Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-11-14

the nominal payment Of specie, but her
erchnnts present q picture OF unexam-
Piled distress. Tint city has been sus
tained by the whole resources in specie
Of the general government, aud even
the pittnnce Of revenue received for du
ties in our own State has not been spareo
TO us but aas been taken to aid some
favored banks.
New York, for political reasons, is to
be sustained, even by the prostration oi
every other section Of the country
The great English Banking houses have
been forward in bolstering the weakened
resources oc the city Banks, and new
loans, founded upon pledges or State
stock, have been profered to them to
postpone for a short time the drain Of
specie for expectation. il is all delu-
sion, and the result Of willy efforts, con-
verting our State credits into means OF
hquidating individual indebtedness. The
great balances are not reduced, and the
bankruptcy Of individuals is sought TO be
exchanged for the last resources OF all
exhausted nation. This example is prof
frred TO the country for imitation, and
the city Of New York, Influenced by her
commercial exportaiion, calls upon other
States TO follow in her train Of humility.
Our own self respect revolts AT such a
position. IL the true policy Of protec-
tive Tariff to cherish The labor and the
resources Of the country, had been per-
severed in, and the currency and ex
changes had been spared the experiments
Of political men, We might have been
snved the struggle which now threatens
an extended and fatal devastation.
The position Of Rhode Island is pc
culiar, and perhaps unlike any other
State. We are manufacturing, me.
chanical, and agricultural population
Onr foreign commerce has yielded to
the greater facilities Of other cities for
Importation from abroad. Our industry
shows itself in the productions Of the
loom and spindle, and in the projections
Of the mechanic art, and all the produce
Of the soil is needed to sustain the labor,
and look for returns in the sales of the
fabrics Of our manufactures. We owe
no foreign debt, nor are we directly cal
led upon TO contribute to this foreign
drain OF specie but indirectly we have
no alternative but to abide by the un-
necessary importations and consequent
inflations Of other States. We are now
creditor State, and so long as our
fabrics are sold and paid for abroad, so
long we are in enviable security, and
could sustain ourselves with perfect
prompttude. But the embarrassments
OF others are directly brought home to
MS when our fabrics are no longer want
ed, but are supplan,ed by the produc-
tons Of foreign labor, and at once the
dlmInution Of our resources is brought
home to every branch Of our business
relations.
Our Banks present an improved state
Of soundness. Their loans have not
been increased their liabilities have
been greatly diminished and their cir
culation forms an insufficient medium of
exchange and pay ment, even within our
own State. Their further contraction is
not called for, and portion of their re-
sources are needed to assist the mer-
chants of other cities. Our laboring
population rest in the prospect Of con
tinued employment, and at this season
are dependant upon their accustomed
supplies. Our manufactures, with all
possible facilities, can hardly continue
tlieir business /; for the diminished de-
mand for their products warn the owner
that the line Of prudence is contraction.
A decline in the price of agricultural
productions must follow the general ina
bility to consume and the whole com
munity. however diversified in immedi-
ute objects Of production, must feel the
shock 5 and the embarrassment will fall
back upon the landed interest
A seasonable return to specie pay
ments is desirable, aud can be look ed
10 with confidence but any resumption
which should be forced and premature,
would inflict incalculable distress upon
every interest in our mutually depen-
dent community The public good is
the supreme law,-and no course Of
leg alton which secriicesgeneral good
should be resorted to by free people,
who measure out their own sense Of JUS
tice.
JOHN II. CLARKE for Committee.
As a supplemental Report to the gene
raj causes of a suspe nson of specie pay
ments, the Committee after due exami
nation of the second report Of the Bank
Commissioners, cannot refrain from re-
comn,endlng to the Banks who have
received premiums upon their exchange
since their own suspension, Immediately
upon demand made, to refund ell recei-
we'd over and above the par value Of said
exchange, and in order to relieve our
own community from any sacrifices upon
the bills of our Banks, which may be
necessary to give them due currency in
New York and Boston, they recommend
to the several Banks, to receive in pay
ment Of their own exchange in those
cities, the bills Of their own Banks, n
measure at once calculated to affect all
the just purposes Of equalizing currency
and accommodation TO the public.
SINGULAR ACCIDENT AND MIRACULOUS