Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-13
c,n o,Lson upou me Ereheouer Scheme.

The Cincinnati Enquirer contains a Correspondence
between the Old Hero and his ancient friend, Moses
Dawson, Esq, the subject OF The Exchequer. me
spondence IS not OF late date II was commenced
in Ie4i, soon after Mr.. Tyers plan of Finance was
published in his message. Mr.. ID. has recently asked
permission of the General 10 publish the Correspond
ence-to which lie has assen;ed IN the following letter
We have not yet seen the whole Correspondence, but
"nERMIrAoE, Nov. oath, 1912.
"'fy Dear Sir: Your letter of the 18th instant has
lust been received, in which you ask PERMISSION 10
publish my letter, extracts from II, TO which you
refer have no copy Of that letter, and hen written,
had no deu of its being published, and wrote It IN
haste there NAV be errors both in grammar and SPELL
nq hic may need correction; still, you say, II may
be useful for information to the public. Having the
greatest confidence in your Judgment the permission
you ask is freely given to you never put 10 paper
anv thing but what my matu!ed opinions
ssAs 10 the illusions made 10 my Message to Con-
rress had strength would give yon the full outlines
of that project, if Congress had made the call on me-
But why the call was not made upon me- Congress was
we'll aware of my opinion OF the constitutional powers
of Congress in their legislation for the District, and OF
the States with regard 10 charlerng Banks. will give
you concise and hasy view Of that opnion That The
mower of Congress the District, equal TO that
of the States their respective limits ami that mel
,her had the Constitutional power to charter Banks OF
paper ssues-that the only power in this respect was
to charter Banks, based upon specie basis, and oil
deposite and exchange. The States having resigned
IN the General Government the sovereign power TO
coin money! regulate the value thereof, &c, &c, and
prohibited themselves from issuing bills of credit or TO
nak any thing tender in payment of debts but guild
and silver confidence the reserved rights OF the States
contained no power to charter Banks with power 10
issue bills of credit. ask, what is Bank bill but
bill of credit The charter allows them 10 issue three
dollars in paper for one OF specie-three five dollar bills
are issued go to the Bank will, OF them draw
out five dollars in specie-I ask what the other two
fves represent? They answer, nothing but credit
These were we'll known BY Congress TO be my OPINIONS,
therefore nv project not called for. Many commit
tees representing Banks called upon me whilst in the
Executive Chair, to know if | would not approve
charter upon other terms than based upon specie
bass--my answer already wac, that | would approve
no charter therefore, none presented to me-
Il ain, and have been, opposed to all kind of Co.
yernmen. paper currency let be derived from Exche
ouer or otherwise the paper the real representative
Of specie why not pay the debts in specie, and let the
specie circulate in the hands of the laborInS and pro-
ducinu classes: Then the dealings between the mer
chant the aborer will be Specie and the merchant
by making deposit can get bill any par, of the
Union Where then is the of paper currency
Neither the merchant nor laborer wants H. The mcr
chant wants bill NOT Bank e.chequer bill-but
upon banker where he lays in his goods-as in Ger
many.
be imposed upon people, that there is not specie
enough in the world all the necessary wants
Of the community Look at Cuba. There is no paper
there Shut out from circulation all paper, and specie
will flow in upon tide; but never will flow 10
any country that has paper currency, which will al
WAYS depreciate National Paper Currency is great
curse to any people, and particular to the labor
of country for is depreciation always falls upon their
lab2r. But with these hints | mus. close, being ex-