Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-05-12


ed in VI his measures: and this opposition,
as we all know, continued without aba,e.
ment, either in force or nsperi,y, through
his whole tenn OF four years. Gentlemen,
! am not about to say whether this opposi.
ion was well or ilI.fonndcd, just or unjust
only state the fact. as connected wi, 9TH
er facts. The Bank Of the United States
during these four years Of Mr. Adams adj
mlnlstrallon. was in foil operation. II was
performing the fiscal duties, enjoined on it
by lis character; it had established numer
Gus oiflces-was maintaining q large circula.
ton, and ransacing a vast business in eX.
change. lis charter, conduct, and man.
ner OF administration, were oil well known
to the whole country.
Now there are two or three things wor-
thy ct especial notice. One is, that during
The whole Of this heated political contro
versy, from 1926 to 1929, the Party which
was endeavoring to produce a change of
administration, brought no charge of 20
Utica interference against the Bank of the
United States. If any thing, it was rath.
era iavorl'e with the party generally.-
Certainly, the party, did not ascrbe TO it
undue attachment to other parties, or TO
tUe cxlStIHp ADMINISTRATION.
Another important fact is. that during
the whole of the came period, those who
had espouscd the cause Of General Jack
son and who sought TO bring about revo
luton under his name, did not propose the
destruction of the bank. or its discont;n.
uance, as one of the objects which were to
be accomplished by the proposed revolution
They did not tell the country that the
bank was unconstitutional; they did not
declare it Unnecessary hey did not pro-
pose TO get along without it, when they
come into power themselves. If individ-
uas entertained any such purposes they
kept them much TO themselves. The par
ty, as party, avowed none such. A third
fact, worthy Of all notice, is, that during
this period there was no complaint about
he state of the currency, either by the
country generally or by the party then in
opposition.
In March, 1929, Gen. Jackson was inau
guratcd. He came in on profession of re-
form. He announced reform Of all abuses
10 be the great and leading object of his fu.
tnre administration and in his inaugural
address he pointed out the main subjects Of
his reform. But the bank was not one OF
them. 1t was not said the bank was I'M
constitutional. 1t was not said it was UNI
necessary or useless. 1t was not said that
it had failed TO do all that had been hoped
or expected from 1t, in regard 10 the cur
rency. In March, 1929, then, the bank
stood well, very well, with the new admin
istraton. /, was regarded, so far as ap-
pears. as entirely constitutional, free from
political or party faint. and highly useful.
II had. as yet. found no place in the cata
logue Of abuses TO be reformed
But, gen,lemenf nine months wrought a
wonderful change. New lights broke
forth, before these months had rolled away;
and the President, in his message to Con :
gress in December. 1929, held very differ.
ent language, and manifested very different
purposes.
Although the bank had then five or six
years of its charter unexpred, he yet call
ed the attention of Congress, very pointedy,
to The subject, ard declared -
/. That The constitu'onallty Of the bank
was we'll doubted by many;
Q. That its Utility or cxpedency was also
well doubted;
3. That all must ADM, thu it had failed
in undertaking to establish or maintain a
sound and uniform currency: and
A. That the true bank for the use Of the
government of the United States, would be
bank which should be founded on the
revenues and credit of the government it.
self These propositions appeared to me,
at the time, as very extraordinary. and the
last one as very startling. A bank founded
on the revenue ard credit of the govern.
ment, and managed and administered BY
the executive, was conception, which |
had supposed no man, holding the chief ex.
ecutive power in his own hands, would ven
ture to put forth.
But the question now is, what had
wrought this great change OF feeling and
Of purpose IN regard to the bank, What
events had occurred, between March and
December that should have caused the
bank, so constitutional, so useful, so peace.
able, and so safe an institution, in the first
OF these months. to start up into the char
nctcr OF monster, and become so horrd
and dangerous, in the last,
Gentlemen, let us see what the events
were which had interviewed.
General jackson was elected in Dccem.
Der, 1928 His term was to begin in
March, 1929. A session of Congress took
place therefore, between his election and
the commencement Of his administration.
Now. gentlemen, the truth is. that du
ring this session, and little before the
commencement Of the new administration,
a disposition was manifested by political
men to interfere with the mana cement of
the bank. Members of Congress under
took to nominate or recommend individuals
as directors in the branches or offices of
the bank. They were kind enough some.
times to make out whole lists or tickets
and to send them to Philade phla contain.
ing the names of those whose appointment
would be satisfactory to General Jackson's