Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-07-27
Gold and Silver Currency.
No. 8.
OFFICIAL FACTS WITHOUT
COMMENTS.

has il been brought 10 pass that Gold and
Silvss have been taken out of circulation
that the banks have been compelled to
suspend specie Payments-that all busi-
ness operations are deranged and nearly
brought TO stand Industry discourag-
ed and depressed-and that "ihere is no
health in u.s."
A. ID. 1888, October 9M.-Treasury
Circular to the petted banks among
which the public money was divided af.
ter it was Withdrawn from the national
Bank. Extract. ts7xs Depos;ies Of the
public money ,ciH enable goa to afford in
creased facilities 10 commercial and other
classes Of The community and the Depart
ment anticipates from you The adoption Of
such course RESPECTING YOUR ACCOM-
MoDATIoSs, as Will prore acceptable To
THE PEOPLE and safe to The Government" ="
A. d. 1886, December 6:-(last De-
cember.) Presidents Message to Con-
gress. Extract: "From the returns
made by the various Registers and Re-
eeiuers in the early part Of last summer, II
,cas perceived that the receipts arising
from the sales Of the public lands pere IN
creasing to an unprecedented amount. In
effect, ho,cerer, these receipts amounted to
nothing more than credits in bank. The
banks lent out their notes TO Spectators;
they uere paid 10 the receivers and ;n,ms-
diatsiy ,eiarned 10 the banks the pet
banks 10 be lent out again and again,
being mere Instruments 10 transfer to spe-
culators the most valuable public lands
and pay the Government by a credit on
The books Of The banks. Those credits on
the books Of some Of the Western banks,
USUALLY CALLED DEPOSIT, tcere already
beyond their immediate means Of payment,
and were rapidly increasing. Indeed,
each speculation furnished means 70, a.
mother; for no sooner had one individual
or company paid in their notes than they
,osrs Immediately lent to another by the
Treasury banks] for the like purpose; and
the banks vere extending their business
and their issues so largely as 10 alarm
considerable men, and 10 render it doubtful
,Uheiher these bamk credits, if permitted to
accumulate, ,could, ultimately be Of The
least palue to the Government. The spi-
ra Of expansion and speculation pas not
confined to the Deposit banks, but pervad-
cd the ~hole multitude of banks throughout
The Union, and ~as giring rise to ne,v in
stituiions TO aggrauate the er;I."
/ "A. ID. 1887, January Report of the
Secretary Of the Treasury confirming the
above, and showing the consequences
which had resulted from placing the pub
lie monies at the disposal Of the banks
by showing the increase in the number
Of the banks and Of the banking capital
circulating loans and discounts, from I8.
80, when it was resolved TO withdraw the
public money from the National Bank
to 1887, inclusive, viz :-[See the Sec.
retary's table. Banks increased from
$40 to 677.-The Banking Capital, from
AS millions to 324 millions Of dollats.-
The paper circulation, from 6l million.
to 1876 millions. s.-The amount of banl
loans and discounts, from 200 millions t
500 millions. Pray, kind reader, sine,
am bound by my promise not to max,
any comments, myself, upon these offici
al documents, Presidents messages an,
Secretarys' reports--pray inform me WIZ
ARE THEY that have caused this alarmin,
accumulation Of banks, and paper mo
ney? Who ARE THEY that have encour
aged and promoted speculation anG over
trading, by furnishing spectators will
lands and money to speculate upon?-
And ~hose money ,cas 1t that has be IN q
employed! Who made it necessary tha
a special session Of Congress should b,
called to consult upon "great and weigh
ty matters" Somebody has done this
Who is it?
Some further extracts from officia
documents will be presented (still with
out comments) in another number
A FRIEND TO FREE INDUSTRY.
From the Warren Star Of SATURDAY..