Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1842-12-24

rsSsioni sail - you say j. may be useful
for informationsto the public, having the
greatest confidence in your judgment, The
permission yon ask is freely given TO you.
| never pu, 10 paper any thing but wha,
are my ma,ured opinions.
AZ to the allusion made to my Message
@ Congress, had l strength, | would give
you the foil outlines Of that project. if
Congress had made the call on me. But
why the call was not made upon me,
Congress was well aware Of my opinion
Of the Constitutional powers of Congress
in the legislation Of the District, and Of
the States, with regard TO chartering
banks. l will give you a concise and
has,y view Of that opinion. That the
power Of Congress over the District was
equal 10 that Of the States over their res.
pective limits; aud that neither had the
Constitutional power to charter Banks Of
paper issues-lhat the only power in this
respect was TO charter Banks based upon
a specie basis, and Of deposit and ex.
change. The States having resigned to
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 to
make any thing tender in payment OF
debts but gold and silver confidence
the reserved rights Of the States contained
no power to charter Banks with power TO
issue bills if credit, l ask, what is a
bank bill, but bill OF credit! The char
ter allows them TO issue three dollars III
paper for one Of specie-thyee five dollar
bills are issued--1 go to the bank with
one Of ,llem--l draw out five dollars in
specie-I ask what the other two fiyes
represent? They answer nothing but
credit. These were wellknown by Con.
gress to be my opinions, therefore my
prnjec. was not called for. Many com.
mi,tees representing banks called upon
me whilst in the Executive Chair, 10 know
il I would not approve a charter upon
other terms than based upon specie ba.
sis-my answer always was. that would
approve no other charter; therefore none
was presented to me.
am, and ever have been, opposed Il
all kind of Government Paper Currency
let il be derived from Exchequer. OF
otherwise. II the paper is The real rep
resen,a.ive Of specie. why not pay tho
debts i'll specie, and lie, the specie circu
late in the hands Of the laborng and pro
ducing classes? Then the dealing be-
tween the merchant and the laborer vii
be in specie, aud the merchant by maxim!
a deposit, can get bill on any part of thu
Union. Where, then, is the use Of a pa
per currency? Neither the merchant nol
laborer wants it. The merchant want
:. a b.N,-no. Bank or Exchequer BILL
but upon Banker where, he lays III hi
goods,-as in Germany.
4 It's one Of The creates, humbugs eve
attempted to be imposed upon people
I that there is not specie enough i'll INK
q world 10 answer all Tie necessary want
i Of the community. Look a. Cuba
There is no paper there. Shu. on: from
circulation ali paper. and specie will nos
upon US as the tide; bu. never will flo
10 any country that has paper currency
which will always drprecia.e. A Ma
,,onal Paper Currency is great curse I
any people, and particular curse to 'h
labor Of any country. for lis depreciation
always falj, upon the laborer. But wiz
these him. / must close, being exhausted
i IN greatly debilisa,ed, and remain you
4 friend.