Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-02-08
RHODE ISLAND LEGISLATURE.
sUB-TREAsURY BILL, &C.

submitted by CRANsToN:
II, sOiued, That the system of credits, under
and by means Of which, through The facilities
thereby afforded 10 industry. enterprise and
perseverance,, the United States have attain
cd an envabe degree of prosperity, is a sys~
TEN naturally belonging to aud characteristic
OF, a Tree people, inasmHch as The confidence,
out OF which credit arises, is chiefly the off
spring Of free institutions.
RtSoiced, That il is not only for the mani
fest interest OF the people of this Union, that
this system should prevail, but it is their du-
ty, and should ever be their pride as lovers of
liberty, zeaously and firmly to uphold and
maintain it; and to this end they should in
sst, that it be cherished, encouraged, and
protected, by the Government, in all Consii-
ltonal modes.
Resolred, That this system existed in great
perfection nj the period when National In
stl,uton supplied large portion Of the cur
rency required for It's use, aud when the same
institution materially assisted the comlnanity,
by assisting the Treasury IN it, operations,
transferring, without creating any pressure
and without cost or danger of loss, such sums
OF the public money as were reqnlfed to be-
expended at other points thnn those where
they were collected, aud further aiding als
interested in the various exchanges of COM
ing the means, whereby n safe ready and C.
conomcal transmission of balances was cf~
tccted from one section TO another through
out the whole country
Resolped, That the innexibe determinations
long since manifested by tho Administrators
OF the General Government, that no Nationas
Bank should be permitted to exist, except n
Treasury Bank-the war waged bv that Adj
minislration, against the late Bank of the u
nited States, for no o,he treason. as is belicv-
ed, than because the Bank refused TO exert
its power for political purposcs-ihe- with
diawing of the public deposits thcrciroIn un-
der the pretencc that they were insecure; an
act performed the fuce Of the Judgment de-
liberalely expressed by the Representatives,
of the People, that those deposits were per-
fectly safe therein; an act too, that those
Representatives, when appealed TO, could
rot be induced to npprovc-the attempts To-
bring the notes Of that institution into discrc-
dlt-the forcing into existence by the APP
! preaching extinct on OF one Bank of the Uni
4 ted States, and the declared determinatou
never TO charter another, Of multitude Of To-
't-eel sBanks, aiming to supply the place-the
issuing OF the Specie 6trcutur, which vrtnal-
ly prescribed ono currency for the Govexn-
ment and another for the People-the with
drawal Of the wholesome control which re-
suited from the existence and operations of p
well managed National Banking institution
the consequent stimulating of speculation to-
',cXcess-the scenes Of disaster, distress and
ruin, which naturally folowcd-tbese were
injuries inflicted upon the system OF credit
oil flowing from the causes first assigned
herein, dcranging it in every part; foe tbc
manifold evils whereof, those who commenc-
ed the series, are justly responsible. and for
which they should be held 10 strict account
by suffering and indignant People.
Resolred, That the present administration
has failed to discharge tho duty incumbent
on all governments, Of adopting measures
calculated to afford and secure to the people
the currency their wants require, upon the
: pretext that, because gold and silver are a.
, lone legal tender in the payment of debts,
therefore nothirg but gold s; silver should con-
stitute the circulating medium of the country
that they have not only refused to provide
for a supply Of the currency best adapted to-
a sound and stable system of credit, that is to-
say, the notes of National Institution every
where current and convertible ut will, into
specie; but by their measures adopted in Con-
tnuation of the measures of the preceding
administration, have caused the withdrawal
2 from circulation Of the very coin-the legal
. tender-whch the government, like a rigid
h and unyielding creditor, sternly exacts from
!, all who have the misfortune to be its debtors,
and have rendered it exclusively an article OF
: merchandise-have virtually deprived il of its
= : character of currency and changed it into II
4 commodity, to be bought and sold.
b, Resolved, That the Sub-1rcasury scheme,
q now pending before the Senate fthe United
d States, is calculated to give further and more
permanent effect to that settled hostility to-
d the system of credit which has been plainly
: evinced by the administration, in the wea-
o sures it has approved, and tho course it has
pursued, and WILL if adopted, be another
means of barrassing the people, already sUffi-
cienty annoy ed ,nasmuch as it requires them,
after q certain time therein limited to pay all
dues to the Government either in Treasury
. notes or gold and silver, and thus proscribes
the notes Of banking Institutions under all
circumstances whatever; that therefore this
!, scheme will constitute a species Of oppres-
= sion, which. if exercised by an individual Gre
: dtor, would render him justly odious; and
, that the principle Of this scheme, if fully car
ried out, will paralyze, if not utterly destroy
y the whole system Of credit, since the amount
= of coin, which would fall to the United States.
!, in a fair division of the whole sum now cir
y cu,a,inr throughout the world, would be en-
tirely inadequate to the bealihful operation
., of that system. .g
Y Resolred That the Sub-Treasury Scheme
< is unsafe, because II provides that the funds
u of the Treasury shall remain in money in the
: nds of office holders until wnnted-that 10
is impoiitic, because it will extend the PATRON
age Of the Government already too great
injurious, because il requires the locking up
IS FROM use, for the time being, Of the whels
sum which may remain, in the varicus sub
ll;reasuries, until IT shall attain a certain .