Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-04-06


siness Of The country has increased; we
all know there is great increase Of
population and conse qucntly OF business,
but has the legitimate business incre ased
in proportion To the increase Of bank
capital and circulationl Has not the
business been stimulated and carried far
beyond its natural growth by the alimen mt
received from this ElGnrY millions of
paper? 4Wenknow what our condition
was four years ago; perhaps it would be
well to inquire what it is now. We have
near one hundred Deposite Banks, (act-
ing without concert,) in which there
must be at this time to the credit Of the
Treasurer of the United States, and the
Disbursing officers of the Government,
about fifty millions Of dollars; we have
an increase of state bank paper Of eighty
millions of dollars:-an expansion which
is unnatural and over which the Gener-
al Government has no control.
The inequality ofthe currency is made
manifest by the demands of gold and all
yer in some sections of the Country for
public dues, while in others paper is re-
ceived in payment.
We are largely indebted to Great
Britain, the produce of our Country fall
ing IN price, abroad and at home, our
exchanges all in disorder, confidence
impaired, and probability Of consider
able shipments of specie to pay the bal
ances we owe abroad. The day Of con-
traction has arrived, and a revolution is
TO take place in the business Of the Coun-
try.
The causes of the great speculaiions
in lands, and the overtradng in other
branches Of busipess may be attributed
TO the immOderate expansion of bank
notes, and the forcing of specie into the
country contrary 10 the natural laws that
govern trade. 1t has been shown, tn at
this increase of bank capital and bank
paper, was produced by the action of the
Executive and by Legislation. The
promised currency has never been real.
ized, and that class Of persons who were
assured by General Jackson that they
should derive important advantages by
his new system, are TO be sufferers.
There is one class Of men who have
been, and are gathering golden har-
vest from his experiments upon the cur
rency;-that is, the money lenders, the
great capitalists of the Country the
persons against whom these measures
were principally directed. The equali-
ty. which was to be produced has not
taken place; on the other hand, human
ingenuity could not have devised A.
scheme better calculated to satisfy The
appetite Of avaiice than the one now in
operation. The labor of the Country is
eventually to suffer from the determine
tion Of the Executive to carry into efiect
this experiment upon the currency. 1t
Is the MANY and NOT the FEW who are to-
suffer Time has revealed to US but a
small part of the effects Of the quackery
which has been inflicted upon US by an
interference with one of the most diff
cult and delicate subjects that can he
touched by the Executive hand. We
have twenty-six independent sovereign
tles,alI having the power to create banks,
aud those banks have power to issue
notes, uncontrolled by the General Go
vernment. How long such system can
people TO decide.
shall pass with reluctance from this
fruitful and interesting topic, to another
ol general interest, viz. the public lands.
The Land Bill that passed the Senate
aud was laid on The table in the House,
was by no means acceptable to those who
are dcsiru,is Of having distribution Of
the revenue arising from that source,
among its lawful proprietors. The Bill
was partial and unjust in its operation,
and amounted to n surrender Of the pub
lie domain, with little prospect of much
compensation. The public lands of the
United States are of immense value, al
most beyond computation, and belong in
common 10 all the States in this confed-
eracy; they viii! be source of great
revenue annually for n long time to
come, and the money derived from them
should be distributed among the States.
A plan, known by the name Of Mr.. Clay's
Land Bill is thought, by persons in all
parts of the Country in favor of distribu-
ting the proceeds, to he the most iudic-
ious that has yet been presented TO Con-
gress. This Bill passed both Houses Of
Congress once, but was vetoed by Cen
eral Jackson. The provisions of the
Bill are favorable to the new States, and
such as should be satisfactory to them,
unless they expect to obtain the whole
public domain within their borders
without compensation. This Bill will
probably come before Congress at its
next session, and it is TO be hoped may
become law; should this be the case,
another interesting and very important
question would be put at rest for the
present. | refer TO the reduction of the