Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-08-30
Marshall, August 10th, 1887.

Marshall, August 10th, 1887.
GENTLEMEN Il have had the honor TO
receive your letter of the 7th inst, and en-
brace the earliest opportunity afforded me
in giving it an answer. acknowledge the
right of the people to demand of their rep.
resentatives full expression of their senti-
mcnts on the various subjects, upon which
they may be called to act. They have an
equal right to make similar demand OF
those who may be candidates for their suf-
fragcs.
My political sentiments have never been
concealed from my fellow citizens. They
have been freely presented to their atten-
ton on all proper occasions. If at any
time different course has been pursued, it
has bren because | considered it my duty
as representative of the people TO consult
their wishes and to act in accordance with
their views. When candidate for their
sutfrages, | gave them the assurance that
such would be the rule ofmy conduct, and
| do not now feel conscious of ever having
deviated from it in a solitary instance.
With these general remarks, l proceed
to the consideration Of the questions, which
you have propounded to me. have seen
nothing in the history of the past few
months, to induce any change in my opin.
ions in regard TO the Bank of the United
States. ! have ever been member OF
that political party, who consider the con-
stitution of the U. S. as an instrument oil
special powers, and believe "that The po,D.
ers now delegated TO the United States By
The constitution, nor prohibited by ii to the
States are reserved to the States rcspective-
ly or to the people," In no part of that in.
strument can there be found an express au.
thority for the creation of National Bank.
The journal Of the Federal Constitution
contains satisfactory evidence that such
an intention was never contemplated by
the members of that body. While they
gave to Congress the power TO coin money,
regulate The value thereof, and Of foreign
coin, they rejected resolution giving au-
thority "to establish a national bank )" also
a resolution vesting in Congress the right
of creating corporate bodies. The fathers
of the constitution were :" hard money
men. They had been Witnesses Of the
loss which the country had sustained from
the Presidential effects of paper money
They had seen its deleterious influence on
the public councils; on the industry and
morals Of the people; and on the charac-
ter of republican government, and they
wished to avoid that influence by making
gold and silver the constitutional currency.
With such currency, or even enough of
such currency TO prevent fluctuations in
the money market within short periods,
there is in my opinion no necessity for a
National Bank. The want of it may sub.
ject us to temporary Inconvenience but
the business of the different sections of the
Union will soon regulate itself and we
shall then go in the paths of our accustom.
ed prosperity. Our present difficulties
have been brought upon us by an excess
sive extension of the credit system and
the over issues Of the banking institutions.
1t will be the business of individuals to
regulate the former, and of the government
to control the latter, by SO constructing the
currency, that the proportion of specie to
paper shall be too large to be affected by
large and long continued expectations of
the precious metals" To effect result
so desirable, am in favor of gradual
prohibition of the issuing Of small bills, of
"a proper restriction ofthe paper circulation,
and of increasing the security of that cir.
culaton by taking additional guarantees Of
directors and stockholders for the REDEEM.
ton of their bills.
On the subject of banking | have nothing
new TO advance. In the convention that
formed the constitution of the state, | OK.
pressed myself in favor of the system adop.
ted by Scotland. 1t was evident to me,
that the banks of that country were con-
Quoted more correctly, as well as more
beneficially TO the public, than any institu-
tons OF the kind in existence. Their man.
ner of doing business, appeared well calcu.
lated TO promote industry, to stimulate 10
frugality and at the same time to ensure
great safety. l use the words of a distin.
guished political economis. TO explain the
features which particularly distinguish them
from the generality of banks in our coun-
try.
" As offices Of deposit, they receive any
sums not less than 10t sterling, and for
such deposits, allow interest. Less sums
than this are placed in the savings banks,
until they become sufficiently large to be
deposited in a bank. These deposits are
generally made by persons who labor in
agriculture, or manufactures. The whole
amount thus deposited is not far short of
one hundred and twenty millions of dollars.
This large sum is thus redeemed from idle.
ness, and added TO the productive capital
Of the country. They discount notes as
our banks do, but they have another mode
of loaning which is called cash crcdas.--
When man wishes cash credit he finds