The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-04-11

( the executive branch Of our government and
The vast moneyed power Of the country.
While watching jealously, as we should,
every increase of executive patronage, aud
guarding, carefully, our Treasury from
executive control, we should watch with
even more vigilence and apprehension the
growth and movements Of a power which.
when combined with the organization of
party, and permanently successful, must
inevitably, not only control our finances,
but govern the country. Without referring
to earlier contests, the struggle of the last
six years affords at least some evidence Of
an ambitious desire among those institu-
tons which are contending for the use of
the public money and public credit, to
share in the administration Of our national
affairs. In this great struggle the interests
of trade and the welfare of the country
have been sacrificed by the too jealous ef-
forts of the political portion of our bankers
to pcrpetrate their control over the national
Treasury, and to secure for ever to them.
selves and their SUCCESSORS the profits on
the use of the public money and public
credit Such efforts, when combined with
political views, might elevate to ,he presi-
dency chief magistrate who would effect
a formidable union between the executive
and the immense banking capital of the
country, already amounting to more than
three hundred millions Of dollars. If we
are now so much alarmed at the influence
of the Executive, with our limited revenue,
what may we not fear when that powerful
branch Of our government is sustained, not
only by the public Treasury, but by. a thou
sand banks and thousands of other corpor-
ations, controlled and directed by league
Of state institutions with large capitals, or
by national bank with capital of fifty
or one hundred millions of dollars.
Such are the consequences involved in
the issue which is now dividing the nation,
and agi,nting its trade and industry. 1t
would almost seem that the honest efforts of
some of our banks to produce h0rmony of
action, and TO resume specie payments, are
defeated to prolong our cmbarrassments,
and to convince the nation of the necessity
of assigning the most important powers of
government to the stockholders of ma
tional bank. This contest should be end
ed by the prompt adoption of the measure
proposed; for trade can never enjoy steady
prosperity till government and banks are
independent of each other. The public
money should be applied to public purpo-
ses alone, and the banks should be free to
pursue their own profitable course, without
being embarrassed by the efforts of small
portion of their number employed as Treas
ury agents, or by perpetual struggles with
the Executive or Congress. Should this
contest ever result in the triumph of an
alliance of the executive and moneyed pow
ers of the country, it cannot be expected
that union so fearful IN its consequences
could be permanently uccessful.-Patriot-
ism would be justly alarmed for the fate of
our political Institutions, and for the exis-
tence of popular rights. Another and n
more powerful struggle would commence,
which would prove ruinous to trade, and
might involve the legislative privileges Of
every bank and every corporation in the
Un ion. Continuing this as an unsettled
question, the trading and banking interests
will be exposed to all the vcissitudos
of party, and engaged in a perpetual war,
Improbable to themselves, and ruinous ito
the country. BY adopting the measure
proposed, and making it our permanent
policy, every branch of trade will be left to
move on undisturbed by our national polit-
ical contests, and the executive branch of
our government would be separated from a
power which, when united with it, is the
most dangerous to our free institutions and
to our confederacy.