The home journal. (Winchester, Tenn.) 1858-188?, 1858-11-11
GENERAL JACKSON.

We desire to call the attention ofthc
Democracy to the following letter from
General Jackson to his friend Moses
Dawson. 1t has been reported that the
old Hero was in favor of banking by
the States. This letter puts an end to
that fabrication:
lIERMlrAGE, November "a. 1912.
"NlY DEAR SIR: Your letter of the
18th lust has just been received in
which you ask permission to publish
my letter, or extracts from it, to which
you refer have no copy Of that
letter, and when written had no idea
of its being published, and as wrote
in haste, there may be errors both in
grammar and in spelling, which may
need corrections; still, asyou say it may
be useful for information to the public,
having the greatest confidence in your
judgment, the permission you ask is
freely given to YOU. never put to
paper anything but what are my ma
turcd opinions.
"As to the illusions made to my
message to Congress, had strength, |
would give the full outlines OF that
project, if Congress had made the call
/ on me. But while the call was not
made upon me, Congress was well
aware OF my opinion OF the cons'tu-
llonal power Of Congress in their
Legislation for the District, and the
States, with regard to chartcrlng
banks. Twill give you a concise and
hasty view of the opinion. That the
power OF Congress over the District
was equal to that Of the States over
their respective limits 0nd h0t neither
had tie constitutional potcer to chaftcr
b0mks Of paper iSSues--lhat the only
power in this respect was to charter
banks based upon specie basis, and
OF dcposite ON exchange. The States
have resigned to the General Govern
mcnt the sovereign power to coin mon
cy, regulate the value thereof, &c, and
prohibited themselves from issuing bills
OF credit. or to make anything tender
in payment OF debts hut gold and silver
coincidence the reserved righls Of the
St0ieSa contained no potcer to chartcr
danhs uiM po'ccr to issue bills Of crcdit.
ask. what is Il bank bill but a bill OF
credit! The charter allows them to
issue three dollars in paper for one OF
spccie-three five dollar bills are
issucd--I 20 to the bank with one of
thcm--l draw out five dollars in spc,
cic-l ask what the other two ivcs
represent! They answer nothing but
credit. These were well known
by Congress to be my opinions; there
fore, my project was not called for
Many committees representing banks
called upon me whilst in the Execu-
live chair, to know if would not APP
prove charter upon other terms than
based upon specie basis; my answer
always was that | would of no other
charter; therefore, none other was
presented to me.
81 am, and ever have been, opposed
to all kinds Of Government paper cur.
rcncy, let it be derived from cxchcqucl
or otherwise. "lfthe paper is the real
representative of specie. why not pay
the debts in specie, and let the specie
circulate in the hand of the laborng
and producing classesP Then tn,
dealing between the merchant an,
Iaborcr will be in specie; and the mer
chant, by making a dcposite. can re
IL bill on any part of the union.-
Where, then, is the use of a papel
currency! Neither merchant no.
laborer wants it. The merchant
wants biIl--not bank or exchcque
biIl--but upon a banker where he buys
his goods--as in Germany.
ut is one Of the greatest humbugs
ever attempted to be imposed upon ;
people, that there is not specie enoug!
in the world to answer all the neces
sary wants of the community. LooL
I. at Cuba; there is no paper there
Shut out from circulation all paper
and specie will flow in upon us AS tht
tide; but will never flow to any countr,
; that has a paper currency, which viii
t always dcprcciate. A national Ppe
? currency is a great curse to any pcopI'
and particular curse to tho lahore
= of the country; for its depreciation
always falls upon the laborer. Bu
with these hints, | must close, being
2 exhausted. am greatly debilitated
I and remain your friend. .
I ANDREW JACkSON.
:, Io.L ,,,os b-orobt before q country