Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-02-22


u revolution, in short, against further rcvolu-
tion. hope, most sincerely, that this revo-
luton may go on not, sir, for the sake OF
men, but ior the sake of the country. wish
it to proceed, till the whole country, with an
imperative unity Of voice shall call back Con-
gress to the true policy Of the Government.
Tho honorable member from New York is
Of opinion, sir, that there are only three cour-
ses open to us. We must, he urges, either
adopt this measure, or return to u system Of
deposites with the State banks, or establish u
National Bank. Now, sir, suppose this to be
as the gentleman states, then, say, that Ell
ther of the others is better than this. ! would
prefer doing almost any thing, and would
vastly prefer doing nothing, to taking this
bill
] need not conceal my own opinions.
am in favor of a National Institution, with
such provisions and securities as Congress
may think proper, to guard against danger,
and against abuse. But the honorable mem
Der dsposes Of this, at once, by the declara-
ton, that he himself can never consent to a
bank, being utterly opposed to it, both on
constitutional grounds, and grounds of expe-
diency. The gentleman's opinion, sir, al
ways respected, is certainly of great weight
and importance, from the public situation he
occupies. But although these are his opin-
ions, is it certain that majority Of the peo-
pie Of the country agree with him IN this
particular? think not. | verify believe
that a majority of the people of the United
States are now of the opinion that Nation
al Bank, properly constituted, limited, and
guarded, is both constitutional and expedent.
aud ought now to be established. So far as
can learn, three fourths of the western peo-
pie are for it. Their Representatives here
can form better judgment; but such is my
opinion, upon the best information which
can obtain. The South may be more dvi-
ded, or may be against National lnstitC-
ton; but looking again to the centre, the
North and the East, and comprehending the
whole in one view, believe the prevalent
sentiment is such as have stated.
At the last session, great pains were taken
to obtain a vote, Of this and the other House,
against a Bank; for the obvious purpose of
placing such an Institution out of the list of
remedies, and so reconciing the People TO
the b-Treasury Scheme. Well, Sir, and
did those votes produce any effect ?-none
at all. The People did not, and do not, care
rush for them. never have seen, or heard,
single man, who paid the slightest respect
to those votes ofours. The Honorable men,
Der, to-day, opposed as he is to Bank, has
not even alluded to them. So entirely vain
is it, sir, in this country, to attempt to fore
stal, commit, or coerce the public Judgment.
All those resolutions fell perfectly dead, on
The tables of the two Houses We may re-.
solve what we please, and resolve it when we
please; but if the people do not like il, at
their own good pleasure they will rescind it (;
and they are not likely to continue their ap-
probation long, to any system of measures,
however plausible, which terminates in deep
disappointment of all their hopes for their
own prosperity.
have said, Sir, that in preference to this
State Bank system; and will cheerfully do
so, although every body knows, that always
opposed that system. STILL l think it less
objectionable than this. Mr.. President, in
my opinion, the real source Of the evil, lies in
the tone, and spiritand general feeling,w which
have pervadcd the Administration for some
years past verify believe the origin is
there. That spirit, fully believe, has been
deeply anti commercial, and of late, decided
ly unfriendly to the State institutions. Do
the leading presses in favor of the Admins
tration, speak its own sentiments? If you
think they do, then look at the language and
spirit Of those presses. Do they not manifest
an unceasng and bitter hostility to the mer-
camille classes, and 10 the institutions of the
States? | certainly never supposed the
State Banks fit agents for furnishing orregu-
latng national currency; but have thought
them useful in their proper places. At any
rate, the States had power to establish them,
and have established them, and we have no
right to endeavor to destroy them. How is
it, then, that generally, every leading Press,
which supports the Administration, joins in
the general cry against these institutions OF
the States? How is it, if it be not that a
spirit, hostile to these institutions, has come
to pervade the Administration itself?
In my opinion, the State Banks on every
ground, demand other treatment; and the in
terest ofthe country requires that they should
receive other treatment. The government
has used them; and why should it now not
only desert, but abuse them? That some of
the selected banks have behaved very un-
worthly, is no doubt true. The best behav-
our is not always to be expected from Pets.
But that the banks, generally, deserved this
uBrestralned warfare upon them, at the hands
Of government, | cannot believe. 1t appears
to me to be both ungrateful and unjust.
The banks, sir, are now making an effort,
which hope may be successful, to resume
specie payments. The process of resump-
tion works, and must work, with severity
upon the country. Yet most earnestly hope
the banks may be able to accomplish the OBJ
ject. But in all this effort, they get no aid
from Government, no succor from Govern
ment, not even a kind word from Govern
ment. They get nothing but dcnunciation
nnd abuse. They work alone, and therefore
the attainment Of the end is the more diff
cult They hope to reach that end only, or
mainly, by reduction and curtailment. u, by
these means, payment in specie can be re-
sumed and maintained, the result will prove
the existence of rreat snldiiv. both of the