The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-21
From the ". Y. Uaiea.


From. the ". Y. Uaiea.
We have noticed two articles 10 the Boston Morn
ing Post Of the 9th and 9th instant, the subject oil
the "Exchequer,n from which we make the follow
ing extract, with a view to show, hrst what "erV
General Jackson's opinions set forth IN hi' secohu
annual message, in December. 1929, and secondly,
TO show, on the authority of the Post, uai an emil
nent writer currency, in England years ana years
ago. published .the leading features oil The Pian'
claimed for a recent writer under the signature OF
Franklin, in the Evening Post oil lhis city
The Post moreover AYERS Gas will be seen in pa
ragraph of our extract that the plan claimed for
the author Of Franklin" was proposed IN the
Boston Morning Post of the 18th of March, 1885,
and more in detail In that paper of the I'd OF May,
1885.
From the Boston Morning Post IF Dec, 9Th.
GENERAL JACKSON'S PLAN
For Banks Of Deposs branches Of the Treasury De
partment--.No. /.
In his fist annual message to Congress- Gin De-
cember 1929 General Jackson introduced brief
paragra, n, showing that he wished to prevent the
re- charter of the Bank of the United States. or the
creation of any similar incorporated bank OF discount
and issue, 10 act fiscal agent aud to substitute,
for this purpose, national institution founded ON
the revenues and credit of the Government, for the
express purpose of establishing sound and uniform
currency.
In ms second annual message, ucINcIeu Dcceul-
ber 1880, General Jackson distinctly pointed out
the unconstitutional features of the old bank, and
specific plan for such institution as he was IN la
of, in the fol owing passage, which we quote at
length
"The Importance of the principles involved in the
inquiry whether il will be proper to re-charter the
Bank of the United States, requires that l should
again call the attention OF Congress to the SUBJECT
Nothing has occurred to hssen, in any degree, the
danger, which many of our citizens apprehend from
that institution as at present organized In me spirit Oh
Improvement and compromise which distinguishes
our country and its institute ms, 1t becomes us TO IN
quire whether it be not possible to secure the ad-
vantages afforded by the present bank, through the
agency of a Bank Of the u. s. so modified IN Its
principles and structure as to obviae constitutional ana
other objections II is thought practicable TO organise
SUCH bank ,ch the necessary officers AS BRANCH OF
THE TnEAsuRY DEPARTMENT., BASED on the public
and private DEPOSTTES, WITHOUT po,cer TO MAKE
LO.aNS, or PURCHASE PROPERTY, which shall re
mil the funds of government and the expenses Of 'chch
may be paid if thought advisable, oy ahoc'ng us OUT
GERS to SELL bills Of exchange to private ind riduals at
moderate premium. NOT being corporate body, hav-
ing NO stockholders debtors property, and but lew
officers it would NOT be obnoxious to the CONSTR
rurIoNAL objections which are urged against tAe pre-
sent nix and having NO MEANS 10 operate on the
hopes fears or interests of large classes OF The commu
My it would be shorn OF THE influence which makes
that Bank formidable The states would lie strength
ened, by having in their hands the means ol furnish
ing the local paper currency through their o. oanks
while the Bank of the United States, though ISSUING
no paper would CHECK the issu # The State banks, by
taxing their notes IN deposits and tr erchange, ONLY
so LONG as they continued to be redeem r'm SfE-
Gle"
Ii will be observed that Gen. Jackson was opposed
to the discount feature of the old bank and TO the Is
SITE of paper on mere credit that he considered the
power 10 bun notes of hand drafts and other negota-
Bile evioence, of debt not only uncons ltulonal,
but dangerous in an institution acting as a 1scal
aren't and that he wished 10 establish Offices Of depo
site as branches Of the Treasury Department without
these two dangerous powers, but simply win power
to receire and pay p0sifes and to SELL DIS Oh eX-
change The institution, thus organized, would have
no stockholders debtors, and no property belong
ing to itself but only that which, belonging to d po-
sitors it held in trust the individual proPrietors
and vet wo Id in his opinion, operate as check on
state bank issues whch the old bank did not; on the
contrary the expansions Of currency which afflicted
the country for many years were occasioned by the
u. s. Bank whose credit issues only gave the state
banks additional stimulus to expand
Since the preceding was written, Mr. Gushing has
published letter, in which he says-"l desire the
public know that special and primary credit in
spect to the authorship of the plan, is due to Mr.
Wise another member of the committee and claims
that the plan of the Committee of Ways and Means
is the same as that of 'Franklin" and finally, hat
the leading features of the plan were in our minds
long before had any knowledge OF the plan OF
"Franklin'n We dare say they were in their minds
great many years before even the election OF Har-
risop-for they were published by one of the best
writers on curl ency in England oplin-years and
years ago.
No. 2.