The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-09-30


1884, so II" 1885
To the editors Of the Courier asd Enquirer,
in New York, the Bank loassd $50. 600; and
that paper. having before supported General
Jackson, Immediately sspoused the cause OF
the Bank.
To the editor of the Pennsylvania Inquirer,
in Philadelphis, Jackson paper, the Bank
loaned about $4,000, and il also immediately
took the side Of The Bank
To sustain the National Iuieljsencer one
OF its most influential organs, The Bank
loaned 10 lis Editors about S50,0OO, With
out any substantial security for its repayment
The Bank hired writers, paid for the print
,ng of speeches, pamphlets, and handbills. by
tens Of thousands, aud paid the postage, to get
Them into the hands Of The people gratis, the
Bank P0,oer not yet being bold enough to es.
iablish an executive committee of franLers AT
Washins,0R, 10 give them free circulation
in fraud OF The postage revenues Of tho Govern
ment. Paid agents of the Bank collected
names upon memorials 10 Congress, sometimes
copying them from tOmbsiones its orators
every where siImula,ed and excited the people :;
IT'S great mea talked Of revolutions, and It's ,tlc
ones OF cleaning drks and flashing pistols. OF
military eneampments on Capitol Hill, and OF
heads being strangers To their bodies.
But Old Hickory, like the rock Of Gibraltar,
was uninoved amidst the storm aud the Whig
panic makers in 1894 loft Washington defeat
ei aud discouraged.
The Bank, having contracted her loans, from
August lst 1893, to November lst, 1884. a
period Of fifteen months, no less than EIGII-
TEEN MILLIONS OF DOLLARS, for
the purpose Of making he country feel her pou-
er changed her policy, - soon IA her effort to
conquer hc GorerRmeRt had failed ; and in nine
months, from November LIST, 1884 TO July lst
1885, leHt out no less thar NINETEEN MIL.
LIONS!
IL requires no evidence TO satisfy any one
who remembers these facts, that this contest
was a struggle Of the MONEY POWER 10
obtain he mastery ofMe Gorernmcn.
Having vanquished the money power" in
this conflict, the Democracy Of The country flat.
tered themselves that tho war was over. They
had no fear Of the State banks with their
public moneys, and did not forssee the
new troubles which the monStrous erpdnsion OF
the Bank OF the United States, followed by the
other bauks, was preparing for thsm. Money,
al its pretended representative, was so easily TO
he obtained that individuals, corporations. and
States, rushed into all SORTS Of spec ulaions, su.
terprises, and Improvements, contracting debts
10 an unprecedented amount, in the delusivs
hope OF amassing at once huge fortunes, OF
creating sources of permanent income, which
would enable them ia a few years to refnnd the
money borrowed. Not only we're the msaus
aud credit Of all our banks exhausted, but a.
bout tco hundred millions Of money or credit
were borrowed abroad, to carry ON these gigsn-
TIC schemes.
In these ope erdtions, the n,0ney pOaecr created
new means OF Influence, bound some OF tho
States IN chains TO its ehaiio, wheels. I'D raised
up new enemy 10 tho Democracy Of The
country quite as formidable ss that Which
General Jacksoo had overthrown. Tha, enemy
ia STATE DEnpS frb. bnIlo,. ,T ,h -:
dencss OF these debts, or State stocks, are
chiefly torcignesr and capitalists. to whom our
States are Indebted about 5000, 900, 900. Upon
this sum the people Of the United States pay
10 Europeans, chiefly Subjects Of tho BRUSH
crown, an annual trtLuteuf az least TEN MIL
LIONS OF DOLLARS. Here is tba, con
d,ion which Holy Writ SAYS, makes " he Dor.
rower he serrGnt 10 he tender"
This ID q OF all. Tie holders Of these ecks
have u deep interest in making up their price.
A fali Of ore per ceat on the whole is a loss
10 them Of S9,000,0O0, and iall Of ten Ier
cent. i. loss Of SEQ, 100000. BY the reaction
of the banks, after the mnnsrous expansion of
1866, producing suspension of specis pay.
ments in 1887, tho price Of these stocks was
reduced, on an avsrage. about 20 per cent. les
scning their value To the holders about FOR
TY MILLIONS OF DOLLARS.
By this incrsase oi debt in Europe, the
MONEY POWER ot.hai contioent is brough,
into close alliance with that of the United States
and both have direct interest in every measure
Of our government which tends TO stiect the
price of stocks. While our banks have an in
teresi ia So controlling our legislation a, to give
them the use Of the Government money and
credit, the isreign and domestic holders of State
stocks have an equal Interest in such measures
as viii restore and maintain their prices. Thus
the money Potcer" ot Eurnps has deep inter
est in the legislation and administration Of our
GsyrInment aud an equal motive with our
uwu privileged order OF baRkcrs," TO take
measures 10 control IT.
History will record the fact on one OF her
brightest pages, thai duriug the administrations
iof Andrew Jackson and Martin Van Bureu,
the Government of the United States paid off its
dest. and. ia tbs midst OF wild vortex of en-
isrpriso ssd spec culauon, which carried of myr-
lads OF individuals, corporations. and States,
siernly resisting every attempt 10 soduce or
force II to contract new debts Scoiied at and
dsrieJ as this position is now II will 10 after
tunes be looked upon as one Of the most oobs
and glorious stands which a Government ever
took-the mos, conducive 10 tho indepeEd Edenes
OF The Goternment 10 the irus Interests OF the (
American people. Tho devotion 10 the puro
principles OF Dsmoetsey which induced An /
drew Jackson 10 encounter all the hostility Of
the privileged order" and their dependants
and dnpes, when, by yielding to their demsnds, !
be might have lived N quiet and closed his sd. |
rninisirsiion in ths midst Of their plaudus and
the disiuleres,edEess which has induced Mr.
Van Boreu. through scenes uoi less irving. 10 |
tread with equal frmness in his fsosicp. will
command admiration throsgh future ages
when the names OF the Rank bought orators
Who sov 6.urs on the public stage. will be
blotted out and forgotten. And where is that
true pairio, so1 good man who would not rath.
or faH Within Van Buren. in cause so pure
aud so glorious, than triumph with Gen Harri-