The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-12-20


Little progress could be made in the ac-
cumulation offoriy-two millions Of surplus
revenue, before speculation would find H.
self arrested by the contraction Of the mon
ey market.
Again let us suppose that either from
the reaction of excess or from any other of
the causes Of fluctuation,which characterize
oil things around us, there is commercial
pressure and decline of enterprise for the
time. Instead of the rapid contraction Of
the currency, which under the Government
bank system is the immediate result Of
such state Of things, the balance of the
revenues of former years would now on the
Other pinn become available for the uses or
the community. The diminished impor-
tations and land purchases would he felt at
the Treasury in diminutlon Of its receipts,
aud would make it necessary to draw upon
the previously accumulated surplus to meet
the WAITS of the Government. This sur
plus would thus pass again into circulation,
and the proceeds Of speculative excess
would contribute to repair the injuries its
reaction had inflicted.
Such, IT seems 20 me, would be the nat
ural operation Of Mr.. Van Buron's project
harmless during the healthy action of
regulated enterprize-cautionary and pro-
tectve when it is tempted to overaction-
and slnatory in the period Of evulsion and
debility. If lis beneficial agency shall be
less effective than have supposed, It will
be only because the sums that can ever be
accumulated in the Treasury will be too
small To exert an influence on the transac-
tons OF the community.
There are other powerful considerations
that might be urged in favor of this system.
some OF which have been adduced by il.
opponents as arguments on the other side.
Such is the fear that it will render taxation
ton obnoxious, by causing every Increase
of revenue to be felt Mt once by the people.
and that II may impair in consequence the
ability or the disposition of Cong,ess 10
make appropriations commensurate with
the magnificent destinies Of our republic
Such is the anxiety lest it should check the
liberaliiy Of our banks, by coercing them
To proportion their issues more exactly to
the gold and silver in their vaults. Such is
the honest objection which we every day
meet with in conversation, but which as
yet has not made itself public in the news
papers, that 1t will diminish the probabil-
ties of our being once more blessed with n
National Bank. Such is the apprehension
of certain among our politicians, that it
will arrest the sufferiugs Of the people, be-
fore they shall have been chastened bv af-
Fiction into proper degree of political
orthodoxy. All these l dismiss with the
single remark, that being assertions III
which both parties concur, they may he
assumed as facts without argument He
who is anxious TO submit him blindfold to
taxalion.--who fears to make Congress too
economical of his ean,,---who desires that
the banks shonld become more insolvent
than they are-who longs to confidc his in
teres,s and his hopes 10 the exclusive con-
troll of an irresponsible corporation, and
who is willing to do benance for his polit-
cal heresies, and, by renouncing them, tobe
admitted into the outer circles of a brother
hood, that hates him less even now than it
would despise him then, find much
IN these considerations to strengthen his
hostility against the project, of Mr.. Van
Bnren. On matters like these, tastes diff
fer as much us judgments, and the old
proverb, therefore, relieves me from discus
sing them.
do not intend to expand my remarks
on the Divorce Bill beyond the limits of
the present number, and will therefore con-
tent myself with mere alluson to the alb
soiute security of the public moneys under
the system which it proposes, aud the facil-
i,y with which they will be available upon
emergency, as another strong reason for
preferrlag that system TO either Of the others.
But there is one view ofthc subject remain
ing, which | cannot pass without notice.
il regards the much abused aud some
what misunderstood topic of Executive
patronage.
The patronage of Government is dan
gerous in proportion to its extent, TO the
irrespDnsibiliiy of those who exercise it,
aud the temptations to its abuse. Let us
apply this simple and admitted principle to
each of the plans that have been suggested
and SO determine which is most to be fear
ed.
What will bo the patronage of the Presi-
dent under the system which he has rec
onmended The appointment of perhap.
dozen officers of rather inferior grade and
somewhat onerous duty, who may appoint
under them some twenty clerks. He may
thus reward, directly and indirectly, in the
twenty six states aud the territories ndioin-
ing, some thirty, or, to take the widest pos
slbi'ity, some forty adherents. la doing
this, he must inevitably disappoint, and per-
haps dissatsfy, if not ALLEVIATE, twenty times
as many unsuccessful candidates, aud
may find not improbably among the selee-
ted few some who, like the gallant Collec-
tor at New York, will testify their sense of
bis kindness by opposing his measures snd
denounciug his friends. Or, if the specia
depositc system is preferred, he will be al
lowed to appoint an equsl number ofbanks