The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-30
CDe $ptrit OF TDe age.
MONDAY, JULY &c, 1871.
JEFFERSON AND THE WINGS.

cepton and tock-jObbing. The corruption, nolo-
rious and shameful of the Congress that passed the
fist United States Bank in 1890, is to be repeated
in l84l !! To do this, facts must be distorted,
unauswcrablc arguments disrcgarded, history fall
sifcd, and common sense outraged. Wish one
breath the wings are accusing the late adminstra-
ton of leaving behind it an empty treasury; with
another they arc crying ont for distribution of
portion of the revenue of the general government
TO the indebted States: yea, they have already
passed bill in the House of Representatives for
this purpose. And they still dare TO adduce the
immortal name of JEFFERSON to sanction their
wanon violations Of the Constitution! The Ma
onal Intelligcnccr is trying 10 make it appear that
Jefferson would have consented to a rocharer of
the first National Bank! We have quoted JEFF
ferson's opinions in 1902 and in 1913. These
opinions are decided, 30 notorious, indeed, was
Jeferson's opposition, that in 1887 he was chorg-
ed By these rcry 'rAig organs, with being the au-
thor of all our financial troubles, The New York
Commercial Advertiser then said; " lie (Icicrson)
it was who like Absalom corrupted the people,
lie it was who sowGd the wind which brought the
Mhirlwind. He it was who scattered in broad cast
the seeds of in(delity which have taken such deep
root. He 1T WAS WHO STIMULATED THE
HOSTILITY TO TIE OLD NATIONAL
BANK, WHICH RESULTED IN ITS OVER
THROW IN ISL, AND A CONSTITUENT
ARRANGEMENT OF TIE CURRENCY En-
ACTIY sIMILAR TO THAT WE ARE YET
II, n " n. Al /
decided in 1888 to throw on the democratic cloak
and jump into the forum, it was highly necessary
TO change this tune. Jcnerson's name and praises
were then on every political vOte-disribuor's
tonguo-from DANIEL WEBSTER down to the
Boston Atlas. SUppoPT SUCH MEASURES AS
Mr. JEFFERSON sUPpoRTED--As THE PURE
OLD SCHOOL OF VIRGINIA DEMOCRACY
WOULD HAVE SUPPORTED" became their Ian
guage. They unhapply succeeded, They now
feel power" and forget right" But Je1er-
sonan principles are too decpl, rooted in the Amer
lean heart to be so wantonly violated with impu-
nifty by federal politicians. CoNsoLIDATIoN,
however the pill may BIO sugarcd, is still a bitter
pl the doctrine of State Rights, however Robert
c. Winthrop the Boston Representative and other
wings may Saccr at it, will be the only doctrine
which the people will tolerate, II will ever be
tombstone by which 10 try the opinions of those
they will trust.
We again say, it is with utter establishment that
we see Jeilersons name adduccd as authority 10
establish Bank. In the very year, 1918, when
somebody testies from twenty-five years rccol-
lection, that Jefferson waived his constitution scru-
pies and affirmed the question to be settled in IA
yor Of the power, there is 10 he .foum one Of lie
ojlcsi Gai loageSi letters JEFFERSON erer rro!c on
The suijcct Of National Bank, DENYING
BOTH ITS CONSTlTUTIONAIITY AND ITS
EXPEDlENCY =! This letter is dated Nov G,
1913, and can be seen in Jcfersons's Works, Vol
". 1t was addressed to John w. Eppos, then
Chairman If the Committee on Finance, in Con-
gress. We have already quoted from this letter;
this is the manner in which Jcgt,Soa considered
the question settled -settled against the existence
Of the power, not in farOr of its exercise; slight
mistake in the recollection OF the lelter-wliter Of
the National Intclli.enccr. " Let us reason
says Jefferson" on this new call for National
Bank. After the solemn decision of Congress
against the renewal of the charter of the Bank of
the United States, and the grounds of that decis-
ion. (the want Of constitutional powcr.) | HAD
IMAGINED THAT QUESTION AT REST,
AND THAT NO MORE APPLICATIONS
WOULD Be MADE TO THEM FOR THE
INTERPRETATIONS or BANKS" And far
L. ,l,, al, HI, 4
a National Bank, "NoT BY THLIR REPREsEN-
TAT1vEs IN CoNGREss ONLY, BUT BY En-
PRESS INSTRUCTION FROM DIFFERENT or
CANS or THEIR will" After long argument
AGAINST the establishment Of United States
Bank he reasons thus of banking-ol paper cir
culation:-
"Our depreciation is, as yet, but ut about two
for one Owing to the support lis credit receives
from the small reservoirs Of specie in the vaults OF
The banks, it is impossible TO say at what points
their notes will stop. Nolhnr is necessary to al-
feet it but a general nlarm; and that may take
place whenever the public shall begin to reflect on
and perceive, the impossbiIlly that the banks should
repay this At present, caution is inspired no
further than TO keep prudent men from selling
property on long payments LET Us SUPPOSE
THE PANIC TO ARISE At THREE HUNDRED
MILLIONS, a POINT TO WHICH EVERY sEs-
SION OF THE LEGISLATURES HAsTENs Us BY
long STRIDES. Nobody dreams that they would
have three hundred millions of specie TO satisfy III,
holders of their notes. What would be til,
course with what they really have there 1hei
notes are refused Cash is called for. The in
hahilanls Of the banking towns will get what Is II
the vaults, until few banks declare their insol
vency; when, the general crash becoming erideat
The OihcTy irW iriliir1tr iron The rash then hare
declare heir bankruptcy at once, and Ieare a,
empty house and empty golfers for the holders o
Hcir notes. In This scramble of creditors, IN
country gels nothing, The iown bit lille VIA
are hcy 10 do? Bring suits A million o
creditors bring million Of suits against JoHr
NoKEs and ROBERT STYLES, wheresoeyer TO b.
found ALL NONSENSE. THE LOSS Is TO
tai. AND A SUM IS THUS SWINDIET
FROM ORR CITIZENS, OF SEVEN TIME: