8.-Jan. /, 1890,
3O3.
a. ID. 1914: All Banks south Of New
England stopped specie payments.
From 1871 to 1917 when the last ma
tional bank went into operation 'thc in
crease of bank circulation was G5 mil
lions" ...
Treasury Reports showing the losses
sustained by Government for the want of
n national Bank during those five years,
viz: Loss by bills Of broken La'.ks, one
MILAN 800 doiInrs. Loss by dep ecia-
fiom Of Jank bills South IF .Ncw Engiand,
6 million dollars and orrr.-L"ss by pre-
miums on loans and extra interest on Jrea-
sury noies, 8 millions arnrly. - Total loss
Ly Government al,nc, II millions am orer,
us Appeals from the public documents.
A. ID. 1914. Extract from Report Of
the Secretary Of the Treasury under Pre-
siicnt Madison, wiz
"Ihe monird transactions of priroie
IJc arc al stand, and The fscnL opera
tions of The Government labor rith crireme
Inconvenience. II is impossible That sn;h
a state of things shouid be Tong endmrd." )"
"1he establishment Of NAH nal hsii'u-
fion onerati,.e upon crr'iii, C.. mbi"ed ~iM
capital, and regulated miih prudence aud
good faith, is, after all, The only efficient
remedy (or he disordered condition Of The
curreacy.'
A. ID. 1916. The last national Bank
was chartered by Congress, and the
charter approved Of by President Madi-
son. A. ID. 1917, Feb. %: that Bank
went into operations; aud on the same day
every solvent bank, which had before
suspended, resumed specie payments, in
consequence Of previous arrangements
made with and assistance afforded to
them by the Bank Of the United States
TO effect that great object and save the
Government and the Country.
August, A. ID. 1875. The Secretary
ofthe Treasury reported to Congress that
The National Bank had been all That The
Gope,,.me c, uid dcsi Ell had collect
ed and disJursed The public rerenue for
the Government, miihom expense and wiih-
out the loss Of cent.
The Committee appointed by the two
Houses of Congress in 1929, and those
Houses themselves, upon the subject Of
the Bank, expressed opinions equally ia
vorabIe to il.
The committee Of the House, in their
report, say that in respect to equalizing
tho currency, "h has been productive q