Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-05-25
CORRESPONDENCE,
From, the Free Trader.
CONCLUDED.

FROM me FTee IfuuTs
(CoNcLUDED.)
As to the Bank of the United States,
my views were fully explained in oppo-
sition to any such institutions, in vari-
Gus printed addresses preceding my
election to the Senate Of the United
States. These views have since been
more and more confirmed by expert
ence, and when, during the panic Of
1897, it was confidently predicted,
that the State, in November. would
elect a legislature favorable to Ma
tional Bank, | avowed in my speech in
the Senate early in the special session
in September 1887, and then printed,
my fixed opposition to the creation of
any National Bank, and my determine
ton to resign if instructed to vote in
favor Of establishing any such institu-
tion. In the same manner, in 1884 u
1885 preceding my election. ayow-
ed my advocacy Of the abolishing all
bank note circulation of a less dcnom-
ination than twenty dollars, and the
augmentation Of the circulation ofgold
and silver, and have voted for the
same principles, whenever an opportu-
nifty occurredin the Senate Of the I'm
ion. In supporting then, these views
against National Bank, and against
IN expanded currency, | have only
carried out the opinions expressed at
the period of my election. and have
violated no pledges, abandoned no
principles, deceived no individual, and
betrayed no party. And here permit
me to remark, that it is to me incom-
prehensibIe, how any sincere oppo-
nent Of an expanded currency can OPP
pose a constitutional independent trea-
sury, and advocate the continued de-
poste Of the government funds with The
State banks, to be by them loaned out
and made the basis Of new issues, and
new expansions. AS to the limitation
of bank issues to notes under twenty
dollars, it is a matter of the highest
importance. When, many years ago,
it was proposed in England to abolish
the Limitation Of bank circulation then
existing there to notes of a denomlna-
ton not less than five pounds, and to
authorize the circulation of one pound
notes, nearly equivalent to our notes
of five dollars, it was then declared by
the greatest Of British statesmen, that
ifthis were done, another guinea would
never be seen in England. 1t was
done, and during long series ofyears,
the prediction was fully realized, end
the golden guinea was banished from
England, so long as its rival, the five
dollar note, was permitted to circulate;
and the golden currency never did
again re-appear, till the ancient llmta-
ton was re-established, when gold be-
came again the principal circulating
medium in England, and remains so at
this period. The same cause must pro-
duce the same consequences here. lt
is an established law of currency, that
dearcr currency will be excluded by
one that is cheaper, and that our gold
en- coins Of Eagles and half Eagles,
will be banished from circulation by
the ten and five dollar. But aboli h
all bank notes in circulation under
twenty dollars, and the golden Eagle
and half Eagle must circulate here, as
similar coins do in all ether countries
under similar limitations. We have
now nearly twenty millions Of gold
coin in the country, now chiefly in the
vaults Of banks and drawers of brokers
hs an article of sale, and there it will
temain. and never circulate as cur
tency, until the circulation of all bank
notes under twenty dollars is abolished.
mention the limitation to twenty dol
lars because it is clearly practicable,
and will be sustained by the democra-
cy Of the Union, but ! do not hesitate
to declare it as my own conviction. that
our prominent interests, would, were
it practicable, be best promoted by the
abolition of all banks, nor do | doubt
that this State would have been much
more prosperous and unembarrassed II
there never had been a bank OF clrcu-
lation, State or National, in the Union.
We should have received the same
price for our cotton, paid vastly less for
our land and slaves, and all the cxpen-
ses Of raising cotton would have been
greatly diminished. Our nett profits
would consequently have been more
than double, and we should now be
out of debt, and the most prosperous
State in the Un;on