Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-02-20
WHOLE No. 4S7.

ed the destruction of the Banks, and attended
whether by accident or design may attempt
10 show at some future tims,) with all the ne
cessary preparatory measures to produce not
only q partial but general prostration Of
those institutions throughout the states. Tho
Secretary issued his draft on the deposite
banks for the amount due the states quarterly
amounting to over nine millions Of dollars,
and forwarded them TO the proper authorities
appointed in each state to receive their pro.
portion. These drafts Of course were Paya-
BILE in specie or its equivalent, and which the
state OF the exchanges would necessarily
cause to be demanded in many sections OF
the country, and might be in all This made
it necessary that the Banks should DO
prepared for the worst, and enrichment OF
discounts commenced runous to the business
Of the country.-Preparaiory to each separate
demand for the quarterly instalments. which,
as before stated, exceeded 1900 OUO of J.
lars, in the expanded state Of the currency
the Banks were probably obliged TO cali Ia
three times this amount of circulation, as they
had no assurance but that the specie, which
Glmed It's basis, might be taken from them by
the Socretary's drafts, as il frequently was. 1t
il a fact well known to those who travelled
on the great thoroughfares for some time pre-
vious to the first suspension of tho Banks.
that immense quantities OF specie were con-
stanty passing and repasslng on the roads,
and thus kept in bansitio.t In order to give
a correct idea Of the effect this would have
on the Banks, when extended m buslness,we
may suppose two vessels sailing in brisk
gale, with all their canvass spread to tho
wind, suddenly compelled by some cx,raor-
binary cause Suppose for instance by order
of pirates who have them in their power) 10
make an immediate interchange of ballast, by
means Of intermediate ienders-a few hours
only would bo necessary to make the trans
fer, but while the tenders were passing and
repassng each other, in order to accomplish
it, the vessels would inevitably cspsizc, and
perhaps founder, unless they took IN great
part Of their canvass.-This is precisely the
situation the Banks were placed in, when this
Secretary by his transfer orders, placed their
specie tor bsllasi) in transitio. The people
were called upon to pay in their debts, lin
other words to take in the canvass,) which.
while endeavoring to do, the ships already
carecning from the wind, were struck by ono
OF (Redheifer's) "cIcular' liws, and all went
down together. The seaboard Banks would
probably have been able to maintain their
position by great sacrifice of individuals,
Uhey having much less Of the public money
in their keeping than the western and south
western Banks, in proportion to their meons,)
were it not that General Jackson, lin imi,a-
ton of his assumption of power in the case
of the removal Of the depostes,) had issued
all order, shortly after the rising Of Cuhgress
in 1886, requiring specie TO be paid for tho
public lands. This order better known as tie
"spece circular" had been rejected by
unanimous vote of the Senate n few months
before, and was again rejected the ensuing
session, by more than two thirds minority
of both houses Of Congress. The bill for l's
repeal did not pass until few days before
Congress adjourned, and to prevent its bs.
coming law, Gen. Jackson evaded return
ing it to Congress before they rose, and con-
tlnued to keep it in operation until the suc-
ccssion of Mr.. Van Buren, who pledged to
"walk in the footsteps Of his predecessor"
land prompted by Mr.. Benton and Of whom
more anon,) still continued it in force. This
order falling suddenly ~ the community,
when the enormous sales of the public lands
in 1886 had arrived at their highest point,
was the means las General Jackson says IN
his last annual Message to Congress, Dec.
6, Is36) "ofconreying into The interior large
Sums Of siloer and goid," subtracted mostly
from the vaults of the sea board banks. Not.
withst1nding the mania Of speculation CON-
menced early IN the year 1885, Irom causes
before stated, the powers OF the United
States Bank, (evcn aftor bereit OF most OF its
branches were still sufficient 10 enable il 10
tTRANstrio the latin for transition" Tho vritef
has used this word r the that the public have
become familiar with its application 10 tho subject now
treated TN, which II was probably first applied hy
some member Of the Executive departments, or member
of Congress, whilst In Washington. IL may not be
known ALL that Ia that city there are kept Tor sSle
nj the Books,ores, which particularly p',r"n-
rod by Congress-, little primmer looking pamphlets
CORES pong IN size to the smallest of chdrens
about the size instance ofa Who Killed Cock hoh-
In" hut without pictures. These pamphlets contain
quite number of latin phrases, with ihof u"ns'"'io"
IN English Vt IL very common for member OF Con
gress especial, new momber, when about TO deliver
himself Of speech, to purchase or borrow one e ihe's
HUE books and by dint Of study acquire the meaning
in English of these latin phrases sometimes TO the eN-
,eut ofnve or ii, Of them The spelling and rronune"-
ton ARE more difficult Of acqusiiion, but that does mot
so much matter the spelling h copied into the printed
speech from the little book aud the pronunei"ion not
heard 10y those the speech 10 intended or-spd those
" no do hear II cannot most ~ ihsml exactly say
whsthsr the iniln words properly accented or not
These phrases distributed at distances coespobdins
with the lsnglh of the speech aud form ns were the
rnllvinr points or emasos--ihe intermediate space
being niled up In plain yankcs English, 10 mntch &C
..t.t. adj az nd A q