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

March, 1887. lone yenr only after the exp'ra-
ton of the charter of the Bank the expenses
Of the National Government now swollen by
tho administration Of the friends of" reform
to about $4,000, 900 annually had not only
been paid, but the balance of the national
debt amounting to 5s362 1875 dollars had
been extingu.hed, and further sum accu'
mulated in the treasury of Al ,OOO, 600 OF dol
liars "a millions Of which had however ac-
crued from the unpreccden,rd sale OF public
lands, induced by orders issued from the
Treasury department encouraging the west
ern deposit banks to extend their discounts
based on the public money.-Martn Van
Buren's administration commenced on the
lih Of March, 1897. His predecessors an
nusl message, the previous December, three
months only before, announced to con6ding
people the following gratifying intelligence,
and in these words
l Experience continues 10 realize the ex-
peciations entertained, as to the capacity of
the State Banks to perform the duties OF tis-
cal agents for the governmont.-At The time
Of the removal Of the dcposltes,i 1t was alleged
by the advocates Of the Bank of the United
States, that the State Banks, uhatever might
be The regulations ofthe Treasury department,
could not make the transfer required by the
government. or ntgocioie the domestic trchdn-
ges of he country.--lt is now DeH ascertained'
that the real domestic exchanges, through
discounts by the United States Bank and It's
25 Branches, were at least one third less than
those of the Deposlte Banks for m equal
perio5 Of time-and if comparison be lnsll-
tuted between the amounts Of service rem
dered by these institutions, on the broader
basis which has been used by the advocates
of the United States Bank, in estimating what
they consider the domestic exchanges trans
acted by II, the result will be stlll more )dcOrd-
Bile to the Deposite Banks"
H Again the message says" In the same
manner have nearly all tho predictions turned
out in respoct to the effect of the removal 9'
| the dcposites-a step unquestionSbly neces-
! sary to prevent The evils which II was fore-
! seen the Bank itself would endeavor TO create,
| in final struggle to procure renewal OF Its
charter"
On the 4lh day of March, 1887, one year
precisely after the expiration Of The charter
of the National Bank, and ninety short days
only winter days) after the tlourishng an
nouncement of the falsehood of the predc-
tons of its advocates-as contained in the
above extracts Of General Jackson's message
Martin Van Buren assumed the Presiden-
tial chair he cnme into office under a
pledge to support the national policy and
doctrines Of his predcccssor-to tread an his
footsteps. Ninety days more had scarcely
elapsed before Congress was especially con.
vened by o Proclamation of the President,
informing them Of the total failure Of the de-
posite Banks in the performance of these
duties as fiscal agents Treasury or revenue
agents to government and requesting Con,
gress to devise ways aud means TO meet the
national expenditures, which finally ended in
the emission Of nineteen millions of Treasury
notes.-the state Of the national finances
since, and the deplorable state Of the country
is well known to all.-And now again, for
the third time, we have come o an Gro in the
financial history of our country.-Again VIC
are without a National Bank-an institution
as necessary to regulate the Bank esues and
exchanges and thereby the commerce Of the
country, as that federal government should
have a general (though imited) superintend-
ence over the affairs of the separate and in.
dependent States.-As well may we as a
commercial people dispense with the one as
with the other.
II As it must be tiresoms 10 the reader Il
dwell so long on one subject, ] will for lh,
present defer following it farther, and pro
ceed TO the illustration Of the advantages nnt
disadvantages of Mr. Van Burcn's False
system" as compared with the periods wher
Banks, Rail Roads, &c. &c. were in the
infancy.
Il Rail Roads and Steamboats, having grown
II in a great measure out Of the "False system,
/ I will compare the cost of travel now witt
what it was before their in iroduction.-lr
4 these calculations ! call the value Of man,
time one dollar per day, which is about the
average Of the labor Of the country, though
officers OF the general government, including
members of Congress, earn much more, so,
eight or ten dollars per day, and consequently
4 this additional item should be considered q.
respects their travelling.
/ Former cost OF a journey from Boston Il
Il Baltimore and return
/ By stage to Providence, day, s3 on
| Dinner on road, 81
Supper and lodging in Providence, 0(
Stage to New York, threo duvs. 1S 0(
Two nights lodging on the road a, 25c. sc
Eight meals vic,uas on the road at SOC. 4 C(
Supper and lodging in New York, O(
Stage TO Philad. lone hard days work. 9 G.
Breakfast and dinner on the rood ! on
Supper and lodging in Philadelphia, on
Stage to Baltimore, two days, 10 OF
Stay one day and return,
Nine days in all, time g per day, o on
50 Ot
Return to Boston, same, 5e OF
III GIG q.