Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-12-29
For The Democrat
FACTS FOR THE PEOPLE

In aHgper 10 a loriter IN the Argus, 1chO signs him
SELF /" Truth"
LIST. When the bill for establishing the first Ma
! tional Bank was presented to General Washington
for his signature, bis doubts as to the constitutional
~ of the measure were such, that he required the
written opinion OF each of his Cabinet consisting of
Mr.. Jefferson, Mr. Hamilton, Mr. Knox, and Mr.
Randolph. Mr.. jefferson and Mr. Randolph decd-
cd against the measure as unconstitutional; Mr..
Knox gave no opinion, and Mr.. Hamilton contend
| ed that it was constitutional Washing
ton retained tho bin ten days after this before il re-
ceyed his signature, and Il is believed, that his own
scrupleS as TO the consttuOnaity were alone waiv-
ed by the belief that ii was the only means of cna-
bling the government To pay off the debt incurred
by the revolutionary war General Washington
signed tariff for the protection Of domestic manu-
lactnres-dld this make it constitutional
and During the whole course OF Mr.. JeiIersons
life, who was the head of the Republican party, he
never wayeTed in his opposition to National Bank,
on the ground of unconsttutionality and inexped-
ency The Republican party in 1911 decided
against the bank by the casting vote Of the Pres-
dent Of the Senate, of which body Mr. Clay was a
member. MIR. Madison coming fresh from the Con-
vention that adopted the Constitution, made his GEL
ebrated speech against il in 1901. AS far as is
known Of Mr. Madison from his conversation and
writings he maintained his opposition 10 the bank
until forced into it last resort TO pay off the debt
creaedNy the last war,
3rd Altho' majority ofboth houses OF Congress
veted in favor OF National Bank in 1889, it is well
known that they did not represent the wishes of the
people, as the result of the subsequent elections will
prove 1t is also known, that Indirect means were
used BY the late United States Bank to influence the
votes Of the representatives. Of the people, as from
the books Of the Bank il can be proved that nearly
THREE MILLIONS OF dollars had been loaned to mem
bers Of Congress during the peudanee OF its reclar
ter.
4th, AS TO the Executive acton the cases are
equal The four instances in which they have been
called on,-two have been for and two against,
General Washington and Mr.. Madison signed, JET. |
ierSon and Jackson opposed MS 10 the views
Of the rest, there is no means of determining what |
their opinions were As to the judicial department,
It IS no matter of astonishmen that they in IA
your of il, when it is known, that the Chief Justice
himself was an auo'ced tedcrGltst Of the HamiIto-
man school.
9Th. The government took one fifth of the stock
Of the late United States Bank, amounting to seven
millions of dollars by giving its bond for that
AMOUNT ring interest Of five per cent. per an
mum. | find from the official returns OF the Secreta-
~ OF the Treasury, that the Government lost nine
" five thousand five hundred and seventy four dol
lars OF interest pad On their bonds over dividends
received on the stock of the bank! The bank lost
within fraction of three millions of dollars by its
Branch at Baltimore in 1919! Did not the gov
ernment lose one fifth of this
9th. Altho the government received bonus Of
one million and half from the United States Bank,
for the privileges granted in its charter it, howev
er lost The interest on twenty millions of dollars per
lnnum, for eighteen years Nlakng in the aggregate
three hundred and seventy millions the simple in
teresl on which, during that period is over twenty
two millions of dollars. Who lost most by this
The Bank or the people
The average annual expenses of conducting the
late United States Bank was three hundred and Sc
venty two thousand dollars per annum. 1t would
cost the government $4,000 per annum to carry
on the Independent Treasury according TO "Truths"
statement, admitting this on the score Of econo-
my, which is cheapest to pay $4,000 n year for an
Treasury or $4,000 which the gov
eminent paid annually to carry on the operations Of
the United States Bank
The compliment "rruth" pays himself at Mr..
DicklSonS expence, is worthy Of notice ; he in eff
icct says, that Mr. ID. cannot sustain himself in the
debate now going on between him and his opponent,
but that he can Here are his own words. 'WiIl
Senator Tucker deny any or either OF these posi-
tons II he will, and will name the day and hour,
the writer OF this pledges himself to the people, to
sustain them by proof in his possession, which eau
not be denied! When " MIR Truth" made the
above assertion, he proved himself Of being ether
profoundly ignorant Of the history of our country,
or of willuIy and knowingly stating as facts that
which he knew To be the reverse. JusTlcE
Dec. 2lSt, 1885.