The home journal. (Winchester, Tenn.) 1858-188?, 1873-12-18
Our National Financial system,
EpIToRs lioME JOURNAL;

bid it cv,r occur TO yoi that the
National Banking system is %unconstl
tu,ional
For the information Of some Of your
readers VINO are possibly not ~ famil.
lar as you are with the history Of our
country, permit me TO present Il few
facts in relation to the financial meas
ures Of The Government AZ different pc
RODS.
TIE Grs, United States Bank, with u
capital o! ten million dollars, was char
tered in 1871, in accordance with the
suggestion Of Alexander Hamilton VINO
was Secretary Of the Treasury NJ that
time. Before signing the bank btIi
Washington consulted his Cabinet.
And AS Ra do htIl Attorney .Hcncral,
and Jefferson the Secretary Of state,
were Of the opinion that the measure
was unconstitutional. the President
signed the Bank bill with reluctance.
By the limitation Of its charter the
/ United States Bank expired in 1911.
War was declared against Great
Britain in June, 1872.
The New England States were "p-
ppscd 10 the war OF 1872 and dld All
that they could to cripple the Govern
'"'n' u IoIo ua,,how C,rov
in his Olive Branch, the Boston banks,
"e'"s III oo''''.,r' '' ,n]rnman,
W. 'top :, Lonr. III, uiddI.
~ g "'7 C,o,a, .r chain, sncria
"n' na,","''I Jja',, a., "rcr Jisrhiu,y
-" On I, IT,, ,ans" wTTioH ,hc Government
wos scnkin, Io effect, The mount OF
sn,.io w,tLIrown from these banks in
n;uht morths. soy, Carey, was between
.nyon and ci0bt million dollars. "A
" ~ roo,i ,L,,r,L ,ho com
'ta' "'',"' !'''' Ill.,. =,
mnnlty. D~lNkFUptcIcS 'o"N l'"'1 w. =
considerable extent. n ANA
,Lo tam than ,rnIiny uorIjaIly failed.
Nv '''"' Wv" l' ,ro,.n, ,r ia.
10 Tue very S'c", r"l''' '''" ~, :,
Government ahn distress 81 lHc P""'i''
An, nearly the whole OF the vast
,~an,n, ,r o,o.io IN tho no.,,n hanks,
""'""' W 't' ,
.
Of smugglcd goods and IN Tue purchase
OF British Government bills which were
..,,,.l c,,m nnohn. and drawn
l'"''N' ' .
lOF 'lc support ol tIe "'"l''o ''"I'''
ed IN hOStllIlIcS against lllS country
In January. 1914, Il bill for the CS-
,~ohli.hnon, nf nunther limited States
- H.. Al. Nali,,,
p"uh WIS Nct''" ~ WI
NC 'I''c '"'No '"'P''" 't
4. payments.
And the great Apostle Of DpmoCra-
,,, Il, , lnc,,nr dot.d Son. 10 1914,
-, u wLioh
use" llc '""R""St' ""' u
every Democrat IN inc iahC Shoul'
UOnlcr in his heart
urio,i :. u,,. orn,o oh,,go, ,rbouL-
ing is arrived The banks have pro-
@nounccd their " sentence Of death. BE
Tween S%Zoo,oooUoo anu H"otn 'I,oVo H. H.
of the people, for solid produce and prop
crty sold. and they formally declare they
will not nav them. This is an act of
bdnkruptcv, of course, and will be 50 pro-
nounced by any court before which it
shall be brought But what good? The
law eau only uncover their insolvency, by
opening to it, tutors their empty vaults.
Thus by the dupcry of our citizens, and
tame acquicsccncc of our Legislators, the
nation is pIundcrcd Of two or three hun
drcd millions OF dollars, treble the amount
of debt contracted in the revolutionary
war, and which, instead of rcdeeminG our
liberty. has been expended ON slmptlouS
houses, carriages ana dinners. Inc crash
VIII be tremendous; very different from
that brought on by our paper money.
That rose and tell so gradually that II
kept all Oh their guard, and affected Sc
vrrcly only early and long wlndcu con