Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-06-08
WHOLE NO. 365.
IGSa-


messages from 1929. makes no reference I"
a Metallic Currency cnntenpfatcs no
other substitute for the y. s. Bank than the
PAPER CrERxscY or TnE LOCAL BANKs.-
The long report OF Mr.. Secretary Taney, a.
pologctic for fhc removal III the DeposItes,
makes no reference to n METALLIC CURREr-
or, and PROMISES nothing but = BETTsR
CuRR.ScY to be furnished by the STATE
BaNKs.eO
We copy from the report Of Mr Secretary
a developemcnt OF the plans Of the Executive
at is well understood that the SUPERIOR
CREDIT heretofore eci,yed by the notcs of the
". ). Bank, was not founded on any particu-
lar confidence in its manage me ~, or sUlidtfy.
II was occasioncd ALToGETHER by tho agree
inent on behalf of the public IN the act OF in
corporation, to receive them in all payments
to the United States: and It was this pledge
on the part OF the Government which gave
general currency 10 the notes pay able at re-
mote branches. The same engagements, iI
favor of any other monied institution would
give its notes equal credit and make them g.
gudiiy conuenitnt for the puTposes OS COM
merce."
TO wit-the same engagements in favor
Of the Pciy-would make the notes Of But
falo, Natchez or New Orleans branch wortL,
one hundred cents on the dollar in Boston,
Why does not the Government make such
engagcments?l
But this obligation ON the part os tire Cni-
ted Statcs"-thc secretary continues, twill
cease when the charter expires; aud as sooo
us this happens ALL the outstanding notes Of
4 fl, I'm nj ~ IA
now possess ,and the notes payable at distant
places become as mueh d.preeiuted as The notes
oTthe local banks"
Not only is this not the case-but all the
Bills of the U. S. Bank have been at pre-
mium in every part of the Country; while tho
local Bills have been at discount in many
places from ) to % per cent. What would
n bill of d Western Pc, Bank be worth in this
city, compared with bill of the same nonii-
nal amount of the old or new Bank Of the u
nited States?
Again let MY Secretary speak the views Of
the President:
The STATE BANKS can, have no doubt.
furnish general circulating medium, quite as
uniform in value that hich hns been at
fprdcd by the Bank of the United States
o. PROBABLY MoRE sod
by agreements among themselves TO hon.
or each Others notes and drqfts they are pro-
viding gr,rrdi currency at least a. SOUND US
TINT ~ the Bank Of the United States. and
will afford facilities Ia commerce, aud "a The
business Of Domestic Exchanges quite equal to
any which this community heretofore enjoy
ed"
Not syllable thus far from the president
or MY secretary ofa Metallic Currency. The
only proposed substitute for the Currency Of
the U. s. b. is the Paper Currency ofAe Lo-
cal Banks. And this was the fifth year Of the
warfare ON the National Bank!
1884.
The expositions that werv made by tho
Wing members Of Congress during the ses-
sion of 1888, demonstrated SO clearly the
incompetency Of the State Banks to furnish
a sound and uniform Currency, that the ex-
ecutive was compelled to shift its ground, and
the next rising to the curtain was to the first
scene OF the Gold Humbug.
FIRST HINT OF A METALLIC CURRENCY.
"The progress Of our GOLD CoINAGk 10
creditable 10 the officers Of the Mint, and
promises in o short period to furnish the coun-
try with q SOUND and PORTABLE currency,
which will much diminish the Inconvenience
to travellers Of a general paper currency,
SHOULD the STATE BANKS be incapable of
furnishing it, Jackson's Message Of '34.
Here is the frs, intmstion Of any doubton
the part of the executive of the ability Of the
STATE BANKS to furnish suitable PAPEK
CURRENCY for the country; and here is the
first indistinct and vague hint Of any thing
like specie currency. II is only virtual
admission OF the failure of the FIRST ExPsR'-
MENr)
The Message Of 1885 repeats the assertion
that the Bank Of the United States had not
furnished the country with SOUND cURRRN-
:Y; but withdraws the doubts Of the capacity
IF the State Banks, and asserts point blank
hat THEY have supplied the "wants Of the
in relation TO EXCHANGE and CUR-
'ENcY as peH as they haze erer been bsfore."-
I nsse rts also in the most unqualified manner
hat the 'circ,ddting medium has been grestiy
mprored."
This message is the first document of the
in which the Metallic Curren-
S"tS oHy oisunguisneo ngubo. III W'" y"
cr he says that if Congress will do 30 snd SO
and four and twenty State legislatures will
10 DO and so-"it is apparent that GOLD AsD
liver will become the principal circulating
nediun,.v Congress, and four and twenty
State legislatures, did not agree with the Gs-
eial, and the consequence is what we have
cen; the destruction Of sound aud uniform
uyrency and the substitution Of an unsound
nd Huctua,ing Currency in the Paper u tho
.ucal Banks.
1896.
We have traced the documentary history
T the warfare Oh the Bank, from it, COM