The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-01-05
LETTER FROM Eek PRESIDENT TYLER.

result.
LETTER FROM Elk PRESIDENT TYLER.
The following interesting letter from ex-President
Tyler has been placed in our hands by his son, John
Tyler jr, esq, to whom 1t was addressed The facts
stated therein relative to the origin Of certain plans
Of finance put forward during his administration Of
the presidential office are important as matters of
history, and, without endorsing the suggestions it
contains we place it on record for future reference.
The letters of Mr.. Jefferson to Mr.. John W. Eppes,
referred to by President Tyler, were written in the
year 1873 instead Of 1916, as Mr. Tyler states from
memory The sixth volume of Jefferson's pub
shed correspondence contains three letters OH the
general subject of currency addressed to Mr. Eppes,
bearing date June a. September ii, and November
g. 1873 respectively, all of which Of great inter
est, and will well repay perusal. They are of con-
siderable length or should reproduce them in our
columns
Upon looking over the seventh volume OF Jefer-
sons Correspondence we find short letter addressed
to Mr. Rives in 1919, offering ga plan for reducing
the circulating medium which we suboin as pend
ant to Mr. Tylers letter 1t is full of that practical
craftsmanship for which its author was 80 distin-
cushed and is no less applicable to the condition OF
the country now than it was when written-nearly
forty years ago
SHERWOOD FOREST.
NY SON: NV exchequcr plan will be found in iimine,
in report made by Mr. Forward then Secretary of the
Treasury to the Senate, in the winter OF l84l-2
NV message of December lS41 presents its outlines
and that of December s42 repeats the recommendation
for its adoption and briefly answers the most prominent
objections which had been urged to it, The rcrt which
the plan il worthy of deliberate study That
was ,rre BY Webster and adopted by Forward The
nlan itself was my own and drawn up at my house
n Williamsburg whittier had gone for the purpose of
close retirement while eliminating the work 1t was pre-
sened to the cabinet and adopted cabinet measure
only one suggestion of amendment being urged upon me-
and TINT adopted upon the condition that should
sent the plan to Congress in the alternative to be adopt
ed by that body either with without the amendment
as II might see proper The amendment simply pro-
;de the means of paying the expenses by authorizing
limited dealing in the exchanges. Agencies were pro-
ped to be established all the States but if State
prohibited it the agency in such State forbidden to
deal in exchange This proviso Incorporated by my
self under the decision of the Supreme Court in the case
Of the City of Augusta Earle, and other similar cases
cannot lay my hand the original dranght as prepared
bv myself and presume handed it over to Mr. Forward
The scheme doubtless may be modified and improved
Mr. Cushing suggestions in the House and those OF Mr.
Talmadge the Senate in regard to it, are well worthy
to he looked to- My present impression is that taking
the as it's basis and authorizing the issue Of
certificates of deposits to individuals in the form of bank
notes of denominations Of S. and up to hundred,
with larger sums to be put upon the footing of bills Of
exchange for the issuing of which the actual premium OF
transporting specie from place to another should be
charged the country would have paper currency which
would be the true representative of the precious metals
and would circulate all the commercial world In
order to get it under way the government might issue
certificates its creditors taking care to place actual,
in deposit gold and silver to the amount OF eacf
certificate The specie deposited should be regarded
crd for tho purpose of redeeming tho certificates when
ever presented Those certificates would bear premium
IN the markets Of the world, and furnish currency
Il more value than gold silver, because more casi
transported about The only danger would be tn"
the bankers would snatch them up for boarding III plac
Of gold and silver The agencies might be the
uric. but of course tho government funds should
nt entirely separate and distinct from the funds of pr
v.te depostors except suggested above The Mad'
sonan Of that day would repay the reading Of Mr. Harris
A. many Of the articles proceeded from the great mind
Of the cabinet In support of the project He would ais
revive his earlier reoolections by referring to Mr. Jeer
sons letters TO John W. Eppes, in the volumes OF nj
correspondence (Which volume do not at the momer
remember The letter written, think, IN the yea
1916 and relates to finance By consulting the indeS
would readily find the letter II will repay his search
Afectionately, your father,
JOHN TY I.ER
10 JotS TYLER, Jr., ESQ,
Washington City.
: Mr. jefferson 10 Ar R'rS'
IS MONTICELLO, Nov. Is, 1919.
DEAR SIN The distrcsses of our country, produce
,st NV the flood, then by the ebb of bank paper, al
! such as cannot f to engage the interpretation
the Legislature Many propositions will, of course
! os,rcd from all of which something may probably
! chilled to make good whole ! explained to yon m
nro;cct when had the pleasure Of possessing you mere