The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1873-12-04
WHAT AN OLD DEMOCRAT HAS TO
SAY

WHAT AN OLD DEMOCRAT HAS II
Edtt0rs Democratic StatssmaH-From read
ing the editorial remarks Of the STATEsMAN.
as well as other papers, see much said rel
ftlye TO the abuse of the banking system il
these days, and truly much. with proprietv
may and ought to be said in behalf of oul
beloved country; and when We draw tho
contrast between these days and the DAYS OF
our torefathers, 1t is enough to make u.
wonder to see how we have degenerated
from our ancestors in relation to the system
OF banking. Nevertheless there was 3
strong disposition to create banks in 1911.
when the stockholders of the United States
bank asked Congress to permit them to es-
tabhsh branches in each State. and offered
a bonus of $50,000 Mr.. Clay. then mem
Der OF Congress, replied that the bonus was
| liberal, but that no bonus ought to induce
Congress to favor such proposition. II
would be muddying the fountain stream OF
liberty. AT that time Mr. Clay was Dem
ocTat, but In 1916, TO the best of nv mem
ory, suit was instituted against the bank
for establishing branch at Columbus. Ohio.
and the stockholders employed Mr.. CLAY
as their attorney to defend them.
Mr.. Clay then succeeded in showing it was
Constitutional by implication, which proved
his great power as a lawyer, and Mr.. CLAW
was after this bank Wing of 1916, and
this is what prevented him from being
elected to fill the presidential chair. And
such things are now going on. Mr.. Claws
Indebtedness to the bank, of some $50. 600.
was paid by some unknown party or parties,
and when he called at the bank, he was in
formed by the cashier that he owed the
bank nothing. But, said Mr.. CIay. l owe
large debt here. The cashier showed him
the books and all had been settled. To
prove further what advantages moneyed
corporations will take of the bone and sinew
of the country, let me give you what was
done, from my best recollection, during the
life time of the United States Bank. The
directors privately concluded they would
make a speculation in the purchase of cot
ton. Their agents Went to New Orleans
and other places and purchased ell the cotton
in the market In this way they raised the
price and made large profits Now what
was done with these profits? They re-
turned the amount taken from the
bank and retained all the profits them
selves. So much for this invest
ment. Some time after, the same sort of
investment was made, and they thought
things were equally secure, but they were
mistaken. From some cause the planters
had not gotten their crops on the market as
early as was expected, and the rumor got
ont and the bankers sustained loss What
then? The loss was charged to the bank
The directors got all the profits of the first
adventure, and the stockholders and the
people had to divide the loss in the last
This was one of the reasons given by Gen.
Jackson for removing the deposits belong
ing to the people from the bank, while he
was President.
Again, some time previous to Jackson's
second term, bill was introduced in Con-
gress to recharter the bank, for the purpose
of compelling him to veto or sign it, as it
was believed in either event that it would
detract so much from his popularity that he
would be beaten for a second term. His
friends cautioned him, fearing the result
and what was his Teplyg-''By the Eternal,
will take the responsibility, y and with all
this management, he was reelected by
an overwhelming majority.
Now it Is important that we, the De-
mocracy, stand square on our principles
and maintain our rights. We may be some
time obtaining our independence, but there
some forty or fifty thousand But if we
sleep upon our rights, as other States have
done, the railroad corporations are willing
to ride over us even more roughly and OPP
pressively than the banks. Give all railroad
corporations equal rights with others and
not one inch more Incorporate them, give
them the right of way through all State
land, and all the profits that their stock
70 20 1,o
ulated by our Legislature, and when they
violate the law and grants made them by the
State, let them suffer the penalty that at
taches to others that violate the law. In
former days it was not uncommon to add tC
charters provision that, if the law should
be violated, the ch1r.er should be forfeited
and all privileges granted be null and void
Were this the case now, corporations would
be more cautious and particular how they
comply with their promises. Look at the
| banks. They violate their charters with
| impunity, and as this has been and con.
tinues to be. we, the people, ought
| to be more cautious about grant
ing charters. 1t has been said fol
many years that moneyed corporations
have no souls, and when we view our pres
ent condition, it goes very far to that con
clusion All power in former days came
from the people, and all high functionariei
acknowledge it; and, further, whenever the
people came to the conclusion that their rep
resentative was departing from THEFT inter
ests, based on principle, they claimed the
right to instruct him, and that be should
obey or resign. This rightwas never denied
by our forefathers. How is it now, wher
one of these high functionaries gets int
office? He claims it to be his privilege t.
resign or remain ct his pleasure. The da,
is coming, and nigh at hand, when all thii
mist will be swept away from the eyes anC
the understanding of the people throughou
this great nation, and then there will be bu
one national name, and that will be th'
name recognized by Washington, Jefferson
Madison, Monroe, etc.-a Democratic Re
publican government. And upon this le
us all unite on the second of Decembe
next, having no other principles than thos,
given us by the great fathers of the Repub
| lie AN OLD DEMOCRAT.