The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-04-18

d its four millions Of specie and its eight o
s ten millions Of funds in Europe. Mr.. Bid
e die says that large portion Of The cottor
u crop is yet to go forward which is equiv
d aent to saying that the speculation is no
u southwestern banks are not in a condition
to resume which coroborates onr belize
S that their advances upon cotton have beer
d great. If our con lecture be well founded
Z and we offer it merely as a conjecture, then
: is Dir. Biddle's aversion to general rcsump-
e ton, especially in the month Of May, fully
D explained"
r I'VE have long since understood thai
, the banks Of this city were ready to resume
and prevented solely by the Bank of tho u
Dited States. We are also convinced that
T the commercial interest Of the country de-
minds termination to the present derange-
ment Of exchanges, and that a resumption
would speedily effect this desirable object.
As we view the case, THE BANK OF
THE UNITED STATES OPPOSES
| TIE RESUMPTION FOR THE BEN
EFT OF IT'S OWN STOCKHOLD-
ERS, and renders no service 10 the banks
Of The Atlantic cities, and inflicts especial
injury upon the merchants, by so doing /;
| and we cannot perceive how this is making
" common cause with the other banks"
We consider the Bank Of the United States
in false position in relation TO the State
which chartered it, and view such position
with regret. To protect its own stockhod-
ers IN A SPECULATION AT THE
SOUTH, it is ipjuring the trade Of this city,
and doing less than it nigh, for the pros
periy Of this State. With its amplcimeans,
solely applied TO the interests of Pennsyl-
p0nia and Phiiadeiphia, it might make the
first the most powerful State in the Union,
and the second its commercial emporium,
and in perfect safety reap an ample reward
for itself.
lie says that for nineteen years he has
been striving TO Danish from circution every
thing but the precious metals, and notes al
ways convertible into them, and that no
other currency is safe or tolerable In re-
ply to The FIRST we would mention the notes
Of the old narinal bank, rc-issued by the |
Bank of the United States, and the notes of
the latter on time, neither Of which will it |
redeem at sight; and also our intolerable |
nuisance of shinplasters, which Nj. Biddle
has the credit of persuading our Councils
to issue, for he purpose Of enabling him 10
replenish his nearly exhausted vaults with |
specie. Here then are facts not exactly !
consistent with these mceasing efforts to
banish from circulation irredeemable paper;
and if Mr.. Biddle be thus mistaken upon
one of his leading positions, we cannot i'm
plcitly rely upon the accuracy of his recol-
lection about other statements IN his letter.
In reply to the second of these assertions,
we admit that n mixed currency is not the
| only safe currency, since one exclusively
metallic is exposed to no dangers; but we
also admit that it is the only tolerable one
in our country, where a currency exclusive
ly metallic would be impracicable. We
therefore agree with Mr.. Biddle and Mr..
Webster in demanding a currency com
posed Of gold and silver, and OF paper al
ways convertible into them; but we insist
that we never have had such n currency, !
and lhnt so long as the Bank of the United
States is able to preveat specie payments, |
far the purpose of controlling the cotton crop, !
WE NEVER SHALL HAVE 1T.
Such banking system as we have, al
ways have had, and which Mr. Biddle |
would perpe,rate, if we may judge from
his letter, checks our prosperity by violent
changes, ruins our manufactures, beggars I
our mechanics, ict,ers our farms with mort
cages to corporations, converts such cor
pora,ions, into instruments OF robbery and
fraud, periodically plumbers our merchants,
and converts them into herd Of timid,
fawning, cringing walters upon the nod
of bank director, aud above all, ren-
ders the politics of our country mere con-
test between usurers and spectators, for
the privilege of robbing the community.
"Wha,, says Mr.. Biddle, were the eau
scs of the suspcnsionl He answers, the
specie circular, the scattering of the depos-
ties on the frontiers, and the clamor raised
by the " government" by which VIC under
stood the Federal Executive, against bank
notes, which alarmed the people for their
safety. These were not the causes. With
out the specie circular, all the specie of the
country would have been exported, ,!mions
of acres of public lands would have been
sold for worthless paper, and all the banks
in the country would have failed outright,
without having an opportunity for voluu-
tary suspension. The Executive as well
as every intelligent fuancier in the country,
saw that with the enormous debt due to
England, the enormous expansion of our
banks, and the sudden refusal of the bank
aud bankers of England to grant auy fur
ther facilhies TO Americans, tho English
merchants, hank aud bankers were resolved
to take advantage of circumstances, strike
grand blow and splunder this country.
The cotton crop was in England, shipped
Mt high price; and it it could be reduced
to a low price, the means of our merchants
and planters for paying their foreign debt
wonld he greatly diminished, aud bal