Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1859-04-28

III compliance with the request Of a
number of our Democratic friends, we
copy from the Memphis Appeal,an ex.
tract froma letter written by President
James K. Polk, addressed to some
citizens of Memphis. who, in 1S43,
Intercepted both the candidates for
Governor of that year.
COLUMBIA, May Is, 1S43.
To Messrs. Wyatt, Christian. J. T. Leath and
! Others:
GENTLEMEN: I have recei, ed
through the Memphis Enquirer, the
communication Of yourselves and
other citizens of Shelby comfy. al.
dressed to Gov. Jones and m, self,
propounding to each, certain inter.
regatOries upon public subjects, to
(which | now proceed to reply.
Your first interrogatory is as fol-
lows, viz:
! "lst. Are you in favor Of mixed
currency Of paper money and the
precious metals r
l answer, that ! am in favor o.
such currency, and for my views Of
expressed on the subject. I refer you
to my message to the General AS
sembly Of this State, Of the 22ad O
October, 1889. In that message
; you will find that after earnestly ur
Iging the >propriety Of an early re
sumption Of specie payment by on
banks, | say:
Banks, and the use q! bank pa
, per snd credits, have become, fron
, long habit, interviewer and intimate
5 ly connected with all eur extensiv
D commercial operations, and if it b
conceded that their employment, t
a reasonable extent, ia conductin:
, our trade, has, in the existing state 0
: the currency, become conducive t
, cur prosperity, it must also be allow
, ed that DO banks or bank issues mus
t be tolerated which do not rest on ,
, solid and substantial specie basis, AZ,
, be required to meet the demands o
, trade.
"The circulation which tbay issu,
should be based upon a solid metal,
: foundation, such as will insure an a
, bility at all times to meet their liabil
tiles promptly, = and its quantity
should be kept as nearly as practioa
BILE at the same amount, varying, a
lit necessarily must, to a small ex
tent, With the seasons Of shipment 0
|. Jour produce to market, and the re
turn of the proceeds; but this vsria
item need not he such as to Affect
, materially, the amount or value 9
their circulation.
u To these views, / now add that
. lin my opinion, the precious metal
r should be the basis Of whatever pa
, per circulation be Authorized or toI
f Grated by law. Like individual debt
: ors, banks should meet their liabiIi
ties honestly and promptly, au'
whenever they fail to do SO, hold
to be the duty of the Legislative
, power 10 take Efficient means to com
pei them to 10 their duty.
TO your second and third interrog
, atories, which are in the followin;
words. to-Nit:
r "2d. If SO, from what source shoul
paper money emanate; frem the Sia.
= Governments or General Govern
nent?
f Sd. TT from the General Govern
+ ment, in what mode should the PEG
! pie receive through the agencJ
, of bank, OF otherwise p
!, l answer, that the States, havin;
a exercised the power of charterin,
banks Of issue. from 40 early pslio,
of the Government, and with tn,
. general acquieseence Of the people
i and being in this respect beyond tn
power and control of the Genera
Governmental must expect ant
? concede that there must and will con
tinue to be State Bank paper cir
culstion. whether a National Bank ex
lists or not. There was State Banl
a paper circulation during the who'll
: period Of the existence of the tw,
y Banks of the United States; and
;, Iapotbsr National Bank we're establish
ed, there would undoubtedly still
continue to be such circulation -
: Many Of the Ssate Banks have char
E tiers which have many years to run
and some of them, | believe, are per
4 petual. The establishment Of o Ma
a. D..yx