Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-11-23
HERALD OF THE TIMES.

ing to this new construction of the constitu.
lion, has power full and complete, over the
general subject Of trade;-but over the cur
rency, which is an essential part Of trade, and
upon the good constitution Of which, the ex-
istence of trade depcnds,-ove that, they
have no power ut all.
But, throw theory and speculation aside,
we have practical proof, practical expert.
ence, that the federal government does pos
sess the power, which it now disclaims.-
Times like the present have occurred before.
We were not told by the government in 1891,
that it possessed no power 10 exercise con-
trolling influence over the currency Of the
nation. When the people applied to the vc-
nerated Father Of his country, then at the
head Of the government, did he say that he
had no power to do any thing for The regula-
ton Of the currency. Not al all The ad-
ministraton of that day, saw the wants of the
people, and adopted measures for their relief.
winch were completely successful. In 1914.
the currency was involved in difficulties very
similar to those which now exist. Specie
payments were suspended, and so continued
till 1916. Mr.. Madison was then at the head
of,he administration. When relief W rs then
demanded, when the government was called
upon to regulate a disordered currency, did
they declare they had no power TO do il?
/ Did our rulers then tell the people that hty
asked loo much? not at all. They did admin
lister relief; they did adopt measures by which
permanent relief was obtained. The country
fourshed under the system then adopted
how well, need not be mentioned now. For
twenty years the growth of The nation was
without precedent; its prosperity increased
beyond all human calculation. But for those
measures, but for that well regulated system
of credit which then existed. the tide Of
wealth, circulation and prosperity. instead Of
flowing up the Mississippi and spreading be-
yond its western bank, would now be lnger.
ing along the shores of the Atlantic. On
that system the country prospcrcd; and never,
till now, has the government been heard to
say that it had nothing to do with the cur
rency. 1t is not true. The declaration Is
merely an indication Of party policy. The
system of the party is, to break down the
banks,-to reduce the people from the sound
and healthy currency they lately possessed,
to one OF lrredeemable paper; and to mono.
polise all the metallic calculations for them
selves. They will do nothing for the country.
But to carry out their party principles, to ef-
feet their own party purposes, they will do
anything They have destroyed the national
bank aud they mean to destroy the local
banks. They have rallied their friends under
n new banner, on which is written "Down
with the monied corporations" This is their
war cry and when they say they cannot do
any thing for the relief of the people, or for
the improvement Of the country, what they
mean is, that they WILL do nothing.
1t remains with you to say, whether this
system shall be carried out. 1t remains with
you to declare, whether when your public
servants avow that they will do nothing to
relieve you-you will not take the matter
into your own hands, and begin general
system Of relief. by relieving the country, in
the first place, from such obstinate, ignorant
and unworthy rulers!