Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1842-01-06
abe Free erfse.
Thu.sdal sIoFning. JanuaFy 8.
THE FIs9sAL AGENT.


lies Of Congress The reader Win readily fath- i
81 from thu synopsis the, nain fsAt1fss oF he
z EseAins. ~ hieh seems tsin2 PIE endpsh." and
uhseA IS rssolnassasd ~ he ohcisl organ a.
being Substantially iAs %ekens eol,sh PLACED ~ !.
Gea. Jackson. sksa AsinlmaIse mai he could
futnnA lie plan ofa Bank free from eossnia-
siokAl 0biee,iona" Ne 3havs bad boz EitIe op-
boEIuniiy Of hsaIiks Public sshhath, On The
5abjees ia isls qusrEsr; bu, for ourselves We are
free 70 say, lhaI Us have As decided objections
tO1a ooysrnnshi Bank nov a. We had in he
PAlGe days q Jaeksoh. We oP7Osed il then,
mol beeanss We doubled the value OF the sound
sssT Of ,.hs currency which il would issue. bot
bseAusesvs thought II conferred : dangerous
pexsf upon an EIeeuhvs, already ~ stroEs
Ter he people. Anc We oppose il nee for he
sane reason.
Bot our objections 10 the plan are 50 fereibly
stated By q Sn:etin The Baltimore PalEIol whom
ahe editor describes a. "a distinguished eiIyzen-
Who 6as repeatedly basn honoIed with The Con
L6depee Of the ,Psorle,'') that we adopt his ideas
and language . embracing all thai has occur
red 70 eur mind on The subject, as eSliiled Il the
disSSIsSonsie consideration Of The rfsder, VII
most poiest and dangerous scheme Of Govern
ssGAi eotlrol 0; The m6nied power and infneAce
Of Ihr country. which has ever been seriously
suggested, aud all my subsequent reaecElohs
have bal lended 10 sirsngthen and confirm this
view Of III Il
il would be subsianiially. Gortrnmsni bank,
With ali requisite pove5s 70 cSdfoI the currency
and exchanges, and 10 eIerctSe Ia commanding
Binauencs over all the other bsnks aud monied1
institutions Of The country. agree thai il could
."fuInah a medium Of exchange between differ
sn, sections Of the Union y and Aiend to produce
uniformity IN the rates either of pre- mum or
discount and al the same Iimey reduce Inc rates
10. near he actual cost Of making such En-
Isehanse ~ also. acknowledge that ihls i highly
dssiEabE but cannot Sg.ee0 ihai il il so "above
I'll things regard the Prssarsaaon and puri-
~ o. our flee inslitntons aud, for this purpose,
the keeping the monied PoSer from under The
control Of the GOrtrnmsnI12as vastly more i'm
EPorlant han even he great object Of regulating
exchanges. ~
ThatfIhe Presidents scheme would gise The
Government the power and means OF influence
and contrib over al, other monied institutions Of
the county 10 most dangerous and feafful en-
tent, is, 10 my mind, clear beyond doubt. II
We were secure that he administration Of the
Goyernmentt and Of is monied power, would
always be 10 9he hands Of. wise, dscfest, and
honest mrri, acknowIedge my congestion that
the scheme Of The Prsstaeni would BE an adm.
rable ape for regulating the currency and e1-
changes OF The copnTv. do not object to il
because IS like att human instis6tions, suscep-
f5be of Pssri5ls abuse and Pervet<f0n to party or
gel6eh purposes, bUt because il is morally esriain
halii would be 50 abused and perverted, when
ever The Government should be commit;ed 10
the hands Of dishonest, ambitious. or selfish men;
and The pasI admohishes rs 10 guard against such
dangers, +< s.. n Why rs
II an entirely ssaasfed ,tha, il the scheme
Shout be adopted. iIsk6Il have a most beneficial
and wholesome eaSrsSr aichiIt, upos The cur
| renoy and e1ehaukes 4gfhave but litis, IL any
doubt. that lis pgj6efpal friends would. for a
time, boast and Ihitias much, and With as good
cause, al lis operStldh, and eHet:s aS.the friends
ofllhe much abuse a>Sta1s5Bank Deposit System
cid, Al The early land ,.as they proclaimed, tn
uDphant success of that league. which was,
mos, ihiquiIousiy ,edaced BY sihe administration
into tsPpwer, and then pfos,raied aud persecui-
faTSFilhF The raneor and yindictiYeness peculiar
70 lh@ 4'Ar.~s nias:er spiIil which was mem tia
Gc1Gnhatnt NW 7
Heglsg thus expressed my objeciionSto the
schemeo6 the President, in these general terms
and. made Neutrality-suspicious. ni;s favof As | am
satisfied will be warranted BY experience. Kin
uqfoIrQnaiely, the peculiar exigenciss. oflthe
times should cause il II be adopted il is due 10
myself f. endeavoE 10 ShewsOtS i,6ifaB influence
and con4fpl all other inoniedi institutions Of the
country
The power ofreceiying pep6Shss, and is,uiqE
Certificates for currency, will enable the Co
yernment, If ir should be 50 disposed, 10 accu-
mulaie 'lks greater parry Of the specie in the
county INTO It's Golfers. and thus take away the
basis OF al HApk issues. If. however, the Co
vetnmeht saouA choose otherwise 10 exert It's
power Of sPnYel, As corrupt standardization
most probjh,y RY1id, il may useiis depesites ID
sustain and fss9f sach Banks as may Subserve
its views, and u break down, or at'least so cur
tail the circulation ssio render Improbable the
operations n all sHch as may DOT be disposed 10
favor its ambitious YiewS-ahuS holding cd, The
stropSesi temptation Of interest TO- all BANKS
10 support the administration. ~
The Goysgnment certificates Of deposi,e would,
undoubtedly, become favorile currency with
the PsoPle, and whenever any doubt OF dlstrusl
Of The sofTency of any bank should be excited
IT'S notes would be either promptly returned upon
il by the holders, and its specie Withdrawn. or
be exchanged with thelmosi convenient Govern
menl Agency for certificates OF deposile, and the
bank be thus placed under the complete control
Of the AdminskIaIicA, either 10 sustain or des-
troy it. And il would be no difI;eul, matter for
the, Administration, or its friends, at any lime,
y excite such doubt or distfust OF an, bdnk Thai
might incur their diSpeasufe. 4
srThe power Of buying and selling ills OF en-
change, by lhe Govetnment, would also he pei
euhafly susceptible of, and liable 10, abuse apdl
Perversioh by a corrupt Administrator, and
might eeused maid ofsihe Opposite powei 10
effect fictitious deposltes, when any sinister 6b-
Ieei, such a. breaking down particular BANKS,
was desired 10 be accomplished. With these
two powers any Administration mighI-and !
corrupt one vould--bring the wholelbanking and
monied power Of The county within its control.
and use that control 10 suhserve and promote its
own ambitious Of selfish pbjecls. This, Iihink
4 much more desirable 10 aspid, than 10 have
oqr sarrency and exchanges corrected and cen |
tEolled By such dangerous means.
The Government necessarily must possess |
considerable power over the monied interests OF |
the country, in The collection, Keeping, and DIS /
bursementos It's revenue alone, and, instead oil
extending such necessary power. ! think thai the
Executive ADMINISTRATIVE should be regulated I
and conuoled in its use By Law, Is far as con- |
yenleAIly may be. Ia tbs sentiment | hagt
hnhe5i9 understood the Wing party 10 Sc unani:f
nous. |
The subjects Of Finance, Banking; and cur4
Teney, have long been with me a favorile study
and although have probably, not mastered IN
All iheT details and manifestations, those yspvl
complex subjects, J have acquired so much oa
eonhdenee in The correctness Of my views. thai#
nevel wait, when new scheme islsta.ted. IA
hear The opinions OF eFenthose in whom have
The mest conh%sRce, before expressing nv own 4
have YET seen or heard but LITTLE how the Pre-
sldenrs scheme IS received BY the Wing paEiFa