Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-08-26
The U. S. Bank Controversy revived f1 +
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fhe U. S. Bank Controversy revived fB
Ohio.
The Bank party in Ohio have BY their
extraordinary demands, invoked contest
with the People, which involves, on the
part Of the latter, the necessity Of deciding
whether they will sanction and recognize
in the new Constitution, permanent
PRlvlLEaED ORDER. The extraordinary
demands Of the Bank Oligarchy, resemble
in all essential particulars the demands Of
the o!d U. S. Bank managers, whHh they
were struggling for recharter. Seeing
the exact similarity Of demands formerly
made by the U. S. Bank, with those now
made by the State Bank of Ohio, the PerN
ri Co. Democrat has done the cause Of
Equal Rights service. by publishing the
following letter from the Old Hero OF the e
tlertnlages -..-. E-s-. r.s''. .ss
HER MITAeE, Nov. "a, 1910.
My DEAR SlR:-Your letter of the ls ft
instant, has Just been received, in WHICH
you ask permission to publish my leller,
or extracts from ii, TO which you refer,
have no copy of that letter, and "heA
written had no idea Of its being published,
and al | wrote i'll haste, .hsrs risay bs err
rors both in grammer and spelling, vhch
may need correction: sill as you say il
may be ussful for information to the pub.
lie, having the greatest confidence In your
judgment, the permission you csk is freely
gwen to you. | never put TO paper any
lhing but what are my matured opinions.
AS TO, illusions made to my message to-
Congress, had strength, would give you
the iull outlines of that project, if Congress
had made the call on ne. But why The .
call was not made on me, Congress was
well aware OF my opinion Of the eons,i:u.
tional power ofCohsress in their legisi5. r.
uon for the, District, and Of the States, with
regard TO chartering Banks. | will give
YOU concise and hasly view Of that dpfii4 u
ion. That the reScr OF Congress over
the DISTRICT was equal 70 that OF the Stales o
over their respective limits, and TnAr NEt. ;
TIER HAD THE CONSTITUTIONAL POWER
TO CHARTER BANKS OF PAPER IssUE,-that
the only power in ibis respect wac 10 char
ter Banks based upon specie basis, and
of Deposile and Exchange. The States
having resigned 10 the General Govern
ment the sovereign power 10 coin money,
regulate the value thereof, &c. &c, AND 81
PROHIBIT THEMSELVES FROM is.
BILLS OF CREDIT, Or to
make any thing tender in payment Of q
debts but GOLD AND SILVER COIN, a.,
hence the reserved rights Of the States
NO POWER TO CHARTER
BANKS with power TO issue bills Of cred. o.
it, | ask WHAT is A BANK BILL
BUT A BILL OF CREDlT4 -
The charter allows them to issue three
dollars an paper for one tn specie three
tre dollar bills are issusd-GFsI go to
The bank a0ith one Of hem-I drato out
fUe dollars in specte-I ASK WHAT f
fHE OTHER TWO FIvEs REPRE-
SENT? The answer is-nothing. but
credit. These were well known by Com ;,
yress to be my opinions; therefore, my 4.
project was not called for. Many, Com, Z,
nit;ees representing Banks called aponme 4,
whilst in the Executive Chair, 10 know il
would not approve charter upon o;hcr
erms than based upon specie basis; my ,.
answer always was that would approve
of no other charter; therefore, none was
presented 10 me. .s. ...-... ..-.. .a.
am, and ever have been, opposed to
Ill kind of Government Paper Currency,
ct it be derived from Exchequer or other
wise. If the paper is the real represen. 4
atire Of Specie ,achy moi pdythe debt in at, .rs
% the Laboring and producing C7assssy b.
Then the dea ilgs between the merchant nd g
he laborsr will be in Specie, and the mer- Va
chant, by making deposit, can &c! bill
IN any part Of the Union. Where then q.
sthe use Of paper currencya Neither
he merchant or laborer wants it. The
merchant wants 6iH-not bank of Elk.
.hequer bill-but upon banker where he
ays in his goods-as in Germany. ',.
1t as one Of the GREATEST HUM,
BUGS euer attempted 10 be imposed upon n
1 people, that there Is not specie enough =.
ii the aUorld to ansaoer all the necessary
wants Of the community. Look at Cuba.
There is no paper there. SHUT OUT ~
FROM CIRCULATION ALL PAPER,
AND SPECIE WILL FLOW IN UP. sa
ON Us AS THE TIDE; but will never J..
ioss to any country that has q paper cur. y
rency, which will always depreciate. A.
Paper Currency is A GREAT
CURSE TO ANY PEOPLE, and par
ticatiar carse TO THE LABOR OF THE coUN.
rRY. FOR ITS DEPRECIATION ALL
WAYS FALLS UPON, THE, LABOR, !
Err. But with these hints must close,
being exhausted. | am greatly debilila,ed,
and remain, your friend. saa,...e ga yzs-sa5
se.a -, .~ ANDREW .JACKSONs Or
To Moses Dawson, Esq, Cincinnati. ga