Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-12-13
,isiac,ory settlement of the question.

10 suppose TINT legislation upon that branch
of the subject would now DC embarrassed by
difference of opinion, or fail 10 receive the
support Of large maturity of our constituents.
The conneXion which formerly existed be-
tween the government and banks was IN
reality injurious to both os well as 10 the
general interests Of the community at large.
Ii aggravated the disasters ct trade and the
arrangements ofcomnc rclal intercourse, and
administered new excitement and additional
means 10 wild and reckless speculatlons, the
dIsappuiniments oi which threw the country
into commissions Of panic, and al but produ-
ced violence and blood>hcd. The inprudent
expansion Of bank credits, was the natural
result of the command Of the e,enues OF the
State, furnished the resources for unb0unded
license IN every species OF adventure, scdn-
ced industry from its regular and salutary
occupations by the hope Of abundance with
out labor, and dernngcd the social state by
tempting oil trades and professions into the
vortex Of speculation on remote cUntingen-
cies.
The Same wide spreading influence imped.
ed also the resources Of the Government,cnr-
tailed its useful operations, embarrassed the
iulflment of It's obligations, and seriously in
teriercd with tho execution of The laws.-
Large appropriations and oppressive taxes
are the natural consequences Of such con.
nection, since they increase the profits OF
those who are allowed to use The public funds,
and make il their interest that money should
be accumulated and expenditure. multiplied,
IL is thus that n concentrated money power Is
tempted 10 become nm active agent IN poIltl-
cal affairs, and all past experience has shown
OIL which side that influence will be arraycd
We deceive ourselves if we suppose that II
will ever be found asserting and supporting
the rights of the community at lar.e, IN OPP
position to the claims Of the few.
in Government whose distinguishing
characteristic should be dlfuso ion and equal
iZntion Of It's benefits and burdens,t the adran.
tnge Of individuals will be augmented at the
expense of the mass Of the people. Nor is
it The nature Of combinations for the acquisi.
ton Of legislative influence, 10 confne their
interference 10 the single object Cor which
they were originally formed.
The temptation 10 eX,end II 10 other mat
ters. is, on the contrary not unlrcqnen'ly too
strong TO be resisted. The influence, III The
direction of public affairs, Of the community
al large Is, therefore, in no slight danger of
being sensiby and injurlously affected by
giving TO n comparatively small, but very cf-
iicicnt class, direct and exclusive personal
interest III so important portion of the le-
gslation of Congress ms that which relates
TO the custody of the public moneys. II laws
acting upon Private interests cannot always
be avoided, they should be confined within
the narrowest limits, and !cf, wherever pos
slblc 10 thr Legislatures of the States.--
When not thus restricted, they lead to COM
bnatons Of powerful associallons, foster an
influence necessarily selfish, and turn ihc
fair course OF legislation Ia sinister ends.
rather than To objects that advance public
liberty, and promote The general good.
/ The whole subject now rests wth youand
! cannot but express II Lope that some deh-
mite measure will be adopted NJ the present
session.
II will not, am sure be deemed out Of
place for me here 10 rcmark,,ha the deolara
ton of my views ~ opposition To III" pollcy
of employing banks as de?osi,or,es Of the 90.
vernmcnt FUNDS, cannot justly be construed
rs indicative of hostility, official or personal,
To those institutions; or to repeat, IN tins
form, and III connection with this subject,
opinions which have uniformly entertained,
and on all proper occasions cxpressed.--
Though always opposed 10 their creation IN
the form of exclusive privileges, and, as a
State magistrate, aiming by appropriate le-
! gls!ntiOn to secure the community against
the consequences ofthelr occasional mlsman-
arcmcnt, have yet ever wished 10 sec them
protected ~ the exercise of rights conferred
by law, and have never doubted their nilllty
when properly mnnaged,ln promoting the M
'tcrcsts of trade, and, through that channel,
the other interests Of The community. To
the General Government they present them
selves merely aS State institutions, having
no necessary connection with lis legislation
or lis administration. Like other State es.
iGbli.hmeuts,hey may be used or not IN con-
ductng the affairs Of the Guyernment,as pub
lie policy and the general interests OF the
Union may seem Ia require.
\ The only safe or proper principle upon
which their intercourse with the Government
can be regulated, - that which regulates
their intercourse with the private ciizcn-
the con'crrlng OF mutual benefits. When
the Government can accomplish financial
operation better with the and of the banks
than without, It should be AT liberty TO seek
that aid as it would the services of private
banker. or other capitalists or agents, giving
the preference To those who will serve 1t on
the best terms. Nor can there ever exist an
interest in the officers Of the General Govern.
ncnr, as such. inducing them to cnbarrass
or annoy the State banks my more than 'to
incur he hostility OF any other class of State
institutions, or of private citizens. IL Is mol
III the nature % things that hostility 10 those
institutions can spring from tins source, oi
any opposition 10 Their course OF buslness,cx'
! cept WHEN they themselves depart from the
objects OF their crcalion,and attempt 10 usurI
powers not conferred upon them, or 10 sub
vert the standard Of value established by the
/ constitution. While opposition to their re
, ruar operations cannot exist IN this quarter
resistance 10 any attempt to make the Go
yernmcni dependant upon them for the sue
ccssful administration of public affairs, is ,
matter of duty, as trust II ever will be Of IN
/ cllnatop,no matter from what motive or con
sideralon the attempt may originate.
/ Ii is TO more than Just 10 the banks to say
that, IN the late emergency, most OF then
/ firmly resisted the strongest temptations Ia
extend their paper issues, when apparently
sustained IN n suspension Of specie payment
by public opinion, even though ~ some case
1 invited by legislative enactinenls. To tbls
i Il, nnrab,c course. aided by the resistance O'
/ the General Government, aciinE ~ oocui't'e
To the constitution nnd laws OF the tniled
! States, to The introduction OF fnniHcdecinaoic
paper medium. may be attributed, IN great
degree. the speedy restoration OF onr curren'
cy to sound state. and the business ui TIC