The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-12-02
"uLD BULLION" ON BANKS AND
THE CURRENCY.
WAsHINaToN, c. STREET, Nov. Is, l857.


establishment ofa National Bank, are quoting
what Gen. Jackson said IN favor Of such an in
stitution at the beginning Of his presidency: J
have TO remind all such papers that what was
so said was sad before Gen. jackson saw pros
pect Ofrestoring the currency OF the Constitu-
tion and that after he saw that prospect he sad
nothing more in favor Of banks, National or
state, but the contrary, and labored during the
remainder ofhis public life to restore and pre-
serve the hard money currency which the Goun-
ders oil our government hal secured (as they be
lieved) for US. The plan of that restoration
and preservation consisted OF five parts namely:
Ito revive the gold currency by correcting
the erroneous standard Of 1871. 9. To create
demand for hard money by making it the ex-
elusive currency Of the Federal Treasury. 3.
TO make sure Of this hard money hy Keeping it
in its own treasures 4, To suppress all paper
currency under twenty dollars by stamp duty.
! 5. TO wind up all deiaultng banks by q bank
rupt ldw against delEquents.
The first three oftEGse five parts were a'coni
| plished and to these we are Indebted for twenty
years exemption 1887 to 1S57-hom
bank suspensions and deprecated currency; a.
so, for carrying the country through foreign
war-the Mexcan-without paper money, and
with 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 ofthe late Bank of the United States; and
we are indebted to the want of two latter
parts Of the plan for what we now see: nearly
two thousand banks in the country a great part
OF them frauds from the beginning, and the bad
governing the good; general suspension in a
season OF peace and prosperity; people forced to
use deprecated paper when there is more hard
] IN In IKtiuin
employ; men and women begging for work, and
unable to obtain it. when the country needs all
the work they can do, and has the means to pay
for it; families crying for bread when bount-
full Providence bas given the most exhuberant
crops that ever were seen; the business of TWEEN
| ty-lye millions ofpeOple deranged, diSordered,
and thrown out OF JOINT; and all this the work OF
the base part ofthe banks, falling down Of them
selves for watt of foundations, and dragging the
solid ones after them Fort is in this case OF
bank suspensions as it is with ship sinking at
sea, where those who cannot swim drag do&n
those who can. A stamp duty on their notes
and bankrupt process against themselves, wo'd
have saved the country from the caamtieS it
now endures; for many ofthe base order Of banks
would have been unable to "n,afe c,t1rehcy' for
want ofnoney to pay for stamps on their notes,
and others would have been proper subjects for
| the bankrupt process in the first few days oil
| their existence. -............ .. .
The restoration of the gold currency was ef.
! fected under General Jackson's Administration;
| the establishment Of the hard money currency
for the Federal Government, and the keeping
| of its own money IN ils own treasures, was ac-
! compished under Mr.. Van Buren both of which
Presidents took the full responsibility of recon
mending 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 for bankrupt act against defaulting banks.
| Bills were repeatedly brought into Congress for
| both purposes, but were always defeated defeat
ed by the detection Of the paper money wing o!
the Democratic party. ID a.-,..
The most plausible Of The open objections
made against the stamp duty was in the ex-
pense, and the extensive machinery for its col
lection. That was answered by providing a
cheap and simple process for both purposes-a
clerk in the Treasury Department for asuperin-
| tendent 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 to those intended to be suppress
ed, were questions on which there was room for
sonie diversity of opinion The predominant
opinion was that there should be duty upon all
notes issued as currency GtCr What more fit to
be taxed than the moneyed power0 the duty
being the same on all notes, and such as the
I,rre onas could ass;ly csrrv and tho small
nneS not Gba ,monnt or tba dntv was beld
,ecossnrv To be far Greater than in G. reat
Rr;tain. Ear there no note ;e re- -issp1d. no ona
rooc ont &c the hank, n socond ,i,no sn tIg,t tba
ddnt,, in Enclond is mid avsrv t;n5a tba b,,l,
/ nnts on+ note Nat 90 in tIIa ITnitod Stotes
Ioro ota is re .;sspnd nntiI II Is vor,I ont nm
Al II lTox, hoc,,na tod rorced IN hold togatber a,
ton fltLv to ha handled m foo 4 faced 70 ba de-
c;nhorod 4 small dnty is tbcrec,,ra eIiIic;ant
IN creat Britain. II world renure very heavy
one to he its eouiyalentjn the United States, =
arnonr tho .,ltins Eor v;olatng tho act either
hv issn;nr ar nassinp the pnStampcd naner
should he n decentralization TO rctain or receve
eadar,l annointn,,nt. for the r5FfsIfit IF offace
;s ro,ysro 81 this time in o,r corntrv and co ar
AM thrt in arrgviny a class 90 Iarge so ;nH,.
oufaI anJ sct;vs ayainst tha pnstamned notao
lhoir c;rcnlaton would he eITactnalJv chnclmat'
cd
fr,o ,,or ,,,o,ov ,,;,,, orths ~, ,ro
s. H. act hi,
rr,t M. than ora;,,s tha rtaron to Y m ota>.
auG nct;,r ,,th H., hahtn,I n,,ponnnGs Of ~.
,artv n " hicb NAV n,oiAesnd fo balonr oasiIv
P"cS, - A.. ~ M %
ae'eateu an 'le o'liS L"e open ooIec'loIi came
from the lawyers, Win their proleSslonal liear
! drawn chiefly from British statutes, that her
chants and traders were the proper subjects o
tbe n, nl-r,nt law *oithonrh evarv late Briiyh
s.iS -. I1s s,,t,;aa, III. ~
suttute on .uo su9JecO ,,icl"acS u''.lNS'' tthe
oank oi HfIglahd eHcepleuD anu IN single sea-
son Of suspension (tt1at OF f3l3-' l4-l5) ninety
two of these banks had been subjected to com.
n,;ss;onS of fbsnklnntev Bir Ills remedy was
i - iS,.l, Tt,,t r. : S ~ ~,
i would show, ("bGncuS and 'iuptHS,") ana bank