The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-03-15


councils, and destroy, at M d;.,.nt a.,
the purity Of your Government. Some .,
the evils which arise from this ,y,,em of
J paper press with peculiar hardship upon
the class of society least able to bear il. A
portion Of this currency frequently becomes
deprecated or worthless, asd all of il ea.-
ly countereited, in such a manner as IN re-
quire peculiar skill and much experience IN
distinguish the counterfeit from the genuine
note. These frauds are most generally
perpetrated in the smaller notes, which are
used in the daily transactions of ordinary
business and the losses occasioned BY them
are commonly thrown upon the laboring
classes of society, whose situation and pur-
suits put it out ofthcir power TO guard them
selves from these impositions, and whose
daily wages are necessary for their subsis-
tence. 1t is the duty of every Government
so to regulate its currency as to protect this
numerous class as far as practicable from
the impostions of avarice and fraud. Ii is
more especially the duty of the United
States, where the Government is emphati-
cafly the Government of thu people, and
where this respectable portion of our cti-
zens are so proudly distinguished from the
laboring classes of NIL other nations, by their
independent spirit, their love of liberty,
their intelligence, and their high tone of
moral character. Their industry, in peace.
is the source of our wealth and their bra
very, III war, has covered us with glory :;
and the Government of the United States
will but i'll discharge its duties if it leaves
them prey to such dishonest impositions
Yet It is evident that their interests cannot
be effectually protected, unless silver and
gold are restored to circulation.
These views alone, of the paper curren-
cy, are sufficient to call for immediate re-
form but there is another consideration
which should sill more strongly press it
upon your attention.
Recent events have proved that the pa
per money system of this country may be
used as an engine to undermine your free
institutions; and that those who desire to
engross all power in the hands of the few,
and to govern by corruption or force, are
aware of its power, and prepared to employ
IT. Your banks now furnish your only cir
culating medium, and money is plenty or
scarce, according to the quantity of notes
issued by them. While they have capitals
not greatly disproportioned to each other,
they are competitors in business, and no
one of them can exercise dominion over the
rest; and although, in the present state of
the currency, these banks may and do op-
crate injuriously upon the habits of bust
ness, the pecunary concerns, and the NOR
al tone of society; yet from their number
and dispersed situation, they cannot com
bine for the purposes of political influence
and whatever may be the dispositions of
some of them, their power of mischief must
necessarily be confined to a narrow space,
and felt only in their immediate neghbor-
hoods.
But when the charter Of the Bank of the
United States was obtained from Congress,
it perfected the schemes of the paper sys-
TEN, and gave to its advocates the position
they have struggled to obtain, from the
commencement of the Federal Government
down to the present hour. The immense
capital, und peculiar privileges bestowed
upon it, enabled it to exercise dcspotc sway
over the other banks in every part Of the
country from Its superior strength, it could
seriously injure, if not destroy, the business
of any one of them which might incur its
resentment; and it openly claimed for it.
self the power of regulating the currency
throughout the United States. In other
words, it asserted land it undoubtedly pos
sessed) the power to make money plenty or
scarce, at its pleasure, at any time, and in
any quartor of the Union, by controlling the
issues of other banks, and permitting an
expansion, or compelling general contrac- |
ton, of the circulating medium, according |
to It's own will. The other banking insti-
tutions were sensible Of its strength, and |
they soon generally became its obedent in.
struments, ready, at all times, to execute its
and with the banks necessarily
went, also, that numerous class of persons
in our commercial cities, who depend alto
yether on bank credits for their solvency |
md means Ofbusiness; and who are, there
ore, obliged, for their own safety, to pro-
'itiate the favor of the money power by dis
inguished zeal and devotion to its service.
The result Of the ill-advised legislation
which established this great monopoly was,
o concentrate the whole money power Of
he Union, with its boundless means of cor
upton, and its numerous dependents, un-
Ter the direction and command of Que ac-
hend thus organizing this
PARTICULAR interest as one body, and secsr-
ng to it unity and concert of action through
ut the United States, and enabling it to
ring forward, upon any occasion, its entire
md undivided strength to support or defeat
my measure of the Government In the {
lands of this formidable power, thus per-
ectly organized, was also placed unlimited /,
dominion over the amount Of the circula- $
ing medium, giving IT the power to regu- a
ate the value of property and the fruits of !
abor in every quarter of the Union; and \
s.bestow prosperity, or bring ruin, upon v
ny city or section of the country, as might I
est comport with its own interest or policy. >