Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-01-02

arc also daily disclosed from the extcn-
sion of that system Of extravagant credit
of which they are the pillars" And
here follows a long argument to prove
the impropriety of using our banking
institutions as repositories of the public
money.
Impressed, as I am, he continues
with the propriety Of the funds of the
Government being withdrawn from the
private use of either banks or individ-
uals, and the public money kept by duly
appointed public agents; and believing,
IA do, that such also is the judgment
(which discussion, reflection and expe-
rence have produced on the public
mind, leave the subject with you. 1t
is, at all events, essential to the inter
ests Of the community and the business
Of the Government, that a decision
should be made.
The subject of hard money cur
rency, is then brought up, and the pay
ment of the revenue in gold and silver
urged with true Locofoco spirit
Viewing the subject in all its aspects,
says the President, l cannot believe
that any period will be more suspicious
than the present, for the adoption of all
measures necessary to maintain the
sanctity Of our own engagements and
to aid in securing to the community that
abundant supply Of the PRECIOUS METALS
which adds so much to their prosperity,
and gives such increased stability to all
their dealings"
A bitter warfare is then waged against
Banks The commerce and currency
Of the country, says Mr.. Van Buren,
are suffering evils from the operations
of the State Banks which cannot and
ought not to be overlooked. BY their
means, we have been flooded with n
deprecated paper.
Our people will not long be insens-
BILE to the extent of the burdens cntailed
upon them by the false system that has
been operating on their sanguine, ener-
getic and industrious character nor to
The means necessary to cxtiicate them
selves from these -
The weight which presses upon large
portion Of the people and the States, is
an enormous debt, foreign and domestic.
The foreign debt of our States, corpO-
raiions, and men Of business, can
scarcely be less than two hundred mil
lions Of dollars, requiring more than ten
millions of dollars year TO pay the in
tercst. This sum has to be paid out Of
the exports Of the country, and must of
necessity cut off imports to that extent,
or plunge the country more deeply in
debt from year to year. Upon this
point, there is am happy to say, hope
before us not so much in the return
of confidence abroad, which will enable
the States to borrow more money, as in
a change Of public feeling at home
which prompts our people to pause ir
II tnClr CdrceT, anu tnInk VI tnc HleuuS ny
which debts are to be paid before they
/ are contracted.
Il Our currency cannot be improved by
the creation Of new banks, or more is
sues from those which now exist AL.
though these devices sometimes appear
to give temporary relief they almos,
invariably aggravate the evil in the
end. 1t is only by retrcnchment and
reform, by curtailing public and private
expenditures, by paying our debts, and
by reforming our banking system, that
we are to expect relief security for the
future, and an enduring prosperity.
With some remarks complimentary
to the people for the patience and quiet
with which they have submitted to his
experiments upon the currency and
business Of the country, the President
concludes his Message by saying that
he shall cheerfully and readily coop
crate with Congress in every measure
that shall tend to promote the welfare
of the Union.