Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-06-28
OPINIONS OF THE BANK.

Gen. UaSh'ngf0n, in Il letter to hir. Stone
OF Maryland. says: Il lo not scruple 10 dc
clare, thai if had voice in your Lcaisla
tnre, it would have hcen given decidedly
against paper emission, upon the general
principle of its inuiili,y us representative
of coin, or the necessity for it as medium"
In another letter to Thomas Jefferson
Washington calls the paper system foolish
and wicked" In another letter, he says.
~ have never heard, and hope ! never
Shall hear. any serious meniiun of a paper
currency i'll the Statc. lido verify believe
tlla, the greatest Toes we have in the world
conld not devise Il more eficctual plan for
running Virginia.
Nr. jefferson was if possible. still more
hostile io paper money, than Gen. Wash
ins,on; and he avnws in his writings cha,
his hostility was strennthcncd by every
years reflection arl cx,saricnce.'
Mr. Madison. in the llth number nfihc
FcdcrHist, one of his acknowledged pro-
,iucliuns, in Il long article on The subicc, Of
the currency. has this passage:
ain addition to- these persuasive cons
sidcra!ions, i, may be Observed, that the
same reasons whci, show the necessity of
denying 10 the States the power orrcgula-
ting coin, prove will! equal force, tha, ,hey
ought not 10 be al liberty 10 substitute a
paper medium in the place Of COIN
Patrick Henry represented paper none
"as n lcfarous plan utspecuia,ing."
Dr. HtthcrsPoon was aepnwcriul op;n
nent 10 The paper money system, aud ridi-
5uIed the idea that .tBamhs made money
more plentiful" He compared all such ~.
icmpts. TO increase tn" currency .in pour-
ing water into n inr Of oil, when, as he said
the OIL would run away, and the water re-
main."
Luther Martin, Of MARYLAND, saws thar
tho majority of the convention thai formed
the Constitution of the Unred S,aies.
wee SD smiitrn with the paper money;
dread natlhey negativcsl every PROPOSE
lion to permit eIthcr,he STATES. or the Gen
cral GoyeIntnent To emit bills ufcrtli,, by-a
vote of nihe States to two.
Daniel Webster. the godlike-whose au-.
3thoriiylhe Wings cannot, aud the Canscr.
valivcs dare not impeach, says. ..The NOS,
7eTiIfizins Tire rich mans field. hy the sven, M
ofihc poor mans brow, is the State bnnk
ing SYSTEM
Henry Clay. "thc available who is as
high an authority with the Whic and Con
scrvalive coalition, as The .g0lIikc" him.
self, said in 1911, when opposing the re-
ncwal the banking charter:
"Nhat is corporaiion. such rs tho Fill
conte,npla,csl |, is n n.spicndid associyfjou
of tauored mdiuiHuuls taken from ,bc ,,,.,s.
ofsocieiy, and vested with exemption. and
surrounded with immuniiics and PRIVILEGES
Where is the Limitation upon This mower tn
set up corporations! You establish one in
tho heart Of Slate, the basis of whose cnni-
tnl is money. You may erect others u hose
capital shall consist oflaud, slaves. prr>on
nj estates, and thus TIL; WiiOLEPRD-
PERfY WITHIN THE JURI PIC
'TION OF y STATE MIGHT BIZ AB-
SORHED BY THESE POLITICAi.
BODIES. The existing bank contend,
hat II is above the powers of the State ~
tax it, and it this prc'cnsion be well founded
il is in The power OF Congress. by charter |
ne companies, I" dry mp all the source, of !
.he State revenue"