Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-31

Il
In the absence from town of the
editor of this paper, the gentleman who
had the temporary superintc cndance Of
i received from Maj. Bull the evening
previous TO the papers going to press
last week, notice calling n public
meeting Of the citizens on the subiec,
OF the currency, &C., which notice was
inserted without note or comment. un.
der the impression that many respecta-
BILE Wings, as was urged by the Major,
were desirous OF having such meeting.
Feeling il a duty incumbent on us at
the present time to give our readers all
the information possible on the all en-
crossing topic, The currency, we have
endeavorcd to obtain correct account
of tho character and proceedings of the
meeting, held in pursuance of the notice
above mentioned. The meeting ii appears
assembled at the second ringing of the
bell. The number who attended at the
opening was about fifty, among whom
were recognized a large proportion of
that class of citizens who enjoy "the
spoils of victory" On taking view
of the manner iii which the meeting had
been gathered, and the prompt and
early attendance Of the partizan troops
of the National government, the few
Wings who were present concluded to
remain as spectators. The meeting was
called to order by Major Bull, after
which Messrs Engs, Freeborn, Hors-
well and others were sevcrally nomi-
mated for Chairman, all Of whom posi-
lively declining the honor. Mai. Bull
was then nominated and declined, re-
marking that if Chairman could be
found, he had some resolutions to offer.
and should address the meeting. Col.
Tower was then nominated and accep-
ted, but no Secretary was appointed.
Maj. Bull in opening the meeting,
offered set ofresolutions, the substance
OF which was, that the suspension of
specie payments on the part of the
Banks of this State, was entirely uncal-
led for, unnecessary and unjust.
The Chairman after reading the rcso-
lutions remarked that if the meeting
was ready for the passage of them, he
would give the vote. A long pause en-
sued, when Mr.. Hazard said he really
hoped the mover Of the resolutions
would advance some reasons in support
of them, before the vote was taken
The Major then rose and addressed the
meeting for about half an hour. His
argument which was evidently prepared
for the OCCASION, and the result of much
labor on his Fart, consisted of repe-
tition of the often reiutcd, stale denun-
citation of Banks which abound in
the Loco Foco journals of the day
The Banks of Rhode Island in general,
and those Of Newport in particular, he
severely censured for suspending spe-
Gle payments, talked Of the hardship
the poor man suffered in not getting a
silver dollar for paper one, Sc, sug-
gested sorerci gn panacea, invented and
discovered by himself, for the imncdi-
ate remedy for all these evils.
Gov. Engs and others followed him,
briefly showing the perfect absurdity of
the arguments offered by Major B. in
support of his resolutions and forcibly
illustrating that this unjust war upon
the banking institutions of this State,
il sustained and encouraged, must in
evitably tend to paralysc il not eventu-
ally destroy all branches of industry,
and deprive the laboring man of the
means olsubsistence. Those who spoke
in reply were gentlemen, in fact, who
came in as spectators, and had no idea
of participating in any debate with Maj
B. but found themselves, from a sense
of duty, compelled to offer some en-
iemporaneous remarks in vindication,
especially, of the much injured Institu-
tions of Newport. In regard to the
relative situation of the Banks, it was
stated in reply to the Major, that the
Banks of Newport possessed capital
ofabout 500, 900, whilst those Of Provi-
dence possessed capital Of about seven
millions, and that if the Banks of this
town, had attempted to continue specie
payments, after the Banks of Provi-
dence had suspended, the inevitable
consequence would have been to have
drained our vaults Of their last dollar in
a very short time, and all our specie
would have flown to New York and
Providcnce--that the Banks would then,
from necessity, have called on their
debtors for payment, whilst they could
no longer grant the business facilities
which were actually necessary to sus-
tain our extensive manufacturing es-
tablishmcnts-thc result Of all which
would have been to reduce Newport,
as business community, in comparison
with its present prosperous condition,
to state of absolute poverty, eilecting
most sensible depreciation of almost
every kind of property.
The Major again resumed, speaking
at some length, without advancing any
new or important light upon the subject.
In relation to what had been said
against the policy of having the bank
vaults Of Newport drained Of their last
dollar, he declared it was their duty to
pay their promissory notes as long as
they had dollar to pay with. He was