Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-09-16
Who'll NO. sSI.s..s.

lof your Government. economically
] administered. In my judgment, NJ
1other object should be rcgarded1iH=
sEIevying taxes bat the single one off,
I raising revenue enough to meet your (
Just and proper expenditures. ss =
4 The hour expired. st+ rst
/ sNoTE-Ths advocates of "paper
money" boldly assert that Geueral
jackson wss for BankofAe I'm
ted States at one period of BIS life.
And to sustain them in this sasser-
/ tion, they rely mainly, if not solely.
upon certain portions OF bis Message
yetoing the bill passed by Congress
! to modify and continue the act enii-s
tiled San act to iacorporate the e
subscribers TO the Bank of the Uui-r=
ted States in 1852; in which lie e.
says Bank Of TIE Tinted sSt6teS g;
IS ia many respects eoilgsRieat fos+.i
the GoUerhmcnt and as5uI tn lie
people = sseHs s'That
a Bank of the United States, eomss
petent to all duties which may be-
required by the Government, migbtss
be soorganized as not TO iniriugs
on our own delegated powers, OF
the reserved powers Of the States,
II do not entertainYa doubt. Had
the Executive been called upon to
furnish the project of such an instis
tuition, the duty would have been
eheerfully performed,
There are different kinds of banks
Strictly speaking, a place where
money is deposited is bank
Hence, there are banks of depOsitess5
where money is placed merely for
safe keeping; there also banks of
deposite and discount, where money
Is placed to be loaned at interest.
And, also, there are banks ofdsposite. 1l
discount, and issues. The latter de- 9
alone make what is called
paper money. And instead of be-
ing created for the safe and profits =
bic investment Of real mopey or S,sr-z1ss
plas capital, are usually, If not always, -sn
resorted to for the purpose of 'manu-
'acturing worthless psper currency
without any real money to sustainit. -
Either kind may bean Incorporated
or not What kind of
oank did General Jaekson refer to a1
n the above extract? Upon this
subject no doubt can be entertained. 81
3y reference to bis second Annual Ti
Message to Congress, the 7th De. -
ember, 1880, written and publish -
d nineteen MOTHS before The vete. ae
VII be found the kind Of bank E1l
Ihieh be thought Congress could nc
make without infringing the dslega- q
ed powers or the reserved rights Of u
he States. He says, "It.is thought 25
Practicable to organize such back s.
Iith the necessary officers, as
ranch of the Treasury Depart
nent, based on the public and In
ividual deposites, WITHOUT POWER la-
0 MAKE LOANS OR PURCHASE PROPERTY,
1hich shall remit the funds of the
Government, and the. expenses Of.
thich may be paid, If thought ad-
isable, by allowing Its officers to
ell bills Of exchange to private in-
iyidnals at moderate premium.
Iot being coRPoRATR BODY, HAVING
% sTocEHoLpERs, DaBToRs OR PROPER
2. and but few officers. it would
Iot be obnoxious to the constitutions
1 objections which are urged against
he present bank; and, having no
means to operate On the HOPES, FEARS
,R INTERESTS of large masses Of the
community. it would be shorn of the
influence which makes that bank
ormidable." If proof that General.
Jackson believed gold and SILVER
o be the only constitutional earron--.-
y was deemed necessary, extracts -,
night be quoted from his farwelI
address; but bis letter to Moses.
in 1912, so full aud sat
sfactory upon this subject, is hereto
at length: s-ss~..,
ssHERMITAGE, November "a, 1872. -
= -.
hsS1Y DEAR SIR: Your letter Of 4
he 18th t.,has Just been received, -
n which you ask permission to pub ~
ish my letter, or extracts. frSn
t, to which you refer ] hs.se, 10 IL,
copy of that letter, and VI en- written ,
aad aad No % l9sa wrote 20 ''i pss's9Ss tSsss
may be errors: errors ooth in grammar ana
Speiiing, WI Oh nav need eoHeeuon,