The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-09-05

advice, President jackson to his hOpOr be
it said, abolished that institution.
The corporation ~ that bank had con
trolled the financial policy " the country
| for years past, and when Jackson becaue
a candidate for a second term IN 1892 the
question as to whetherthe bank Should be-
re-chartervd, Or Presi bent J4cksou's veto
sustained, was forced upon the people,
made the issue ia the elrctioUf for Presi-
dent. The Presidents cUprse was tri-
umPh lntly sustained Ny the people At the
That Expression Of che people by such a
large majority ought to have taught our
Statesmen lesson IA had been decided
ON the opinion Of the law Oiicer Of the
Government that Congress- has no power
under the constitutional charter banking
corporations. Yet Congress has authorlz-
ed corporations to control the money Of
the Government and * commerce. The
question oug now to be forced into the
election for the next Congress, a. to wheth-
er or not the unauthorized Law incOrpOrat-
ing National Banks, should be allowed to
stand, or be repealed
! The widespread ; financial distress
caused by the monopoly, given by
| Congress to the bank Of the United States
/ from 1916 TO l836-was inconslderate in
its consequences u the evil tie people nov
suffer consequent upon Congress, giving
the control Of the money OF Commerce 70
| cOrpur atoms.
The bank of the United States began in
1917 to gather in the paper u specie pay
| ing banks, and whenever they had sutti-
cheney Of their notes To drain the banks,
they made a demand on thean, aud Of
] q
the same time they threatened those left
that whenever they acted against the inter
est Of the United States bank, they would
suffer the fate Of the power Of the corpo-
ration-and therefore it Was, that from
1918 to 1921 manufacturing anu com
merce suffered, as at the present time.
Then, there were lab1rers ready and
willing as now, to be employed III anything
that would add by the general develop
Inent to the wealth Of the State, bat
there was no money be hal except from
the United States bank and these banks
were under its control.
In the State of Pennsylvania there was
improvements needed-faciIties for manu-
facture-wIth the raw material and che
labor The money was under the control
of a monopoly, created by Congress. =
Ia 1920 he witnessed Ia his own family
what happened to many Others, similarly
situated.
: Two elder brothers we're in 1920, p
and "a yeags Of age, active young meI.
There vas NJ employment for them w the
hOmested, aup no enplOyment could be
obtained IN tlA State No means c1sfd he
procured for Il Aem to start IN iIIS'tn their
1wn physical AsOurces. Ths<6nly hope
for obtaining mNnvy was in1dcements held
down lie river "a Ney/Orleans. III the
2 spring of 1870 thAy, IS did many others,
lett Pennsy lvania "a made the voyage to
New Orleans, with hope vi returning,
and be IN a couditioA 10 add to the gen
7 eral progression and Development of the
i State.
"A i,at III EsptspsAber ~ chat year. they
: both died Of the yelloG fever, and we're
buried IN the swainpbt New Orleans.
r When the Intelligence Gf their sad fate
came back, the wall nf Anguish and pOign-
/ ant gr1ef that broGe a mol Nners heart, can
{ never be banIshsd from III mind This
Il mentioned nos AZ unusa aal in that day,
but to show thatln this instance two young
men had been raked 70 manhood aud were
> 50 much working eApltal If the State. II
Was uuwise state hlaushIp n4t-LO- provide
tor k1eplEy-rMEt- qyftEI IN The State The
loss OF those two ADung men aud many
others was loss toNh State of 50 much
> u lts capital. The yAinger VI his brOt ers
\ was person Of more than ordinary
sprlghtiness he would If hc had lived, IN
al probability, have been equal u any oc-
: casIOn.
The war Of the revolution was CARRIED
on as before stated, 70 settle the question
{ IL political freedom. The lt0ytty ~
thought and the riI Iht to exprs sss W When
that was secured the people Otr the New
Repabhc had perfect freedouu' u provide
Ior the social welfare Of themselves. IL
I was a fatal Omission to say the least, that
they did not establish . correct monetary
system.
q 1t vas a great mistake to repu late 100
million of doilarsof the Continental money
which had been issued y carry on the war
: If the revolution.
i The Congress Of that by had the same
/ power to make the Chtinental money
(such Of it as was not ciNutertelt) AZ to
{ make the greenbacks issued III 1862 a legal
tender.
President Jackson III 1892 acted as a
wise and honest statesman III destroying
= the Bank of the United States, but he
Il failed as wise and able statesman IN not
q providing remedy for the evil h. eradI-
Gated II he had III that day recalled All
> the government deposits To the treasury VI
I" the United States, Rnd disbursed the
:, money Of the sovernment from the treas
= ury, az Was doue after 4nes Gdthrfs BE-
came Secretary under Rresil snt Pierce, he
N, would have proven equ4 to chs emergency.
u President jackson rel AlOved the govern
= ment money Int., Local State banks, aud
Il made them the ID bursA Ars Of the govern.
y ment money Thh wa4 a great mistake
ie Those banks were cal4 pst banks and
did business on the mDney of ths govern
! ment, that ought " have been kept "a the
:" treasury.
a. When Guthrieswent into the treasury
he found that maay Of the pet banks wer,
$, doing business On hhe government monel
ID alone. He-rvIthd hw the government az
AZ posits with great NAutIOn, the banks bs
6 0ursing agents.
III When Secretary Guthrie NNom mence,
disbursing the public money, many VI th
n banks from winch b. withdrew the de
ne poslts, as a matter ot course, failed.
ne IN Ke ltucky, when the bank tN
United States was chartered in 1916, ther
a. were numerous wild cat banks. IH tina
FL State.
ne Ths b lnk of he U UaitedS wDuni u
h. all the Kentucky bASks. Prices hal 40
a fltei III that 81 ~ with the abundance q
local bank pAps
ID, When thsfpcAI banks failed prices wen
all down. F4e Ia bed SAtes B AK hll a he
rd- on the prop ~ of tHk people u larg
OF amount, ana v in condition To dsstro
10, them.
zen The people set 10 Aork and elected a ne