Daily Los Angeles herald., 1879-04-05
Historical Views Of Judge Peel.

EDITOR HERALD: I have not
yet made up my mind whether I
will vote for or against the new
Constitution. have read 1t but
once, and am now re-readlng and
studying it, section by section.
Besides this, I am reading every
article can get, pro and con, on
that subject. With some of these
articles l am we'll pleased; with
others disgusted. The San Fran
cisco Chronicle has published sew
eral we'll written articles In favor
of the new Constitution, but the
last article from that journal, which
was republished in the Express, il
q true illustration of the present
contest is exceedingly unfortunate
for the cause they advocate.
Gen. Jackson's veto of the United
States Bank and the events that
followed are vivid in the memory
of many of us who yet survive.
will preface my remarks by saying
that revere the name of General
Jackson as much as any American
now living. But, with all his good
qualities, he had his faults. His
enmity and vindictiveness knew
no bounds, and these influenced
many Of his acts, in and out of
public life. He had fought the
British at New Orleans, and ever
afterwards disliked them. While
in the Senate of the United States
he learned that some Euglishmen
held stock in the United States
Bank, at which he was greatly dis.
gusted. Added to this, Mr., CLAW
was in favor of the bank, towards
whom Jackson was very bitter. In
debate there was no comparison
between Clay and Jackson. This
Jackson knew, and felt it most
keenly, and to get even with Clay
he resolved to demolish the Bank,
and this he was unable to do in
any other way than by veto. The
historian says: she believed the
act to be necessary, and, believing
that, he did the act, leaving the
consequences to God and the coun-
try" am charitable enough to
say he may have "believed the act
to be necessary" but whether ne
did or not, he worked himself up to
the point to do 1t. The conse-
quences to God, I presume, were
very trifilng, but to the country il
was terribly disastrous. As had
been predicted in the debates in
Congress, a deluge of bankruptcies
followed all over the country
among the best business men. we
had, with a general stagnation of
business and financial depression.
The President saw the mischief he
had done and to counteract it as far
as possible, and retain his popular.
ity with the people, he distributed
the deposits among the States, and
ordered the States to "issue freely
upon the funds sent to them.u The
States were only too glad to act
upon his advice. They did issue,
and the flood of worthless shin.
plasters that followed ed
the country and Inflated every-
thing, which caused another gen.
eral bankruptcy in 1887. Thus,
while this one act Of the President
caused two panics and great disor-
der and distress throughout the
nation, no one has ever been able
to show how harm would have re-
suited by letting the bank
alone. 1t Is true there was
a great hue and cry made
about money power and the rot.
tenness of the bank, all of which
proved to be untrue when the af- |
fairs of the bank were wound up. |
But to make his words true, and |
make the people believe he was
justified In his acts, General jack
son placed every obstacle possible
in the way Of the directors to pre-.
vent their making fair and hon
orable settlement of the banks af.
fairs. He even went so far as to
seize the deposits of the bank UNI
der the pretenoe Of protecting the
good people. To give them all the
trouble possible he ordered that the
currency of the bank should not be
received by agents of the govern.
ment. If the Bank of England or
any other bank on earth should to.
day be dealt with as unfairly as he
dealt with this, it would make no
better showing than did the United
States Bank. But in all these
troubles the eyes Of the masses
were blinded and Jackson was
lauded to the skies. / knew men
of afftuence aud wealth who were
brought to beggary by this oct, who
huzzaed for Jackson and really be-
lieved he had saved them from
some great calamity, but just what
1t was he saved them from they
never could tell. As it is now, so
it was in the days of Jackson. TT
was as easy then as now to cry
thief and robber and cause run on
q bank, or any other Institution,
and no matter how useful and SOL
vent, 1t was sure to be demolish ed
before the cry was stopped.
1t is an old trick of politicians to
influence the masses. ] repeat that
am not yet sufficiently Informed
to give my opinion as to the merits
of the proposed Constitution, but a
few such articles as the one alluded
to, Will have decided influence on
me. 1t was the great mistake of
this great mans life, and shall al
ways believe he afterwards regret-