Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-04-05

infnitude, Of our physical resources, the oe-
velopment of which is to be forever abandon.
ed under this policy. Look at England, and
see what she has done for herself, simply by
developing her physical resources. What
one OF these resources has she left undevelop-
ed to the utmost' What in the industry and
ingenuity Of her people What in her agri-
culture: What in her mineral riches P
What in her means Of mechanical power
And, above all, what in her internal improve
ments? Not one. And what thereby has
she done for herself, again ask
She has thereby placed hsrsel { in the front
rank of nations for wealth and power, nnd
mado herself the first in that rank; she has
thereby accumulated capital that is
prodigy upon the earth capital that not
only fills up every channel in every depart
ment Of her own industry but which over
flows and spreads itself to the extreme verge
of the hobitabe globe. There is not civil
lized country or earth whose Industry and
enterprise are not inyigoratcd more or less
/ by that capital. And what are the physical
resources of England, compared to ours p
i why, not tithe-i might say not per cent.
i Oh the heart sickens when it contem-
plates and contrasts what this country might
be, under the full development OF these re.
sources, with what it must be under the total
abandonment of that work, to which II is TO
be compelled by this policy. And 1t sickens
the more, if he reflects that we were, and not
long since, on the high road to that full de-
velopmcnt that the pathway to it was then
direct before us; that we were making rapid
advances in that pathway; and that our final
} and complete success was certain. The
} rivers do not find their way with more GER
,ainly nor more rapidly to the ocean, than
that course of policy was carrying the coun-
try on to that final and complete success
} And when he reflects, too, that we have only
to return to the same course OF policy still to
| reach that glorious destination.
But there is lion in the path. phantom
! is coniurcd up, to I'LL the people with lm"g''
nary icrrors and to frighten them from re-
turn to that path. They are told that the
! monoy power welded by the banks Is dan'
, perous to The liberties of the country MS i
> that money power could have any possible
> interest in arrayng itself against those lb'
D ertles. Why, The prosperity Of the country
I is the very element in which the banks lire
I. and breathe, and more, and have their being
e of which prosperity they are at once both tho
. effect and the cause. Destroy that pros
d peri,y and you destroy them. They to array
= themselves against those liberties vhcr
] those Liberties are intimately blended witt
: that prosperity, and essential to it. Destro,
: those liberties, and you destroy that pros
r peri,y. But if the banks were foolish enough
r and wicked enough to attempt this, how
G could they act in combination 10 this end
! Banks have nothing of the esprit de corps
I nor is it in the nature Of things that the,
i should have. They arc made up of indisld
}, uals scattered far and wide, mostly unknown
1 to each other, and who have no meetings to
: gethcr; for the annual meetings for the choice
: Of directors are never attended but by a few
, besides, the members are made up of all par
ties, and are changing constantly; the mem
r bcrs to day not being the members to-nor
I row. A bank is a mere money making
I concern and looks only to that business
I II is true that when their existence is at
: tackled, they act upon the common princi
I Die of human nature, in self lf-defence, ant
e stand upon their chartered rights. In NJ
, case land here defy contradiction has nm!
II bank corporation, in this country, ever bceI
O known To move With a concerted action to an,
t, political object whatever. speak not OF tn
n individual members; speak of the corporate
s body, moving as a corporate body. The trnt
e is, they have less Of the esprit dc corps tina
t any other corporations whatever. Even re
d lyio,is corporations have far more OF tina
y; spirit.
J. The money power welded by banks dan
}, cerous to the Liberties ofthe country mar
= vel that the State Legislatures have neve
o had the sagacity to perceive this danger
= They have now been in the practice OF crc
ating these corporations, the old States TO
u forty years, and the new States ever sine
: they havo been States, and are still in tn
. practice. This proves, as it seems to me
I either that the danger is go small as to be IN
: visible to them, o. that they are Indifferent 4
: those liberties. lfthe danger is too small t
d be visible, it seems to me it is too small to b.
y talked about; and if these State Legislature
II are really Indifferent to those liberties, why
l. the danger comes from them, and the wa
should be made against them. Then W
e should fight the danger at the fountain heat
! and in its headquarters.
" know that there is a little band OF Loco
It focos in each of the several Sates-(by tn
st BY would not speak dsrcspecttu!ly of ther
G now, since the President has seen fit to p'
n himself at their head, and to make himsc
8, their chef) a little band, | say-who or
It frightened, or affect to be, at this danger
C who are raising a terrible outcry agains
G banks on this account, and who are inceS
p sanity warning their Legislatures of this dan
I'll ger. But, strange 10 tell, anu Iaihentaoic
: strange, these Legislatures seem to pay a
II little heed to their warning voices as the.
c would to the barkings Of so many will no
t say what. And there is reason to fear tha
a the outcry hero about this danger, even il
0 the Senate chamber Of the United States
. will be as little hccded by them, and tha
j they will still go on creating these corpora
y tions. think | have seen it stated in tn
a papers, that Mississippi, this Locofoco cry o
n danger Notwithstanding, is now engaged il
d the horrid act Of creating a bank with capi
: tai of some ten millions.
o There is, too, another lion in the path
h another phantom. The banks, it is said, ar
n dangerous to the stability of property, b.
d their power, at will, to elevate or depress II
If standard value to elevate by their expan
'f sions, and to depress by their contractions.-
It II they had this power, (for which there
: not shadow Of a pretext) what possible in
= tcrest can they have in causing these clevu
y tions and deprcssions? They deal only i
money, not at all in property. The interes
: on their discounts is ail they can make ,hs
o interest is fixed by law; that interest the
n cannot enlarge without forieiting thci
!. charters. So, if they had this power, the
J. III could rain Nothing by its exercise.