The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-08-22
From the Boston Atlas.
RHODE ISL AND POLITICS.

election, which is near at hand Changes rap
idly taking place in quarters, which threaten the
total defeat of Van Burenism in the State IN
less Mr.. Dutee ]. Pearce import some peljured
voters from Washington, 90 under the conduct of
McKim's clerk" to sustain him. he will soon be
left solitary and alone " in his ignominy. His
old friends are fast deserving him. Governor Fen
ner, who President of the Convention which
nominated Van Buren,, and has been a s!ennch adj
herent to the party, refuses in letter published in
the Providence Courier, to give his support to MIR.
Pearce, toho, he says ,oiU be defeated by 700 major
ity! This is the unkindest cut of ALL Poor Pearce!
His bull-ofB ashan will be missed in the hall
Of the House. Van Buren, could % have better
spared better man."
Another indication of the revolution of political
opinion in Rhode Island, is presented in the avow-
ed secession of the Hon. WIN SPRAGUE, member
of the last Congress- from the ranks of the admin
istration. The Van Burentes wished 70 run this
gentleman upon the same ticket with Mr.. Pearce;
but Mr. Sprague, with exemplary good taste, de-
clined the association. He has since come before
the public IN letter to James D'Wolf Esq. in
which he denounces the policy Of The administra-
ton, and takes candid view ofthe existing state of
affairs in this country, and the which Undue
ed them.
per currency to its true origin-the against the
U. S. Bank, and the despotc removal of the depos-
ites Mr., Sprague continues:
That portion which sent to The West and
South West was, undoubtedly, the of the
commencement of the land speculation, and
loaned out and again tor that purpose.
New Banks were also established for the purpose
of receiving portion of these depostes.-The law
altering the standard value of gold passed in
June 1884 BY the operations Of this law upwards
nf mi OF com nd pa int
country, over and above the exports, even where
the BALANCE Of trade was against us, and Immediate
y 49, ...~ basis upon whieh new banks were
established
In consequence, therefore, of the measures of
General Jackson, the banks and banking capital of
the country have increased nearly three 70 since
January, 1880. They have Afforded facilities for
specuations in land land in almost all kinds of prop.
erty, and in connection with the law reducing the
duty on imports, have been the of excessive
Importation, and saddled us with n very large a
mount OF foreign debts.
We have seen how their Banks have been Gre
ated, let us now see how they have been effected.
The Treasury Circular requiring gold and silver
in payment of public lands was issued in-JuiY 1886
By the operation Of this instrument, about seven
millions were distracted from their vaults,in
ny months, and placed on special deposite in the
deposite banks, 10 the credit of the goveInment.-
Continued drains made upon them by the Lo-
CO Focos who had arrayed themselves as party
against all Banks, and for aught know, against
ererU thing else that IS uSefut. Remttances were.
called for to lquidate the balances against in IA
vor of foreigners. The consequence was certain.
The Banks at once deprived the foundation
upon which they were erected. A suspension of
specie payments, and general prosration of'bus
mess and industry, was the inevitable result
From what have said, il necessarily follows, as
my belief, that if GEN. JACKSON HAD LET "wELL
ENOUGH ALONE AS HE FOUND IN 1880,
EVILS WE now SUFFER WOULD HAVE BEEN SPARED
Us. | do not believe, that the banks would have
increased beyond the wants of the legitimate BUSH
of the Country. Consequently speculations
in lands, over importations, and surplus revenue
would not have existed; and there could not have
been any necessity for the suspension fspecie
payments.
But the pas, is beyond our control. We may, if
we will, provide for the future. We must have a
general currency gold and silver for its basis, and
a circulating medium equivaInt tot. The govern
ment of the United States has the power and it is
Its duty to furnish such currency. 1t is idle TO
suppose, that il can be furnished by the fuctuating
legislation of twenty-six Independent State govern
ments. As we'll might we suppose the movements
Of an could be udiciously directed by twenty
six independent Generals; or, well might we
say, that the government of the United States was
supernumerary machine, and that all the legisa-
ton necessary for the nation, could be furnished
by the twenty independent State Legislatures
L will make a single remark upon the Loco Fo-
co system L consider this system war upon Ia
Dor and industry, and upon property, which is the
offspring of industry. Its advocate are opposed to
all banks; and what despot is not and for the We
ny reason, that they enable the people to hare a
control ooer their oaon labor and Industry. Were
the subjects of the despos of the old world permit
ed to have establishments so that they could con-
ttrol their own labor and industry, the time would
not be far distant, when they would shake despot-
ism itself to its centre But be this at il may, we
cannot hare exclusive specie currency; and for
the best of reasons; that Isl have not got, nei-
Their we have, sufficient gold nor silver for the
purpose.
But banks, to be most useful, must be regula- !
ted Fixed rules must be prescribed for their gov
eminent or else they will become the tyrans in
turn. look upon tceU regulated system Of Bank
credits, and tariff Systena. Of ctaE Importance
TO the tabor Of the Country; The one calls 1t into
active employment. and enhances the value of the |
productions peculiar to the Country, when export
ed the other, protects it from foreign competition
well own.
Excuse the length of this letter, and bear with |
me, one moment, while refer more particularly |
to myself. 1t has been said that have changed |
my principles This is mistake. | not aware |
of any change. As anti-mason, have been
connected with the Jackson party You know, sir,
that the Wings of this State opposed the anti-ma
sons, the n of the Il |