Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-10
GEN. MeDUFFIE'S OPINIONS ON THE
BANK AND SUB-TREASURY.
CurRRy Hill July o5ih 1898

My DEAN SIN: have received yuur friendly let
ter, expressing ,ltsIfe Ia hn"w my opinion upon
the questions which now agiatc the country. relative
the Custody OF the public muuey OF The United
States, and the regulation al tie general currency
aud exchanges. As | never had u political opn
non which | Was unwilling To disclose, ! have no
hesitation IN answering youi inquiries. | have re
gietted to perceive, what you STATE THAI contradictory
versions ul NY opinions have prevailed III different
quarters, OWING presume, To the i,ct lhat do not
concur entirely with euhcr OF the political parties,
recently oiganzed upon The basis OF these questions
Ii IS deeply be regretted, indeed, that these qucs-
tous have been made tie foundation Of u political
organization ofihe great political parties contcndng
ior The Presidency, though admit that tins result
could scarcely be ayoid,d Such an organization Is
cxceedngl, unpropIious 10 the cause OF truth and
almust entirely pIe,ludcs the possibility Of n discrn-
mating Judgment. You must take The whole Ur ,c-
jet HE whole, by the practical cannns OF patty dis
,il line. a mosl unfortunate change has been the
sequence the Whole subject oi Banking. and Of
the connexou OF the Government with the Banks
You doubt aware that during all the stfug
giles Of the late Bank Of the untcd States. against
the warfare ur ed against il by the Federal i Necu-
i've | steadily sustained HAT INSTITUTION on The
grounds both ot ais exclusive usefulness and lis
eonstituiionauv aud will add tlat there pat
Of my public lite 10 which, look back with moie
satisfaction Than Ia tins. | stiIl believe bank OF
iht Unucd States tn be constitutional, aud am az
confi,nl as reason and experience can make me on
"
n,rans { :naint1lniug uniform currency, aud low
aud nnlIo,m tate ct exchanges over the whole Uni
red States, long as paper constitutes the largo
l. 'rIlon OF llriI aeiu currency.
I'm, | am constrained 10 say that IN the extraor-
d,,,v ~, 'nrt ton CONJUNCTION OF political par
,,es which ave recently taken place am left al
most As :. SOLITARY aud ajonc. on the subject of
a Bank of the Unn,d States. rs Mr.. Benton was
when lie put ms celeba"d pan ~ NOTION al
ways supported such Institution rs an antagonist
power 10 The Saro Banks and as means oi re-
straining Their exiravagant issues. It's u'hY coh-
si>s almost enHely, IN my opinion, ~ nv tNeIc'se
of Ihs salu,ary control over such Stat. Banks as
we're inclined to run INTO exces,es. Such wee t''rn
The opuiuus ii those with whom | aced. Bat nav
the slate ol opInon IS entirely changed, as well
the relations of the Banks. The present
advocates Of Bank Of the United States mainaln
prdctcally II not IN terms. that a- bank credit - The
most potent OF all til. agents for producing wealth.
the uoie we lave OF II the bciter aud Thy seem
10 regard hn an old fashioned poh,ical economist
who should doubt that the issue OF every additional
hundred unions OF Bank paper. a lded just that
mach wealth to The couuuy.-ln fact the party
now urging the establishment Of "A Bank ulllle Um-
led States ae the open appoogiss and advocates OF
the pet bank sy ten, winch they incurred WITH
me ! d.nounciug Is most fearful aud stupeudous
system Oi corruption and OF despotic power IN the
hands OF The federal executive. | WAS peIirctly
>lncere when sald that ii wonld be easier 10 resist
u President al thu head OF SO 900 regular l,oops.
dian who welded such cohrheracy oi Bauk-.
Yet after tins SYST III has utterly imled. those vino
denounced when II was mere TX etinent. ave
ado, ted il as sierping stone Ia a Bunk OF the
Unned States wilh capital OF 81 90 600, Ia be 10
Gated IN the cry OF New York | confess that mIh
my Opinions wholly unchanged on the general sub
lect | should regard bank established under
such auspices, thus located aud wtd such capi al,
As institution eininenly dangerous 10 the hher
ties Of the country. viii OF disguise my opinion
that Bank ofthc United States, established un-
der the favorable circumstances, how ever per
feet rs Il regulator ofthe currency, Is liable To be-
come very dangerous institution The hands of the
FedrrI Executive. The OLD Bank Of The United
States scrnpuiously ab,taned from prlics until
forced IN sell defence, 10 abandon M some degree
It's neutral position. regarded thus as one Of ITS
great merits. But what would necessarily be the
character OF a tanh OF 50 millions established IN New
York. under the present circumstances OF the cOun-
Try Bank no Bank is clearly aud distinctly the
ssue which is to decide the next Presidential cleo
ton and be decided by it, Such Bank would be
unanavoidably a mere ngne IN the hands Of he as
cendant party, a Tremendous ipslrup eni of power
aud mischief thus created and thus welded. Ynu
may Iecoect that 10 my last speech on the deposite
question, | stated as reason fut supporting The
sling bank, that It's overthrow would produce pre-
cisely such stale Of anarchy as now have the
| currency and exchanges; that to extricate them
selves from such condition, the people would 0y