The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-12-11
poEtital,
RFNTON ON BANKS & CURRENCY.

,knt j
;,.,;,otiou at the beginning of his presidency.
I have to remind all such papers that what was
-, so;d was said before Gen. Jackson saw pros
mort Of restoring the currency OF the Constitn-
tioo and that, after he saw that prospect, he
said potbng more in favor of Banks, National
or State, bat the contrary, and iabored during
the remainder of his public life TO restore and
,reserve the hard money currency which the
founders ofour Government had secured las they
believed, for us. The plan of that restoration
and preservation consisted of five parts, namely:
To revive the gold currency by correcting
The erroneous standard of 1871. 2. To create
= demand for hard money by making it the
avclusive currency Of the Federal Treasury.
3. To make sure OF this money by keeping 1t 10
itsown treasures. 4. To suppress all paper
currency under twenty dollars by stamp duty.
). To wind up all delauIting banks by bank
rupt law against delinquents.
The first three OF these five parts were accom-
pIished. and 10 these We are indebted for twenty
wears exempton-from 1887 to lS37-from
hank suspensions and deprecated currency;
also. for carving the country through foreign
war-the Mrxican-wthout paper money, and
wi,h the public securities above par; also, for
having in the country at this time full fifteen
times as much hard money as we had IN the
time OF the late Bank 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
lit 81. i..rt u1 he mi
governing the good general suspension IN
season of peace and prosperity; people are for
ced TO use deprecated paper when there IS more
hard money 10 the country than IFS business
could employ: men and women begging for
work, and unable TO obtain ii, when the coun-
try needs all ,hey can do, and has the means TO
pay for it; families crying for bread, when
bountilu Providence has given the most eXu-
berant crops that ever were seen; the business OF
twenty five mlli0us of people deranged, disor-
dpred and thrown cut 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 as 1t is with 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 callmaties il now endures; for many of the
base order OF banks would have been unable to
''make cQrrency'' for want OF money to pay for
stamps on their notes, and others would have
been proper subjects for the bankrupt process
10 the first few days of their exStance.
The restoration Of the gold currency was
EFtFCtr Al IN
the establishment OF the hard money currency
iof the Federal Government and the keeping Of
ITS o~R money in ITS own treasures, was accom-
PI'shrd under Mr.. Van Buren, both of which
Presidents took the foil responsibility of recon-
meuding these three measures, and also the
two others-the two for the imposition OF a
stamp duty on all paper money under twenty
dollars, and Tor bankrupt act against delau-
ting aa"ks Bills We're repeatedly brought into
congress Tor both purposes. but were always
defeated by The detection of the paper-money
wing ot the Democratic party.
The most plausible of the oppn objections
made against the stamp duty vas in the expense
an ano 'ne extensive machinery for its collection.
nat was answered by providing cheap and
$lnIPIe process for both purposes-a clerk in the
treasury Department for superintendent OF the
buSinfsS, and the clerks of the Federal courts
70 deliver out the stamps which they received
from the treasury. The amount of the duty,
ana whether It should apply to all notes or only
:" '"oSp intended to be suppressed, were ques-
','"S "n "h'ch there was room for some DIVER
S"F oi "PInlon.-Fhe predominant opinion
was mat there should BE- duty upon all n ties i>-
'sord as currency, (Gor what more fit to br taxed
Ulan Tue moneyed p0wersi the duty being the
same on all notes, and such as the large one
oou'a easily carry and the small ones not The
amount OF the duty was held necessary 10 be
IarSe-lar greater than ia Great Britain: for
'neie no note is re-issued: no one goes out oil
rnF odhK second time, so that the duty in
L EE"S'ahd is pad every time the bank issues note
No! so IN the United States. Here note il
''-'sSoed until It is worn out until il has be-
''1'r 100 ragged TO hold together, or too filthy
o' handled, or too drfaced to be deciphprrd
.''.dH unly rs, therefore, sufficient In Great
- D'',"'n II would require very heavy one to
" " us equivalent in the United States. Amono
,"e penalties for violating the act, either by
issuing: receiving, or passing the unstamped
raPFF' should De disqualification to retain OF
# ofs o' appointment lot lhe pursui'
', I'0e is 50 general at this time 10 our country
a"c 20 ardent, that, in arraying class so large
~ ''Hueh'lai, and active against the unsiamped
.o'FS' 'heir circulation would be efectualIy
check-mated
l"F PapeF-money wing Of the Democracy
aS s'lil more against the bankrupt act against
bankrupt banks than against the stamp tax on
-c.rS and, acting with the babitual opponents
o' Inc party TO which they professed to belong
easily DEFEATED all The bnls. The open obec.
~" came from the lawyers, with their profess
tb", tb"a' 'aea, drawn chiefly from British statutes
'''a' merchants and traders were the proper