The daily union., 1846-06-26

expenditures,
The hour expired.
NoTE.-The advocates OF paper money" boldly
assert that General Jackson was for Bank of the
United States al one period Of his life. And to sus-
tam them IN this ascertain, they rely mainly it not
solely, upon certain portions ofhis message vetoing
the bill passed by Congress to modify and continue
the aet entitled AN act TO incorporate the sub
serbers to the Bank Of the United States" in 1882;
10 which he says, IA Ba&k of u, United State s,
many respects, convenient for the gopsramsId aud
tlsttI 10 the psopls.n "rhat a R.nL
Of the United States, competent to all duties which
may be required by the government, might be so
organized as not to infringe on our own delegated
powers, or the reserved powers of the States, do
not entertain a doubt. Had the Executive been
called upon TO furnish the project Of such AN
institution, the duty would have been cheerfuly
performed"
There are different kinds Of banks Strictly
speaking, place where money is deposited is a
bank. Hence, there are banks Of deposile, where
money is placed merely for keeping; there are
also banks Of deposlte and discount, where money
10 placed to be loaned at interest. And, also, there
are banks Of deposte discount and Issues The latter
description alone make what is called paper money.
And instead OF being created for the safe and profit
able investment of real MONEY surplus capital are
usually, II not always resored to for the purpose OF
manufacturing worthless paper currency, without
any real money to sustain it, Either kind may lie an
Incorporated company or not. What kind of banG
dad General Jackson refer to In the above extract?
Upon this subject doubt can be entertained By
reference to his second annual message to Congress-
the 7th December, 1890, written and published nine
teen months before the veto, will be found the kind
Of bank which he thought Congress could make
without infringing their delegated powers or the
reserved rights of the States. lie says, 1T is
thought practicable to organize such bank with
the necessary officers, Il branch of the Treasury
Department, based on the public and individual de-
postes, WITHOUT POWER TO MAKE LOANS OR PUR-
CHASE PROPERTY, which shall remit the funds of
the government, and the expenses Of winch may
oe paid, If thought advisable, by allowing its off
cers to sell bills Of exchange to private individuals
al moderate premium. Not being CORPORATE
BODY, HAVING NO STOCKHOLDERS, DEBTORS, OR PROP
ERrY, and but few officers, it would not be obnox-
ous to the constitutional objections which are urged
against the present bank and having no means to
operate on the hopes, fears, interests of large
masses of the community it would be shorn fthe
influence which makes that bank formidable" II
proof that General Jackson believed gold and silver
to be the only constitutional currency was deemed
necessary, extracts nigh be quoted from his fare
well address; but his letter to Moses Dawson, IN
lS42, so full and satisfactory upon this subject, u
hereto appended at length:
"HERMITAGE, Nov. 81, ls42.
"Mr Your letter of the 18th inst has lust ben
received in which you ask permission to publish my et