The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-03-15

oigsnized money power, from It's secret
conclave, would have dictated the choice
[ of your highest officers, and compelled you
to make peace or war, as best suited their
wishes. The fnrms of your government
might, for time, have remained; out its
living spirit would have departed from il.
The distress and suferings inflicted on
the people by the bank, are some Of the
fruits OF that system of policy which is con-
',nuaiiy striving to enlarge the authority Of
the Federal Government beyond the limits
hxed by the Constitution. The pov,rs e.
Enumerated in that instrument do not con-
'ef on Congress the right to establish such
corporation as the Bank of the IIo;,ed
states, and the evil consequences ryb;cb
followed may warn US of the danne, &c
parting from the true rule of cons,r,o,;on
a"a Vi permitting temporary circumstances,
OF ,ne nope OF better promoting the public
"eliare' TO influence, in any degree, our
decisions upon the extent Of the authority
OF the General Government. Let us abide
by the Constitution as it is written, or amend
1t IN the constitutional mode, if it is found
to be defective.
lhe severe lessons of experience will. I
doubt not, be sufficient 70 prevent Congres,
from again charering such a MONOPOLY.
even IT the Constitution did not present an
insoperabie objection to it. But you must
remember, my fellow-ctizens, that eternal
vigilance by the people is the price of liber-
~; and that you must pay the price if YOU
wish to secure the blessing. Ii bebooves
you, therefore, to be watchful in vour States
as well as in the Federal Government. The
power which the moneyed interests caneY-
ercise, when concentrated under a ,;nnl.
head, and with our present system of c1r-
rency' was sufficiently demonstrated in the
struggle made by the Bank of the United
States. Defeated in the General Govern
ment, The snme class of intriguers and pol-
lticlans will now resort to the States, and
endeavor to obtain there the same orcani-
zatIon, which they failed TO perpetuate in
the Union; and with specious and deceit
ful plans of public advantages, and State
interests and State pride, they will endeav-
or to establish, in the different States, one
moneyed institution with overgrown capital.
and exclusive privileges sufficient to enable
1t to control the operations of the other
banks. Such an institution will be preg-t
nant with the same evils produced by the
Bank of the United States, although its
sphere of action is more confined and in
the State in which it is chartered, the mon
ey power will he able to embody. its whole
strength, and to move together with undyi-
ded force, TO accomplish any object it may
wish to attain. You have already had a.
bundant evidence Of its power to inflct in
Jury upon the agricultural Mechanical, and
iaboring classes of society and over those
whose engagements in trade or speculation
render them dependant on bank facilities.
the dominion of the State monopoly will be
absolute, and their obedience unlimited.
With such bank and paper currency, the
money power would, in few years, gov
ern the State and control its measures and
II sufficient number of States can be in
duccd to create such establishments. the
time will soon come when it will again take
the field against the United States, and sue
ceed IN perfecting and pcrpetuating organi-
zation by charter from Congress.
1t is one Of the serious evils of our present system
of banking, that it enables one class of sociey-ani
that by no means numerous one-by its control o.
yer the currency to act liurlously upon the inter
ests oil all the Others and to exercise more than its
Just proportion Of influence in political affairs The
agricultural the mechanical and the classes
have little no share in the direction of the great
moneyed corporations; and from their habits and
the nature Of their pursuits they are incapable of
forming extensive combinations to act together with
united force. Such concert Of action may some
tunes be produced IN single city, or in small dis
trict OF country, by means of personal communica-
ton with each Others but they have no regular or
active correspondence with those who are engaged
in similar pursuits in distant places; they have but
little patronage to give to the press and exercise but
a small share OF influence over It they have no
nf danfco oh.n sba,., s-~z l.
without abour. by their and favour and
who are. therefore, always ready to execute their
wishes. The planter, the farmer, the mechanic, and
The laborer, all know that their depends up
on their own industry and economy, and that they
must expect to become suddenly rich by the fruits
Of their toll Yet these classes Of society form the
great body of the people Of the United States they
are the bone and sinew Of the country men who
owe liberty and desire nothing but equal rights and
equal laws, and who moreover hold the great Of
,ur national wealth, athoughit distributed in mod
crate amounts among the millions of frsemen who
possess II. But with overwhelming numbers and
wealth their side, they in constant danger Of
osing their fair influence in the Government, and
with difficulty MAINTAIN their just rights against
he ncessant efforts daily made TO encroach upon
hem. The mischief springs from the power which
he moneycd interests derives from paper currency,
yhch they able to control from the multitude
f corporations with exclusive privileges, which they
ave succeeded in obtaining in the different States
md which are employed altogether Tor their benefit;
nd unless you become mole watchfu in your States,
nd check this spirit Of monopoly and thirst for
l,isye privileges, you will, in the end find that tho
most important powers OF Government have been
lven or bariered away, and the control over your
earest interests has passed into the hands Of these
operations
The paper money system, and its natural associa-
Is, monopoly and exclusive privileges, have already
truck their deep in the SOIL and it will require
II your efforts to check its growth and to eradicate
ne evil. The men who profit by the abuses. and
esire to perpetua,e them, viii continue TO besiege
re hall of legislation IN the General Government as
'el as in the states and viii seek by every arthce,
mislead and deceive the public servants. 1t Is to
ourselves that you must look for safety, and the
leans of guarding and peTpetuating your free In