The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-09-11


! had been depused during the wioter to
have the bank notes engraved ut PhiIadei- |
phia, and with the opening OF the Spriag I |
laid them before Mr. Crittsndsu, who, al |
though opposed to the relief measures Of the
state, and the bank itself, a. the nueleus OF
those measures, was elected BY the legisia-
ture president Of the bank, both TO divest
their plan of party aspect and to make his
popularity to be subsersient to the public
interest. Although it was CREST sacrifice Of
Mr.. Crittenden's personal interest, be had
the magnsnimity to accept the situation and
give the projected system Of finance fair
trial.
The bank was, ss its nsme imports, q ma
kei state institution for the common veal.
All its capital was state credit, and all it's
product went into the state treasury All
iss managers were elected by tt state legis
Iature, and they were authorized to make
loans on the real estate Of the applicants,
backed by the endorsement Of sureties
adjudged by the Directors responsible
persons. Against the hostility of the
classes opposed to the Commonwealth
bank deprecated it's paper fifty per cent
below par Of coin. But as il was received
in pay pent Of taxes to the State, and for
all payments from the treasury, and liz IL
ouidation Of oil obligations between citizsns
Of the State, it presently became current in
PAYMENT for oil commodities within the
State. and soon the merchant princes OF NV
York and PhllHdelphir, to whom the Ken
tucky merchants were indebted, were found
busted. some 10 person, others by their
agents. riding through the country buying
the tobacco, the hemp, the bagging, the
cordaee, the whisky, etc, with the Common
wealth's currency received in discharge OF
KentuckY's debts.
The bank's issues gradually rose so par /;
even the factors and customers OF the Bank
of the United States became the instruments
Of converting its paper into gold BY trans
ferring the rich products Of the soil Of Ken
tuey, bought with it, TO foreign markets,
where they command specie.
The result Of the wise management OF the
Bank OF the commonwealth was that its pro-
fits relieved the people from taxation to
great extent, the officers Of the state and
creditors generally being paid in It's curren-
cy and as its redeemed paper, towards the
close Of its charter, was burned instead OF
being re loaned, the exigences Of the coun-
try no longer requirint it, the bank was
found to have realised all the hopes Of Ito
founders.
The state was redeemed from debt, the
people were redeemed from debt, the busi-
ness CT the state was prosperous, and the
corporation wound up leaving q large sur
plus Of earnings, which, if recollect right
TWAS appropriated as . school fund by the
Legislature.
You have alluded to my Connection with this
institution, and too genero usly ascribe 70 me
prominent part in projecting the people
and State OF Kentucky against the power
which the Bank Of the United States exer.
eised in other localities. % and AstteyiDelv
soo = that the country was much indebted to
me for the aid rendered in abolishing that
bank"
! might avail myself Of this kind feeling,
a. suoaltern attached to the great man who
leo ana TO the axalted men through whose
assistance ne achieved the deliverance Of the
country to which you advert, to write an au-
soblogTahy of myself, and assume, as by the
rignt OF surv'vorship, the credit Of destroy
lng the monopolists christened BY Mr.. Clsy
the American system," through which the
Administration be beaded, under Mr.. Adams,
soughs TO establish the British system,
WELDED oy corrupt obligarchy, among us.
but TINS l am sensible would recall the
fable OF she hy on the axle of the chariot,
that gloried in the cloud Of dust that was
hurled from the wheels 10 exhibiting its own
power. The simple truth is that the Irish
stripping soldier, who was knighted BY a
British ofhcer at Camden BY the cut Of his
sword on the head for refusing 20 clean bis
boots, was the instrument of Providence in
breaking down the coalition Of great men to
convert our republican form Of government
into the British system.
Adams and Webster Of New England,
Clay OF OF the West, Cath Gun Of the South,
combining with Biddle and the bank en-
trenched within the bull warks Of the FedeeL'
Government, all fell under the supafioT
genius, pr obily, and PATRIOTS NJ OF jackson.
Kentucky, indeed, was the first battle-ground
where resistance to the expressions Of the
bank, enforced by her own illustriOus con
(Mr. Clay began. We then called in the
aid OF Jackson's name and fame to effect our
measures of relief, Of which the Bank Of the
Commonwealth became the nucleus.
The victory gained there in carrying the
e, sctors for Jackson over Adams, With Clay
commanding in the Geld, gave an importance
to Kentucky in the Jackson. Administration
which identified the policy Of that Admins
tration somewhat with that which character
ICED the canvass 10 that State. That can
vass was based on the known Jeffersonian
principles Of Gen. Jackson. My father. az
Attorney General OF the State Of Kentucky,
vas the fret public man to enter the arena
against the bank, in the maintenance Of the
State Law taxing the moneyed corporations.
10 tie press had taken some part in sus-
taining him, aod in advocating all the mea-
sures Of the Legislature Co support the State
authority against the domination Of the great
corporation. If was q subject of jeering
that the Bank Of the Commonwealth was
brought acrops the Alleghsnies in a great
trunk behind the stage, to supplant I'd }
branches Of the United States Bank, but the
result for it's envoy was that when cleo ed
president Of the institution by the Legisla-
lature on the resignation Of Mr.. Crit en- den,
that accident pointed him out to General
Jackson az one suited to carry on bis war
against the bank.
This, and hisiexposure in the Kentucky
press Of the then embryo scheme Of dissOlv-
ing the Union, manifested by Mr.. McDufie,
in publication before Nj. Calhoun had
fully developed his notification doctrine,
gave birth TO the Gt0Oe az washington, as
the organ Of the administration Of Jackson.
1t derived Its power from the sagacity, pa
triotism, popularity, and vast influence of
the President With the masses OF bis ooun-
trymen.
The great fact which made his power was
that be worked for the workingmen of the
nation, and they worked With him. The re-
suit stands out in bold relief in history.
The grand trium7irate OF orators and states
men, and Of sections North, West, and
South, shrank before bim-their stronghold,
the bank, and all its battlements fell down
and disappeared-th prohibitory tariff and
all the grinding taxes given as as a bonus to
incorporated establishments, under the pre-
tence Of aid to " American industry" we're
abolished the public debt incurred in the
two great wars with England was paid t9
the last fsrthing, and great surplus was
left, which the President insisted should re-