The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-06-20
Brooktyn Adroeate.
From the Boston Morning Post

TnE Panic Is ovER.--The inGexible firm
ness of the President has effected the resump-
ton of specie payments without n single sacri-
fee of the liberties of the country TO the mon
led interest. There ,cH be no resumption, il
was confidently shouted, till national bank is
established. No national bank is established,
and every bank which is not acknowledged to
be in desperate condition, has either resumed
or is preparing to do so. The friends of the
administration may confidently refer TO the in
tegrity of purpose and manly decision that have
marked the conduct Of the Executive during
the most arduous conflict which ever took
place between our popular institutions and the
ambition of the monied interest. Every city
yielded to the clamor; the country was stunn-
cd by the deaiening noise of hosts of orators,
aud paused TO consider the issue. Mr.. Web
stor openly took sides with spectators against
the capitalists, whom he called drones Mr..
Clay, on the floor of the Senate denounced Mr..
Van Buren for having refused TO receive ire
deemable paper money for the customs. In
the midst ofthc uproar, the President has stood
firm by the laws and the Constitution; and tax
ing the voice of Justice for his guide, has recov
cred for the country the established standard OF
value, has removed uncertainty from the Ian
guage of contracts, has built the credit system
on the substantial foundation of real credits and
specie capital; and now beholds his firmness
rewarded by the return OF prosperity TO his
country.
! There is still another and more important
point of view to be taken with reference To the
resumption of specie payments. Once before,
the country had asuspension and resumption; !;
and the resumption took place under the au-
spices OF a national bank. This time the re-
sumption takes place without nationa, bank
IL will be the part of wisdom TO compare the
results OF resumption in the two cases; and
when the banks of Ohio and kentucky shall
have fully resumed, we venture to say, that the
recollection OF the the terrible sullcrinus grow
ing out OF the tyrannical action of the old Uni
ted States Bank, will, when compared with the
miiu aud benihcent policy by which the pres
ent administration has effected the same object,
furnish new aud most conclusive argument A.
galnst the establishment of a similar institution.
ihe panic Is over-and with the panic the
attempt TO embarrass the business of The conn
try. The firmness of tbe administration has
trumphed; confidence u restored on the tine
bas's, and our country is now entering upop
years OF prosperity. unexampled in the history |
OF man. The Three sCf years lciH B, for hes,
on''ed states period Of actirify, industry and I
saeeesS, w'etow parallel an our oca history, far [
'ess IN the hisior, of any other nation on carth.
lhe panic Is over; and with il expire the
hopes OF uistiess orators and their Presidential
candidates. IL IS one Of the sublime results of
the late crisis, that, during the whole period of
gloom the faith Of The democracy in lis prnci-
pies and its powers, and its ultimate triumph.
Vas never shaken; while its opponents hardly
Jared to repose confidence in their loud shouts
D eSutauon AZ apparent successes. Eu, now 4