Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-10-26

ed in their expectations These are but the mme~
date hardshps. The evils extend into every rela-
ZION of life and every avenue Of society.
Nailed to the Counter.
Gen. JACKSON, in his memorable message vetoing
the re-charter of the Unised States Bank in 1882,
expresses the opinion that an institution might be
organized, "as branch of the Treasury Depart
ment, based on the public depOsites, without the
power to make loans or purchase property" without
being corporate body, "hsving no stockholders,
debtors or property, with means to operate on
the hopes fears or interests of large masses Of the
community, and which would be shorne of the in .
huence that makes banks Formidable" that might
be convenient TO the government and useful to the
people. Such an institution would scarcely be
termed a bank. And yet, notwithstanding Gen
JACKsoE's recorded hostility to the paper money
system and to all the evils of banking this fact has
often been seized on BY Federal politicians for the
purpose of representing the old Sage of the Her
mitage as not unfriendly to the paper money sys-
tenn A greater outrage on the truth of history was
never perpetrsted, and great indeed must be the eff
frOntery of those who guilty of it. Few public
men who have ever lived viewed the banking system
with more adherence. None ever fought against it
with more determined will, or gave it a more fatal
blow And yet we find even such men as Mr. BELL,
in no less public or responsible place than the
Senate of the United States, giving cOuntensnce to
the idea that Gen. JACKSON did not disapprove the
idea of United States Bank. The following is an
extract from Mr.. BELL's speech, delivered at the
close of the last Congress, from which have sew
eral times quoted of late:
Il NAV hn further sfafad bicFor;oaI ot
that on question of the renewal of the charter Of
the second last Bank of the Uni ed States il fell
victim 10 party interest, in the fierce political
icts of the period of General Jscksons administrs
ton; and il may be of some importance also TO state,
chat Gen. jackson himself did not discOUnteuauCe
the policy of a national bank. He expressly said in
his veto message that if Congress had called upon
him for the plan Of bank, which would answer the
most important purposes of such al institution, he
would cheerfully have presented one. The plan he
had prepared 10 lay before Congress is still in ex-
isJenee"
The evident purpose Of this statement, taking the
time circumstances and connection, was leave the
impression that Gen. JAOKsoE was not hostile to
paper money currency but merely to the details of
The charter. We submit to any candid reader OF Mr.
BELLS speech if this ia not the natural inference
which would be drawn from the foregoing sentence
in the connection in which it appears And yet,
what are the facts We will leave them to be eE-
planned by Gen. JACKSON himself in the following
letter to his old friend, MOSES DAWSON written as
late as 1872 How completely does it rebuke Mr..
BELL and all who have initiated his example in
incorporating the old hero's sentiments:
"HERMIrAGE, November "a, 1912.
"MY DEAR SIR; Your letter of the 18th inst has
lust been received in which you ask permission to
publish my letter or extracts from It. to which you
refer. l have no copy Of that letter, and when
written had no idea of its being published and as
wrote it in haste, there may be errors both gram
and in spelling, which may need correction;
STILL as you 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 matuTed opinions.
''As to the illusions msde to my message to Con
ress had strength, would give you the full out
lines Of that project, if Congress had made the call
Oh me. But while the call was not made upon me,
Congress was well aware Of my opinion of The cons
u -ooal power of Congress in their legislation
for the District and the States, with regard to char
tecing banks. 1 will give you concise and hasty
view Of the opinion. That the power of Congress
over tie District was equal to that Of the States
over heir respective limits and that neither had the
const L0nC} pO,r to charter banks Of paper Issues
- the only pewer in this respect was to charter
banks based upon a specie basis, aud of deposite
and exchange. The States have resigned 20 the
General Government the sovereign power to coin
money regulate the value thereof, &C., and prohb
lied themselves from issuing bills of credit, or TO
make anything tender 10 syment of debts but gold
and silver coin-bencs The ressrUed rights If the States
contained no poCer 10 charter banks ~ ,lger 10 issue
balls Of credit / ask, what is a bank bill but bill
of credit? The charter allows them 10 issue three
dollars in paper for one of specie three five dollar
bills issued-I go to the bank with one of them
Il draw out five dollars in specie-I ask, what the |
other Two fves represent? They answer: nothing but
credit. These were well known by Congress e be my
opinions; therefore, my project was not called for.
Many committees representing banks called upon |
whilst in the Executive chair, to know if would
not approve charter upon other terms than based |
upon q specie basis my answer always was, that !
would approve of no other charter therefore, none
other was presented to me-
81 am, and ever have been, opposed to all kinds
of Government paper currency, let it be derived
from eXChequer or Otherwise. # the paper Is the
real represeHtqUe Of specie 0hy not pay the debts in
specie and let the specie circulate an the hand Of the la
boring and producing ciaSSeS2 Then the dealing be-
tween The merchant and laborer will he il specie
and the merchant, by making a deposite, can get
q bill on any part Of the Union Where, then, is
the use OF paper currency? Neither merchant nor
laborer wants 1t. The merchant wants a bll-noi
q bank OF ezChequer bill-but upon banker where
be buys his gooIs-ss in Germany.
'L IS one Of The greatest huH5UgS attempted TO
Be imposed upon aPeoPie that there not specie enough
IN the 00rld 10 dnSUer all the necessary Of the
community. Look a. Cuba: there is DO paper there
shut from circulation all paper and specie will
low in upon US as the tide; but will never flow to
my country that has paper currency, which will
llWays depreciste AnatiOnalp lpercurrencyis great
urse TO any people, and a particular curse to the
aborer Of the country for its depreciation always
alls upon the lRborer. But with these hints must
lose, being exhausted l an greatly debilitated,
md remain your friend,
"AHDREw Jackson" =
An UNEXPECTED FoRTUEE.-It is stated hat a sur
irving daughter of Aaron Burr comes curiously in
o possession of quite fortune in this way: Burr
leld lease from Trinity Church of the Richmond
Hill property, thre2 or four hundred lots in the
re of New York, for sixty six years. He released
he land for sixty three years TO Astor and others,
md their lease expires in 1860 The lease for three
ears then belongs to Burrs daughter, and the claim
indisputabe, and the value of the lease very great
resdy several of the lessees have compromised the
lain for from one thousand Eve hundred to Two
thousand dollars per lot. "