Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1883-11-02
Observation-Disclosures
Id Hickory and His Crusade
Against the National Bank.

Old Hickory and His Crusade
Against the National Bank.
Ben Perley Poore's Esceilecsions.
Fifty years since the country was con.
vulsed by the conflict between President
Jackson and the United States bank.
The bank was a corporation with a CAPT.
tai of $50, noe, 900, and it had branches in
many of the states. 1t was the sole fis-
ca! agent of the United States govern
1nent, and the public funds were de-
posted in the vaults of the bank and OF
it's branches. Five of the directors
were appointed by the United States
government, and the others were lead
ing Philadelphians. The president was
Nicholas Blddle, a gentleman OF rare &C
eomplishments and high character. and
he had fortified himself by making loans
te leading editors in different parts Of
the country, and to distinguished in
pecunious politicians. The bauS WAS
very prosperous and its stock was in de-
mand at q high premium, when isaac
Hill, of New HAMPSHIRE. then an audi
tor in the treasury department q; Wash
T. Il
son, president of the branch bank at
Portsmouth, \. H.. and demanded lis
removal.
This was refused, and Mr.. Hill lost no
time in eniisting the lre.i,l mt IN cru
sa ie against the bank 20 Il il chory"
had Just sqnelched notification in south
Carolina, and he turnta caseriy to
square Off against a new foe. Congress
t1srrg arding the presii,'nr sssel bill
reciartering the bank after tie expirA-
ton of lts charter in 1896 Jaskson not
only voted the bill, tut Eo hai the l,ub~
he fund sWithdrawn from the u tied
states bank and its branches, and trans
ferreH 10 vario IS State banks. This
forced Mr.. RiAdle to contract the i,usi-
ness Of the United States bank to tie ex-
tent Of the average amount Of public
money held by it on
dep''sit. Agitation and alarm prevailed
throughout the country: paralysis seized
on every branch Of trade; the notes of
State banks deprecated; stocks fell
from ~ TO 40 per cent; real es,te de-
clined; manufactures were 6us, :cnded,
and large numbers Of jaborer8 wee dis
charged without any means pf support.
"Oid Hickory" see LED t, reveI III TIE
din OF the contest, and to enjry he
quarters, asserting that al this distress
was the work Of Mick BiI;. and he
bank." He and his friends declared it
had dabbeA III corn ana sto ks, That it
had made donations IT, roads nd canals,
that 1t had built houses to rent asa,i sell,
that If had suborned the public press
ana stopped to cOrruptlOn, and tuat it
should be closed at once,
The friends Of the bank, coma w VIC
lent, accused the president Of pen and
daring usurpatlon. After having: in de-
tance Of the constitution a:i lass, as
sumed the control al the exetu tirt, aud
judicial branches Of the government, Of
the army and O: the navy, he bow sought
to seize the public purse, as Julius Cte-
sar had seized the public treasury at
Rome. Tie merchants in diIeren' cities
finding themselves on the v.r!e Of bank
ruptcy sent 1epuations to Washington
to demonstrate with the president.
One Of these dele gatious, from the
c y Of New York, bearing a petition
signed by 5000 merchants, went 10 Wash
ln&ton, headed by Mr.. James G.. King.
Visiting the white house, they were I'D
mltted into the presidents privA.e office
Where they found him seated at table
writing, with long clay pipe III lis
mouth, which he WAS industriouslv
smoking. After courteous!y greeting
them, Mr.. King began in ilynifie>l man
ner, to state the object of the visit He
had said bat a few words when General
Jackson INTERRUPTED him by saying:
"Nr. King, believe YOU are son ct
Rufus kinz:?' Il am, SIR was the ans
wer, We'll, SIR" exclaimed the prcsi
dent IN an angry voice, gesti, Mating
widely: "Rutu, King was always Fe-
eralist, and | suppose you take after
him. You talk abon5 insp'vencv? What
Bidd!e. He has all the money.
He has millions OF species in his
vaults at this moment lying Idle,
and yet you come to me to save the
merchants Of your city from breaking. |
tell you, gentlemen, it's all politics, and
do not intend to change nv position"
The delegation retired, feeling glad, as
one OF them afterwards obserYeti, tina:
be had not kicked them down stairs
All through the summer OF ISL; the
tight went on, to be continued for eev-
eral years. Mr.. Biddle, seeking ,o save
himself by cotton speculat;uns, lost the
entire capital of the bank. pilnging
thousands into bankruptcy. He retired
to his ruraf home, on the banks OF the
delaware, unable TO Withstand 'lc Storm
OF oblcqny that assaileu hin, IN rhiadAt-
phia. His bearing was cslm and cisni-
fed rs in his proudest days, vixen he
vas tn" financial autoHrat Of the Wrest-
era Hemisphere, and nov 'non. so
poor 70 do tim reverence jackson
WAS reveDged by the failure Of the state
banks, which plunged the country into
financial ruin, but he remained til. idol
of the people. He had killed the
'u1onster,' and he retained ttlo graft
tude Of the people even thro 'gh the in
tiation OF 1856, the Oankru ptcy OF 1887,
and the hopeless business depression Of
the five following wears