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

debtor Bank in funds TO meet any run tha,
might be brought against lt-bur it appeared
this was mistake, and they could not on
this principle be sustained. Aher a few
weeks they again suspended, and their bill
were greatly deprecated. To remedy thi,
evil, another experiment was tried, which ro
suited like the first, not only IN great fail.
ure, but great loss to the Bank, but so far
from its operating prcjudicially to that iLst.
tuition, it is entitled to the lasting gratitude
OF the South and West. 1t was this-thal
the Bank would furnish Philadelphia funds
to the smount of three fourths of the curren.
cy value Of Cotton shipped to its agents in
Europe, expecting ofcourse to be reimbursed
by Foreign Exchange. For a season this
promised well the foreign purchaser had
composition TO meet al the South, and III
common with the Planter and the Bank had
an interest to serve in keeping this staple at
fair price in foreign markets. But grea,
deficiency bread stuffs, having caused large
quantities Of specie to be exported from the
Bank Of England, and SO alarmed it as not
only to cause a serious curtai'ment Of its Lu-
siness, but actually to borrow millions to sus-
tain its credit AS q natural consequence,
the rate of interest rose very high in England
and their Bankers no longer sought invest.
ments in foreign securities; neither would
they ussst the Merchant to hold his Cotton
at what they considered high prices. This
unexpected and unparalleled state Of things
operated altogether against the Bank First.
1t had 10 ship Specie to Europe TO refund in
part, the advances which had been made !;
and secondly was cut off from realizing any
thing on the immense amount of securities
sent forward for sale. Thus extended, al
home and abroad, there remained but two al
ternatives,-one was a suspension of specie
payments itself, and thereby extend the ne.
cessary indulgence TO their debtors-the 9th.
er was the course now pursued by The New
York Bank, TO compel the payment of all
debts, regardless of consequences. In this
dilemma, j. will he seen the Bank had every
inducemcnt to do differently from what it did
do. First its honor; no institution in any
country had ever encountere so much and
come off so well,--sccondly the law of Penn
sylvania thrse were severe against it and
lastly, the great desire Of its enemies to see
it 60 down. But all these were totally dis
regarded on this, as on former occasions, and
it again determined to sustain the Merchant,
the Manufacturer, the Mechanic, and the
Laborer, even at the expense of all its former
greatness, aud ut the risk of its very exist.
ence.
These are the causes, it cannot be gain.
saycd, which have so seriously operated to
bring our once happy country into its present
state. 1t is n coptiSuaton of the Govern
men,'s war, not only OIL the Bank, but on all
Banks. 1t is as much the determination Of
Mr.. Van Buren to destroy all the Banks, as
it was the design of his " il!us,rious predc
cessor" TO destroy the late U. s. Bank, and
no matter wha, obstacles may be in his way,
however necessary for the public good, they
are not even winkrd ut. What cares Mr..
tAu DuTeH OF MS SHteIilteS LOT u SuucTlOn
people Read him in The words Of his friend
--"perish credit, perish commerce, perisI,
the institutions Of the country -" the men
that trade on borrowed capital ought to fail ~
=" VIC have the Banks OH the hip, now's our
time !" and last of oil, hear Cambreleng-|
the sub.Treasurysis the law of the land
now,and will be so during this administration
in spite Of lamentations here or elsewhere
These are the words of yonr servants, and
we ask, can it fall to rcusc the honest indig
nation of an insuted and injured people, who
are us sensible Of their rights as they are OF
their injures' Let the tools of power fat
ten upon the miscres Of their own creation,
and rejoice in the prospect Of future success.
but let not the people despair,-they mus,
certainly triumph.