Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-09-29
GEN. McDUFFlE'S LETTER.
CHERRY HILL, July 25th, 1888.

ChEhhf AlLL1 culy ~othJ iooo'
Nv Dear Sir: have received you
friendly letter, expressing desire t,
know my opinion on the questions which
now agitate the country, relative to tn,
custody of the public money of the United
States, and the regulation of the genera
currency and exchanges. As never had
apoitical opinion which was unwilling
todisclose, have no hesitation in answer,
ing your enquiries. have regretted to
perceive, what you state, that contradlc.
tory versions Of my opinions nave pre-
vailed in different quarters, owing, pre-
sumo, to the fact that | do not concur en-
tirely with either Of the political parties,
recently organized upon the basis Of these
questions. 1t is deeply to be regretted,
indeed, that these questions have been
made the foundation of political organ
ization of the great political parties con-
tending for the Presidency, though adj
nit that this result could scarcely be avoi-
led. Such an organization is exceeding
Iy unpropitious to the cause of truth, and
Utmost entirely precludes the possibility
= f discriminating judgment, You must
i Ike the whole or reject the whole by the
tactical canons of party discipline. A
lost unfortunate change has been the
consequence on the whole subject of Bank
lng, and OF the connexion Of the govern
ment with the banks. You are no doubt
aware that during all the struggles of the
late Bank Of the United States, against the
warfare urged against it by the federal
Executive, | steadfastly sustained that in
sttution on the grounds both of its exten
siye usefulness and its constltutionality;
and will add that there is no part of my
public life to which look back with more
satisfaction than to this. still believe a
Bank Of the United States TO be constitu-
tiona, and am as confident as reason and
experience can make me on any similar
question, that it is the best practicable
means of maintaining a uniform currency,
and low and uniform rate oil exchanges
over the whole United States, SO long as
paper money constitutes the larger por-
ton ofour actual currency.
But am constrained to say that in the
extraordinary distinction and conjunction
of political parties which have recently
taken place, am left almost as SOLITARY
and Alone" on the subject of Bank ofthe
United States, as Mr. Benton was when
he put his celebrated ball in motion. al
ways supported such an institution as an
power to the State Banks, and
as means of restraining their extrava-
CANT issues. Its utility consists almost en-
'lrely, in my opinion, in the exercises OF
this sautary control over such State Banks
as were inclined to run into excesses.-
Such we're then the opinions Of those with
whom acted. But now the state Of opin-
ions is entirely changed, as we'll as the re-
atlons Of the Banks. The present advo-
Gates of a Bank of the United States, main
tain practically, if not in terms, that as
Bank credit is the most potent of all the
agents for producing wealth, the more we
have oft the better; and they seem to re-
gard him as an old fashioned political
economist who should doubt that the issue
If every additional hundred millions of
Bank paper, added jpst that much wealth
o the country. In fact, the party now
Urging tho establishment Of Bank fthe
United States, are the open apoogists and
advocates Of the pet bank system, which
they concurred with me in denouncing, as
a most fearful and stupendous system Of
corruption and of despotic power in the
hands of the federal Executive. was
sincere when said that it would
DO easier to resist President at the head
Of $4,000 regular troops, than one who
welded such a confederacy Of banks
Yet after this system has utterly failed,
hose who denounced it when it was a
mere experiment, have now adopted i as
stepping stone to a Bank Of the United
States, with capital Of 100000, to be
coated in the City of New York! | con-
'yss thar with my opinions wholly I'M
changed on the general subject, | should
regard a bank establishment under such
auspices, thus located and with such a cap
i'al, as an institution eminently dangerous
t,o'he liberties Of the country. ! will not
disguise my opinion, that Bank Of the
ccnlled States established under the most
favorable circumstances, however perfect
rs a regulator Of the currency, is liable to