The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-12-29
JACKSON'S OPINION OF TIE EX-
CHEQUER,

That tue Democrat, ard faithful old patriot
General Jackson, IS still able TO furnish US from
his quiet solitude with sage counsel in relation
to thegrand politico, economic measures oil The
age. On The subject of currency his opinions
are invaluable. They have already stood the
severesl test Of time, and have, established
themselves on basis Of truth so broad as al
most to entitle 10 tho appelIation Of prophecies
II gives us pleasure, therefore, TO lay before
our readers letter from the old General'.in
whichlhe shaowness oflhe exchequet scheme
is pointed out in his usual strong, common
sense manner.
This letter originally appeared in the Cincp
natti Inquirer of last Friday, and is addressed
10 Mr.. Moses Dawson of that CITY, 10 reply TO
one from that gentleman embodying his views
on similar subject
The old hero takes, it will:be seeDSthe true
Democratic ground. He maintains that all
banks ofissue, whether established by the u
niled States, or by State Government, are
unconstitutional, and opposes paper money in
all it's forms.
Hermitage, Nov. 24th, l942.
My DEAR SIR:
Your letter of the 18th inst. has just been
received, in which you ask permission 10 pub
lish my letter, or extracts from it, 10 which you
refer.
Q y
will give you concise and hasiy view Of
that opinion.
That the power of Congress over the Dis
trici, was equal 10 that ofthe States over their
respective limits, and that neither had the Con
stituiona power to charter Banks of paper is>
suss-that the only power in this respect was
TO charter Banks based upon a specie basis,
and ofdeposile and exchange The States
having resigned 10 the General Government
the sovereign power to coin money, regulate
the value thereof, &c. &c, and prohibited them
selves from Issuing bills Of credit, or 10 make
anything tender in payment Of debts but gold
and silver coin-hence the reserved right Of
the States contained no power to charter
Banks with power to issue bills Of credit The
charter allows them to issue three dollars in
paper for one specie-,hree five dollar bills
are issued--l 20 TO the Bank with one of,hem
II draw out five dollars in specie-I ask,
what The other two fves represent They
answer-nothlng but credit
l am, and ever have been, opposed to all
kind Of Governmen, Paper currency, let it be
derived from Exchequer, or otherwise. If
the paper is The real representative of specie,
why not pay the debts in specie. and let the
specie circulate 10 the hands of The labovine and
producing classes? Then The dealings between
the merchant and the laborer will be 10 specie,
and the merchant, by making deposit, can
get bill on any part Of the Union Who're,
then, is The use Of a paper cunency2 Neha
er the merchant or laborer wants it. The mer
chants wants bill,-not Bank or Exrhequer
bill.-but upon Banker, where he lays in bis
goods,- in Germany.
1t is one OF The greatest humbugs ever at
tempted 10 be imposed upon people, that
there is not specie enough in The world TO ans
wor all the necessary wants Of the commun-
ty. Look at Cuba. There is no paper there.
Shut out from circulation all paper, and spe-
Gle will flow in upon US as the tide; but never
will flow to any country that has paper cur-
rency. which will always depreciate. A Ma
tonal Paper Currency is great curse to any
people, and particular curse to The labor of a
country, for its depreciation always falls upon
the labor. But with these hints must close,
being exhausted. am greatly deblIitaled, and
remain your friend.
ANDREw JACKSON.
Moses Dawson, Esq
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