Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-12-21
men's. votes to uphold and perpelua,e an
atrociOus despoiisin.

ee"SiouS uCsI'utiSui.
The following letter Of Gen. Jackson
published in the last Cincinnati Inquirer
isa reply to some queriesiaddressed to min
by Mr.. Dawson about his once talked oI
scheme Of IA Governments 4ank. i, was
a different sort Of ,hing,from the Exche-
quer. and aimed only At giving n paper
currency strictly representing specie, and
thus to some exten, saving the premium
on exchange.
HERMITAGE. Nov. 81. 1912.
Ny Dear Sir.-Your letter Of the lsin
inst. has just been received, in which you
ask permission TO publish my letter. or ex-
tracts from il, TO which you refer. have
uo copy Of that letter, aud when written.
had no idea of its being published. aud as
I wrote in haste, there may be errors both
in grammar and spelling, which may need
correction; sill. as you say it may be USE
ful for Information In the public, having
The greatest confidence in your judgment.
tho permission you ask is freely given to
! you. never put to paper any thing but
what are my ma'urcd opinions,
As Ia The illusions made ID my Message
10 Congress, had | strength, / would give
you the full outlines Of that prujeci. If
Congress; had made tie 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 lhr the District. aud Of
The States. with regard to thH,erins
Banks. ! will give you Il concise and
hasty view Of that opinion. That the
power Of Congress over the District. was
equa! to that Of the States over their re.
speclive limits, and that neither had The
Constitutions! power 10 charter Banks Of
pup"r issrcs,-Ihat the only power ia this
respect was 10 charter Banks based upon
"A specie ba>i-, and af dcposi,e and ex-
change. The States having resigned TO
the General Government the sovereign
powcr 10 coin money. regulate the value
thereof. &c. Re-, anil prohibited them
selves from, issuing bills OF credi,. or to
make any thing 4 tender in payment of
debts bui gold aud silver coincidence The
reserved rights Of The States contained 20
power to charter Banks with power ih is
sue billsof credit. | ask. what is q Bank
bill hus a bill Of credit! The charteI-al-
FfoWs tIicu To issue Wrec dollars la phpcr-
for Que Of ~specie-llree five dollar bills
are issueri,-l 90 TO the Bank with one Of
them,-l draw cur FIVE dollars IN spccie,-
| ask, what the other two fives represent!
They MISUNDERSTANDING but credit. These
were wei! known by Congress 10 be my
opinions, therefore my project was uot
called for. Many committees represent
ing Banks called upon me whilst 10 the
Executive Chair, To suow If would not
approve a charter upon oIIe. terms than
based upon 4 specie basis.-my answer
already was, that | would approve no
charter; therefore none was presented 10
me.
any, aud ever have been, opposed 10
all kind Of government Paper Currency,
let it be derived from Exchequer. or oth-
crwisc. lf the paper is the rcul represcn-
lalive Of specie why not pny The debts in
specie, and let The specie circulate in the
hands Of the tailoring aud producing elias
scS! Then The dealings between the
merchant aud the labnyer will be in spc-
Gle, and The merchant, by making a
deposit, can get Il bill N nuy par, OF the
Union. Where. then, is the use Of Il pm.
per currency! Neither the merchan, or
iahorer wants it. Tho merchant wants n
bi!l,-nm 4 Bank or Excheqcm bi!i-bui
upon n Banker, where he lays in his goods.
as in Germany.
l,,is one Of The greatest h%nmbu2s, ever
attempted to he imposed upon a people,
thai there is not specie enough in the world
10 answer all The necessary wants OF the
community. Look at Cuba. There is
no pnpcr there. Shut ou, from circulation
all paper, and specie will low in upon US
NJ 4 tide; bu, never will low to any
try tina, has a paper currency. which will
always deprecia'c. a National Paper
Currency is a great curse To any people,
and a n particular curse TO the labor Of a
country, for its depreciation always falls
upon The labor. Blu, with these hints |
must close. being exhausted. am great.
" dcbili,ated. and remnin your friend
ANDREW JACKSON.
Moses DAWSON, Esq.