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

entire destruction of the whole system OF In
land exchanges. II
shall not dwell further upon the idea OF
tho expansion Of currency, by means OF IN.
land bills of exchange, as suggested, as I'll
have been anticipated in this idea by the
honorable gentleman from Massachusetts,
| fMr. WEBsTER,l in his splendid effort on
yesterday and, knowing as do, that all
could say on that topic would but weaken
the effect of what has been better said by
him.
To return, then, to the point was upon.
II VIII it be said that when nine parts IN ten
Of the circulating medium is distracted from
the business of the country, that specie Will
Il flow in to ill up that mighty void, and to sus-
tain that business? Alas the specie Of the
country, instead Of being augmented by that
event, will be diminished by it-greatly dl.
minishcd For, doubtless, we owe much oil
| the specie now in the country 10 that very
! business which has been created and sustain
H ed by the banks. Though specie is said to
be fluid that will keep it's level IN the com
| morcial world, (by which is meant its relative
commercial value,) yet, though, III this sense,
II il is everywhere at the same level, 1t Is not
| Everywhere at the same depth. That depth
II depends upon,and is measured blythe amount
| of business uf any given country. That a.
mount is the true guage that depth. Why
is the specie of England so great in compari-
son with the specie oi other Commercial conn-
IItries? Only because her business is great
/ in comparison with theirs IN the same proper
ton.
Il The country then, is 10 be deprived OF nine
parts in ten of her circulating medium she
is 10 content herself "a she may, with the re-
naming tenth part that part Is TO diminish,
we know not how much, but greatly to di-
finnish and our business IL TO fall oil IN the
: same proportion, and to dwarf hseli down 10
D that dlininutlve scale.
a ftherc be man who could contemplate
c Il The consequences of such tremendous crash
e lin the business of the country, and feel no
, remorsc ct being the author of them, or IN
I any degree the author, ] will only say that
should another Shakespeare arise, he would
I have no occasion to 20 to Italy for another
k Shylock nor for a thousand Shylocks con
c centratcd in one. For what would he see
j lie would see his country reduced, and by
e his means, 10 one wide waste OF run-one
! universal scene of de esolation-und the more
u shocking 10 every other eye, as 1t would DC
Il filed, us have said, from one end OF II to
$ tho other, with the mouldering monuments o
r her once great but then departed prosperity
;, / I'm all our great commercial cities a deaihlke
g silence reigning in all their streets, ,nnthrong
!. ed. unirodden even, except by the casual and
d II solitary passenger; their houses urtenan,'
II ed, unrc paired, and crumbling to decay; al
d our manufacturing villages unpeopled, un
: voiced, heaps OF ruin, and scencsof dcsoa
C ton our agriculture without market, hel
e crops drug, and porlshng on hand ou
If commercial morlnc, instead OF spreading tht
\ a. ~
:. our works of internal Improvement, begun bn
d not finished, abandoned 10 decay; and al
|, / our finished works, unoccupied, Improbable
d and a dead stock to the propnetors. Wha
= shall say of the poor, of the laborng class
y | es, making in the aggregate, with their FAM
i lies, so many millions Of our fifteen, unhonsed
: unfcd, unclad, exposed to bidc the peltngs
d of this pitiless storm sent upon them by then
il own Government And here let me add, thai
'i the Government itself will not be exempt
II from the consequences Of the calamles o
i whichit will have been the author; the Go
e vernmcnt will be without money and without
If credit. Then that eagle, once tabled to have
: borne in bis talons the thuDdcrbolts OF Jove
2, but certainly born with q wing to rise from
l. the earth, and soar to the heavens, and tt
&c survey the world beneath his noble flight
d will no longer be the proud but j ST emblem
n of our country no longer then, poised on hl
outstrctched wings, should he be seen abov'
ot the stars in the flag of the Unlen. No; lc
ID him then be cxpunged I'VE shall have learne'
i'd the preccss) from the star-spanglcd banner
and let the mcanest in the troop OF the barn
e door fowl, or the lowest OF creeping things
n occupy his place,a the fttest emblem to rep
ID resent the humility of our condition, and t
f. tell the world of our fallen pride, and abdi
ot Gated pretensions. =,
r But if these things must be so; if you viii
e have them to be so why, let them be 80. :
e But pray you to consider how, in the mean
; while you are fulfilling the high behest o
&c the constitution, which is TO promote the ge
C neral welfare of the country, by the enlight
n. cncd exercise fyour delegated powers; ant
e to look, for n moment, at the wide waste o
'r the future, as well as present happiness o
N the country, you arc committing by tins suicl
rt Ja policy.
Is have said that this policy would disable
Is the country entirely, and forever, from de
D. veopnr her physical resources. No proc
u of this now is necessary ; all must see tina
RS the state of things described, and which mus
Of exist under this policy, would make the thin!
g limpossible-would make the attempt ever
& impossible. Taking this to be so,let us look
& for moment, at the magnitude OF the olJec
'e thus to be SacrlllcCu. IL Is dllnCuit W SN'
'r any just idea of this magnitude; because
t. some, perhaps many, Of these resources are
&c yet to be discovered as well as developed
it but especially because Of the boundloss cx
e tent in which they severally exist.
r, Consider the immensely Of the resourct
If existing in the manual labor Of this great
e people, if that resource was fully called forth
n as il might be by proper policy; people
h multiplying with such rapidi,y; doubling II
: twenty-five years; increasing III geoinetrlca
: ratio, with room and means for that rapldty
@ of increase for ages and ages to come ;
Y. people, too, distinguished above all others 70
ID inventive ingenuity, for hardy adventure, ant
e for ndomitablc perseverance; people be
10 fore whom all difficulties vanish, because t.
t. them they do not seem to be difficulties, sucl
-;Ili is their boundlcss confidence in their owl
G, powers of achievement. But this active AM
l. enterprising people, whose spirit alone,
n properly lostercd, would make the fortune o
't any country, is to be forced down and KEEP
G down to a state Of inaction by their own Go
IA vernment, and to have all their faculties be
: numbed, to fit them for this torpid state, BY
l. its stunid and stuDifviuo policy.