The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-09-15

MONTICELLO, November 28, 1919.

MONTICELLO, November 90, 1919
DEAR sa The dstresses of country, produced first
by the flood then by the ebb Of bank paper are such as
cannot fail engage the ipeEpoeoa Of the Legislature
Many propositions WILL of course be offered, from a OF
which something may probably be culled to make good
whole
explained to you my project when had the pleasure
Of possessing you here and send its outline in writ
ing rs ] believe promised you.
Although preferable lEga viii, hope, be offered yet
some twg Of this may be- perhaps thought worthy OF being
nerafted ON better stock But send il with particu-
lar oec, or request but it you please Suppress
it. sugges, IT. sound opinions, OF anything else, at WILL
only keeping my name unmentionod for which purpose it
,uied in another hand being socous TO avoid all
;"h is heavily felt, when retired from the hustle
o"eh'e WIN. the world. If we suffer the moral OF
au' % 49, g. n,s, vav without Improvement, by
the eternal suppression of bank pApHh, ~ -
condition of country desperate, until the sIo~
of public instruction shall give to functionaries the
wisdom of their station Val Ct hb persuade cariss'una
ie Hihi esse.
Plan for reducing The circulating medium
The plethora of circulating medium, which raised the
prices of everything several times their ordinary and
standard value in which state many and heavy debts
contracted and the sudden Withdrawing too great pro-
portion of that medium and reduction of prices far below
that standard constitute the disease under which are
aborng and which must end in general revolution
of property if some remedy is not applied That remedy
clearly gradual reduction of the Medium to its standard
level tina, is to say, the level which metallic medium
will always find for ITSELF to be in equilibrio with
that Of the nations with which we have commerce.
To effect this let the whole of the present paper medium
be suspended in lis circulation after certain and dis
tant day Ascertain by proper inquiry the proper of
which it has at any time been in actual circulation
Take certain term of years for its gradual reduction
suppose it be five years then let the banks issue
vcsxths of that amount in notes TO be attestcd by
public officer security that neither less is
issued and to be given out in exchange for the suspended
notes and the surplus in discount Let oneth of these
notes bear their face that the bank will discharge them
with specie at the end of year another fifth at the end
Of two years and third fifth the end of three years
and of the fourth and fifth They viii be to be
brought in at their respective periods OF redemption
Make it high offence to receive or pass within this
State note of any other
There is little doubt that banks will agree readily
this operation if they refuse declare THAR charters forfeit
ed by their former Irregularities and give summary pro-
cess against them for the suspended notes.
The Bank Of the United States will probably concur
also not shut their doors and join the other States in
constituting tribunal Ga special convention, 81 for set
fling an,icaby the question of their right TO institute
bank and that also of the States to do the same.
stayaw for the suspension of executions and their
discharge at FIVE annual instruments should be accommo
dated to these
Interdic forever both the State and national govern
meus the power of establishing any paper banks; for
without this introduction shall have the GIBBS and