Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1858-01-12

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''','' Yours, very respectfully, ~ "''
- '',,'' '''- HENRY c. CAREY.
Philadelphia. Dec. 23, 1857.
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-Gt4f LETTER III. s4j 5aq
SO SrR: Having small respect for authority,
General Jackson attached little value to
the labors of Hamilton and Madison, COM
nnentators on the Constitutions; or to those
of Jay, Ellsworth and MArshall-the men,
MIR. President, to whom we owe those early
decisions which laid the foundation OF our
Constitutional law-decisions fully acqui-
esced in by all tho distinguished men who
had preceded him in the Presidentiafc
from Washington to the younger Adams.
Preferring his own construction OF that
instrument, he was little more than seated
in the high position to which he had been
called, than he commenced suggesting
doubts as to the power of the Government
to delegate to individuals the power 10 ex-
ercise, throughout the Union. the banking
privilege In his view, State bank,
based upon the public revenues, and man
aged of course, by officers Of the general
Government. would have b.en greatly to
be preferred. ' ''
Capitalization being now the order of
the day, and Congress failing to obey his
orders, we find him next, on his own mo-
ton, Withdrawing the public moneys from
where they had been placed by Congress,
and, at his sovereign will and pleasure,
dividing them among the local institutions.
Next, he is found urging the States to the
creation of local banks, to replace the great
institution with which he was now at war.
That done, we see him next declaring war
against all banks and notes.-the whole
power of the central authorities being now
exerted for the coercion of the States into
the prohibition of bills of the smaller de-
nominations. Gold being now regarded
as the one thing needful, it was, as we
were told, to be made to ''run up the Mis-
sissippi;" and, that it might do 50, the
standard was changed-the exchangeable
value of gold, as compared with silver,
having been raised to 16 to 1. Following
on this, we have an order to the receivers
of the revenue, to accept of nothing but
the precious metals-notes of all denomi-
nations being thus discredited, that the
people might be induced to make run
upon the banks. Now, for the first time
in the history of the world, do we find a
regularly organized Government engaged
in war to the knife against credit, in all
its forms; and now, for the first time in u
period of peace, were the banks of the
Union compelled to close their doors
against those who desired payment Of
their notes. Next, we find the Treasury
demanding additional powers, and gently
intimating that by aid of the public reve-
naes the domestic exchanges might be
much facilitated. On one side, the Post
master General desires that his agents
may be employed in the transmission Of
private funds; while, on another, the atten-
ton of Congress is specially invited TO the
advantage that would result from the insti-
tuition of Government office, charged with
the issue of paper money-theleby super
seding the local institutions altogether
The war thus commenced has since been
followed up-the use of circulating paper
having been repudiated by the Government
vaults having been constructed, IN which
to store the public treasures-and the
standing topic of denunciation, at conven-
tions of towns and cities, counties and
States, and of the Union itself. having
been banks and paper money. The result
is seen in the fact that gold has ceased to
circulate, and that the Treasury is driven
to the use of inconvertible notes.
Such is the history of banking in the
United States, since the peace of 1888, a
period of seventy-five years, during the
first fifty of which the power reserved by
the States had been respected-and that,
too, most scrupulously--byW Washington,
Adams, Jefferson, Madison, Monroe, and
the younger Adams; whereas, since that
time, there has been an unceasing effort
to weaken the States, while strengthening
the central power. How far the one or
the other of the systems thus described
has tended 70 increase the security of per-
sons and of property, by giving to the
people that which you, Mr.. President, so
much desire, ga sound circulating me-
dunn" the amount of which ''has been
adapted with the utmost wisdom and skill''
70 the needs of commerce--thpreby in
surng that "the market value of every
mans property" shall not, by reason Of
its fluotuation, "be increased or dimin-
ished," and thus preventing 1.-THE incalcu-
liable evil" that might otherwise be pro-
duced--is shown in the following brief
resume Of the above short history.
FornearIy half acentury--during which
banks and their circulation had been left,
IN accordance with the Constitution. under
the control of the local Legislatures. their
number was so prudently increased that at
its close IL was only 328. In half that
time, during which the central Govern
men. has undertaken to supersede the