The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-11-22

dose be doubled. CEe us a UnIled States
Bank. IL that does not cure us, we shall
be beyond the reach of medicine.
A United States Bank is the hobby horse
of whigsm, and although the other banks
work very well to regulate the State Gov
ernmenis and plumber the people, yet in the
Federal Government, they are not quite go
propiiions to vhig nsceDdancy, more pow
erful engine seems iMdispensably necessary.
Therefore these whig philosophers labor
most indefatgably TO make the people be-
ieye that the removal Of the deposites has
accustomed all the embarrassments under
which the country is now suffering, and
that another great bank of similar power
must furnish the remedy.
II should not be forgotten that this State
has for a long train Of years, been under
the denomination of whig councils and
whlg ascendancy. Therefore we have a
jus, right to hold them responsible for all
their public acts, as counseIIors and Leeis-
lators. Shall we be accused Of superero-
CATION if we enquire how the public good
was subseryed by increasing the bank cap
ital Of this State from twenty to forty mil
lions of dollars in about SIX wears, and
whether that was occasioned by the re-
moynl Of the deposites Under the au-
spices of whig skill aud management, the
expenses Of this state have been increasing
in most alarming ratio. In 1926 they
w're SI97 $40, in 1887 they are estimated
at 100000. Thus it appears, by the sur
prising economy Of Wing majorities the
yearly expenditures have been increased
over five hundred thousand dollars in about
twelve years. Surely they do not calculate
TO tax the removal of the deposites with
this. Our whIg leaders in this State are
so accustomed to power, and the reckless
abuse of II, that whoever questions their
right To either, are sure TO feel the effects Of
both; and they have been more indebted to
coertion and deception for their political
success, than to facts and arguments. Per-
baps IN no instance have the people been
more successfully gulled by these wise Met
aphysicians, than in the regulation Of the
currency, the effects of which begin to be
developed by daily experience brought to
every mans door, and the mist will soon he
chased from the eyes of the uniniliated.
They begin already to understand the diff
ference between original subscribers and
modern purchasers of bank stock between
nominal aud real capital between profess
sion and action and they feel, if they do
not see, the difference between labor meet
ing its appropriate and just reward, or be-
ing indirectly taxed To support a monopoiis-
ing dynasty. This has been dear school
for the people, but the lesson it has fought
is full Of instruction, and points us to reform
Nor need we travel far to seek for the caus-
es of all the embsrrassments we now suffer,
they are with us, they are all around us,
they are occasioned by the inordinnte de-
sire of very mnny of suddenly becoming
rich, without going through the tedious
process of becoming so by moderate gains
and honest industry; stimulated by an in
crease of bank paper medium, and false
capital the natural offspring of improviden'
and partial legislation.
This is the'true sequel Of the whole mat
ter, and the logic Of whiglsm and bankism
united, cannot controvene it, or show aught
in mitigation. 1t will stand on the archives
of this country us monument, beacon, to
warn others of the consuinnate folly of at.
tempting to rob labor of its just reward.