Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-12-29
LETTER FROM GENERAL JACKSON.


son was published first in the Cincinnati
Inquirer, to which paper il was communi.
Gated by Moses Dawson, formerly editor
of that paper, and who is leading Loco
Foco Of Cincinnati. On the appearance
of the Exchequer scheme at the extra
session, in l64l, MIR. Dawson received a
letter from the General, in which he took
decided ground against Mr.. TyIer's 6nan,
cial scheme. Recently there having been
some efforts made in Cincinnati 10 &c!
signatures TO petition IN favor Of the
Exchequer, Mr.. Dawson wrote 10 Gen.
jackson to ask permission to publish his
letter agains, the scheme, that the party
might know how its ancient head was el-
fected towards it. To this application
Gen. Jackson sent The following reply:
HERMITAGE, November "a, ls43.
Ny Dear Sir: Your letter Of the
18th instant has just been received, in
which you ask permission to publish my
letter, or extracts from il, to which you re-
fer. have no copy OF that letter, and
when written. had no idea Of its being
published and as | wrote it in haste,
there may be errors both in grammar and
spelling, which may need correction still,
as you say it may be useful for iniorma-
ton to the Public, having the greatest
confidence in your judgment, the permls-
sion you ask is freely given TO you. ]
never put to paper any thing but what
are my matured opinions.
As 10 the allusion made TO my Mes.
sage TO Congress, had strength, ] would
give you the full outlines Of that project,
If Congress had made the call Oh me-
But why the call was not made upon me,
Congress was well aware of my opinion
Of the constitutional powers OF Congress
in their legislation for the District and the
States with regard to chartering banks
| will give you concise and hasty view
Of that opinion. That the power Of Con-
gress over the District was equal to that
of the States over their respective limits,
aud that neither had the constitutional
power to charter banks Of paper issues
that the only power in this respect WINS to
charter banks based upon specie basis,
and Of deposite and exchange. The
States having resigned to the General
Government the sovereign power to coin
money, regulate the value thereof &c.
and prohibited themselves from issuing
bills of credit, or to make any thing q
tender in payment of debts but gold and
silver coin, hence the reserved rights OF
the States contained no power to charter
banks with the power to ISSUE bills OF
credit. ask, what is a bank bill but a
bill Of credit The charter allows them
to issue three dollars IN paper for one 10
specie three five dollar bills are issued ::
90 TO the bank with one of them; draw
five dollars in specie ; ask what the
Other two fves represent? They answer,
nothing, but credit. These were well
known by Congress to be my opinions,
therefore my project was not called for.
Many committees representing banks
called upon mo whilst in the Executive
Chair to know if would not approve a
charter upon other terms than based up
on a specie basis. My answer already
was. tina, would approve no charter ;
therefore none was presented to me.
am and ever have been opposed to all
kinds Of Government paper currency,
let it be derived from Exchequer or other
wise. If the paper be the real represen.
tative Of specie, why not pay the debts in
specie, and let tho specie circulate IN the
hands Of the laboring and producing cles-
Tha, he hot aor . hal
chant and the laborer will be in specie,
and the merchant by making a deposite
can get bill on any par. Of the Union.
Where, then, is the use Of paper cur
rency Neither the merchant nor la.
borer wants i. The merchant wants a
bll-not bank or Exchequer bill--but
upon banker where he lays in his goods
as IN Germany.
1t is one Of the greatest humbugs ever
attempted to be imposed upon a peo-
Pile, that there is not specie enough in the
world to answS all the necessary wants
of the community. Look at Cuba J.
There is no paper there. Shut out from
circulation all paper, and specie will flow
III upon US as a tiuc uut hCNci WIN no" W
any country that has paper currency,
which will always deDreciate. A nation.
al paper currency is great curse to any
people, and particular curse to the la
Dor Of country, for its depreciation al
ways falls upon the labor. But with
these hints must close, beng exhausted.
am greatly debilitated, and remain your
friend, ANDREW JACKSON.
Moses Dawson, Esq.
As this letter is written for the benefit
Of Loco Focos, they alone may be pre-
sumed 10 understand its latent meaning,
and feel its fall force and virtue. We
publish it as part Of the history Of the
times, with the remark that il is not likely
to influence the mind of any man but a
Loco Foco. Wings are not given to ap.
precate either the beauty or the style Of
its author, norare they to be expected
not having been subseryent to his opin.
ions when he held and swayed an almost
despo.ic power--to be controlled by his
notions, now he is without power--and we
NAV say-save the little respect which
his former adherents have for his financial
views--w without influence. The letter
cannot fail, however, TO afford peculiar
pleasure TO the inmate Of the White
House, after the very dignifed and char.