Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-09-16

ing the greatest confidence in your
judgment, the permission you ask isl
freely given TO you. | never put to
paper anything but what are my ma.
tured opinions.
'As to the illusions made to my
message to Congress. bad strength,
would give you the full outlines
of that project, if Congress had made
the call on me. But while the CALI
was not made upon me, Congress
WAS we'll aware of my opinions Of the
constitutional power Of Congress in
their legislation for the District, and
os the States with regard to char
tering banks. i will give you con-
else and hasty view Of that opinion.
That the power of Congress over the
District was equal to that Of the
States over their respective limits,
and that neither had the constitutions
al power to charter banks of paper
issues that the only power in this
respect was to charter banks based
upon a specie basis, and of depesite
and exchange. The States having
resigned to the General Government
the sovereign power to coin money,
regulate the value thereof, Sc, and
prohibited themselves from issuing
bills of credit, or to make anything
a tender in payment Of debts but
gold anil silver coin hen the re-,
served rights Of the States contsined
no power to charter banks with pow
er to issue bills of credit. Task,
what is bank bill but a bill Of cred.
it, The charter allows them to is.
sue three dollars in paper for one in
specie: three FIVE dollar bills ars is
suad-I go to the bank with one
of them-I draw out five dollars
in specie--I ask what the other two
fives represent They answer, Moth
ing but. credit. These were well
known by Congress tobe my opinions.
therefore, my project was not called
for. Many committees reprasen ting
banks called upon me- whilst in the
Executive chair, to know if | would
not approve charter upon other
terms than basad upon specie ba-
sis: my answer always was, that
would approve Of no other charter;
therefore none other was presented
to mo.
IL am, and ever have been, op-
posed to all kinds of Government
paper currency, let it be derived from
excheauer or otherwise. If the pa
per is the real representative OF
specie, why not pay the debts in
specie, and let the specie circulate
in the hands of the labcring and
producing classes? Then the deal
ings between the merchant and la.
borer will be in specis, and the mer.
chant, by making q deposite,. can
get bill on any part of the Union
Where, then. is the use Of paper
currency? Neither the merchant
nor laborer wants it. The merchant
wants a bill--not a bank or exche-
quer bili-but upon a banker where
be buys bis goods--as In Germany.
at is one Of the greatest humbngs
ever attempted to be imposed up
on people, that there is not specie
enough in the world TO answer all
the necessary wants Of the communi-
ty. Look at Cuba: there is no pa
per there. Shut out from circulation
all paper aud specie viii flow in up
on MS as the tide, but will never
flow to any COUNTRY that has a paper
currency, which will always depreciate.
A national paper currency is a
great curse to any people, and par
ticuIar curse to the laborer of the
country; for its depreciation always
falls upon the laborer. But, with
these hints | must close. being ex-
hausted. am greatly debilisated,
and remain your fri nd,
"ANDREW JACKSON"
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