Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-04-06
ual: shall briefly comment upon mea-
sures and not mpn

! nave always KEPT In view sn Legs
/ lation those principles which would car
! ry home to the MANY, the great~st a.
mount Of prosperity and happfness, be-
licving that the FEW can always take
/ care of themselves Who are tie many
I Are they not farmers, me chanics raiders,
aud laborers2 And who are the few?-
Are they not the money Holders aud u o.
/ ney-lenders of The country? The IattcT
class can transfer their persons and pro-
pery to any given place IN or out Of the
country, having the means always abous
them TO do SO.
|, 1t is not the case with the former Glass;
farmer cannot remove his farm, nor the
I mechanic his shop; the wealth of the
country is founded in its labor, and in
giving security to the labor, we protses
the property of the whole country.
!, A system of measures has been re-
commended by the late Executive, and
some of them adopted, which are now in
a course of development, that will tend
to place an undue proportion OF the pro-
perty OF the country ia the hands of over
grown capitalists, at the expense Of the
other classes 0f society.
\ The present state Of the currency IL ~
perfect illustration Of thiy position, and
the question now is, what have been the
causes Of its deranged state thIoughous
the Union. There are different opin-
ions in regard to the causes, bW none as
to the effects.
The most reasonable explanation may
perhaps be found in series Of me asures,
commencing with General Jackson's
1 Veto of the Charter Of the Bank OF the
United States in 1882 followed by n
remOv al Of the public money in 1888.
The moment the Charter of the Bank
Of the United States was vetoed, an ex-
pccta,ion prevailed that it would be fore
! ed to wind up its concerns on the 4th Oh
! March, 1896, and large number ot
| Banks were chartered in several Of the
! States. In Oct. 1888, the Public De-
! posites were removed and placed, il my
memory serves me, as soon as 1t could
conveniently be done in THIRTY six banks
over which the Government had NOT the
least control, ,and all acting independent
ly of G. ach other.
n While they remained in the bank os
the United States, they were employees
throughout the country for leghisrate
commercial purposes, but when they
were placed in these thirty six independ-
cnt institutions, a large amount OF the
government money took new diret ton;
il was completely Withdrawn from tho
regular channels Of trade causing great
scarcity, which stimulated the chartering
by the States of more Banks in 1884
This, together with an inimation from
! the Executive that we must have a me-
tallc currency caused heavy loans to be
neg otiated abroad by some Of the De-
posiie Banks, and specie was brought
into the country from England and else
,chere, when il is believed that we were
indebted largely to Europe.
N The new Banks made large issues OF
paper, Notwithstanding the METAEhic
CURRENCY the prices Of every thing
: that il bought and sold continued to rise,
and in 1899 and 1886 more banks were
chartered and some very inrge ones BY
The states; state loans to great amouna
were negotiated in Europe; private Gre
dit pledged for money abroad, to an un-
cxamplrd extent; bills drawn on one
banker to pay another, sill England has
]
ties, both public and private. During
the last two or three years the public
lands have attracted particular attention,
between twenty and thirty millions Of
dollars were realized from this source n
lone the last year; the internal improve
men,s of the country have gone forward
with astonishing rapidity; the produce os
the soil, lands, merchar d,ze, in fact, eve
ru hing has increased in value; fortune
after fortune has been made without ply
sical or mental labor; thousands OF per-
sons have left their regular occupations
TO trade in something, and Merchants-
Lawyers, Doctors, Judges, and Legisln-
tors, have joined IN the pursuit Of wealth
General Jackson promised us better
currency when he destroyed the Unhed
States Bank and sternly refused to give
us another. When that institution was
in full operation, we had q currency e.
quail to any the world ever Witnessed.
its notes were at par in every part Of ih~
United States and in Canada and Nov"
Scotia. Money could be placed ~ New
Orleans by persons residing in the At
lantic Stntes at less than the cost oi IN
surance. and there was no Transporting
of specie from ono end Of The con'inens
IN the other in common CONNIE rcisftran-
soct;,ns. What do we see now! The
; public money deposited in 'ghiy-~r
Stale Banks; an increase of bank caps-
tsl since General Jackson's veto Of the
Bank Of the United States, Of not less
than TWO HUNDRED AND Ttrrr MILLIONS
l.. L. IA