The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-03-18

English language can furnish. Yet, strange as
it may seem, a single sentence Of this part Of
his speech, has been selected for data on which
to make formidable display Of figures, aud for
a text to De used for sort Of running esmmsn-
tsry Of abuse on the measures and supporters
Of the administration. That tn. public may
judge whether the figures are any more sppli-
cable to Mr. BIS speech. then they ere to the
famous house that Jack built and whether
the abuse SO lsvishly bestowed on the admius-
trstion is deseped.-we will submit all that Mr..
Buchanan has said directly on both these sub
jects. He says.
| On Friday last, when I very unexpectedly
political economy which ! shall now read from
the book. IL is this: "that if you double the
amount OF the NECESSARY circulating medium in
any country, you tbenby double tho nomina
price Of every article. IL, when the circ ulasins
medium is fifty millions. an article should cost
one dollar, II would cost two. If. WITHOUT ann
increase Of The USES Of a circulating medium
the quantity should be increased to one hundred
millions" The same effect would be produc.
ed, whether the circ ulating medium were spe.
Gle, or convertible bank paper mingled with
specie. IL is the increased quantity Of the
medium, motifs character. which produces this
effect. Ofcsurss | leave out of view irredeem-
able bank paper.
| What effect has this bloated system Of credit
produced upon the morals of the country! In
the large commercial cities, it has converted al
most all men Of business inso gamblers. Where
is there now to be found the old fashioned inn por-
ting mere hant. whose word was good AS his
bond, and who was content TO grow rich, a. ou,
fathers did, by the successive and regular prof
its Of many years Of patient industry? Such
men were the glory and pride OF commerce
and elevated the character OF their country both
at home and abroad. l ask where arc they
! Is il not the race almost extinct? All now de-
sire to grow rich rapidly. Each take, his chancs
in the lottery Of speculation. Although there
may be a hundred chances 10 ono against him
each. eagerly intent upon tho golden prize
overlooks the intervening rocks and quicksandI
between him and it, and when he fondly thinks
he is shout TO clutch it, he sinks into bankrupc,
and ruin. Such has been the fate OF thoussud
! Of our most enterprlsing citizens.
Ifthe spscuiator should prove successful snc
win the golden prize. no matter by what meant
he may have acquired his wealth. this cfothe!
him with honor aud glory. Money, money
money, confers the highest distinction in 50
ciety. The Republican simplicity and virtue
Of a Macon would bs subjects Of rdicnle IL
| Wall street or Chestnut street. The highrs
talents. directed by the purest patriotism. mora
worth, literary and professional fame, in short
every quality which ought TO confer distinction
in society. sink into insignificance when com
pared With wealth. Money il equivalent to
little Of nobility in our larger commercial cities
This is the effect Of our credit system.
We have widely departed from the economi.
cal habits and simple virtues Of our forefathes
These are the only sure foundations upon which
our Republican institutions can rest. The de
sire 10 make an os,enta,ious display Of rspidl,
J acquired wealth has produced a splendor an'
. boundlsss expense unknown in former times
D There is now more extravaganza in our larg
q commercial cities. than exists in any portion @
n the world whieh I have ever seen. excer
Il among the wealthy nobility Of England
;, Thank Heaven, this extravaganza has but pai
e TALLY reached the mountains and valleys Of tn
= interior The people there, so far as their pc
: tenta voice can be heard, are determined {
q put IN end to this blosted credit system, whic
II threatens 10 involve no, only their private foI
Il tunes but their political liberties in ruin.
j But the Senator from Kentucky Mr.. CLAY
= leaves no stone unturned. He says that tn
:, friends Of the Independent Treasury desire
= establish an exclusive metallic currency III
+ and also to reduce the wages of tho poor man
labor so that the rich employer may be able
= sell his manufactures at a lower price. Nov
sir, I deny the correctness Of botl, these propo
! itions: and. in the first place, |. FOR ONF
, AM NOT IN FAVOR OF ESTABLISH
= ING AN EXCLUSIVE METALLIC cur
T RENCl ron THE PEOPLE OF THIS CoUNTR,
I desire to see the banks greatly reduced
. number: and would, il could, conhne the
d Accommodations TO such loans or discounts. Il
$ limited periods to the commercial, manufa'
= turing. and trading classes Of the tommunit
as the ordinary course Of their business mig
Y render necessary. never wish TO see tarme
{; and mechanics and professional men tsmpts
Il bv the facility of obtaining bank loans Tor lor
J. periods. 10 abandon their own proper and usei
n and respectable spheres, and rush into wild al
IF extravacan, speculation. ! would, if | coul
t. radically reform the present banking system,
e as 10 confne il within such limits rs 10 preve
Is future suspensions Of specie payments +; al
y withou: exception, ! would instantly dspri'
Y each and every bank Of its charter. which shou
h ar.in suspend. Establish these or similss r
'e forms. and give us real specie basis fl
h our paper circulation, by increasing the d.
nomination Of bauk notes first TO ten, and afte
II wards TO twenty dollars. and shall then be Il
,f friend not the enemy of banks. know III
6, the existence Of banks and the circulation
bank paper are 30 identified with the habits
~ our people. that they cannot be abolished. eve
=, il this we're desirable. To reform, and not
y dis,roy, is my motto. To con6ne them TO the
n appropriate business and prevent them fro
er ministering 10 the spirit Of wild and recklf
lC speculation. by extravagant loans and issues,
4 all which ought to be desired. But this sh'
say. Ifexperienee should prove it to be impo
D. sible TO enjoy the facilities which well regulate
C. banks would afford, without. at the same tim
10 continuing to suffer the evils which the wild e
ID cesses OF the present banks have hitherto euta
ed upon the country, then should consider
&c the lesser evil TO abolish them altogether
to the State Legislatures shall now do their dui
l. I 90 not believe that IL will ever become neee
IA sary 10 decide on such ao alternative.
:. We are alsn chatned by The Senaint ftn