Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1843-09-29

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even as far back as the revolution arv war.
with the view Of picking up every unguar.
oed expression that may have escaped the
prominent actors in that drama which by
possibility can be turned to their advar-
tage q present, We think il nothing but
fair that we should assist them in the work;
and as commencement we give the fol>
lowing letter from Gen. Washington on
banking, written in 1887. The views Of
this great and illustrious man, as express
ed at even that early day. are precisely
those which are entertained BY the democ-
racy at the present time, and for which
they are daily denounced by seryile and
hireling press as loco focos. agrarians, lev.
ellers. &c. and if these terms of oppro-
brium and reproach apply truly to the de-
mocracy of the present age then also was
Gen. Washington loco foco, an agrarian
and leveller. The letter. it is true, was
written a! an early period in the history
of the Government, but this can der0gate
nothing from its weight with the Wings.
as the last Hawkeye publishes report Of
Mr.. Jefferson, made in 1893, TO prove that
that eminent statesman was a protection
ist.-Ter. Gaz.
Mount VERNON, Feb. Is, 1857.
To THOMAS STONE:
| Dear Sir-Yo our favor of the 3Oth ult.,
came duly 10 hand. TO give an opinion
in case of SO much importance as that
which has warmly agi.a,ed the two BRAN
ches of your legislature, and which from
the appeal that is made, is likely to create
great and dangerous divisions, is rather
delicate matter, but as this diversity of
opinion is on subject which has, be.
lieve occupied the minds Of most men, and
as my sentiments thereon have been fully
anc decidedly expressed, long before the
Assembly either Of Maryland OF this State
was convened, do not scruple to declare
that, if had voice in your legislature, it
would have been given decidedly against
paper emission. upon the general prnci-
Piles of its inu.ili.y as representative and
the necessity of 1t as medium.
TO assign reasons for this opinion, would
be as unnecessary as tedious. The ground
has heen SO often trod that hardly place
| remains untouched: in word, the neces-
si,y arising from the want Of specie is rep
resented as greater than it really is. l
contend that it is by the substance and not
by the shadow of a thing, that we are ben
Gifted. The wisdom of man in my hum
| BILE opinion, cannot a, this time, devise
plan by which the credit of paper money
would be long supported consequently
depreciation keeps pace with the guam
tity of emission, and the articles for
which it is exchanged, rise in greater ra-
ito than the sinking value Of the money.
Wherein then. IS the farmer, the planter,
the artisan benefited The debtor may
be, because, as have observed, he gives
| the shadow instead Of the substance and
in proportion to his gain the creditot, or
the body polite suffers. Whether it be le-
gal tender or not, it will, as has been OBJ
served truly, leave no alternative. 1t must
be that or nothing. An evil equally great,
is the DOOR it Immediately opens for spec
ulalion, and perhaps the most valuable
part Of the community. are preyed upon by
the:more knowing and crafty spectators.
But contrary TO my intention and decla-
ration, am offering reasons in support of
my opinion-reas0ns, too, which, Of all
others, are least pleasing to the advocates
of parper money. l shall, therefore. only
observe generrlly, that so many people
have suffered by the former emissions,
that, like burnt child who breads fire, no
person will touch it who can possibly a
void 1.-THE natural consequence Of which
will be, that the specie which remains un-
exported will be locked up.
With great esteem and regard.
am, dear sir, &c.
GEO. WASHINGTON.
Mr.. Madison. because he affixed his
signature to the United States Bank char.
ter in 1917, has also been claimed by the
Wings as the advocate of such an institu-
ton; but it appears from the following ex-
tract of letter written to Charles j. In
gersoll under date of June rs, 1891, that
there is no warrant for such an interler-
ence. In the latter alluded to he says:
ut will in conformity with the view
here taken. of the respect due TO deliberate
and reiterated precedents, that the bank Of
the United States, though on the original
question, he'd 10 be unconstitutional. re-
ceived the executive signature in 1917"
We will close, for the present, with
quotation from Mr.. Jefferson, which it
will tax the ingenuity Of the Wings who
profess 10 be his true followers to explain
This institution (said Mr.. Jefferson,
of the late United States Bank is one Of
the most deadly hostility existing against
the principles and form of our Constitu-
ton" &c. &c. [See fuckers Life Of