The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-06-14

tenn. III they are not able TO furnish cir
culatng medium redeemable in specie, at
the will of the holder. they are not what
they were created for, and the experiment
has failed
Does our friend Mr.. Unit, recommend an
irredemab!e paper currency, to be fastened
upon the country during the pleasure of the
banks, and New York Brokers, and broken
Merchants But still Mr.. Unit seems to
justify all that, and says. "here is no other
substitute, to make exchange between nan
and man J" IF there is no other substitute
to be found, or hereafter to be established
then is all our boasted greatness vain. The
sovereignty Of this great country is surren-
dered to petty corporations, to trample on
one Of the highest prerogatives of govern
ment That of regulating its currency and
fixing its value.
Mr.. Units circulating medium in New
York, has fallen in value o per cent in less
than one month and rs he is doubtless a
man Of figures, we would thank him to tell
us, by TINT rate of depreciation how much
less than nothing, it will be worth in one
year
Mr.. Unit has figured our sums over again,
aud differs from us in his results This is
no way strange, for he left out some very
important figures, and put in others which
he did not find there We wish he had
condescended to give us chapter upon
deposites-whe'her they are something or
nothing; whether they belong to some
body or nobody-whether the bank is in
debted to the man who makes them, or the
man who makes them, becomes indebted TO
the bank by such an operation. We would
also enquire who are the owners of the
profits on hand, and also whether the bank,
have more. or less, in custody, than if no
such profits had accumulated
Since MIR. Unis is SO apt Mt arithmetic,
we will set him n sum.
II the banks on n capital Of S5,3lO,7SI,
in the year 1894 let out S9,607 ,2S5, what
would the capital in 1895, say S9,O69,5lS
be able to let out provided it let out in
the same proportionl There's sum for
you MIR. Unit, in the golden rule of three.
In our very vulgar way Of figuring we make
the answer SiO,4S4,357. But the banks
did actually let out SlI I,0S5, ,543, being
S6Ol ,l56 over the proportion of 1884 Tn
this view we do not take any notice of de-
posltes. The proportionable increase Of
bank accommodation in lS35-a flowing,
specializing, overtrading year-when COM
pared with the panic year Of 1884 was, as
before shown $6Ol ,566 ! more than six dol
lars to every man, woman, and child in the
State! Is not, e,en this enough to make
money scarce in 1884, and plenty in 1885
Perhaps we may get hold Of the more
recent returns, in future number, and II
so-look out
As our object was 10 nsk questions, rath-
er than to answer them, we are happy in
finding one so willing TO be put on the
stretch, and hope he will not finch till he
gets through.
Our No. was inserted second
time, in the paper succeeding the one
in which it first appeared; and we hope
the admirers Of Mr.. Units answer if sucl,
it may be called, will take the trouble to
compare them.
Mr.. Unit informs US, that "the present
mode Of Banking is the best hot can be de-
vised"--but we cannot think he is quite of
the opinion ofthe man who eat half a pound
of turpentinc; having been told I" that lit
tic Of it was the best of physic !" and find
ing it plenty in the forest, concluded that
if a little was good, great deal must be as
much better, and so physicked himself to
death
Mr.. Unit proceeds" They" the Banks,
" hare nothing TO request cfthe Legislature,
but such iaw, as wiH benefit the community
at large, nor hare they called on the strong
arm Of the Legislature to protect them from
the jast claims of their creditors" We did
not say that the backs of Rhode-I Island had
so called on the Legislature. That remark
was made generally, and vas in fact the
case, where the Legislatures were in session,
Mt the time the banks suspended specie pay.
ment.
Mr.. Unit says further" the II. Island
banks make no demand for protection!"-
Generous souls-without souls -" they
need none they can protect hemseires."-
How happy--how amiable-how we wish
we had the same power.
Mr.. Units closing paragraph, cautions
against exciting the public mind in its pres