Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-06-21

Well, the arg ument was plausible, and ma
nv began 10 think il was reasonable when a
comparative quiet was impaired TO the public
mind. Not word was said about the proba-
bio waste that might attend upon the reno
val, nor OF the possible loss by absorption
from the porous nature Of the bottoms OF
these new reservoirs, and the channels lead
ing from them. Not aword was hinted by
way of reminding the people that this divided
reservoir system had been tried. and that un-
der IL action the garden had become a wild,
and that its restoration to life and beauty was
caused by an abandonment of this system
and the establishment of one reservoir. Sir,
you knep at the time that all this was sheer
deception. You knew that however plausible
all that was said might appear, tho local de-
posite system had been before tried that II
would no., because, from the nature OF things,
il could not, answer. You very well knew
that return TO the local bank system would
be a return 10 all the consequences that had
before resulted from il; and you moreover
knew, that il was because OF the previous
failure of that system, and of the disastrous
consequences of that failure to the commerce
and business Of the country, that national
bank was organized; and You knew, sir, that
ull these evils, the result OF the local deposlte
bank system, had been eifectually cured by
the national bank.
Well, then, the public money was not only
TO be removed from the Bank of the United
States, and placed in local banks, selected
by tho heaven born," but these banks were
TO employ that money by a liberal use oi'd IN
the roy Of discounts 10 The peopls-anJ this
was the sdiroi
Al this point arose creature, the natural
product Of elements so corrupt. II was R.-
IL f.,rf ri al in NIL la
fascinating hahiliments of wealth and propos
ed to its followers sudden and unhcard. .coi
riches. Nothing was exempt from its all
pcrvading presence. lT WAS THE SPIRIT or
SPECULATION Were lands spoken of?--
On the instant the monster shook itself!
glitter was seen to spangle it oil over. No
matter where the lands were, IT was greedy
Of them, and opened It's enormous jaws to
swallow them down. Were they in the set
tied portions Of the country, or in the desert ;
on streams nayigablc, or not navigable; ~
the valleys, or on the mountains, this vora-
cious monster was nj hand 10 devour them
and by the magic of his wand, cities were
seen to rise up, not only from valleys and
plains, no matter how much out Of The way,
nor how far distant, but from amidst the Ste
Tiity Of mountains, and ont OF the mud OF the
Mississippi. In regard to stocks, very re-
vel was carried on in those, and the country
ran wild with ile dclirinm OF speculation
Thousands of hitherto plain dealing, honest
men, were overcome by The fascinating looks
and isllacious promises OF this monster, lured
into tolls, and ruined
And who were they, | ask, that plottcd,and
participated most extensively in this stupon-
dous scheme of fraud? Sir, let your trusty
Amos be called upon TO answer this question,
and To tell the terms upon which hc became
one of company of land spectators. ask
you, sir. il you do not know now, aud did not
know then, that he was admitted, rs part
ncr, in one of these great land companlcs,not
by contributing capital Of the usual sort, but
by the contribution Of certain services which
his position IN "Me Government" enabled him
10 render
Who they were, ,sir, that succeeded in draw
ing from the dcpositc banks, generally, the
enormous sums necessary 10 carry on this foul
system, it may not be your pleasure to have
disclosed, but The day is coming, when these
hidden things will be revealed; and then,slr,
upon your name, and memory, will fall from
the ph,al Of the 100, tn which referred in my
last, the last drop that is destined to tarnlsh
ani blast both forever.
Aud now, sir, worked furiously your great
instrument of power; and in your adrolt man
Bgcmcnt Of it, was your strength. Bound to
you, now, by tics Of pccunary interest, you
were certain of the support and influence OF
this grand army Of spectators, who, under
the winking of the eye of Amos, were always
ready to give proof of their grateful sense for
services rendered. This mighty phalanx You
knew would never desert you, mt least during
the period for which their services were con-
tractcd for-and you were equally certain OF
your Office holders and the expcctants, while
you could supply the ono, or administer hope
to the other.
But the exchanges began at last to give
signs of serious disorder. A sickly hue was
cast over the entire monetary system. Men
began, seriously, to look about them-and
their hearts TO fail them And now one OF
the most barcfaced movements was resolved
upon that had ever yet been attempted. 1t
was, that the prcsses-headed by the Globe
the office holders--the speculators
cxpectants, and the President of the United
States himself, backed by his complying Sec
rotary Of the Treasury, should all assert,
roundly and boldly, that the monetary con-
Germs Of the country had been greatly i'm
proved by this new system, nnd TINT the ex-
changes were better, and that even the Co
verninent" had afforded to it greater facilities
u. s. Bank There was not a merchant, or
business man in the nation, that was not as
founded by the promulgation Of these un-
blushing falsehoods. 1t was known to you,
sir. that such would be the effect upon these
classes--but you had made up your mind to
take the chances Of securing power over them
may, you were not quite sure whether you
would not wage open war with the merchants
but in the then aspect of affairs, it was
found necessary to make sure Of the agricul-
tural portions of the country, and these you
knew had not yet felt the pershing effects
ofyour corrupt scheming. Over the eyes of
this great mass Of voters it was determined
TO draw a ca,ci-aiter which you fancied they
could be made to see spirits under any forms
that il might be your pleasure to coDjure up
for their observation.
If had time, sir, would quote from your
favortc paper, the Globe, its high wrough,
eulogcs on the pet bank system, and show,
that at this very period, it was destructive Of
the entire system Of finance, and that busi.
ness men who had never for nearly twenty
years expcrienc ed the slightest inconvenience
in making rcmittsnces from all parts Of the
country, were now oppressed by the cost OF
exchanges, and by the general arrangement
Of the currency. And yet. in the very midst
r. IN ~. ,Lo rI,b, d,nicd tho avistonca nj