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

treasure, unless those who are to manage its
concerns are selected with more care than
the officers of one of the departments have
been, of whom more than eighteen hundred
are branded as defauhers.
But these, serious as they may be, are by
no means the most important objections.
In his communication 10 Congress, the
President has said that this system ouo hi not
to be considered as hostile to State Banks
But is 1t not clearly aud directly so? Is
there no apprehension that it will as effectual-
ly destroy them as the abrogation of their
Charters would? Will it not postpone, per-
haps prevent indefinitely, the resumption of
specie payments Or if the State lnsitu-
tons should resume, as they are now labor
ing 10 do, will it not abstract entirely The
specie from their vaults. and tlIns reduce
them TO the necessity Of winding up their at
fairs? To my mind these things are far from
being improbable. BY the estimates Of the
Secretary of the Treasury, about thirty two
millions Of dollars, q SUN nearly equal to al!
the specie in all the Banks OF this Union, will
be collected and disburscd the present year.
If this sum, or any thing like it, is to be col
lected aud disbursed yearly in specie, it is
certain that almost the entire specie of the
Country will be absorbed by the operation
: 1t will 60 into the Sub-Treasuries, and
thence be disbursed to the civil officers, to
the Army, TO thS Navy, TO all those who fur
nlsh supplies; and no man can expect 10 see
a dollar unless he has dealings either direct
/ ly or indirectly, with some one in the pay of
the government. The government ioW haze
a currency; and he people wN hare none
Under such system, The inevitable cOnSe-
quence must be, general prostTdtion of all
81 "a.
free Republic.
In several Of the States the people have by
their suffrages expressed their decided dis
appreciation Of this measure, and it is 10 be
regretted that this expression of opinion has
had no other effect upon the mind of the EX-
ccutive, than to induce him to notice it in his
message TO Congress with an insinuation that
it was produced by the bribery Of the Banks.
Through the ballot box then, and through
this alone, can the people apply an effectual
remedy, to stay the progress of the evils that
pervade the Union. and to reform the abuses
that prevail in the high Offices of the nation.
In that, an intelligent community must re-
cord their verdict, and if it be the opinion Of
those ia whose judgment have reason to
place far greater confidence than in my own,
that my name and services can be at all in
strumental in producing result which will
tend to avert impending calamties, and re-
store the prosperity of the Country, do not
feel at liberty to withhold it,
therefore accept of the nomination.
Personally, the result Of the election will
he Il matter ofindiffrrence to me, bot when |
consider the effect it will have upon measures
Of general policy, I must confess, that, in no
election have felt a greater interest.
I havo tho honor A., hp roptlamap
your obedent servant.
WM. SPRAGUE.
To Mcssrs George w. Jackson, II. Y. Grams
ton, Elisha Watson, w. G. Bowen, and
Henry II. Luther, Committee.