Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1882-01-14
POWER OF THE NATIONAL BANKS.

jrOpriate to remind our more youth.
Ful readers OF that exciting episode In
our national history. During the
first term of President Jackson, the
United States Bank sought q renewal
of its charter then drawing to . close,
md congress having passed bill for
hat purpose, President Jackso DEEM
ID it his duty to exercise his constit.
l,ional prerogative aud interpOse his
veto. This exercise Of an undoubted
right and duty by the president, rais.
I'd storm of excitement which
to sweep over tie entire
country aud PROSTATE all who dared
10 oppose the desires of the bank. Its
president, Mr.. Nicholas Biddle, was
i mai of great ability aud experience.
as well as au elegant scholar OF rare
culture. His courage was equal to
his intellectual attachments, aud he
threw himeelf and the influence OF
the great institution, Of which he was
The head, into the political arena
against the declared policy OF the I'D.
and not only defied its
power, but sought to bring it into
contempt with the people. By sud-
denly, contracting its circulation, aud
to the commercial conmgpi.
ty its usua! en-, mitch MS Ell sAsiil- :
ties. the country wac reused to =
frenzied excitement. Public meet
lngs were held in tho large cities. ct
which inflammatory speeches were
made and violent resolutions were
adopted. Public journals were en-.
listed, by liberal loans, in q crusade
against the government, and senator's
and representatives of the people
were dabauched, seduced from their
allegiance to their masters and their
best interests. aud converted into the
servile tools of great moneyed in-
stitution. Great commercial distress
was produced, and, as . natural 70.
suit. universal suffering among the
labcriug classes followed. The pub.
lie Journals in the pay Of the bank
charged this distress upon the gov.
ernment instead of the guilty cul-
prit, while its paid attorneys In cou.
gress daily hurled anathemas against
the brave old soldier who dared to
stand between the dearest rights OF
the people aud creature of the gov.
ernment which assumed to be greater
than it's creator. Immense delega-
tions, with monster petitions, gotten
up by the creatures of the bank. came
swarmiDg TO this city, and made the
air of tho capital sulphurous with
their deuunciations. So far was the
hostility OF the bank to the then head
of the government carried, that The
president was frequently threatened
with assassination, but, fortunately
to carry these threats iuto execution.
ho oly S,n hfnk n
influence of the bank had been thrown
lnto tho political contest against the
government aud tho people, conviuc-
ed General Jackson that the bank was
more dangerous to the liberties Of
the people than even he had imagined,
and satisfied him that If tho govern.
nent did not throttle the mouseer ct
once aud efiectually. its power aud In.
huence, under SO able, skillful, and
courageous leader 40 Nicholas Bid
die, would continue to grow until sho
government itself would become .
servila suppliant At the feet Of this
audacious money-power. With An.
drew Jackson, to think was to act.
and determining 10 strike . DEATH
blow OF the hydra, he removed the
public deposits from the vaults Of
the United States Bank, and placed
them in the keeping Of certain state
banks. This action of the president
intensified the hostility Of MIR. Biddlo
nnd his followers, and the unfOrtun-
ate selection of some Of the now do.
positories tended to increased the pub
lie suffering, aud added to the already
widespread excitement in the coun.
try. Satisfied, however, Of the cor.
rectness Of his conclusions, unmoved
by clamor, nnawed by threats, the
brave old president held firmly on bis
course, until his countrymen gather
ed around him, and be saw the bank
that rad de6ed the government final.
" stamped into the mire amid the In.
dignant hisses of I'll outraged peo-
pie. The Bank of the United States,
over which Nicholas Biddle presided.
was chartered with capital Of $S6,-
0O0, 1000. aud yet, through its numer.
GUS branches and their local direc.
tories, its army OF subsidized news
papers, and its peDsioned cohorts in
bo,h houses of congress, such warts
vast power and influence, that IL 10
questionable to-day if any mau pos
sessing less of the iron nerve, In.
domitable courage, aud stainless in.
,egrity oI Andrew Jackson, would
not have been vanluiShed in the long
and bitter strife. Thanks to God aud
the people, the old here was the VIC
tor, and human wisdom sAd far-see-
Ing sagacity was never moro fully
viudicated aud illustrated than was
the action of President Jackson IN 4,is
long struggle with the bank Of tho
TJnitad Stafaa
This reference to an almost forgot.
ten page Of history is neither aimless
nor purpos eless, for il .'history 10
philosophy teaching by exsmples the
memory of the struggle Of A8rew
Jackson with the managers Nne
bank with capital Of only $3RB00,.
900, should not only be cherishSd -
q venerated manifestation of exalted
courage and lofty patriotism In the
past, but should be remembered and
held up for the emulation and en-.
couragement Of the mon Of the pres.
ent. II fifty years ago . single in.
stitution, with q few branches st im-
portant commercial points, with an
aggregate capital that was less than
many private fortunes of to-day. WAS
able to cenvulse the country with ex.
element and suffering. corrupt the
public press, and buy members Of
congress- By the dozen like sheep In
the stock-yards. brave the govern.
ment. aud threaten its chief magic
trste, what may not yet be done In
that direction by tie combined power
of the national banks of to-day
These favored pets of congress now
number tOenty.one hundred and thir-
ty-t,0O. with an aggregate banking
capital OF little less than four hum
dred and sirty: four millions Of dsl-
lars. Suppose these etwenty-One han.
dred aud thirty-two banks, bound to.
gether by the strong ties of mutual
interest, it not, rs Mr.. Calhoun onos
phrased it, "by the cohesive power OF
public plunder." should desire to pass
or to prevent the passage of some
measure pending in congress. imagine
the immense power they can exert.
A contribution of one thousand
dollars from each Of the national
banks, and that is but . tribe for
them, would aggregate more than tuo
millions of dollars to be devoted to
any purpose that interested them, and
constitute corruption fund Of rath.
er formidable Dimensions. These
banks are constantly represented In
congress, either in the person of pres
idents, cashiers, or stockholders, aud
whenever they have q sufficient in
ducemeut to carry or to defaat n