The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-02-21

the National Treasury, or the credit Of the
Federal Government. 10 sustain aud make
useful the banking institutions TO which
'Esy were giving life and power, as banks
o' issue and discount Did any State
Legislature ever, by word or deed, cause it
70 oe understood. either by the people, or
'"o "sti'uth'ns, that hanks of their creation
mere skeletons, powerless and help
'ess' ana That the life and healtb-giyiny
P''"c'P'e was 10 be breathed into them by
q" extension oil the patronage of The Fed.
e." "o'ernmeni, IN the shape of nr,6,a-
o'e use OF It's money, and "a command of ~
confidence aud credit Never. Uad ~
Federal Government, by any act. mr. ex
preston, authorized an expectation of ,h;.
patronage and confidence, excep, ,no,,
conditions which had been violated nv H.
banks, and had thus forced senar,,;,,
between them and the treasure of the coun-
try! He was awnre of no such act or ey.
preston. The separation exists, and ba.
been forced upon the nation by the hanks
themselves, and the simple question is. shall
we renew it? In what sense can the do
csion of that question, however that d.c;s-
ION may be made, be an attack upon the
banks! The idea Twas mistaken one.
and the objection, in any light in which !,
could be viewed, was unfounded and un-
just.
lie proposed, however. for the purpose
OF illustrating the truth of this conclusion
and making i. more clear, to call 10 The
minds OF Senators a single chnpter in our
financial history. During forty wears of
the existence of the Government. under tho
Federal Constitution, a national bank had
been In existence, and, he spoke from re-
collection, but he believed the national
bank bad been, for the whole period the
exclusive depository of the public money.
and the exclusive fiscal agent of the Trea-
sury. He was sure it was so during the
twenty years existence of the last national
bank, and he thought it was so under the
old bank. Then the State banks were not
repositories of the national treasure, nor
fiscal agents of the National Treasury, and
had it ever been asserted that this IegisIa-
tion was an attack upon these institutions,
or that their credit and usefulness were
thereby destroyed? But, again during
the existence of the last Bank of the UNI
ted States the notes of the State banks were
not disbursed to the public creditors at all.
and were not receivable in payment of tho
public dues but at the pleasure of the ma
tonal bank, and then, as every bank re-
ceives the notes of its neigbbor institution.
to take them out of circulation, and return
them promptly, to be converted into spe-
Gle or specie funds. Did these State in
stituions languish and die under this Con-
or al IL
er take root and flourish, and become
sound, and stable, and usefnIl Has not
large and powerful political party in this
country ever contended that the checks
and restraints, exercised by The national
bank, during this period, over the State in
stltutions, were salutary aud proper9 That
it was great balance wheel, regulating
and equalising The movement of the whole
complex machinery What is proposed
by the bill, but that, to The extent of its
operations, the National Treasury shall
form the same check and restraint upon
the local banking institutions That it
shall keep the public money independent
of them? That it shall either not receive
their notes 10 payment of the public dues,
or receiving, shall frequently present them
The only difference will he that the Trea-
sury will not enter into competition with
the local banks in the business of banking;
that it will leave that whole field to them,
and merely content itself with a sound cur
rency for its transactions. How ,lthed, is it
possible that those who saw such benign
influences to the local Institutions from
the wholesome restraints of national
bank, should see such baneful effects to
follow the same influences, when flowing
from the public Treasury? should see
there an attack upon the institutions, a
prostration of their credit, aud total de-
stru,tion of their usefulness
He was aware that the system propos-
ed was new, and substantially untried, so
far as the legislation and the practice of
our Government was concerned and it
would be admitted by all, that, as new
measure, it had met the full share of depun-
citation to which almost all changes from
established custom, almost all reforms, how
ever valuable and useful, are destined TO
meet, when presented in the mere shape of
for the acceptance of the pub
Ic. Ii was not his habit to speak disre-
spectfuly here of the actions or the motives
OF any; sud he certainly did not intend, in
the remark he was about to make, to express
any want of charity towards the course or
opinions of any side of the House, or any
individual in it. lie yielded to all that
credit tor purity of purpose and sincerity of
intention, which he wished them to award
to him; but he must say that he had never
seen more active, jealous, and persevering
efforts to forestall public opinion upon any
measure of legislation. than had been used
towards this, from the appearance of the
Message of the President, at the extra ses-
'Ion, to the present hour. He had seen
his with tho moro daan rarro, L....