Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-08-17
POLITICAL CORREsPONDENCE,

POLITICAL CORRESPONDENTS.
BRrsroL, R. I. 9TH August, 1887.
Hon. WILLIAM SPRAGUE:
Dear Sir:-Being embarked in the same
ship, and knowing that We are equally dcsir-
ous of, pursuing the course that will take us
safe to port, and knowing also that our opin-
ions vary but little as to the course we ought
to steer, take the liberty to compare reck-
onng with you, and see wherein we differ, if
a, all. The ship is in dangerous seas, and
the pilot Is al a loss; the 0id channel is the
safest; let not our pride Of opinion, it we diff
fer, be in the way of consulting our safety
We are niglng the lee shore fast; the water
is shoaling, and the elements are all in con-
fusion; but our ship is sound, and although
the current is against MS, let us cheer the
crew, pat The ship on The other tack, and we
shall deepen the water and clear the cape.
The elements of trade have been confused
by tampcring with the currency; effects are
talked Of without examining the causes; it is
not what we make Use Of for currency, or
the quantity of it, but the absence ofa proper
regulation of it, that causes the trouble
Before the adoption Of our Constitution, we
labored under the same difficulties; and the
trainers of that Constitution, found remedies
and established rules and regulations; and. il
we appoint honest and capable men to ad-
minister the laws. according to the true mean
ing and spirit Of the Constitution, we shall
have no difficulty. That Constitution does
not forbid any thing for currency; it lays the
foundation fnr currency, by saying the credi-
tor shall not be comp, lied to receive any
thing but gold and silver in discharge of his
demand; but it does not prohibit him from re-
ceiving any thing else in discharge " his
debt. agreement takes away error" so the
Constitution leaves US free to use any thing
for currency. We may pay our deb.s in
land, or in any Of the productions of industry;
it only requires us to be honest, and pay our
creditors in something that is equivalent to
gold and silver; and il the late Executive had
minded his own business, and let the people
alone about their currency, those that under
stood better than he did, the laws of trade,
currency and credit, would have regulated it,.
They were getting on very well until, with
his veto power, he threw the regulator out Of
the machinery Of currency and credit, and
the consequences were q confusion Of the
currency and destruction of confidence.
You know sir, | was never in favor Of the
States regulating the currency or granting
charters for Banks. always thought the
British system the best; one chartered Bank
by The National government, well managed,
and branches to all proper places; and bank
ing houses allowed by the State govern
ments. But we had no difficulty with State
banks. while the regulator Of the currency
was operating. Suppose, sir, for moment,
t U. S. Bank had not been vetoed, and the
act renewing its charter had become a law.
DO you believe it would have stopped pay
ment without aa act Of Congress-? | am
sure / have your answer in the negative; and
If it would not, do you believe the general
sloppage of specie payments by the State
Banks would have taken place. am conf.
dent you think with me on this point, that
they ,couid not and could mol haze stopped
payuaai; ard would it not have prevented
many State Banks from being established,
which have flooded the Country with bank
paPer? 1t is this bank paper and the public
money deposited in local banks eager for the
profits, or loaned by them out to importing
merchants and land spectators, together with
the reduction Of the duties on imports which
have been the causes of over-importing and
over-trudng. All this have no doubt we
agree in; and in what do we disagree?
do not say that the exercise Of the veto
power is the sole cause Of all our suffering;
but believe it to be the main cause. Some
State Banks may have been so imprudent as
to have run themselves on shore, but that
would not have caused this wide spread ruin.
Excuse me, dear sir, for saying so much to a
practical man like yourself; but have hasti-
ly thrown some ideas into this letter, that
others may know my opinion, should you think
proper to make them acquainted with it.
lam very respectfully, your friend and obe-
dent servant, JAS. DWOLF.
NAricK, August 10, 1887.
Dear Sir:-Your letter, dated on the 9Th,
is at hand. 1t ia true, sir, that We are cn,-
barked in the same ship, and must. of neces-
sity, be partakers in common Of all the bene-
fits, and Of all the evils, which result from
the good or bad management in navigating
her to her destined port. agree with you,
sir, that 1--WE are in dangerous seas" and "are
fast nighing the lee Shores" and think you
will also agree with me, that the perls and
disasters which we bnvc encountered for the
last five months, are unprecedented in the an
mails of our history. We have been tossed
about in different directions by the raging OF
conflicting elements; currents and counter
currents have assailed us from almost every
quarter; our sails are rent, our rigging is
strnnded our crew are discouraged.
nat.er myself, however, that the violence
Of the tempest has passed over us. 1t is time
to review our course; to ascertain the cause
of our misfortunes, and to extricate our
selves, if possible, from the dangers and diff
ficultes which surround us.
q Al. al. Ill