The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-23
THE WEEKLY ONION.

returns of the late elections in Pennsylvania, Ohio
Indiana Iowa. Mississippi, and Kansas progress of
the financial crisis in all parts of the Union; the
spirit of our democratic exchanges foreign and do
mestic miscellany; editorials the leading topics
and incidents Of the week, including elaborate no
tees Of the evils and abuses of the present banking
system and the latest news by telegraph and the
mails up to the time of going to press
The Weekly Union is very large and handsomely
printed sheet and is furnished to subscribers at the
very low rate of dollar per annuna, payments in
variably to be made in advance During the approach
ing session of Congress it will contain as heretofore
a carefully prepared synopsis of the daily proceed
ings of the two houses Now is the time to subscribe
THE BANKING SYSTEM IT'S DEFECTS AND
ABUSES CONTINUED.
The last, though not the least, objection to the
banking Of this country is the influence it exercises
our political system and political action by it's
concentration of wealth. its facilities of combination
and the vast number of influential men who are either
officers stockholders, or more or less dependent on
the favors of banks. When that stout old veteran
Andrew jackson, whose courage in the cabinet was
equal TO his valor in the field, was engaged in o
death-struggle which to decide whether the peo-
pie Of the United States to be the slaves of
bank the free citizens of a democratic republic
the spectacle then exhibited afforded memorable
institution on the national legislature.
1t was proved, reference to the books of the
Bank of the United States that large portion of the
members Of that Congress-, which was to decide this
great question, were debtors to the bank, which had
extended its favors with almost boundless prodiga-
ty, evidently with view to substitute auxlaries and
dependents in the sanctuary of power. Some of the
most distinguished members were retained as coun
sci to the bank with enormous fees, and, either d
rectly indirectly, no uncomfortable portion of
that body was held in state of dependence by bank
favors enjoyed or anticipated.
Hence, but for the ndomitable irmness of General
Jackson and his generous reliance on the intelligence
and virtue of the people, the mammoth incubus
would have been fastened on them for another term
years, until it sunk under its own corruptons
and Encouragement The bank had it's paid advo-
Gates and humble dependents in both houses of Con-
gress.
The history Of that memorable struggle between
the rnoneyed power and the patriotism of the peo-
pie under their llustrous leader is familiar to every
reader, and does not require to BIO repeated here.
1t agitaed the country from extreme to the other
1t superseded all other political questions and rem
dered our foreign and domestic policy matters of in
ferior moment Like the question of slavery, it be-
came the great issue before the country and we re-
peat, nothing but the indomitabe firmness of Gen.
jackson saved the people of the United States from
falling victims to the corrupt influence of great
money corporation,
The State of New York affords another memora-
BILE instance Of the corrupt and dangerous influence
of banks, and their almost unbounded means of op-
Grating on the proceedings of Legislative bodies. At
one period the legislature of New York was almost
exclusively occupied in chartering banks. In vain
did that upright magistrate, Gov Tompkins, inter-
pose his veto. 1t was overridden by two-thirds
majority. So completely and notoriously had the
corrupt influence of these moneyed combinations
and those who were anxious to share their profits,
peryaded both branches of the legislature that
1t was common question at Albany, when two
lobby men met of morning, We'll what is the
price of member to-day ~ The governor took the
only course left him. He prorogucd the Legislature
and by that act of authority only to be justified in
extreme cases, arrested career of Legislative cor
ruption without parallel in the past, and which we
earnestly hope will never be paralleed in the future
We have q similar example in the history Of Penn
Byvana, where the torrent of corruption was arrest
ed by brave honest old Simon Snyder who rolled it
back on those who had set it in motion. Let US do
honor to the memory Of these firm and upright men,
not only homage due to their virtues, but as q
temptation to other governors to follow their exam
pie. We could cite other in which this corrupt
influence was palpable and notorious in legislative
bodies, but the preceding sufficient for our pur-
pose. They serve to show the dangerous political
influence exercised over legislation by concentra-
ton Of moneyed corporations combined together as
they always will be, by a common interest The
latest example is the recent law Of Pennsylvania.
which we greatly fear win be followed up by similar
ones in New York and other States
That law processes to be for the benefit of the peo
pie of Pennsylvania, and this is its sole justification
The reckless prodigaity of the banks in loans and
discounts, which entaed on them the necessity of
supervision, furnishes claim TO legislative interfer
ence except to punish their transgressions The
mprudent, not to say unprincipled, spectators to
whom they extended their bounties who risked the
property of others for the purpose Of becoming rich
themselves and the extravagant spendthrifts who