The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-21
BELLvlLLE, Ill, Oct. 6, 1887.
DEAR Sin -

BELLvfLLE LII, oCt' v, iOci'
scarcely know whai to say on a subject which
has puzzled the proudest minds of our nation-but
of one thing am well aware, that the banking sys-
TEN has been extended and in many instances man
aged in manner so loose, unguarded, and sPecula-
tive that confidence in such institutions ana IN pa
per currency is almost totally destroyedDul as ihere
is not hard money enough in the world 10 carry on
with facility the trading transactions OIL me ehler-
prising community of the present day-and as me
mercantile world has, and ever VIII IN us iahsac-
tons find it to- It's advantage TO travel from shore 70
shore and from one section of the country 70 hat Oh
another on the wings of paper; 1t IS therefore ae-
sirabe that something should be done II possible 70
restore confidence in banking institutions ior IL ,na'
be totally destroyed the paper system when VIII al
ways more or less exist will narrow down 10 indi-
vdual reSponsibility-which in the emo VIII SUBJECT
the community to equally as much loss IN pecuha-
nv point of view as will the banking system IN us
present decriped operations. But the question 10
how are these evils to be best cured or avoided F.
There is but one sure and sale way In my oPihioh
that have thought Of and that IS that stale DAMS
ought to be owned and managed by the ota'es-Eu,
let them be specie paying bankS-3d, LEI the laln
and funds of the State be pledged for the eventual
redemption of all its notes in species and that snoud
any occurrence happen to cause suspension u pay
ments that the notes thereof draw SIX per cent per
annum till specie payments be resumed-Fh. iet
Congress pass law that the notes Of all such banks
shall at all times be taken in payment Tor all dues 10
the Government, either for land or otherWise. nio
would restore confidence; and such paper agreeapie
TO the nature of things would be compelled 70 pass
current every where as no loss under any circum-
stances could ever be sustained either by Govern
ment or individuals; for If suspension under any
circumstances should take place, the longer II con-
tinued the more the paper would DC sougn, lor on
account of the interest which had accrued thereon,
such paper would be on better footing than would
State bonds-for il notification should KICK loose
the confederation of the States-each State would
be sovereign and independent, able and bound ior
f,;t E,1 nf
word for il, if the Government pass law thal an
banks whether owned in part or IN whoie py inc
States for which the State would pledge herself as
aforesaid and for the sae-keeping and distributing
finds committed 10 her charge should have the de-
posites and the paper thereof be received or dues
10 the Government, we would have no more grum-
bling about fuctuating paper currency, or pontl-
cal danger to our institutions. | never understood
thai General Jackson or Col. Benton expected or
wished to destroy all the banks now existing or that
the credit system could now be totally dispensed
with but that they thought for the safety OF our po-
li,ical institutions the United STATES BANK snould no
bic encouraged not TO issue small notes, SO that
proportion Of specie for the convenience OF change
would always be in circulation. But the wnole
energy of the nation ought to be engaged 70 restore
confidence, not by destroying nearly every one py
having them caught in total hard money system OIL
economy which cannot in the present enterprising
operations of the world exist for any length OF time,
but to have the currency OF the country founded up
plan | propose would produce. And as to the
depositcs of the money collected for lands in this
State having been ordered to be placed in the State
bank of Missouri, il is to me phenomenon that out
Herods Herod for if our bank occupies low sta
ton in pecuniary point Of view, they must OF
course occupy still lower as they are doing BUSH
ness on the paper of bank; therefore if our bank
is under the weather account of the suspension
of specie payments they also under it, and must
be Observation-Disclosures not at least more worthy
to receive the deposes than ours. Consistency
ought to be the polar star of great menin these times
as The eyes of the people are far blown open in
these prairie regions, that they can see men like
rees-walking off to hide their political depravity
As to myself-if know myself, and if ! have I'M
derstood the late Administration, am Jackson in
principle up to the hub, that is to say, the Uni
ted States Bank must go down-consdering y as
dangerous to our political iberties-and If banking
interpretations Tor speculative purposes are evils IL
comnetiton is ihe life of the world, alike in
pecuniary, religious and political point of view.
With great respect, am
your obedent servant,
WILLIAM KINNEY.