The Rhode Island Republican

From the Fall River Patriot.

The New Bedford Mercury has published Mr. Tallmadge's letter, and the letter of the 700 democrats to him. The Mercury is mightily taken with this matter, and declares that Mr. Tallmadge's sentiments are whig sentiments! but adds, "Gen. Jackson was opposed to such a doctrine."

Is this so?

We appeal to facts.

In Gen. Jackson's paper read to the cabinet in 1833, he observes:

"It would be expedient to assume no more power over them, (the opposite banks) and interfere no more in their affairs, than might be absolutely necessary to the security of the public deposites, and the faithful performances of their duties as agents of the treasury."

"It is the desire of the President that the control of the banks and currency shall, as far as possible, be ENTIRELY SEPARATED from the political power of the country, AS WELL as wrested from an institution which has already attempted to subject the government to its will. In his opinion the action of the General Government on this subject, ought not to extend beyond the grant in the Constitution, which only authorizes Congress "to coin money and regulate the value thereof;" ALL ELSE BELONGING TO THE STATES AND THE PEOPLE, and must be regulated by public opinion and the interests of trade."

Here Gen. Jackson wishes only to separate Bank and State, and deprecates any farther interference with State Banking Institutions "than might be absolutely necessary to the security of the public deposites."

In his message of 1834 he says:

"If the several states (not Congress) shall be induced GRADUALLY to reform their BANKING system, and prohibit the issue of all SMALL notes [not "bank paper entirely"] we shall in a few years, have a currency as sound and as little liable to fluctuations, as any other commercial community."

This does not look much like an attempt to destroy all state banking institutions, or like an attempt to establish an "exclusive metallic currency."

In 1835 President Jackson further observes:

Aided, as it is hoped they will be, by further reforms in the banking system of the states, and by JUDICIOUS REGULATIONS on the part of Congress, in relation to the custody of the public moneys, it may be confidently anticipated that the use of gold and silver, as a circulating medium, will become general in the ordinary TRANSACTIONS CONNECTED WITH THE LABOR of the country. The great desideratum, in modern times, is an efficient check upon the power of banks, PREVENTING that excessive issue of paper, whence arise those fluctuations in the standard of value, which render uncertain the rewards of LABOR."
Here General Jackson carried his views no further than to hope that gold and silver would be used by those "connected with the labor of the country."

In another place, referring to the issue of small bills, he says:

"If by this policy, WE CAN ULTIMATELY witness the suppression of all bank bills BELOW TWENTY DOLLARS, it IS APPARENT that gold and silver would take their place, and become the principal circulating medium in the common business of the farmers and mechanics of the country."

And again,

Although it may not be possible, by any legislative means within our power, to change at once the system which has thus been introduced, and has received the acquiescence of all portions of the country, it is certainly our duty to do all that is consistent with our constitutional obligations in preventing the mischiefs which are threatened by its undue extension.

And a little further on, the catastrophe which has overtaken us is spoken of in connection with the causes which led to it, in a manner appearing little short of prophecy.

When thus by the depreciation in consequence of paper in circulation, wages as well as prices become exorbitant, it is soon found that the whole effect of the adulteration is A TARIFF ON OUR HOME INDUSTRY for the benefit of the countries where gold and silver circulate, and maintain uniformity and moderation in prices. It is then perceived that the enhancement of the price of land and labor produces a corresponding increase in the price of producers, until these products do not sustain a competition with similar ones in other countries; and thus both manufactured and agricultural productions cease to bear exportation from the country of the spurious currency, because they cannot be sold for cost. THIS IS THE PROCESS BY WHICH SPECIE is banished by the paper of the banks. Their vaults are soon exhausted to pay for foreign commodities; THE NEXT STEP is stoppage of specie payments; a total degradation of paper as a currency; unusual depression in prices; the ruin of debtors, and the accumulation of property in the hands of creditors and cautious capitalists."

Thus it will be seen that General Jackson was not in favor of a currency exclusively metallic; and if our whig friends will take pains to read Mr. Tallmadge's letter they will find his views coinciding exactly with Jackson, Van Buren and Rives.

However, we are pleased to see them publishing Mr. T's letter in their journals, and more pleased to hear them say they approve of his sentiments. Mr. Tallmadge is decidedly opposed to a National Bank of any kind whatever. Is this a whig sentiment? He is in favor of a large specie basis. Is this a whig sentiment? And he is in favor, we understand, of cutting all connection between Bank and State. Is this a whig doctrine?

If so, then the whigs are "backing out."