Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-09-09

make this success your pride, your
theme of self graduation, Of self slori-
icaton, in this your 4th ofJuly letter
to the Convention.
consider the Independent Treasury
therefore as emphatically the work Of
your own hands, that you cmphatically
are responsible for its consequences.
When your Independent Treasury
has done its Office, and has extirpated
the paper currencies from all the States;
when, in consequence, business in all
its branches, has fallen to decay, as it
then must fall; when ruin stalks thro'
the land, and our country is covered
with the wrecks of our departed pros
perity, then you will be pointed at as
the author ofthese ruins and of the me-
lancholy reverse in her condition. You
then will have won that Infamous noto-
riety, which attaches itsclfto the great
agent in the destruction of some noble
ediiice-the admired monument Of hu-
man skill. The incendiary of the tenn
pie Of Diana at Ephesus is remembered
10 this day, and always will be. The
splendor of the temple destroyed, has
rescued his name from oblivion, and
made his villany immortal. You, in
like manner, will be remembered fol
having destroyed the noble cdiGce ol
our national prosperity, the noblest that
ever had been erected by the wisdom OF
man. It's melancholy ruins will be
your monument to all future times.
1t has long been the system of party
tactics to render the Banks Of tho coun-
try odious to the people. The party
press every where is open mouthed
against them, as vile and swindling CON
Germs; in both Houses Of Congress
with all your party leaders they have
been constant theme Of vituporatiou
and denunciation; you yourself in youl
messages have been unsparing in your
attempts TO disparage, to discredit, ant
to make them odious, and this 4th ol
July letter TO the Convention, is full oi
caIumny and elimination against them,
as privileged order, as the few making
profit at the expense Of the many, as
monopolists levying taxes upon the
people /; adopting all the stale and vul-
gar slang of the Loco Foco press.
Now, what is the design Of this sys-
TEN of party tactics It is plainly this
to ALLEVIATE the minds Of the people
II ON the Banks-to ill them with pref
udices against the Banks, and to pre-
pare them for the intended sacrifice ol
the Banks; to dispose the public instead
of sympathizing with the victim, to
sympathize with the butcher, or at least
to look on with Indifference, and to sst
the slaughter without regret. And fur
lher, to induce the party in every State
where il is dominant, to lend Il helping
hand in this work Of destruction by
Sub-Treasuries Of their own, and by all
their powers Of Legislation over thcil
Banks.
As an earnest Of what is intended
you have begun at Washington, and al
one stroke have destroyed all the Banks
Of that district. To leave no doubt OF
the intention, it was prolesscd in the
debate to be the carrying out by the
party ofthc Sub-Treasury principle
(Scc Mr.. Vanderpocl's speech)
In the States however, the Banks are
not to die so sudden and violent death
they are to retain Il lingering existence
and to die by inches. 1t requires a lit
tie time and management to kill them
off, but die they must. The whole
thirty or forty millions Of specie, an
nually is not to be expected in the be-
ginning, but part only this year, II
greater part the next, and SO on, till
the whole comes to be cxactcd-then,
the Banks must expire, if they do not
before. When they have a demand for
specie hanging over them of from thirty
to forty millions, and to which they are
every moment eyposcd--thcn they can
not longer discount and issue bills, and
from the moment they cease 80 be
Banks of discount and issues they cease
to be Banks to the community, and then
they will have nothing to do but to wind
up their affairs and cease to be Banks
altogether. They will have no further
use for their charters.