Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-08-17

the United States. This annuncation crea
ted desire among tho people to establish
new banks to supply the place Of that nsti-
tuition; and accordingly we find, that large
number were established. In July, 1882, he
vetoed the bill rechnrtering it, which uso
created an increased demand for new Banks.
The public deposltes were removed in Octo.
Der, 1888, and placed in the State Institutions
in different sections of the country. Thut
portion which was sent to the West and
South West wus, undoubtedly, the cause OF
the commencement Of the land speculatons,
and was loaned out over and over again for
that purpose. New Banks were also estab-
llshed Tor the purpose oil receiving portion
of these deposites. The law altering the
standard value Of gold was passed in June,
1884. BY the operation Of this law upwards
OF thirty millions Of coin and bullion came
into the country, over and above the exports,
even where the balance of trade was against
us, and Immediately became the basis upon
which new banks were established.
\ In consequence, therefore, Of these mea-
sures Of General Jackson, the banks and
banking capital Of the country have increas-
ed nearly three 10 one since the lst of Jan.
1880. They have afforded facilities for spec
ulations in land, and in almost all kinds Of
property, and in connection with the law re-
ducing the duty Oh imports, have been the
cause Of excessive importatiOns, and saddled
us with very large amount of foreign debts.
We have seen how their Banks have been
crented, let us now see how they have been
affected. The Treasury Circular requiring
gold and silver in payment of public lands
was issued in July, 1885, BY the operation
OF this instrument about seven millions were
distracted from their vaults, in as many
months, and placed on special deposi,c in the
deposite banks, TO the credit Of the govern
ment. Continued drains were made upon
them by the Loco FoCOs, who have arrayed
themselves as n party against all Banks and
for angM know, against eUery thing else that
IS useful. Remittances were called for to
llqudate the balances against Us in favor of
foreigners. The consequence was certain.
The Banks were at once deprived Of tho
foundation upon which they were erected
A suspension Of specie payments, and ge.
neral prostration of business and industry,
was the inevitable result.
From what have said, it necessarily fol-
lows as my BELIEF that if GEN. JACKSON HAD
LET SWELL ENOUGH ALONE" AS HE FOUND IT
IN 1880, THE EVILS WE NOW SUFFER WOULD
HAVE BEEN SPARED Us. ] do not believe,
that the banks would have increased beyond
the wants Of the legitimate business OF the
country. Consequently, speculations in
lands, over importations, and surplus revan-
ue could not have existed, and there could
not have been any necessity for the suspen.
sion of specie payments.
Bat the past is beyond our control. We
may, if we will, provide for the future. We
must have general currency; gold and silver
for its basis, and circulating medium equiv.
nlent to it. The government Of the United
States has the power. and it is its duty to
furnish such a currency. 1t is idle to sup
pose, that it can be furnished by the fuctua-
ting Legislation of twenty-six independent
State governments. AS well might we sup
pose that the movements of an army could be
judic.ously directed by twenty-six indepen-
dent Generals; or, as well might we say, that
the government Of the United States was a
snpernunerary machine, and that all the leg
lslntion necessary for the nation, could be
furnished by the twenty-six independent
State Legislatures.
will make a single remark upon the Loco
Foco system. / consider this system war
upon labor and industry, and upon property,
which is the offspring of industry. Its ad-
vocates are opposed to all banks; and what
despot is not; and for the very reason, that
they enable the people TO have control oper
their o,on labor and industry. Were the sub.
jects OF the despots Of the old world permit
ted to have establishments so that they could
control their own labor and industry, the time
would not be far distant, when they would
shake despotism itself to it's centre. But, be
this ss it may, we cannot haze an exclusive
specie currency; and for the best OF reasons:
that is, we have not got, neither can we have,
sufficient gold and silver for the purpose.
! But banks, to be most useful, must be reg
ulatcd. Fixed rules must be prescribed for
their government, or else they will become
the tyrants in turn. I look upon ,ceH regu-
tated system Of Bank credits and a tarif sys-
tenn, as Of ritai importance to the labor Of the
country. The one calls it into active en-
ployment, and enhances the value of the pro-
ductons peculiar TO the Country, when ex-
ported; the other, protects it from foreign
competition and interference, with such as
are common to other countries as well as our
own.
Excuse the length of this letter, and bear
with me, one moment while | refer more
particularly to myself. It has been said that
i have changed my principles. This is a
mistake. am not aware Of any change
As an nnt-rnason, l have been connected
with the Jackson party. You know, sir, that
the Wings Of this State opposed the anti
masons. The consequence was, union of
the anti-masonic and Jackson parties. Itwas
union of men and not of principles; or rath-
cr union of men protesting different prin-
ciples. The object Of that union on the part
of the anti masons has been accomplished, at
least as far as this State is concerned. On
several measures Of general policy,I have
differed with the Jackson party, have voted
against them in our State legislature and in
Congress. Since they have become more