The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-08-02
From the Fail Rirer Patriot.

Mr.. Tallmadge's letter, and the letter of tn,
700 democrats to him. The Mercury j:
nightly taken with this matter, and declare,
that Mr. Tallmadge's sentiments are whis
sentiments but adds, " Gen. Jackson wa.
opposed to such doctrine" Is this so
We appeal to facts.
In Gen. Jackson's paper read to the cab
met in 1888, he observes:
sit would be expedient to assume no
more power over them, (the Geposite banks)
and Interfere no more in their affairs, than
might be absolutely necessary to the securi-
ty ofthe public deposites., and the faithful
performances of their duties as agents OfMe
treasury"
1t is the desire of the President that the
control Of the banks and currency shall, as
far as possible, be ENTIRELY SEPAR-
TED from the political pouer of the coun-
try, AS WELL as wrested from an nstitu-
ton 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, tchich onlv du-
MOrtzes Congress " to coin money and reg
utate the value thereof" ALL ELSE BELONG
ING 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 alb.
soutey necessary TO the security Of the public depos
ties"
In his message of 1884 he says
If the several states mot Congress) shall
be induced GRADUALLY TO reform their
BANKING system, and prohibit the issue of
all SMALL notes not a" bank paper entire
ty" we shall an a teD years, have curren-
cy as sound and as little liable to fuctua
tlons, as any other commercial community"
This does not look much like an attempt to destroy
all state banking institutions, like an attempt to es-
tablished all eIciusiue metallic currency"
la 1885 President Jackson further observes:
Aided, as it is hoped they will be, bv
further reforms in the banking system of the |
states, and by JUDICIOUS REGULA-
TIONS 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 circulating medium,
will become general IN the ordinary tran
saetiOns CONNECTED WITH THE LABOR of the I
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 uncer-
tain the rewards Of LABOR"
Here General Jackson carried his views no further
than to hope that gold aud silver would be used by
those connected iciM the labor Of the country"
In another place. referring to the issue Of small
bills, he says
"lf by this policy, we can ULTIMATELY
witness TIE suppression of all bank bills BE-
Low 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 me-
chanics of the country"
And again,
Although it may not be possible, by any
legislative means nithm our po,Osr, to !
change AT ONCE the system which has thus
been introduced, aud has received the ac-
auiescence of all portions of the country, i,
is certainly our duty to do all that is consis- I
tent with our constitutional obligations in c
preventing the mischiets which are threaten S
I'd by its undue extension" b
And little further on, tho catastrophy which has q
pvertaken us spoken of in connection with the eau
- "hlch ieo 10 IL III, manner appearing e snort n
bf prophecy
"When thus by the depreciation in con- -
sequence of paper in circulation, wages as
yell as prices become exorbtant, it Is soon
found that the whote efect Of the adultera-
ion IS A TARIFF ON OUR HOME INDUSTRY
Tor the benefit of the countries where gold
md sitrer circulate, and maintain uniform n
fy and moderation in prices. 1t is then 2
perceived that the enhancement of the price
pf land and labor produces corresponding
Increase an the price of PRODUCTS, until these
'roduets do not sustain a competition ynh
tmifdr ones in other countries and thus
ofh manufactured and agricultural produc- tt
IONS cease to bear erportdtion from tie coun- n
Ty Of the spurious currency, because they G
dnnOt be sold for cost. THIS is THE a
PROCESS BY WHICH SPECIE is b
vanished By the paper ofthe banks. Their c
aults are soon exhausted to pay for foreign L
commodities THE NEXT STEP is n
toppdge of specie payments; a total decra. Fl
|dtion Of paper as a currency; unusual de- b
re,si0u IN prices the ruin of debtors, and al
he accumulation of propertyi IN the hands of Il
Feditors and cautious capitalists"
Thus it will be seen that General jack A
bn was not in favor of currency exclu- " "
|yely metallic; and if our whg friends will y
IKE pains to read Mr.. Tallmsdge's letter r
hey will find his views coinci,llng exactly A
nth Jackson, Van Buren and Rlves. NJ
fowevsr, we are pleased to see them pub r.
shiug Mr.. rs letter in their journals, and
psre pleased to hear them say they approve n
his sentiments. Jfr. Tollmadge i, deci-
Fdty opposed 70 a National Bank Of any
'"d ~hdferer. bnis a rhig I" seatiment''9 T. T.
fe Is III tae0r Of large speei. Josi,. Is 81
IS n phig ssEtimeat'g And \, -, IN. h,