The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-02-14

has Just been received, in which you ask my per-
mission to publish my letter, extracts from it,
to which you refer ] have no copy OF that let
ter and when written had no idea of its being
published and as wrote it in haste, there may be
errors both in grammar and spelling, which may
need correction; still as you say il may be useful
for information TO the public, having the greatest
confidence in your Judgment the permission you
ask Is freely given to you. i never put 10 paper
any thing but what are matured opinions.
As to the illusions made to my message 10 Con-
gress, had strength would give you the full out
lines of that project, il 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 power Of Congress in their legisla-
ton for the District, and of the States with regard
to charterng Banks. will give you concise
and hasy view of that opinipn. That the power
of Congress over the District, was equal to that of
the States over their respective limits, and that
neither he'd the constitutional power to charter
Banks of paper issues, THAT the only power in
this respect was TO charter Banks based upon spe-
Gle basis, and of deposit and exchange. The States
having resigned TO the General Government the
sovereign power to coin money regulate the val
ue thereof, &C., SC, and prohibited themselves
from issuing bills of credit, or to make any thing a
tender in payment OF debts but gold and silver coin
hence the reserved rights of the States contain
bills of credit, ask, ,ohat is a bank bill Jut a bill
Of credt7 The charter allows them to issue three
dollars in paper for one in specie.-three FIVE dol
lar bills are issued, II go TO the bank with one Of
them--I draw out five dollars IN specIe--I ask
sDhat The other ttco iD's represent? They answer,
nothing but ere lit, These were well known by
Congress to be my opinions; therefore, my project
was not called for Many committees representing
Banks called upon me whilst in the Executive
Chair, to know if would not approve charter
upon other terms than based upon a specie basis;
my answer always was, that would approve no
other charter; therefore none was presented to me.
am, and ever have been, opposed to all kinds
OF Government Paper Currency, let it be derived
from Exchequer or otherwise. IL the paper is the
real representative of specie, why not pay the
debts in specie, and let the specie circulate in the
hands of the lahoring and producing classes? Then
the dealings between the merchant and the laborer
will be in specie, and the merchant, by making IA
deposit, can get bill any part of the Union
Where, then, is the use OF paper currency?--
Neither the merchant nor laborer wants il The
merchant wants HH,--not a Bank or Exchequer
bill,--but upon banker where he lays in his goods
-as in Germany.
IT rs ONE OF THE GREATEST HUMBUGs Ev-
Err ATTEMPTED TO he IMPOSED UPON PEo-
PIE THAT THERE IS NOT SPECIE ENOUGH IN
THE WORLD TO ANSWER ALL THE NECEssA-
RY WANTS OF THE COMMUNITY Look at Gu
ba There is no paper there. Shut oM from cir
culation all paper, and specie ,oW flour in upon
as as the tide; but it will never flow 10 any coun
try that has paper currency which will always
depreciate. A National Paper Currency is great
curse to any people, and particular curse to the
laborer of any country, for its depreciation always
falls upon the laborer. But with these hints Imus
close, being exhausted. am gre 1tIy debtated
and remain your friend.