The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-05-16
MIR. CLAY'S PAPER MONEY RES
OIJJTION

4 To understand Mr.. Clay's resolution t.
compel the Government to make nationu
currency out of local bank paper, it is nee
essary to understand his character and OBJ
jects. His character is always to appear a
the author Of all the important events which
are taking place and now that some Of tn,
banks have resumed, and all the solven
ones will resume in a few months, contrary
TO his efforts and his predictions, he is fo
claiming the honor of the event, and to sci
up for its author, by bringing in resolu-
ton to aid them to do what they have al.
ready done, and what the whole power o.
the BIDDLE bank cannot prevent them from
doing. This is his character. His objec
is to ruin the currency and the finances, in
order to compel the establishment of Ma.
tional Bank. He knows very well that
such resolution as he has introduced
would ruin the currency in one year; that
il would drive out the gold and silver which
has poured in upon us; tempt the banks to
oyer-issues; produce a new expansion and
a new suspension, and then enable him to
commence a new cry for National Bank
This is his object. Mr.. CLAWS political
fate is wrapped up in the question Of Ma
lional Bank. His political life is staked
upon that issue. He is for National
Bank, and he is for every thing that will
lead to that object. For this purpose he
opposed the correction of the erroneous gold
standard in 1884. 1t was because the es-
Of a national gold currency
would supersede the demand for Nation
al Bank paper currency. For this purpose
he abused the State banks at the veto ses-
sion, and panic session, and did all in his
power to create runs upon them, and to
brcnk them for this purpose he has op.
posed all measures to terminal te the reign
Of shin plasters and deprecated bank pa
per /; for this purpose he proposed a few
weeks ago to make irredcemable pape- the
currency of the General Government, to be
paid in and out by il; for this purpose he
has supported all measures for forcing pa
per money upon the Government; and for
his purpose he has now brought forward
4 resolution to make the notes Of all the
banks in the United States the medium Of
ill payments tc and from the public Treas
Try. In all this he has but one object
md that object is, to keep the finances and
he currency in state Of disorder and rum
intil the people, worn out with such al state
If things, shall give up, and take refuge in
, National Bank. Never did an old dowa-
ger duchess Of the Fauxbourg'St. Germain
Ugh for the return Of the old Bourbons more
han Mr.. Clay, sighs for the restoration Of
,is dear, ndorcd, lost National Bank
Ono thing ought to escape no ones
and that is, that Mr.. Clay
himself and all his supporters say that
he local banks will all fail again
hat the resumption cannot last; that
al that resume will stop again in a few
months; and now, let it be RENE mbered, he |
s proposing in his resolution to exchange
III the public lands for the paper Of these |
pnnks which be tells you are to fail again
He is for receiving the paper Of all these
ranks for all debts, dues, and taxes to the
Government for leaving the Government
10 alternative but to take paper money ad
n nfnifum! He is for paying out the paper
It all these banks in discharge Of all de-
nands upon the public Treasury And he
9 for doing all this while declaring that
hess banks vii. all fail again What is
his but an open request to the Administra-
ion to ruin the finances and the currency.
md to disgrace itself, for the pupose of en-.
bling him to say, /" told you so vou can
erer 60 on rithonf National Bank; these
State banks hare failed again, as / told :
ou they rorid."
We repeat, let no one forget that Mr.. 9
LAY is openly, publicly. perseveringly pro- /
laiming another failure Of the State banks
'bic in tho very act Of endesvoring to make 7
ieir paper the currency Of the Federal /
! l-Gie5t. :