Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-07-11
OPINIONS OF TIE BANK.

Gen. Washington, in q letter to Mr.. Stone
of Maryland, says: 81 do not scruple TO
declare, that if had voice in your legis-
lature, il would have been given decidedly
against paper emission, upon the general
principle of its inutility as representative
of coin, or the necessity of it as medium"
In another letter to Thomas Jefferson,
Washington calls the paper money system,
''fooish and wicked" In another letter
he says, 81 have never heard, any serious
mention of paper currency in the State.
do verify believe that the greatest foes we
have in the world could not devise more
effectuol plan for running Virginia"
Mr.. Jefferson was, if possible, still more
hostile to paper money, than General Wash
ington, and he avows in his writings, "that
his hostility was strengthened by every
years reflection and experience"
Mr.. Madison, in the 44th number of the
Federalist, one of his acknowledged pro-.
auctions, in long article on the subject of
the currency, has this passage:
AIN addition to these persuasive consId-
erations, it may be observed, that the same
reasons which show the necessity Of deny
ing to the States the power of regulating
coin prove with equal force, that they ought
not TO be at liberty to substitute paperme-
dunn in the place of CON-"
Patrick Henry represented paper money
"as a nefarous plan Of specializing"
DR.. Withorspoon was powerful oppo-
nent to the paper money system, and rdi-
culed the idea that ''banks made money
more plentiful" He compared all such at.
tempts TO increase the currency, "to pour
ing water into jar of oil, when, as he said,
the oil would run away, and the water re-
main.
Luther Martin, Of Maryland, says, that
the majority of the convention that formed
the constitution of the United States, severe
so smitten with the paper money dread, y
that they negatived every proposition to per-
NIT either the States or the General Govern
ment to emit bills Of credit by vote Of nine
states to two.
Daniel Webster, the godGke, whose au.
thorty the Wings cannot, and the Conser.
vatives dare not impeach, says: "The most
effectual of all contrivances for cheating the
laborious classes of mankind, and for ferti-
lizing the rich mans field by the sweat OF
the poor mans brow, is the state banking
SYSTEM"
Henry Clay, thc available who is as high
an authority with the wing and Conserva.
tive coalition, as the 'godlike' HIMSELF said
in the year 1911, when opposing the renew
al of the bank charter:
"What is corporation, such as the bill
contemplates 1t is splendid association
of favorsd indiciduols, taken from the mass
of society, and vested with exemption, and
surrounded with immunitics and privileges
Where is the limitation upon this power tc
set up corporations You establish one in
the heart of state, whose capital is mon
ey. You may erect others whose capital
shall consist OF land, slaves, personal es.
tatcs, and thus THE WHOLE PROPER.
TY WITHIN THE JURISDICTION OF
A STATE MIGHT BE ABSORBED BY
THESE POLITICAL BODIES. The
existing bank contends that it is beyond the
powers of the States to tax it, and if this
pretension be well founded, it is in the pow.
or of Congress, by chartering companies,
to dry up all the sources of the State rev.
enue."