Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-29

urged agsinst the present hanki and, ass1g no
means 10 operate on the HoPEs, EEARs q {HIi --sIs
Of large masses Of the community, 70 Eo1l4 DC
shorn Of the influence which makes that Dan4 ior,
midable." If proof that General Jackson eeiiexea
gold and silver to be the only constitutional curren-
~ was deened necessary. extra5is might Be quoted
from his farewell address; but his letter p Aesss
DAWSON in 1882. full ana satisfactory uPon tals
subject, is hereto appendedat lengths
sfHER1ursaT. November q, BE-
"SIT DEAR Sra; Your letter Of the 18th inst, has
just been received, in which you ask permission to
publish my letter, extracts from II, 10 which you
refer. 1 have no copy Of that letter, ana When
written had idea Of its being published aud as
wrote 1t in haste, there may be errors both IN gram
mer and spelling. which msy need correction; still
you say il may be useful for information to the
public Having the greatest confidence in your judg
meut, the permission you ask is freely given to you
1 never put 70 paper anything bqtrEhat are my
"As . the illusions made to my message 30 Con-
gresa I'D strength, would give you the full out
lines OF that project, if Congress had made the call
on me- But while the call was not made upon me,
Congress was we'll aware Of my opinion OF the con-
stitutioFal power Of Congress in their legislation for
the Distrct and Of the States with regard TO char
tering banks I viii give you concise and hasty
view Of that opinion That the power Of Congress
over the District was equal to that Of the States over
their respective limits, and that neither had the
constitutional power charter bankso paper issues
that the oaly DO Wsr in this respect to charter
banks based upon specie basis, and Of deposite
and exchange. The States having resigned TO the
General Government the sovereign power 10 coin
Z money, regulate the value thereof SC !, and pro-
hihited themselves from issuing bills Of credit or to
make anything tend T in payment Of debts but
gold and silver coin-henoe the reserved rights Of
tbe States contained power to charter banks with
poser toissue bills Of credit. ask, what is bank
bill but bill Of credit? The charter allows them
TO issue hree dollars inpaper for one in specie three
five dollar bills are ssued--l 90 10 the bank with
one Of them--I draw out five dollars il specie
ak, what the other two fves Tepre~ent2 They
answer, Nothing but credit These we're well known
by Congress TO be my opinion; therefore, my project
was not called for. Many committees representing
banks called a. on me whilst in the Executive chair,
TO know il would not approve charter upon other
terms than based upon q specie basis: my answer
always was, that would approve Of no other char
ter; therefore none other was presented 10 me.
81 am, and ever have been, opposed to sill kinds
of Government paper currency, let it be derive d
from exchequer or otherwise. II the paper is the
real representative Of specie, why not pay the debts
in specie and let the specie circulate in the hands
of the laboring and producing elassesl Then the
dealings between the merchant aud laborer will be
in specie, and the merchant, by making depOsite,
can get bill on any part of the Union Where then,
is the use of paper currency! Neither the mer-
chant nor laborer wants it. The merchant wants a
bill-not bank or excheqner bill-but upon q
banker where he buys his goods--as in Germany.
sit is one of the greatest humbugs ever attempted
to be imposed upon people, that there is not specie
enough in the world TO answer all the necessary
wants Of the community. Look at Cuba: there is
no paper there Shut out from circulation all paper
and specie will dow in upon US az the tide but viii
never flow to any country that hasa paper currency
/ which will always depTeeiae. A national paper
currency is great curse to any people, and par
tieular curse TO the aborer Of the country for it
4 depreciation always falls upon the laborer. Bu
with these hints | must close, being exhausted.
amgreatly debilitated, and remain your friend.
- s'ANDREW JACKSON"