The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-09-06
Mr.. M'DGfie's Opinions
OK THE BANK AID SUB.TREASURY
chcrry nll. joy as.h, Is3s.

Cherry HIN. July ss:h. 1888.
M Dear Sir: l have received your
friendly letter, expressing desire IN
know nv opinion on the questions which
nov sslla.e the country. relaiiSe TO the
custody Of the public money Of The Uni-
ted States, and the regulation Of the gen.
ersl currency and exchanges. As ! new
or had a political opinion which ! was
unwilling 10 disrlnss, ] hare no hesila-
lion in answering your inquiries. lhsVs
regretted To perceive. Whit Won state.
,ha. contradictory versions Of my opln-
ions have prevailed in different quarters.
osing ! presume 10 the fact that | do not
concur entirely With either Of the polil
zeal parties. recently organized upon The
basis Of these questions. II IS deeply 10
be regreued. indeed. that these questions
have been made the foundation Of a pc
lilir,l organizauon of The great political
parties eontending Cor the Presidency.
though | admit ihal this result could
scarcely be avoided. Such 81 organlza'
iion is exceedirsly unpropitinus l" The
rause Of truth. and almost entirely pre-
cludes the possibility Of dIscrimina-
ting judgment. You mus, take the whole.
0r rsieet The whole. BY the practicable
rsnons of party disriplins. A most IN.
fortunate change has been the cnase-
quence on tie whole subject oi Bank
ing. and Of the connection nf the Gov
srnlnenl With the banks. You are nj
doubt aware that during all the struggle les
oil the late B.nk OF The United States,
against The warfare urged against it By
the Feleral Executive. | steadily sus.
isined thai insu."lion an The grounds both
Of us extensive usefulness snd as c"nsn-
iu,iOns.ily: and wall aid that there is
no part OF my public life to which | look
back with more satisfaction than To This,
still believe Bank Of The United States
10 he Constitutional. and am as confident
as reason aud experience can make ms
on any similar question. that II is the besI
practicable means of maintaining a Uni
form currency. and low and uniform
tate Of exchanges over the whole UnlIet
States, so long as paper m pney consII'
tues the lTger portion Of our actual eur
Tency.
But an constrained 10 say that IL
The extraordinary di>junciion and con
junction of political parties which have
recently raken place. am left almost al
"solIiary and alone." on the subject III ;
Bank Of the UniIed States. as Mr.. Ben
lon was when he pa, his celebrated bal
IN motion. always supported such at
institution a. an antagonist power to tht
State Banks, aud as a means Of restrain
ing their exiraTsganI issues. It's utility
rnn''sis almost entirely. in my opinion
IN The exercise " this sslutary contro
over such state banks - we're inclinet
10 run into exresses. Such werethen The
opinions ol thUse with whom | acted
but now Tie slate of opinions is entirely
changed. as well as the relations OF the
banks. tn: present advocates Of Bank
OF me United States maintsin practically
" no! IN terms. that as bank credit 10 the
most potent "f oil the agents for produ'
eins wealth, d more we have Of il the
pe'er aud Isy seem to regard him q.
aa old IashIr.ed political econ ,mia who
shn"Id doubt that the issue Of every adj,
hI'ioaal hundred millions Of bank paper,
added Ias' that much wealth 10 the coun
n.y. Ia i4ci the party nov urging the
es'aoiIshmen! Of Bank of the uni,ed
STATES are The "pea apologlsts and alvo.
Gates Of The pet bank system, which they
eoneutfed with the in denuuncins, as !
most isatiai sni slupeudous system Of
corruption aud "f despnuc power in the
hand' oil the FederA Executive. Twas
perfectly sincere when said ,ha, il wound
be easier 10 resist President a, the head
Of 5000 regulars, than one who WELD.
Ell such c1nieder4cy of banks. Ye.
AFTER this system has utterly failed, those
who denounced it when n wa. mere
sxesri'n 90, have n,s adopted it a. a