Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-07

blame Tor ihis "yon have overtraded." Ad-
mitted-we have overtraded, and no effect
can be more surely traced to its cause, than
can this overtrading to the wicked measures
of the Administration, to which have allud
ed. Sir, the destruction Of the U. $. Bank
was the signal for the creation of more than
three hundred and ffy neW Banks, which, the
Secretary of the Treasury informs us, have
been chartered between Jan. lst, 1880, and
Dec. lst, 1886, and that more than one hun
dred and sirty millions had been added to the
Banking capital Of the country. lie also in.
forms us that the State Banks increased their
loans and discounts, during the same period,
three hundred and ninety millions Now,gen-
tlemen, there is the secret of this so-mucl,-
talked-of overtrading. Is there q man who
hears me that believes, that this wonderful
expansion Of our currency-this alarming in
crease in the issues of our State institutions
and the great addition to their numbers, would
have taken place, had the U. 8. Bank been
chartered and the public money remained
in its custody? think not. And if ] am
right in this, then say the Government is
justly chargrablc with all this sin of overtrad-
ing. 1t is folly to suppose that an enterpris-
ing people, like ours, will not overtradc, or
speculate, when the means are so abundanly
furnished; nay, almost forced upon them by
the acts Of the Government itself-and now
they turn upon US and taunt US in the depth
of our misery and distress by saying, that we
have brought all the difficulties upon our.
selves. Why, gentlemen, this is as bad rs
the last epistles of the "Greatest and Best"
from the Hermitage, in which he charges his
favorite Deposite Banks, or rather those who
direct and control them, with, ''rREACHERY
and PERFIDr without a parallel in the history
Of The Vorid!" Gentlemen is not this too
much for flesh and blood to bear? Yet we
must bear it and we ought to bear it. 1t is
but just punishment for having elevated
such man to power, and for having chosen
as his successor, one who assured us that he
would walk in his footsteps. The remedy,
gentlemen, for all these abuses, Is ,cih you-
and Tomorrow you are called upon to apply
it; and permit me to say, that the State and
the country expect you to do it effectually.-
/ What do our opponents propose for the re.
lief of the country? "A divorce of Banks and
State" says the Globe; ga Treasury Bank
say Senators Wright and Rives. And so far
as we can learn from their leading journals.
and their prominent men, this last measure Of
folly will be recommendation this Bant-
ling,-this legitimate offspring of the Loco
Foco Kitchen Cabinet, will be presented to
Congress to be christened with Van Buren,
for Its nominal father, and Gen. Jackson for its
Godfather.
Mr.. Chairman, hope to be excused for
mentioning the name Of one of the candidates
for Congress, (Mr. Pearce.) should think it
exceedingly improper to do SO, but for the
fact, that at a late Caucus held in this place,
he made very honorable mention of near
relative of mine, living in remote part of
your State, in whose behalf beg to thank
Mr.. Pearce for the high compliment paid him.
am informed that Mr.. Pearce stated in his
speech at the Court House on Saturday eve.
ning,t that when on his late electioneering tour
to Block Island, whittier understand he was
conveyed in U. s. vesscD he saw Mr.. Geo
ID. Cross, Of Westerly, who was baptized on
Frday,and on Saturday went to Block Island
to help the Wings. Sir, rejoice, not only
at his conversion, but for this proof Of the sim
certfy of it. While others might endeavor to
shew their faith Wiihom Dorks,he is determn.
ed to shew his faith by his works.
: FREEMEN OF RHODE ISLAND are you a.
ware Of the peculiar situation you now occu-
py in relation to the country at large? The
eyes Of your countrymen, from one extremity
of the Union to the other, are turned to you
They are imploring you, as you love your
country, "with all its Liberty and all its Un.
ion"-a as you love our glorious Constitution,
under which you have so long lived and pros.
pcred, and which secures to US such un.
speakoble blessings-as you venerate the
memory OF your fathers-ns you appreciate
that precious legacy, won by their valor, and
bequeathed as rich Inheritance to you and
to your chldren-to conc forth OF this occa-
sion, in the majesty of your strength, and re-
deem your State from the dominion of those
who have abused your confidence, and brought
distress and ruin upon thousands of your fell
low citizens. KENTUCKY, TENNESSEE, and
INDIANA, are stretching out their hands to
you; holding up for your imitation their ow n