Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-11-28
A GALAXY OF LOcoFoCOs


Geneial Wash ngton in letter TO Mr..
S one, of Muyiand, Us: II do.Lo. scruple
TO declare thu if had vote in your Legs
luurc, 1t would be given decidedly against
a paper mission, upon tao general principle
of its utility as "A rep esentative of coin. or
the necess ty ofitas MEDIUM
IN archer letter, 10 Thomas Jcfcrson.
Wa h,ngton calls the paper system ..foolish
and wicked" In aBo her letter h, SAYS.
Il have never heard. and hope shall never
herr, and serious mcntion ola paper curren-
cy in the State. | do verify believe that
the greatest foes we have in the world could
not devise more effeciual pl IN for the ruin
of Virginia.
Mr. Jefferson was, if pogs bic, still more
hostile to paper money than General Wash
ingtoa and he avows it in his writings, '.that
his hostility was strengthened by every years
reflection and experience"
Mr.. Mad son, in the fourth number ofthe
Federalist, one of his acknowledged educ
tons, in long article on the subject of the
currency, has this passage:
''ln addition 20 all these pcrsu lsivc con
sidcra,ions, it may be observed, Tint the
reasons which show tho necessity of deny
ing to the States the power of regulat ny
coin, prove with equal force that they ough,
not 70 be at libcr.y to substitute paper
medium in the place of coin"
Patrick Henry represented paper money
as "a neaf'roas plln Of speculation"
DR.. Withc-spoon was a powerful oTpo-
ncnt TO the paper money system, and I'd
culed the idea that a bank made money
more plentiful. He compared all such at
tcmpts TO increase the currency 80 pouring
water in II of oil" when, as be said, the
OIL would run away ard the water remain.
Luther Martin, of Marylani, says that
the majority of the CONVENTION that firmed
thc Constitution of the United States '.were
so smittcn with the p,per money dread, that
they ncgatived every proposition to permit
either the States or the Government TO emit
bills of credit, By vote of nine States TO
two"
Daniel Webster, the god-likc, whose au-
thorily the Wings cannot, and the Conscrva-
ties dare not impeach, says: ''Thc most CT
fectual of all contrivances for cheating the
llbOrng classes of mankind, and for fcrtli-
zing the rich mans fields by the sweat of
the poor m'n's brow, is the State banking
system"
Henry Clay, ''lhc availlblc,' who is as
high authority with the Wing and Conserva-
tive forces as the "god like" himself, said
in the year 1911, when opposing the bank
charter.
''What is a corporation, such as the bill
contemplcs? 1t is splcn1il association
of favored individuals from the mass of So
cjety, and vested with exclusive privileges.
Where is the Imitation upon this power to
st up corporations? You cstlblish one in
the heart ola State, the bas' is ofwhose capital
snail consist of land, slaves, personal estates;
and thus the whole property within the
jur sic ion of State might be al so-Eed by
these political bodies. The existing bank
contends that it is beyond the power of the
5 ate to tax it, and if this pretcnsion be well
founded, it is in the power of Congress, by
chartering companies, TO dry up all the re-
sources of State revenue. "-Harrisbmg
Signal