The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-11-22
POLITICAL.
From ,be Tannton Workingmen's journal.

ed, when the long established commerce of
individuals aud communities become sud
denly interrupted, embarrassed and derang-
ed when distrust and solemn foreb0dings
are depicted on every brow II Is the dc
tate of common prudence as well ms COM
mon safety, to pause and examine some of
the causes that have produced these aston
ishing effects. Should we mistake in these,
7 if we assign wrong causes, if our premises
arc erroneous, our conclusions will consc-
queuily be incorrect +; and we shall there
fore not only aggrayate existing evils, but
prolong established abuses and finally fall
the victims of our own improvidencc and
; want of foresight
We have arrived at n singular crisis in
The history of this country. Paradoxicnlly
we are flooded with a circulating medium,
and yet have in circulation no money.
Bank note promises flying about like the
balls of Conjurer, and if rs good, are no
better, tender for debts contracted. This
currency has at length succeeded in dis
placing gold aud silver, and one very sim
gular tendency is, that an increase of quan-
Iiity reduces its value, and the more of it
will be necessary to exchange for the same
PARTICLES, enhanced only in price, but not in
Udiue whilst the WageS Of tie Ldborer
are frequently reduced, or bear no propor-
; zion 10 the price of the articles he is com
; PEELED io CONSUME. Hence the idbOring
f classes are the greatest su6erers On them
, has fallen all The evils of 6ucttfuting bank
note currency.
. Banks in this country are n sort Of ma
: chinery, the arllul coniriyance of those, who
want more money than their individual
: credit will generally afford them therefore,
! whenever application is made for a Bank,
f to make it successful, it is made in the
) name of the public good, but once obtained,
ius,ead Of furnishing n sound currency to
accommodate The public exigency, and allow
II fair competition in business, they confer
on their directors who are generally the
greatest borrowers, and for whose eXclu-
sive advantage, it has been got up, cred
it they could not otherwise obtain, and
5probably do not deserve; thereby enabling
them To eugross all the most profitable bus
illness of the country whilst the rest of the
community not SO f0rtaaate an Legislature
acComm0datiors are left TO shift for Them
selves, loaded with all the embarrassments,
the skill aud ingenuity these bnnk aristoc-
racics, by expansions and c0ntractons are
enabled To- innict. The consequence of this
skill aud management has been to iuflict
most enormous TAX upon labor; that class
of citizens called operators or laborers have
literally been ground into the dust ty the
: ar,rul management of this Bank Nobility
e This too in country highly prospered with
e abundant harvesi., intended by the God oi
l. Il, 81 Of IIy
. those who by the sweat of the brow have
' labored in their production yet by the uni.
+ ted efforts of bank speculation, and bank
7 facilities conferred upon favortfes, the pr-
J ces Of bread s,ufis aud every other article
necessary to sustain life has been kept up,
{ while the price Of labor has been reduced,
in some instances more than half; and
n thousands out of employment, and out oi
= bread, are becoming vagrants wandering
e up and down the country, seeking suhsls-
n tenec, and soliciting employment. This'taX
II being indirect, operates unseen, ,hcrciorelhc
J" Farmer or Mechanic pays it, wondering Al
e the same time, how the price of flour aud
IS grain is kept up, when the country through
If ont is overlooking with abundant hnryests
o Now if there was a Bank Tar Office es
IS tnblishcd to receive this money, and when
e ever they purchased barrel of flour the,
I. had to step into this office and pay from
II three to five dollars taX-on q bushel of corr
J. thirty or forty cents on the bushel they
d would probably soon begin to understand it
= aud make enquiries about the expcdlcnc,
and Justice of such contribution aye
and search for remedy too. Hence, i
!! will be perceived that all the difference is il
- the operations tho effect on the purchaser
. is precisely the same.
:" Now it is natural for those by whose n
: gency these expressions have been brough
:, upon us, and who have proiited by our mis-
- fortunes, lo endeovor to throw the respon
I, sibiliy upon others, aud to attribute tn
" present embarrassments to alien causes N
= 10 any causes but the true ones-an,
- y, should we lay down our implements of la
y bor to take breath, that is to take time Il
" examine this subject and modesily erquire
why bank promises are not as obligatory oI
4" those tcho make them, as on The rest of III
:" community aud chether any special act a
=, lreiease has been made ,n their fdUOr, W,
=: shall ,probably be told by our imperious bnnI
:: dicta,ors, to Jog on with our labor, that W
. !. are very improper judges of currency an,
:, b,nking, that subject having been mos
" specially delegated to them, that they ar
- satisfied, and therefore we ought not I,
= complain. Yet if some one more stubborn
. and uumannerly than the rest, insist oI
:, some explanation, if bank promises ar,
:" just as good as silver dollars in our pockets
y how it happens that the banks have ELEc
:. TED TO RETAIN THE DOLLARS and gre a.
: the promises. La says one of thcs,
: naughty defaulers, don't you know -wh,
I" = it is all owing to the removal of the depos
. ties. There has been no regulator, ant
the banks have oil run mad and issued to,
y ....L W .,..,St hun nnnILcr hmm.