Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-06-08
[From the N. Y. Com. Adv. Of Monday.
ATTACKS UPON THE MERCHANTS

ATTACKS UPON THE MERCHANTS
In the whole course Of our newspaper
experience,--a and it is none Of the small
lest-we have never perused series of
more fagitious publications, than have
been the leading articles Of the Globe
during the last three weeks, attacking the
merchants, especially those Of this city.
We have marked number ofthose arti-
cles, from time to time, and laid them a
side for comment at more convenient
season. But every day brings its full
supply Of new matter, so that we have
but little chance Of travelling back, to
pick up things left by the way. The
Globe Of last Thursday contains one Of
the most infamous articles OF the series,
charging upon the merchants of this ci-
ty, the suspension Of specie payments by
the banks. 1t asserts that the commit
tee returned from Washington with the
determination Of producing such result,
and that measures were concerted by the
merchants for that purpose. But we will
quote the Globe's own words:-
1.-The committee Of fifty appointed to come to
Washington 10 demand repeal Of the specie cir
cular, aGd call Of Congress- to furnish( what The
committee u'ed tho president was the only ade~
qua,e remedy Tor their disorder) A NATIoNAL
BANK. The president, differing from them en-
rey as TO the causes and cure oi,heir con- plnin,s
did not comply with their demands. Immediate
" after the return Of the committee TO New York,
n suspension Of specie payments was brought u
bOut II was not the result Of the weakness Of
the hanks. They never were stronger. Taking
the whole circle Of city banks, they had means iu
hand to pay every note they had in circulation -
A panic and run on them with their notes could
not have compelled them to stop. They were
driven into the measure by their customers and
deposors. The first would not pay their notes
and the last demanded their deposi,es in sIece.
I, this mercantile combination which produc-
ed the suspension of specie payments.
4 1.-The n,oneyed men Of the whig party. and the
embarrassed men Of the saine party, had double
object. which they hoped to attain through n sus-
pension Of specie pay yments-the one, pecunary
the other, political By compelling the country
to acquiesce in paper issues n currency, which
the banks would not he compelled to redeem, the
! moneyed class Interested in them having their
,pece released could seli il Tor exporaon and the
| embarrassed class would borrow their paper mo-
ney on good securities, to buy this specie To pay
! their debts abroad"
! We wish we could spare the room for
the whole Of this atrocious article but we
! cannot. Farther on, the Globe says
"The measure OF coetcion was, we have no
doubt, thoroughly considered aud resolved upon
! by that influential portion Of the mercantile class
who revolve around Mr.. Bmdle. They knew
that u suspension Of specie payments would unset
tie all the recent :cgislution in regard TO the de-
Posita hanks and the payments Of the treasury
| and that il would operate extensively and njuri-
\ ously upon the .evenues. They foresaw that the
action Of Congress in this state Of things would be-
come Indispensable; and they Hoped thu, by rem
! dering the state banks incompetent to the purpo-
ses Of the treasury the people and the government
| would DO compelled to succun,b to n national
hank. They now find, however, that Congress is
! looked 10 by the people every where, rs we'll as
by the public authorities, for legislation directly
! reverse Of that which would bind the government
to the cur Of A BANK. Every patriotic republic
can in the Union looks to Congress 10 deliver the
i government from all dependence on n class of
men hostile to i,s principles, and who have con-
iriyed to strip Of tie means Of meo,ing the ap-
psopria,ions with forty millions surplus"
Such is the language Of the executive
organ, in regard to n body Of men, than
whom n more honorable and high-mind-
ed class Dies not exist. Such are the
!, accus usations- false, base, heartless, cruel
against class Of men, who have done
more to sustain the hoGov and crcoit Of
the DatioD-who have contributed more
to as prosperity in years unhappily gone