, 1880-06-13

TAEI fl1CAEU KIN oALs 1s@A So1-e+
Unfortunately, the charter Of the Bank Was
not perpetual; 1t was to expire IN lSa 10 io*s:
application. was made for liz renewal: through
e 1eenas een Sddhe
tility to renewal of the chsrter. Many OF Gen.
.Jacnson's friends, whether in the Cabinet Or In
, & e, or ony an
whatever. They accordingly Joined him in Up;
posing 4 renewal OF the charter OF the United
sstss onns h'nS for s heaes
sd%e'sa 'nsest'sate = .heas Sass Il was ssssFsa,Fea
iha1 naak hed by 81 ie a
TINT the Bank had discounted the notes of some
newspaper -proprietors- 1t did not appear that
tie the opponents @ @ | Of the Hani that "a new charter
future, or that lava could be made making It
penal oncnse for any journalist to apply for
bHuk-accdnModadOns
The fight against tho Bank went on in Con-
gress, while Nicholas Hidale aud the friends OF
terzed tna the sss9 Bank a. danaeroas to
tae ,perpetuity ef Re doyernmeat:Z
presume to dictate who should and who should
not be our rulers. Nevertheless, after long
and animated contest. the bill for the renewal OF
jackson intcrposed bis veto. 1t is probable
that the bill passed because the reasons for op-
posing it really appeared too absurd to nct up
ing 1t u party measure, the Democracy wheeled
into line. for there is
NO ABsuRDTrY TOO GROSS -.
for Democrat to swallow. The Democracy, as
having played out its hypocrtttcal cry Of Re-
form. Is now, as shown by its course in Congress,
reduced to three cardinal principles ns bond OF
uuion- One Is the disfranohisenlent 0f the col
ored voters; another, to honor and reward
Rebels. Including such doubfe-dyed Rebels us
Fitz-Johu Porter; and the other is to expend
the Democratic party have any other distinctive
principles, they are not shown forth.
Gen. Jackson wns an ardent patriot He vas
honest in his aims and intentions. He vas i'm
petuous, wilifui, aud rigorous tn'carryiug out
whatever he considered to be right He did not
hesitate to take the responsibility. His blind
consciousness OF honest aims Was his shield. He
was, in fact, hon-hcarted,. iron-nerved old
hero. Such d man might render valuable scrv-
ice ns commander of an army composed OF tur-
bulent spirtts or he might be tolerated to ad-
minister justice in semi-clvilizcd community;
but he WIS not the careful thinker. th9 thor
ongh student, nog had be the unpre5udlcod mind,
to he ut tho hcad'Uf great nation. His Advisers
whom he gathered around him were equally
lacking In Judgment and
EQUALLY BLIND AND wILLFuL WITH HIMSELF,
while some Of them we're lacking the honesty Of
aim which characterized the brave old warrior
ThoIuns II. Benton was undoubtedly honest In
his belief that the existence Of banks was the
only obstacle in the way Ut constant dow Of
Es Up ths mxssspg + be g, pftafes m It in "a
call it some other name than honesty. For, soon
after, when all the banks had failed, and no
longer stood IN the way, the gold did not flow all
the same.
In carrying on the war upon the United States
Bank, tho Drulocratic plrty-Ur, moro properly
speuktng' the Jackson paFty@madc it point to
psrison p 9NiS With T The al1 United States Bank;
tsaton @ Tho public T deposits n " were re removed removed
from the Cuited States BanA into State banks:
This course populurized such institutions. and
the conservative influence of the Unitqd States
Bank, soon run into course Of imitation which
UNSETTLED TILE WHOLE BCs1SE4s.
of the country. Speculation, especially 10 land,
xa ae 4 Tas oTaafr sa By ypn PGEe9t a} as2 asxsqp
were displaced by Il spirit of wild speculation"
New banks sprung into existence on every side.
In Arkansas. which was but wilderness. two
bAuks were chartered with capital of %3,UUl 000.
Illinois, which wis but little better than a
wilderness, had two banks with $5,o0.00O each:
And Michigan, which hud bur ono small town Of
perhaps lu,00 Inhabitants, had ufurly sixty
bunks, with untold millions of capital The Na-
dOnAl revenues exceeded the WANTS Ut the Treas
ury, and surplus accumulated; and, instead of
absorbed by ordinary disbursements, 1t WIS dis
to the amount uf many 1nlhons, Mlnoug
the States. The effect Of the imitation was felt
III every hamlet and On every farm ln tho coun-
try. Wealth Was regarded us more certain from
the advance iu values of land than from its prod
ngnnst the United States Bank.
Chicago, though but village, was the centre |
Of the speculation in land: The principal in-
and luyihg out and selling town
lots. MOI only were Chicago lots un article Of
trAiic md source Ut wenltn, but all over the
aud Iunds were constantly changing hands, and
every time nI IN advanced price, elrichtng vii
who paEtIcipa,ted Fortunes were :, speedily
cred all too SOON that there WQS
LIMIT TO THIS INDUSTRY.
Young as was, these operadous appeared to
me to he unnatur.ll and lrlusfce. Tlis coudi-
The first shock to which the hubble was sl1b-
jectcd was the scnscless and wunlonly opprcs-
sivc Specie Circular: issued in July of
specie only be received fnr Government lands.
The order wa9sensoless. because the specie 80
received xas deposited in bank r.! Us currency TOR
benefited, and not the Government; while tue
settlers who during the continuance of the Or
DER were entering their lards were. severe snf-
ferers. The order applied to no other Govern
ncnt dncs. That the order was regarded and
Intended as shock, Is confirmed by tho reply
Of the President tor Secretary Levi Woodbury.
tu retnonstran against the order, wherein lie
said, "EDM tanks would not be shocked by it.
and others ought to be shocked" From this
time, with CHARACTERISTIC Inconsistency, nil
banks were denounced By the old General us
wicked Institutions; and the Democracy, ever
blind md obedient. took up the cry, and rushed
jN Eell-tutti uU LOAL LACK. All t11s f1lkErtuE
with finance, this indulgence Of Gen. Jackson of
,is vayaries, Has admitted by himself to be but
"EIpEn1MENTS
And well do l remember, and undoubtedly !
others in Chicago remember, the speech uf Dun |
el Webster OIL the campus Of Fort Dearborn, fi1 |
1877, wherein he said, :. No III authority had
luy right to experiment oil the vital interests OF
:wenty millions Of free people,"
The next blow the bubble sustained WIS the |
latlurp Of Benjamin Rathbun, Mt Buffalo, in /
August following. The bonn, however, wus too |
tronK to be Immediately affected ny these oc- |
The effect OF tho Treasury order was |
moderate IL! drdu upon the specie OF
u their purt, and q gradual tiehtcll-
operations III real estate, and thuse who hcld
uch property on credit-uud that wis nearly
very Operntor--were unable to realize on 1t to
meet payments The pressure continued with
Increasing force, and npon aH business opera- |
ions. until In April. 1851, the banking f1rt1 or
osephs j. Co, in New York, failed, after which
allure followed failure on every side until
lcarly every bank-,f not every one-fu tho
country had failed or suspended, and bank
uptcy was general.
THE BUHnLE Rad DTRgT,
II course business was paralyzed, and real es-
tate was nearly unstable. Such was tho !
General distress that President Van Durcn i
allied Congress together In extra session to !
letse means of relief. And I think the only
elief offered WAS the issue Of S,0WOOOQ II, /
..scasury notes,-thus, after NIL, recognizing |
he propriety and necessity for paper money. !
tut not renliziDg that paper money should ta,fy
" issued by banks, and based on real capital.