The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-03-25

}, by som~ Of the leading whig journals. But q.
all these authorities are more or less ted
with The political strife ofthe dsy-we will give
The views Of that Distinguished statesman and
hnaneier. ALBEIT GALLATIN, on thi.
subject; originally published we. believe. 10 the
American Quarterly Review.
He says.
The suppression Of small notes is tina,
which, after LoHo ExPERIEscn, a most de-
hberdfe tnUestigation, and, nuf,1ithsfandine
a strenuous OPPOSITION by the partie, inter
esfed, has been finally adopted and perse-
vered in by the Government Of Great Brit
ain. BY The suppression Of all notes of a
denomination less than five pounds sterling,
in England, Wales, and Ireland, the amount
Of The metallic currency has become equal
to that of bank notes Of every description.-
This measure has given better security a.
gainst fluctuations in the currency, and a
suspension ofspecie payments. than had been
enjoyed during the thirty preceding years.
la the United States all the banks issue
notes Of five dollars. The states Of Penn
sylvania, Maryland, md Virginia, and per-
haps some others, have forbidden the issue
Of notes of lower denomination, to the
great conrenienee of the community, and
wHhom experiencing any of the eviis uhich
had been predieted. We have seen in Penn
syIvania, The chasm oecasioned by that sup
preston, instantaneousiy filed by silcer,
roifhOm the least DIMINuTioN IN the AMOUNT
of the CURRENCY.
We cannot bat earnestly pish that the
OTHER STATES may adopt similar measure,
and put an end to tie circulation of the one.
fVo, and three dollar notes, ,ehich is of no
utility but to the banks. These small notes
ARE. as IA currency, exclusively ioeoi, and a
public nuisance and iu case of the failure
of any bank, the loss arising from them falls
most heavily on the humbiest class Of the
community"
II this measure. therefore. he truly a war
upon credit and the banks as it has been de-
clared to be, by some gentlemen. and its authors
denounced as hard money men and des,ruc-
tves; full share of the denunciation certainly
belongs to distinguished portion Of the whig
party.
The THIRD measure proposed. is simply a
recommendation to the states, which alone have
the power, 10 suppress the issne and circ ulaiion
OF small notes. as proposed by the general gov
ernment and TO pass such laws and adopt such
restrictions, in each. as shall efectually correct
the evils growing out Of the present system.
and prevent the possibility of paper ex pansions.
speeulatons. suspensions and panics.
/ Such then, divested Of false colorng and par
tizau misrepresentation are the measures tha,
have been proposed by the administration for a
thorough and radical reform Of the alarming Q
evils and shameful abuses. that have grown
up under the past and existing operations OF
the present banking system Of this county,
The first measure. as before stated, is the only
one within the power Of the general govern
ment to carry into efcot, asd it will probably
be acted on during the present session Of Con-
gress. The other measures proposed depend
for their adoption upon the legislative action Of
the different states.
For more than twenty year, the people OF
this country have now been afflicted by these
periodical and distressing calsmities, the SOURCE
and foundation of which are now, as ackuowl-
edged by distinguished leader. of the whg par.
~, TO be found in those gambling spec ulation ms
that derive their origin, and receive their nour-
ishment, from the inherent evils and shameful
! abuses OF that very system, which, by some po-
litical demsgogues and specializing gamblers,
is still held up as the only true credit system,
for the people Of this country , II out Of the
general intelligence of the people, therefore.
he writer in the Herald can succeed in making
political capital by SUCH ABsURpIrrEs, we may
then well question their capacity for self gov
ernment!
The measures proposed to remedy these e.
wills are those only, which, after mature re1ec-
ton. have been strongly recommended for adop-
ton by many Of the most distinguished ststes-
men belonging to BOTH of the great political
parties into which the country Is now divided
and which, if carried into effect cannot, in their
opinion, prove otherwise than rightly sALUTARY
to the credit, currency. and general business OF
the county.
Notwithstanding, therefore. the great clamor
now attempted TO be raised against these meas
ures Of reform as war upon credit we pre-
dict though We claim no pretensions to the
character OF prophet. that will signally fail OF
success. The voice Of large majority Of the
people Of this country, as expressed at the bal
lot box, will be found in favor of their adoption,
Forthsre can be found no such thing as steady,
sound and healthy state Of credit or business,
under an .unsteady,-a constantly expanding
and contracting condition of bank paper issues
snd We defy the advocates OF the existing sys-
tenn to produce an example Of il, st any time,
or in any country. Under the present banking
system, this has been the condition Of our coun-
try for more than twenty years. And those pc
riodical Gala amities. under which the country is
now suffering. have increased in frequency, in