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


as merit and a qualification for the Presidency.
is sot the less apparent, if they shall be found
10 admit that the claim has no ioundation 10 fact
and history.
Beyond this single claim to the support Of q
free people, as distinctive Of the federal csndi-
date for the Presidency, we are unable to speak
from any ground as yet assumed by himself or
his friends. In referenceto his prinei iplss. opin-
ions. and acts, beyond his military ehieitanship,
there is an organized silence, as studied as il 10
singular. The country has been told, as il
would seem by authority, tha; he is to write no
more for the public eye" uRtil after the Pres
identia! election, and his supporters very care
fully follow this example Of their selected lea
der His public history is certainly not his.
tory Of civic riumpbs, nor has a life spent in
public employments, mostly civil, presented
him as the auther Of measures, or even as the
leading supporter OF the measures Of Others
essentially connected with the principles Of our
government, or with the interests of our peo-
pie. We compelled, therefore, TO dismiss
General Harrison and, beyond what we have
already said. TO follow the example he has set
and his friends sanctioned, to say nothing, be-
cause, as We are forced to presume, nothing is
to bs said. We leave him, therefore, with his
federalism established beyond question. and with
his questionable claim to a military reputation.
:
but our duty to the democracy we are here to
represent, would be i'll discharged, did we not
call their serious attention to the desperate eff
forts which their opponents are every whore
making TO carry the approaching election, and
10 gain possession OF the general government.
If they were 10 succeed in the accomplishment
Of their object, and thus be enabled TO carry iu-
10 execution their schemes Of policy-those es-
pecially which relnte TO the management Of the
public finances by the agency Of a great mo-
neyed instiluton-there is danger that our Re
publican institutions, though they might pre-
serve their form, would not long retain their
purity, their simplicity, or their strength. But
our confidence in the discrimination and patro-
tlsm Of the people is unshaksn; and we conf
IDENTITY trus, aud believe that they will not only
see the coming Danger but that they will meet
it with all the necessary measures Of precsu-
ton.
The history Of all Republics is replete with
instructive lessons TO every American citizen
lessons peculiarly applicable to government
like ours, formed by union Of independent
States.
One, and perhaps the most important Of all
these lessons, is the constant danger of foreign
influence, exerted through The power Of msney.
The approaches OF this influence have been
gradual and Inpereeptible, until within the last
few years, within which the progress has been
rapid, and the diffusion almost universal. The
ordinary operations Of trade between CONNER
cial countries are reciprocal aud ssluiary. En-
sbling each 10 exchange the commodities Of
which it has a surplus, for others which il wants.
The industry, the convenience, and the comforts
Of all are promoted. the wealth OF all, both iD-
dividual and national increased, healthlul and
useful intercourse secured, aud harmony OF feel
ing produced, without any necessary sense OF
dependence. II, however, the reciprocal rela-
tions Of trade be changed for the relations Of
borrower and lender; if one country, or its citi-
zens, become borrowers from another country,
or its citizens, for purposes not commercial, tho
consequences are wholly different, and the truth,
that " the borrower is servant to tho lender" Of
money, will be found 10 have its applicatiSn as
strongly, and much more dangerously, than
| when that dependent relation exists between
citizen and citizen of the same country.
We are not TO be understood as condemnns.
in all cases, loans between country and country,
or betw the citizens of different countries.
The demands arising from a state of war, and
perhaps other great exIesncies. frequently rem
der such loans, by nation, indispensable, while
tho transactions Of commerce. are constantly
creating credits between commercial men Of all
countries. la tho first class of cases. the war
must be prosecuted, or the other great national
exigency met and the relation ol debtor endured
until returning peace, or renewed prosperity,
shall have wiped out the debt. In the second,
the operations Of commerce are anticipated and
ordinarily depended upon with safety TO balance
the accounts, and terminate the unpleasant re-
latlou. To no transactions of these classes are
any OF our subsequent remarks intended to be
applied.
A very different description Of foreign loans
and q a dshfa hnya hprn IN n
country, and to these il is our wish TO draw tho
public attention. We refer 10 loaas made by
banking institutions, either 10 relieve themselves
from embarrassment caused by improvden, ex.
pansions IN banking, or TO enable them TO ex-
tend their operations, beyond the limit Intended
by those who granted their charters by com
panies and associations, 10 enable them TO mo
nopoze an entire branch of internal trade, or
TO embark IN some enterprise of questionable
productiveness, and by the States OF the Union,
without the provision, by taxation or otherw iso,
OF a safe and certain fund to meet the interest
upon their loans.
We think wo are not mistaken in the assump-
ton that all the early State loans were sought
IN our own market and from our own country
men. We believe, also, that one OF the first
acts OF the borrowing State was TO establish and
set apart fund TO meet the payments Of inter
est upon the money borrowed This safe pol
icy prevailed for a series OF years and until del
eterous examples, proceeding NOT from the
States Of the Union, but from interpretations,
! the creations OF the State aud federal govern
ments, produced the change. the consequences
OF which VIC consider so fearful and alarming.
| The bank Of the United States was the first
TO make the standard of its credit in London
the measure of its business in the United States.
Othar leading State institutions followed this
practice OF evil tendency. and none OF the ncor-
pora,iens which once adopted this standard,
failed TO make their interests conform to il.
Thus change in the value Of money in foreign
countries would become the measure of bank
expansions and contrscIions in the United States
SO lar as the business of the bank OF the United
States, and Of many of tho larger State banking