The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-12-11
11olihtal,
RRNTON ON BANKS { CURRENCY.

To the Editors of the National Inteliigencer
GENTLEMEN Many papers, desrous OF the
establishment of National Bank, are quoting
what General Jackson said in favor of such an
institution at the beg nning OF his presidency.
have to remind all such papers that what was
so said was said before Gen. Jackson saw pros
meet of restoring the currency of the Constitn
tjon, and that, after he saw that prospect, he
said nothing more in favor of Banks, National
or State, but the contrary, and labored during
the remainder of his public life to restore and
3reserve the hard money currency which the
founders four Government had secured las they
believed) for u.s. The plan of that restoration
and preservation consisted of FIVE parts, namely:
|. To revive the gold currency by correcting
the erroneous standard of 1871. ,. To create
a demand for hard money by making 1t the
exclusive currency of the Federal Treasury.
3. To make sure OF this money by keeping it 10
its own treasures 4. To suppress all paper
currency under twenty dollars by stamp duty.
5. To wind up all delaultIng banks by bank
rupt law against dellnquents.
The first three of these five parts were accom-
plished, and 10 these We are indebted for twenty
wears exenpion-from 1887 to lS37-from
bauk suspensions and deprecated currency;
also, for CARRYING the country through foreign
war-the Mexican-Without paper money, and
with the public securities above par; also, Tor
having in the country at this time full fifteen
ttmes as much hard money as we had IN the
time OF the late Baak of the United States and
we are indebted to The want OF the two latter
parts of the plan for what we now see: nearly
two thousand banks IN the country, great part
ofthem frauds from the beginning, and the bad
governing the good; general suspension IN
season of peace and prosperity; people are Tor
ced to use deprecated paper when there is more
hard money in the country than ITS business
could employ; men and women begging Tor
work, and unable to obtain 1t, when the coun-
try needs all ;hey can do, and has the means to
paw for it, families crying for bread, when
bountilul Providence has given the most eXu-
barant crops that ever were seen; the business oi
aweny five mllious of people deranged, disor-
adered and thrown out Of joint and all this the
work of the base part of the banks, falling down
OF themselves for want OF foundations, and drag
ging the solid ones after them. For ii is in this
case OF bank suspensions II is with a ship
sinking at sea, where those who cannot swim
drag down those who cana stamp duty on
their notes, and bankrupt process against
themselves would have saved the country from
the calimaties it now endures; for many of the
base order of banks would have been unable to
''maEe cUrrency' for want OF money to pay for
stamps on their notes, and others would have
been proper subjects for the bankrupt process
IN the first few days of their eXistance.
The restoration of the gold currency was
effected under General Jackson'S Administration
tae establishment OF the hard money currency
Tor the Federal Government and the keeping Of
lts owR money in its own treasures, was accom-
plishrd under Mr.. Van Buren,, both Of which
Presidents took the full responsibility of recon-
metdlng these three measures, and also the
two otheTS-the two for the imposition OF
stamp duty on all paper money under twenty
dollars, and for bankrupt act against deiaul
ting hanks. Bills were repeatedly brought into
Congress Tor both purposes. bot were always
defeated by the DETECTION of the paper-money
wing OF thr Democratic party.
The most plausible of the open objections
made against the stamp duty vas IN the expense
and The extensive machinery for its collection.
That was answered by providing cheap and
simple process for both purposes-a clerk IN the
Treasury Department for superintendent OF the
business, and the clerks of the Federal courts
to deliver out the stamps which they received
from the treasury. The amount of the duty,
and whether It should apply to all notes or only
10 those intended to BE- suppressed, were queS-
dIons on which there was room for some DIVER
Sity OF oPInlon.-The predominant opinion
was That there should be duty upon all ties L.
SUED as currency, (for what more fit to br taxed
'han the moneyed powersl tue duty being the
same on all notes, and such as the large one
could easily carry and the small ones not. The
amount of the duty was held necessary 10 be
iarge-far greater than ia Great Britain: for
There no note is re-isSued: no one goes out OF
the bank a second time. SO that the duty in
England is paid every time the bank issues note
MOI so IN the United States. Here note is
fF-eSned until It is worn out until il has be-
cone too ragged TO hold together, or too filthy
no br handled, or too drfaced to be deciphered
"A "A small duty IS, therefore, sufficient in Great
DFi'ain 1t would requIrr very heavy one to
oe It's equivalent in the United States. Among
Tue penalties for violating the act, either by
issuing: receiving, or passing the unsamped
paper should be disqualification to retain or
receive Federal appointment for the pursuit
o' once IS so general at this time in our country
a"o 50 ardent, that, in arrayng class so large,
SO influential, and active against the unstamped
notes, their circulation would be e.fectuaIly
chpckmaled.
Inc paper-money wing of the Democracy
was sui more against the bankrupt act against
bankrupt banks than against the stamp tax on
notes and, acting with the babitua opponents
OF the party to which they protessed to belong,
EASILY defeated all the bhis The open obec-
.'on came from the lawyers, with their profess
'phal IDEA, drawn chiefly from British statutes,