Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-02-13

! Decotne lule from sncer necsssli ytHcTe oeiDB
nothing left to do.-But before the glowing
blessings Of the specie system, about to be
introduced, have began to produce This rich
harvest Of prosperity and thereby blinded
your eyes to the few redeeming traits Of our
hitherto false syslem" Of Tariff-Credit-
Railroads Canals" Banks and rags,"-let
ME call your attention 10 a few facts express
sed not in idle words, but in fgures-yankee
Egnes-that when the time arrives that you
have performed all, and have nothing more
10 do, you may thea occasionally refer to
them for anuscment-aDd as you idly gaze
on the "gold gli'tering through the uoshcs
Of your long silken pursos draw such COM
parsons between the present and the past
as your playful fancies may suggest Per-
haPs you may then discover that HsNRY
CLAY and the host of busting, active, busi-
ncss-working men, who uctod n concert to
plan and perfect this " false system" of credi,
and home labor protection, had occasional
glmmerings of common sense, worthy Of
some consideration, although not to be com
pared with the dazzling brightness Of such
intcllects, as those possessed by the dstn-
gulslicd and viruous men who now sway the
destinies Of the nation, and who arc about to
hll your purses with gold, and the iron chests
Of your treasures with silver,-ovor which
they will place an ever watchful gcni Of oiden
time, charmed by the spell Of the .bagieion's
wand-from the deep dungeon of some en-
chanted castle-and who will msnaco with
galley" imprisonment and A." death," any
Bank Monster, or rag Baron, who shall seek
to modest his masters treasure, or defile his
temple Of mamnon with their filthy paper,
whether issued by Banks Sub Treasures,
Republics, Potcrtatcs or Kings.
The ca culations submit to your perusal,
are based on recollection alone, and in some
instances may vary slightly from the trulh;-'
no; from any intention however, but from the
imperfecion Of memory, and all the indul-
gence psk is, that the reader should bring
hs own knosledge to bear on the salns sub
raj corcctne,s, and beg at tho same time,
that where they are not familiar with the
facts as regards the local examples present
cd, they will apply the same rules to those
cuscs Of the same nature with which they
are better acqnantsd-and not be discoura-
gcd from seeking the truth, by The ast"nish-
ing ard seemingly impossible results they
dsclosc.-Ii they apparently encroach on
the region Of romance, so also, does the rise
and unexamped prosperity of our country,
which experience that surest of guides, will
inform us has ever gone hand in hand with
the false system" ("f Mr. Van Buron) and
has advanced and retrogadcd precisely as it
has been the policy of the people to protect
or destroy it.-As these facts msy not be
familiar to all, before ] proceed to illustrate
their truth, by examples in figures, | will
first call the attention (mors particularly Of
the Iaboring man, to = hasly sketch Of the
prominent Eras in the financial History Of
our country, commencing with the close Of
the Revolutionary war,-ut which period the
resources Of the country were completely
exhausted by the unparalleled efforts Of our
devoted fors!aihers in the war Of llberty--to 10
defray par, Of the expenses Of which they
were obliged 10 issue BIls of Credit TO the
amount of mere than lC0000,0G0 Of dollars
and which lowing to the poverty of the coun-
.ry.) the national government were unable
to redeem. These Bills (known by the name
of Continental money! were used as circu-
latIng medium, and became almost the only
currenoy--b,ng a legal tender in payment
Of debts by act Of Congress.) They grndu-
ally deprecated in the hands Of tho public
and eventually lost their entire yalue.-By
constantly passing from hand to hand, and at
each transfer dcpre eciatng slightly in value,
i, probably bore as lightly on the people as
any other species Of tax would have done,
slhough It's precedent should BE- avoided and
can only ba defended on the principle Of
extreme necessity, ard the extraordinary oc.
cason ha, produced u.--lt was part lond
u small pari,) .. the price Of our lndcrcn.
dcnce.
On the adoption Of The cons,itu,io by the
Thirteen original states, the country was left
without legal currency except silver and
gold, and that not sufficient in quantity TO
supply iythe Of whs, wo necessary to make
the necessary exchanges Of The product. Of
Industry. From sheer necessity, a system
Of Barlcr was ndoptcd--difIeren articles as
suined the character Of currency--an the
most prominent staple products Of some Sec
,ions Of the country, even acquired tho naIno
o. money and property was sold with siip-
ula,on that the payment should be made in
cash"-(the tern applied to corn or some
other siorlc,) with as much gravity as if il
ronly meant gold or silver, the only Consii.
'utlonnl currcncy.-Such was the scarcity Of
money. that even respectable shopieepers
were in the constant habit Of paying for their
daily family wants in goods, and wsrt to
IL. ,,tk ,I.pe,a IN Ia.