The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-10-23
founded alarms to create a panic to

unfounded alarms to create panic to
ell." aG>
And again:
at the close Of this tremendous etorl
to control our Government the bank
found itself power,ess. The community
had learned to govern its affairs without
It's assistance, and trade had already
found new auxiliaTies."
Our own present condition could mo-
be more graphically described. Bu
look at this:
ut 1.-THE bank has attempted to detea
the clearly expressed will ofthe people,
Then it was an attempt, now 1t hal
been actually done. That is all the dif
ference. jackson continues:
"Events have satisfied my mind, ant
I think, the minds of the American peo
ple. that the dangers which fl w from
National Bank far overbalsnce all ltt
advantages. 1t is evidently better to In
cur any inconvenience that may be rea
sonably expected than to concentrate
the whole moneyed power of the Repuo
lie in any form whatever or under any
restrictions"
The State banks were then considered
nv Jackson as the least dangerous OF the
two, and so they are from a political
standpoint; but tbey deceived these ex
nectations, art, in 1886, the specie CIR
cuIar came; it was followed by the panic
of 1897. and this caused suspension oI
specie payments, which to remedy the
Sub Treasury was enacted, and resump
tion was decreed by the State Legisla'
lures, Of the Sub-Treasury jackson
said:
without the agency of great money
ed monopoly the revenue can be col
lected and conveniently and safely ap'
piled to all purposes of the public expen'
dilures, instead of being unnecessarily
made to promote the evils of an un'
checked paper system the management
of the revenue is auxiliary to reform"
These extracts must suffice. They
prove beyond the shadow of donbt;,
|. That Jackson ever was opposed to
Federal or National Bank charters.
9. That he believed that every essen.
tia function for the issue of a national
circulating medium could be intrusted
to and be- managed by some public
organization that would be neither a
bank in our sense nor a mere Govern
ment Office, and yet public institution
in the best sense of the word.
g. That the power to issue paper
money is too dangerous a power to be
innusted to any body that would be
guided by private interests.
4. That whatever the power was, il
should be exercised only under control
of all the Departments Of Government
Executive, Legislative and Judicial.
5. That the standard of value must he
spec ecie; but all facilities for dispensing
with actual transportation of specie
should De provided by Government.
We think that this, and nothing more,
is now the standpoint of the Democrats
of Ohio.
Take now, in conclusion, the following
from a letter Of Thomas Jefferson to Gal.
latin in 1893:
"The bank, is one of most deadly hos
tilily existing against the principles and
form Of our Constitution. The nation is
at this time so strong and united in its
sentiments that it cannot be shaken at
this moment. But suppose series OF
untoward events should occur, sufficient
to bring into doubt the competency of a
Republican Government 20 meet the
crisis of great danger, or to unhiDge the
of the people in the public
functionaries; an institution like this,
penetrating by its branches every part
of the Union, acting by command and in
phalanx, may in a critical moment upset
the Government. deem no Govern.
ment safe which is under the Yassalage
Of any selfconstituted authorities, or