A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
Jackson, Andrew, 1767-1845; Presidents -- United States; United States -- History -- Sources; United States -- Politics and government
It has been seen that without the agency of a great moneyed monopoly the
revenue can be collected and conveniently and safely applied to all the
purposes of the public expenditure. It is also ascertained that instead
of being necessarily made to promote the evils of an unchecked paper
system, the management of the revenue can be made auxiliary to the
reform which the legislatures of several of the States have already
commenced in regard to the suppression of small bills, and which has
only to be fostered by proper regulations on the part of Congress to
secure a practical return to the extent required for the security of
the currency to the constitutional medium. Severed from the Government
as political engines, and not susceptible of dangerous extension and
combination, the State banks will not be tempted, nor will they have the
power, which we have seen exercised, to divert the public funds from the
legitimate purposes of the Government. The collection and custody of
the revenue, being, on the contrary, a source of credit to them, will
increase the security which the States provide for a faithful execution
of their trusts by multiplying the scrutinies to which their operations
and accounts will be subjected. Thus disposed, as well from interest
as the obligations of their charters, it can not be doubted that such
conditions as Congress may see fit to adopt respecting the deposits in
these institutions, with a view to the gradual disuse, of the small
bills will be cheerfully complied with, and that we shall soon gain in
place of the Bank of the United States a practical reform in the whole
paper system of the country. If by this policy we can ultimately witness
the suppression of all bank bills below $20, it is apparent that gold
and silver will take their place and become the principal circulating
medium in the common business of the farmers and mechanics of the
country. The attainment of such a result will form an era in the history
of our country which will be dwelt upon with delight by every true
friend of its liberty and independence. It will lighten the great
tax which our paper system has so long collected from the earnings of
labor, and do more to revive and perpetuate those habits of economy and
simplicity which are so congenial to the character of republicans than
all the legislation which has yet been attempted.
Public-domain text, read in full here on John Shaqi.
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