Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-08-10
WHOLE NO. 374.

Mr.. jefferson would not and did not sustain
the doctrines OF his experiments, when once
convinced that the interests Of their Coun-
try required abandonment. In those days
psrty men loved their Country better than
they loved their party. Will portizaRs OF
these times sacrifice their Country To their
party? What will they gnin for themselves
or their children? They will support those
who feed at the expense Of the Nation, and
who are secure 50 long as the people can pay
their salaries.
+ Mr.. .,fodison and his political friends gavo
a still more eminent example at PATRIOTISM,
superior To party. He was opposed TO the
Omitted States Bank, and great malorl,y IN
both houses Of Congress were with hmm his
political creed; the Bank was by It's charior
limited TO twenty years; the compnhy pe'i-
toned for a renewal of that charter this Pc
ttion was rejected by Congress ana IN"
Bank expired March 3, 1871. The public
money was then deposited IN State Banks.
and those Banks were employed as fiscal u
gents ot the Administration.
At that time the whole number at Banks IN
the United States was s8. and the whole
banking capital S4l l660O00. The DeposI,e
Banks then, as they have row, immediately
commenced an extension of loans on the cre-
Ii of the pubic money in their vaults ; and
the States commenced course at establish
ing new Banks to fill up thu vacancy made by
Withdrawing the capital VI the United States
Bank. This scheme progressed with smeh
vigor and spiri'.that from 1911 to lol6,a faPse
of five years only, the number Of Banks was
increased fom 90 to GAG; and the banking
capital was augmented from S426GO,0OO To
$50 S22 422. So extensive were discounts
aud such flood fpapcr was spread over the
country, tina, in less than four years alter Me
u. S. Bank expired. all the Bdiks ont Of .New
England had suspended sp'cie pnyments.--
This was the experiment ot Mr.. Madison and
his political friends; what was done by them
to relieve the country? Did they stick 10 their
experiment. Not they. The ruin Of the coun-
try had, as they believed, resulted from tho
overthrow of the UnIicd States Bank and
notwithstanding all this had been done
by them, they. tie moment they were con-
vinced Of their errors, stopped short. laced
about, rctraced their steps. and like honest
men and true patriots. re torcd what they had
destroyed: rebuilt The United States Bank !;
and in short time the Country wds cgdin
prosperous.
May we not then, fellow citizens, you who
have ranked yourselves as supporters f the
past administration, may we not call on YOU
TO examine these exp, rlments and give your
aid with all true patriots in the restoration Of
our Country? VIII you join with us IN this
work Of pairiotisn:? We know yon will but
If not, we, who never had faith IN these ex-
pcrimeDts must and will achieve thar delive-
rance without your aid. II IS impossible that
the present condition of our Catent,y should
continue, and he Union, The Constitution, the
Nation, be preserved. The vital fund, the lite
IL q 4. L. Ia, La,
is no vitality flowing from the heart and cir
culatng through all parts of sIie systcm con-
tidcncc between man and man Is dead a.
many failures have occurred, those men, yet
on their feet, know not how soon they may
fall. Production for distant markets is nearly
at an end for who, in other parts Of our coun-
try, can be relied on for purchase aud pay
men,, when every n,an doubts his next neigh.
Dor? In commerce there il dead calm; the
sail lies fiat to the mast, and the voice OF the
mariner is scarcely heard in our ports. In
manufactures already may it almost be said
without figure, the spindle is ont OF motion;
the loom and the shuttle are still. The work
shop are left desolate, and the sound Of the
saw and the hammer is no more heard in the
land. Agriculture, which feeds oil, must f.
naly leave the plough to rust in the furrow |;
for who will labor in the field when no one -
able to pay for the harvest?
How long has this been the cafsmitOus
condition ofour country? Was it always SO?
No, no. The child ten years old may re-
member the days OF prosperity; the days
when men had confidence ~ men; when their
promises, on paper, would move every hand
and every machine Of labor in all our wide
Country. Aye and reward those hands with
a rich compensation. Then the bills Of eve-
ry Bank in every State, were equal to Gold
and Siiper; for they might be exchanged at
any time for their amount in those precious
metals. The Bills Of the United States Bank
were on a par with Dollars and Eagles and
were more coveted, because more portable,
any where in all the sphere of their cTcuia-
ton: where was that sphere? The CONNER
ciaf ,porid Those bills pere current IN Lon
dom. in Paris, at Calcutta, IN HndostGn, and
at Canton, in the Empire Of China
1 In those days, commerce and manufactures
We'd with each other in their encouragement
of agriculture in the North and Fast The
tecming South, laboring with her rich hsr-
vests Of cotton and sugar, brought the wealth
of other Countries home TO our own. While
clearing and cultivation spread in q wider
circle in the West, where cities and semina-
ries and temples rise like splendid meteors
on the prairies and the wilderness. AT Ia
bored and the labor Of all wns rewarded;
prosperity and gladpess walked together
through the land and ifthe happiness Of MIL
hons ever were an offering precious IN sbe
sight Of Heaven, no nation on earth present
ed to their Creator, more acceptable or n
bundant sacrifice.
Whnt has chsnged the sunshine OF nation
al felicity, enjoyed in those days,and brought
I'D the clouds which in our times lower over
nd darken the land? What is the cause of
our cnlamities2 This is the great question
u, ha aaLcd hy excrx man in the naiion for