The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-06-24
rcosr,sprp PROM FOURTH PAGE

high price, property wnieh was beDeved
some other borrower would purchase Tomorrow
at q still higher. In process or this sort, en-
ploying huadreds Of millions Of credit. in the
shape Of bank paper and bank discounts. the
smount Of interest annually accruing in favor OF
the banks was enormous, while the property
upon which the money was expended, was ae-
tuaiiy producing nothing.
In1uesces Of this powerful character. com
municated to the great body Of the eitizsns OF
our ceuatry, coald not fail to be felt in the
Legislatures Of tho States Of the Union. They
felt the impulsion and acted under IT. Large
loans were proposed. and it soon appeared that
the increase of banks, and ether dernsnds. had
absorbed too much Of tina American capital 10
enable them to find a ready or a cheap market
in our own country. The markets Of Europe
we're naturally sought. as not tho Federal
Government, aud not the Governments Of the
States alone, but local corporations in our
commercial cities, had there found such \
market for large loans upon their credit. For
a time the State stscks Of all descriptions were
sreedily taken but. rs in all cases Of over
tasked credit. the supply became more than e.
quail to tho demand. and the market fell. The
consequence was electric throughout our coun-
try, and the dspressions we now feel IN COM
mercisl transactions in every branch OF trade. IN
the prices Of property, in eur domestic industry.
uses Of credit at home, and these attempts 10
overstock the foreign markets with our credits
abroad.
We ara aware that these are plain sug-
sessions but can we be mistaken in placing
them before our constituents, and asking their
awakened attention 10 them, when we see the
mere bankers Of London publishing TO the A
mercan public 4 proposition that the United
States shall become endorsers for the indlvld-
nal States, a surety for their engagements MS
condition, not simply to their oblainlng further
loans, but to the favorable sale, in the British
markets, Of their stocks and bonds, now rest
ing there in pledge for advances of money.
Such proposition, as II seems to US, sh"uld
ssr,le tho whole American people. IL is
bold attempt upon the part Of foreign bankers,
to compel the Governmep! of the u nitrd States
again 10 assume fearful amount OF debt, or 10
punish the States Of the Union, by n refusal Of
further loans, and a depression OF their socuri-
ties now in the foreign market.
We have spoken Of the danger OF forsign
influence pervading our country, and sxer'ed
through the power of money. Can we have
stronger evidence Of the existence OF that iu-
huence. and Of the disposition 10 exert IT, than
We have already given! When foreign bank
rrs call upon the federal governmsnt TO endorse
for the States Of this Union, and threaten them
endorsement is not procured can we measure
the influence which is exered from tho same
quarter over private and corporate debtors in
This country! If then. these influences Of
foreign debt are an evil to be deprsciaitd If
our expansions of credit at home have been OK.
sessye and require to be checked; and II both
are objects which call for the serious consider
alton and action of the people OF the country,
to Which Of the existing political parties are
they to look for remedial policy
The universal suspension Of tho banks in
May. 1897, met Mr.. Van Buren at the ihresh-
Old Of his administration (; and from tina, mo
me nj TO this he has been laboring ass'duonsly |
to lay the foundation for more stable basis for |
our currency and business; foundation equal
and inst 10 all and resting apon tho Constitu-
ZION Of the country. 1t has not been the sb-
ject Of his policy. is falsely alleged, to des-
troy credit. but 10 make credit safe and depen-
dabIe; not to overthrow the banking instiu-
lions of the country. but to separate them from
the management Of the public revenues; not to
cripple commerce, but TO give commerce a
standard Of currency, so far az the action OF the
federal government can do il, which shall not
disturb IL by expansions and coutractions die
tatsd by private interests and monopslIzinS ei'
forts not to suspend trade, but TO restore II TO
a hea,htul activity, and give its sound and sta
bic circulating medium TO sustain II: not to de-
press the wages Of labor but 10 afford the hon
est iaborer fall and constant employment at fair
wages, and TO secure 10 him the pay for his
sweat and his toll in n currency upon which
I,e may sleep quietly, withou, the fear OF fading
it dross 10 his pocket when he rises in the
morning. Such is our policy, and that OF the
we support.
or General Harrison and his policy upon all
,hcse important subjects, we have already de-
clared we can say nothing. Silence. profound
and unbroken. is the order at present resting
upon him, and we have already expressed our
inability to raise the latch which closes ;ho
door upon his opinions.
or the fworiie policy Of his party, however,
We can speak because in this ancient party, |
dating lis existence from the administration ot
the elder Adams, and never more apparently
confident, since the time of his defeat than at
this moment, there have been, and now are.
open doors and unsealed lips.
This party, then. would create a new Nation
al Bank, with the vain hope OF still farther cx-
psndng our present system Of excessive credits.
They would not only increase the State debts,
hut they would prosecute system Of Internal
improvements under the authority Of this gov
ernn;ent, TO be extended within and through
the States at its pleasure. They would take
from the general government some OF ITS proper
sources Of revenue. at time when the national
treasury is driven 10 loans to supply the ordin-
AIRY demands upon IT, aud would borrow money
in Europe, or increase the taxes upon tho peo-
rle. or both. 20 carry out their plan of more
splendid administration. And. finally, they
would deliver over again to the banks, State or
National, all the revenues of the country, sub !
i-ct to be used BY them with the inevitable con-
sequence of increasing bank expansions, until
the appropriations Of Congress should call for |
the money and then TO be the cause Of, or the
apology for, bank contrsctioDs, to an extent far
beyond the amount Of money involved.
Before we dismiss this subject. we cannot
forbear TO refer TO the well known fact, tina,
large Sums of money have, within a few years
past. been expended upoa elections. with avew
~ overrule and defeat the wishes Of the pesple. I