Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-06-08
(From the Boston Atlas.

!, We would call particular attention to the
facts developed in the following article, which
presents view Of the whole course of the
, Executive in relutlon 10 the Currency-sh =
ing its original plan of substituting Local
, PAPER CURRENCY for the Currency of the L.
s. Bank; the admitted failure of that plan; the
late uferthought of u Metallic Currency, and
the admission Of The Executive that it has de-
stroycd the Currency, and done '.iittlc" to-
wards introducing another. We give the his
tory of the whole process as it IS furnished
by the documents Of the Executive Depart
ment. Such series of failures, frauds, and
falsehoods. broken promises and exploded eX-
perlncnts, as are exhibited in the following
paragraphs, dlsgraceS the diplomatic history
ic, that has ever fallen under our observation.
THE PRETENDED EVIL TO BE REMED!ED.
1929
1T must be admitted by all that il (the u.
S. Bank has failed in the great end Of cstab-
fishing UNIFORM AND SOUND CURRENCY."-
.4ndretO Jackson.
AUGMENTATION OF EXECUTIVE POWER THE
REAL OBJECT.
! 81 submit to the wisdom oftbe Legislature
whether n National one Bank founded upon
The credit Of The Government and its revenues,
might not be advised which would avoid all
constitutional difficulties; and, at the same
time. secure all the advantages to the Cor
ernment and Country that were EXPECTED to
result from the Present Bank" ."--.7nGrcw
Jackson.
HINT OF AN EXECUTIVE BANK AND TIE
SUBSTITUTE FOR u. ). BILLS
1T is thought practicable to organize such
a bank with necessary officers, as ii BRANCH
OF TIE Treasury DEPARTMENT. The Stale
would be strengthened by having in their
hands the means of furnishing the LOCAL PA
PR CURRENCY THROUGH THEIR OwN BANks."
-.lndrtW Jackson.
Here is the original plan. Not syllable
Of the Metallic Currency in either of these
messages. This part ofihc 1umbug was en-
,rely all a!tcr,hought. The original plan was
to substitute a GOVERNMENT BANK for the
U. s. and to furnish the People with Paper
Currency ofMe Local Banks.
1891
I Entertaining the opinions heretofore eX-
pressed ia relation to The Bank Of the U. s.
as at present organized, leave
it for the present to the investigation of an
enlightened people and their HErREsENTA-
rivEs."-.l Jackson.
Their representatives accordingly invest-
,,.,,.J ,b, .,,kinct n,l ra /, rtnr,t tl,n I
THE ACT PREMATURE.
lo32.
"Whatever interest or influence has given
birth to this act, 1t cannot be found either in
the WiShes or necessities The Executive DE-
PAIrMENT, by which PRESENT ACTION Is
DEEMED PREMATURtm-.4. JdckSOns IetO.
4 land this after the subject had been three
times brought to the attention Of Congress by
the Executive itself
"Neither upon the propriety Of present ac-
tlon, nor upon the provisions of this act was
the Executive consultcd."-U.
4 1t is singular fact that the phrase Ms.
TALLIC CURRENCY, or BETTER CURRENcY,
does not occur m The peio Message, nor is
there the slightest intInation that the Execu-
tive contemplated at that time any other sub
stilstc for the bills Of the U. S. b. than The
PAPER CURRENCY OF THE LOCAL BAEKs.
REMOVAL OF THE DEPosITEs FIRST sUG-
GEsTED.
"Such measures as are within the reach of
the secretary of the Treasury have been ta-
ken to enable him to Judge whether the pub
lie depositcs in that institution ~. =. b. )may
be regarded as entirely safe; but us his LINZ
TED POWER may prove inadequate to this OBJ
jcct, ! recommend the subject to the attention
Of Congress, under the FIRM BELIEF that il is
worthy Of their SERIOUS INVESTIGATION. An
inquiry into the transactions Of the institution,
embracing the branches as well as the prln-
cipal bank, seems called for by the credit
which Is given throughout the country TO ma
ny serious charges impeaching its character,
and which iftruc may justly excite the nppre-
hension that it is NO LONGER SAFE DEPOSIT
TORY OF THE MONEY or THE people"
Here is a wanton and deliberate attack by
the Executive on the credit Of an institution
which was the disbursing agent Of the Gov
ernmcnt, held millions of its revenue, aud iD
which the Government was a stockholder to
the amount of $7,OO0,O00. The confidential
sgent Of the Treasury, appointed to investi-
gate the affairs of the Bank, reported almost
to the Department, that, '.,ei-
her he soipency Of the Bank nor the security
,r the Deposites ,couid admit Of Doubt
Congress was satisfied that the prcte endod ap-
,rchensions of the President were unfounded;
ind that his charges were made without re-