Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-06-10
III e Id OF THE TIMES.

II eight years II epopular voice may be re.
| sirdcd ns hinIIg successfully colidrnn
Il d each of The ihrac schemes ct finance
% VIII ca have adyertcd.
Il As To the first i was introduced at time
lSlGl when the State banks, then compara-
lively few in NUMBER had been forced a.
suspend specie payments, by reason of the
war which had previously prevailed wli
Great Britain. Whether, II the U. 5. Bank
Charter which expired IN 1911 had been 10.
ncwcd in due season, II would have been
chablcd to continue specie payments dhrlng
lhc war aud the disastrous period Ia the com.
merce of the couulry Inch immediately sue.
ceedcd, is, TO say The least, probloinaiical
and whether The United States Bank Of 1916
produced a rcslora,ion Of specie payments,
or the same was accomplished through the
| lnslrumentaluy Of other means. was "a matter
Of some dlllicully at that time 10 determine.
! Certain il IS, that. Tor the first years of the
| operation OF that Bank, It's course was as dis.
aslrous as for the greater part of its subsc-
| lucnt career II became eminenily successful.
| As to the second, the experiment was tried
with redundant Treasury, winch continued
| TO increase unlll II seemed TO be the part Of
wisdom To distribute the surplus revenue
among the States, which, operating Ut the
| same time with the specie circular, and The
causes before adycr,d to, caused them to
suspend specie payments, aud involved the
country IN the greatest embarrassment. And
as 10 the third, # carried through all the sta.
yes OF transInututloD, from paper and specie
To nothing but precious metals, TO say moth.
ing Of the insecurity OF the public moneys,
It's injurious effects have been anticipated 10y
The country in lis unquuliiied condemnation.
What is now to be regarded as the Judgment
OF the American people Oh this whole sub
lcct, have no accurate means OF determining
but by appealing 10 their more immediate
representatives..
The late contest, which terminated in the
election of General Harrison to The Presi.
dcncy, was decided on principles well known
aud openly declared; aud while the sub.
treasury received III the result the most de-
clded condemnation, yet no other scheme oi
finance seemed to have been cOncurred Ill.,
To you, then, who have come morc directly
from the body Of our Common constituents,
submit the entire question, as best qualified
To give full exposition OF their wishes aud
opinion. shall be ready to concur with you
~ the adoption ot such system AS you may
propose, rcscrylng 10 myself the ultimate
power oi rejecting any measure which may
IN my view ut II conflict wnh the Cons,llu.
,lon, or otherwise leopard The prosperity of
the country; u power which ] could not part
with even II would, but which ! will no,
believe amy act OF yours will call into rcqul-
ritlon.
] cannot avoid recurring, in connexioD with
tins subject, 10 the necessity which exists for
adopting some suitable measure whereby the
H..
may be corrected ~ future. Such result can
be most readily achieved by the consent Of
the States, to be expressed ~ The torn Of u
compact among themselves, which they can
only enter in;o with The consent aud appro- |
baton OF tins Government n consent winch
might ln the present emergency Of the pub |
lac demands justliably be gwen in advance
Of any action by the States as an lndncement
To such action upon terms well defined by the |
act at tender. Such a measure, addressing |
itself to the calm reflection OF The States, 1
would find III the past, and the condition Ut the I
present, much To sustain 1t. And II is greatly |
to be doubted whether any scheme Of finance I
can prove Tor any length of time successful \
wal,c the States sliall continue IN the unre-
strained exercise of the power Of creating
banking institutions. Thls power can only /.
be hunted 10y their consent.
Wnh the adoption oi financial agency Of
a satisfactory character, the hope may be- IN
dulgcd that lhc country may once more re-
turn 10 a state oI prosperity. Measures aux.
Illary thereto, and, ~ some measure, inscpara.
Oly connected with It's success, will doubtless
claim the attchtion Of Congress Among
such, a distribution Of the proceeds Of the |.
sales Of the public lands, provided such dis.
necessity OF imposing upon Commerce. heavier
BURDENS than those contemplated by the act
If 1888, would act as an efficient remedial
measure by being brought directly in aid OF
he States.
As one sincerely devoted to the task Of
preserving q Just balance in our system Of
government, 10y the maintenance pf the States
II condition The most free and respectable,
md IN the full possession of all their power,
can no otherwise than feel dcsrous for their
from the situation to which the
PRESSURE on their finances now subjects them.
And, while | must repudlale as Il measure
ounded IN error, and wanting constitutional
ancton, the slightest ap roach 10 an sssuiDp-
ion by this Government Of the debts OF The
tatcs, yet can see, IN the distribution ad-
crtcd to, much TO recommend 1t. The com
'acts between the proprietor states aud this
Government expressly guaranty To the states :
II the benefits which may arse from the
aIes. The mode by which this is to be ct. ,
ectcd addresses itself to the discretion OF
congress as the trustee for the states and {
Is exercise, after the most beneficial manner, G
restrained by nothlnglr The grants or IN the &
SO long as Congress shall con I
ult that equality IN the distribution which b
ne compacts require. lie
In the present condition Of some of the s
latcs, the question Of distribution may bc r
'garded as substantially question between o
rect and indirect taxation. II the dlslrlbu- r.
on be not made in some form or other, the %
ecesslly will daily become more urgent with II
le debtor states, COR resort on an oppressive
'ode wlll be cxicted IN place of conirIbu o
nns for the most part voluntarily made, and 81
'erctore comparatively unoppressve. The e
ales are cmphalIcalIy the constituents Of ;hls 81
uvcrnmeni; ard we should be entirely re. o
nrd!css Of the objects held in view by them So
the creation Of this Government II we II
'uld be indifferent TO their good. lp
The happy effects Of such a measure upon o.
! the states would Immediately be manifest II
!. With the debtor states it would effect p
e relief 10 great extent OF The citizens u
om heavy burden oi direct taxation which u
esscs with severity on the laborng classes, e'