The herald., 1837-01-30
The Banking System.

the constitution went into operation in 1889, this sys-
fem did not exist nor wss il contemplated exist by
the trainers of that instrument. since tha' peiioo'
however, the banking system has growntrom nothlng
to a magnitude that entirely sets aside the consu'u
ton, and usurps the place oflegumate power Letus
analyze this singular element
By a recent Treasury report it IS ascertaned tna'
throughout the whole Union there are oo' pahks
aoieding nearly 500 millions Of dollars, IN capi'a'
deposites circulation and specie. This immense
amount is placed under the active control OF 'hree VI
four persons in each bank making nearly zUoo lndi-
viduals who have the sole power OF controlling tna'
terrible machine throughout the whole country.
This immense system has grown TO Its present
magnitude principally during the last ten or Twelve
wears In 1880 it had only half ts present power.
For thirty years after their first establishment banks
were yery useful and obedieni instruments IN aidhg
commerce fostering trade, and encouraging the agri
culture of the country OF late years, and particular
ly since Mr. Van Buren, and Mr.. Blddle came before
the world as the Caesar and Pompey OF the age, tne
banking system has departed from beng humDe
instrument of commerce. TO be the great element OF
political power and of popular government
We happen to know several important facts to the
ruth of this point which may give one OF these
days.
Since 1925 or G. all the legislation OF the country,
both state and fodera has sprung from banking anu
manufacturing corporations-but pnncipany ine LOT
mer The whole banking system ma. De diVideu III
10 three influences or centres, sects-those adhe'
inc 70 Mr. Van Buren,, probably about 20O banks ou'
of the whole-those fayoring Mr.. Bidde about Do or
1OO-and the rest neutral certain points, but stll
exercising great influence on legislation, either on one
or the othersidc. AT this moment the system IS m
creasing with tremendous strides, every Legislature
being actively engaged in the work o. creation.
II is true there has been great deal OF myslfica-
lion created BY the two parties in their quarrel about
the United States Bank-but it now turns out to have
been only like quarrel between two squads of high
wavmen for division Of the spoils. The Van Buren
bank party, after contest of five six years, defeat
ed the Blddle bank party in Congress- The latter re-
treated TO a state Legislature Pennsylva and sue
ceeded in every point they wanted and are mere nc
tive and powerful than ever The sham fight between
these sects of spoilers and public robbers still contn-
ues 10 amuse and hoax the people. Either the one or
the other possesses the most unlimited control over the
whole legislation Of the and of Congress, ana
when necessary they both unite they recently did
IN Albany. TO defeat investigation The constitution
of the United States as well the constitutions OF
clemen, Of power nowadays is BANK DIREcToRIEs.
The whole legislation of the Union is in their hands,
and if this were ALL il would be the least of the evils
But il is nearly the least of their powers, as we shall
show.
BY means of these associations, forming two great
ccntending eemcnts--thc one directed by Van Buren,
the other by Biddc and welding 800 millions IN UNI
son against the peope-all the industry, commerce,
properly and agriculture of this country are at their
command What has caused the recent usurous
rates of interest and exchange 1.-THE numerous fail
ures of merchants and mechanics 1.-THE rise and fall
of property 1.-THE present high prices of provisions
and rents 1.-THE contraction and expansion OF the cur
rencyl Nothing but the avdity and avance carried
on under the smoke of the sham fights between these
two contending banking confederaces of public rob-
bers aad chartered hghwaymen From the splendid
palaces of these banking establishments, arc issued
daynot only the currency, but the laws the thoughts,
the ideas--he very personal characters of free and
Independent people. Look around To whom be-
leng those streets Of palaces that fill our cities gor
geously rise up on the blue heavens To the banks.
They long since possessed oil the wealth of the
uy-hey now add all the clegance-all The refine
ment-all the POLITICAL civil, and criminal power In
FIVE years their present resources OF 500 millions can
be nearly deubled--and in ten years, if tho banks
choose do it, they can the whole property of
The whole people of this free country with liens,
bonds and mortgages. We will then be nation of
white slaves and handsome scrfs
Never perhaps, in any age Of the world did any
country ever undergo such singular revolution as
this Republic has done during the last fifteen years..
There is not line IN the United States Constitution.
or any State Constitution, that is dead letter.
The whole blotted forever and the various Bank
Charters, their own dear children, have taken their
places The bank palaces the legislative Halls Of
the United States-the Capitos at Washington, AL.
bany and elsewhere are merely very elegantly built
recording ocesfor registering the secret edicts ofthe
bank directors under the will Of the two Caesars.
Such Is true picture of the present condition ofthis
singular country. Who is the author of this revou
ton 2 The first idea sprung from the wonderful mlnd
of the late Aaron Burr who was decidedly the most
original political genius that ever appeared IN this or
any other country. Jeiicrson Hamilton and all their
cotemporaries were mere imitators-Bur was the
only original Jefferson inn, ated French democracy
Hamilton English aristocracy Burr was the parent
genius-hough then unfortunate and defeated by the
union Of the others lie formed practical system of
government which has all the power influence and
results Of Venetian Ohgarchy, beautifully conducted
sndor The name and form Of pure democracy Col.