The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-12-13

tenn whatever Of advantage Gun be gather
ed from the fact that u Bank, whether Ma
tional or State, If entrusted with the Gov
eminent money, will use il TO siimuIate the
spirn of pecuniary enterprise. This, re-
peat, is my great objection to the system.
The extent to which deposte bank can
thus either benefit or injure the community,
IS of course proport1ncd to the amount Of
its Government deposits. Ifthese are small
IN amount and fuctualing in duration, their
influence will be inconsiderable for in this
case the mass of public moneys will really
he in the hands either of the collecting or
the disbursing agents, aud, thus withdrawn
from the protecting guardianship of the
Bank, VIII stand ms II The Deposit system
had never been devised. II is only when
the current revenue so far exceeds the cur
rent expenditures as TO leave a consider
able unexpended balance, or when both ARE
so large as To leave an average deposit of
similar amount, that the argument begins Ia
be important on either side. Then il is true
that the discounts of The Bank do invite the
merchant to make larger imports.ions, aud
the speeula,or to purchase larger tracts Of
Government land.
And what is the consequence The du-
ties on the increased import stions, and the
the proceeds Of the Increasing land sales,
soon find their way to the Deposite Bank.
enlarging It's means for further discounts.
aud thus enabling il to facilitate yet larger
lmportntions, and yet more extensive pur-
chsses, which again in their turn send back
still more valuable deposiies To form the ba-
sis oi still ougmenting specuIatisns The
excess of revenue thus becomes The cause
OF an increasing excess, which travels on-
ward IN geone'rical progression. The cur
rcncy expands because tho community has
overtrndcd, and the community is tempted
to overtrndc still more by this very expan-
sion OF the currency which ovcrirsding has
produced. The more money the Govern
pent collects from the people, the more
money is the Government Bank able and
anxious to lend. The rate of interest falls,
property of all other sorts seems to rise in
value, aud men seem To grow rich in cash
just IN proportion Ms their cash is drawn off
by the Custom House and tho land oflico.
into the Government exchcquer.
The result, is, that expenses of all sorts
increase. The merchnn, finds no difficulty
IN buying the farmers crop, for money
never was so plenty and the farmer has
sold bis crop so well that he nade il easy
10 bay the merchants goods. The pewter
spoon IS thrown away, or melted up into
toys for the children. aud silver comes il,
IT'S p'oce-the Sunday coa; is worn the
week 'hroueb,--and the girls 90 to
bonrding sco0l, or AT least take dancing
lessons. The farm meanwhile is round.
cd oil by n purchase or two, AT ~
high price no douot; but the times are so
prosperous, nnd II Is 40 ensy to get credit;
ana The sons set up a store on the same cal.
culai'on, or try their luck Mt a speculation
~ lands, or it may he in lottery tickers.
Money Is so easy 10 he borrowed, md Cor-
tunes so easy to he mnde with money, that
none can agree TO Iote the chance. Tho
city Is not behind The country in ayaiIiny
Itself OF The golden or quasi. golden shower.
lie Is of small consideration who does NOT
live IN n stately mansion, it's floors carpcted
with Imperial Brussels, the walls coated
WIN mirrors, gorgeous IN silkcn da,nask,
aud radiant wlih lustres Of crystal that
might stimulate the luxury of a Persian
S"liann. " bo that has been admitted IN
to the thousand hospitnbIe palaces Of our
PbiladeIphia, but knows iha, This victure il
less brilliant than the truth, ns we saw il
last winter
is this Wholesome state of tsinysl Car
n patriot pray for its continuance II has
been objected To our system Of Ieyyinr tax
rs ~ the form Of Custom House imposis.
Tint II concen's from the citizen The a.
mount of taxation 10 which he is subircteJ.
aud nllnws the Government to become ex-
lr"Vagnht IN It's exacrions Without COM
pIhint. But here we have y system by
winch The most excessive taxation is nnJc
10 wear the sembIsnce of the most liberal
beneficence which taxes us m ri,ouis,
aud makes US feel richer the more we are
called upon to pay. Is this system favor
able to TINT popular wa,chfulness, which is
the price Of liberty and the safety of re.
public 7!
Is II polite Does any Que now believe
~ the wisdom of gorging the National
treasury, I'll ingenuity shnIl be called on
again 10 exhaust itself in projects for its
dissipation till government. The ,nost
economical IN principle aud h.bifuaily tho
most frank ~ ITS public acts, shall either be-
come prodlgal from necessity, or find iis on.
W alternative 10 an or'iice, a trick Of words,
such rs the Distribu'ion Act of the last
Congress, wiscaIIed Deposiis Iawl Even
III the present destitntIon of our public cof.
fers, does any one cast a single wish sc.
ter The foriy-iwo millions that filled them %
slcIy Z
Or does the recent experience Of our
'onn'ry commend to us the spirit Of speru.
"''o"' and Its attendant luxury! /! Have they
os'ered osr republican virtues, or added
my thing to the SUN Of our social or d.
nestle happiness! Do we love our free in
''Itniions more dearly than we did in tI,c
'y-gone days Of our sober industry--or do
we rejoice to remember at th. 6....:I -,