Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-02-11

payments were made, any where and
every where, with equal facility and ad-
10 both palties. No matter
where the creditor lived, nor where the
debtor, nor by whatever distance scpa-
rated whether by the length or by tho
breadth of this vast country, ,-conirutts
were made and fulfilled between them
with almost the sd,ne convenience aud
economy as il they were next door
nelg ghbofs in the same city. That cur
rGncy was destroyed and then that
slate OF internal trade ceased 10 exist
II has ever since ceased TO exist and
forever will cease to exist, I'LL that cur
ioncy is restored.
Our national currency must be paper
because it must be ad, guaie ~ amount
to the cxigencies cI the internal trade
ard because specie alone never can bo
adequate M amount.
Some have the strange idea that ihe
want of currency viii itself supply tho
want and that il you withdraw the pa
per, the specie will flow IN TO supply its
place. 1t is strange because 1t con-
lrnolcis the evidence OF their own senses.
For they have seen the internal trade
To lall to ruin, Oh the Withdrawing ol the
pnper; and they have not seen the spe-
cie To flow in 10 supply US place. They
sec that the internal trade lies dead Tor
the want Of II currency to give 1t lie.
ii is strange too that they do not sea
thn, this must be the case do not see
that the proportion of specIe which THIS
country can have bears no proporiion to
= the demands of that trade and that
! with that proportion alone we never can
! have any internal trade deserving oi tire
name. For the trade OF the world has
oulgrown the specie ri the world, Vastly
Oulgrown II and specie now instesd oi
being the only basis oi that trade, rs nn-
ly The basis OF the specie by which II ~
carried on And there Is 10 commcrcIii
country in the world, mean decidedly
commercial, which, by specie alone,
could sustain its present connmrce, nor
any thing like it and leas, oi all conli
this country. Besides, specie Is bnd
in The commercial world ; II has laws "t
its own, and will obey those laws nor
can this country, nor can any DINER,
!. by lis own legislation, counlcract anh
!, control those laws and Ny those laws
no country can huve more than rs
relative proportion OF the specie oi 'he
world and that proportion, Ii alwny !
, relative Ia aud is measured by It's amount
!, of capital and business
We see then that the sane qua non tn
: the prosperity of this great country, Is
= grcut aud prosperous internal trade
o that we can not have such trace on
: by mrans Of national currency and
n that specie alone cannot be that carrfn-
| cy. The great alternative then now
presented 10 This country Is this either
to have national currency, or to have
.e 10 internal trade OF tho trade so cr'p'
p, pied md crushed az To be rs bad as none
No good citizen, one would think, couIt
II hesitate bctAeCn these alternatives /"
- il is to hesitate between the Tile ant
is death of his own country between ih'
81 lfe and death Of bis own parent ior h1
2. country is ano,her parent, aud with CLAIM
upon him no less sacred between, u
i fact, his own life and death for those
is are more OF less Involved M those ol NJ
d country.
l., Yet there are those who do hesitate
y, mol only hesitate, but who wur against
,r national currency, or what IL the sain'
=. thing against h national Bunk, the on'
Of means by which VIC can have n"''ona
,d currency adequate to the wants oil IN
ur nation. They have raised cry ngaln'
a Banks as being dangerous 20 liberty =
X never was cry more unounded. Eve
Of ry State aud Territory IN this Union ia
d. banks The system began more tha
or fifty yeurs ago it has been enlargin
ed itself ever since /; and we have no.
~ more than eight hundred Banks. Th
- United States have had Bank Tor fort
I'd years /; now when was this cry raised
o. never ill the determination was take
4 TO destroy the Bank of the United States
,o This cry was then heard Tor the fir
.s time-,,thcr here or clsewere. Ing
an land, has had Banks for two hundre
il years (, free country has that CT
ever been heard there never. llo
ed land has had Banks for longer time
is free country has the cry ever bee
no, heard there? never, Hamburg, ior
,us still longer time, "A free city has III
mo cry ever been heard there! never
,y Why was il raised here? because dee
Ia n certain deed was TO be done and b.
100 cause there must be some preiexl Tor
,he and none other could be thought Of
lid must be some thing to he, not any ihi'
- which has been. For it could not
we prcdcated on any iacis-not slns
ise fact. So far from It the United Stat
eat Bank was destroyed, not because II "
be, parllzan III politics aud II perished
or. a contest for It's own existence on tli
ate ground So far from endnngerlng lIbt
os- iy it was no, able TO defend Iis own Ill
ate Ii fell a victim To party resentment, U
de- cause ii would not be parlIzan. i
hat deed il could not be q parllzan nor G
ma any Bank. For thereby The D'ree,'
,cd, would expose themselves to double run
her rum by the stockholders for breach
, he trus, and ruin by the G"Nernmca
,ec. yiola,ion of charter incurrlng the inrl'
no. ,ur, thereof For 10 take the funds Z
r,a trusted to them tor banking purposes u
lies 10 apply them TO political purposes, wo'
A. L..