The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-09-11

Andrew Jackson ana the Denocs
racy OF 1879.
We do not want the reader to forget |
one moment the main objection to all
banks chartered by the Federal Gov
to-wit: That If once it Is
that the Federal Government
possesses the power TO create corpora
tions, it at once becomes omnipotent
and consolidated Government. The
of corporations is, in our age,
that which titles Of nobility were in
the middle ages. namely. the entry to
social and political success. II Con-
gress can create bank 1t can charter
. railroad, q factory, q church, q be-
nevolent society, building associa-
ton, and it becomes unlimited in its
sphere. The corporations will then
become in politics what they are In
trade, business and industrial pursuits;
they will In their parlors be the head
quarters Of that party which favOrs
their interest and disfavors the body
Of the people. 49,. nor gissSi > h,!i-'
Jackson points this out in his fifth.
message. He, says -4e;.,is 4.,aals, ,
:. At this. time the efforts of the bank
to control public opinion, through the
are equally apparent, and, If possible,
more Objectionable .9vBy q curtailment
Of its accommodations more rapid than
any emergency requires. and even
while 1t retains specie to an almost uni
precedented, amount In its, vault, it f.
attempting to produce great embarrass-
ment In one portion OF The community,
while, through processes known to
have been sustained by it's money, 1t
attempts by unfounded alarms to cre-
ate panic to ALL"
Aid again:: 'i''# 'N't' i'''''
T" At the close Of this tremendous eff
fort to control our Government the
bank found itself powerleas, The COM
munity had learned to manage its af-
fairS without its assistance, and trade
already found'n auxilaries." 'f'''i'!t
Our own present condition could not
be- more graphically described. But
look at this:s ~ oia ssls i. axe y hu
=. It (the bankl has attempted to de.
feat the clearly expressed viii Of the
Then 1t was an attempt, now ii has
been actually done. That's all the diff
ference. jackson continues: - -
Events have satisfied tny mind,
and, I think, the minds Of tho Amer
ican people, that the mischief and dan-
gers which flow, from . National Bank
| far ovefbalanCe all its advantages. II
is evidently better to incur any ihCon.
venience that may, be reasonably, ex-
mOneyed power of the Republic In any
form Whatever or undera6ny restric'
u0ns." ? .niyeq ,asaC,.I .stE iri ta9
The State panks were then cpnsider'
ed by Jackson as the least dangerous
Of the two, and - they are from th.
political stapdpeint: but they deceiy
ed these sxpeetatiols, and IN 1885 tn
specie circular came: It WAS FOLLOWED
by tho panic of 1857, and this caused ,
suspension Of specie payments, which
4 to remedy the Sub Treasury was en-
acted, and resump ption was decreed by
the State Legislatdfe. OF the Sub.
Treasury Jackson said: :oi s.ia" a2e'
80 w 1GNO0b tAA0 u&y0uCy VI kES0l
moneyed monopoly the revenue car
l safely applied to all purposes of the
public expenditures: instead Of being
neceesAFily made to promote the evelf
| of an unchecked paper system the
management OF the revenue is auxil.
ary to reform. 'ni'ais "3i
These extracts must isaunace. They
prove beyond the shadow Of doubt
l. That Jackson ever was opposed
to Federal or National Bank charters.
q. That he believed that every es-
sentiA function for the issue of . ma
tiona1 circulating medium could be in
trusted to and be managed by some
public organism that would be neither
q bank in our sense nor q. mere Gov
eminent Office, and yet public insti-
tuition in the best sense Of the word.
8. That the power. to issue paper
intrusted to any body that would be
guided by private interests.
4. That whatever the power was, it
should be exercised only under the
control Of all the Departments of Gov
eminent Executive, Legislative and
Judicial. MISE ee as's'.s 2.
S. That the standard of value must
4 be specie; but all facilities for .dispens.
ing with actual transportation Of spe.
Gle should be provided by the Govern
me1lriad. iou llsi- Ge te1 niae =
|. We think that this, and nothing
more. is now. the standpoint OF the
Democrats Of Ohio. .,.ssi; Eigosi. u
\ Take now, in conclusion. the fol-
lowing from q letter Of Thomas Jeffer-
son to Gallatin In 1903: -. s's..,.r,,.
The bank is. one of most dead
ly hostility existing against the prin-
ciples and form Of our Consultation.
The nation is It this time 30 strong
and united in .its. sentiments that II
can not be shaken at this moment.
But supp0ee . series Of dhtoward
events should occur; sufilcient to bring
Itnto doubt the, competency of - Re
Ieis of great danger, or to unhinge the
confidence bf the, people In the public
functt0nasies; an fnstitution like this
penetrating BY Its branches every part
Of the Uhl0n, acting by command and
in phAlahx, may In critical moment
upset the Gpverumenk i deem, NO
Government safe which Is under the
vassAlA4e' " any seiE con6tituted au-
thoriti8 8g0rcAny other authority e8-
cept that of thP. .nstion or ito regular
-. - =
The latter is THE crucial test. The
money Of lth.e the country cnn must not bei-is-
sued BY cOrpqSatiops whose motives of
action are their interests n 'r II Enquirer,
- lea,----..4 ..,....,.......l-- ,qs Il
4, Aisohaths big guns who are Oh the
stunp for Charlie Foster and ;" honest
money" . ish one General ,wiifiam H,
Gibson. OF State Treasury inotofiety,
,pndefwhose sdministrationi ouf stats
exchequer wss robbsd of about $780,
200, not red'of owhiSh has ever been
recovered. When the grand steal waa
firsts1apecfad and charged upon John