Los Angeles daily herald., 1888-05-30
..... s.nnntry with YllgllIl
The public moneys bad ]

n,sceA In the custody OF the deposit, oy
focal banks, and with the suspehsion 3
specie payments by these banks, whichy
took place early in 1887, came the stoppaEe
Of the Treasury. Clay, who had become
the leader Of the Wings, was the author OF
the bill which, in 1885, gave the public \
moneys into the keeping OF the states
and their banks. With the advent OF
the panic, in 1887, it was realized, too
late, that the "distribution OF the SUR
plus public moneys with the States" was
an unscrupulous contrivance on the part
of the Wings, and the so.called Bank OF
the United States--whose Nation
al charter had expired--for the
purpose Of bringing them into
power. President Van Buren, sfemmed
the tide OF the panic, and during his
term of Office established the principle
that the Government revenues should be
receivable in coin only, and nearly sue
ceeded in establishing an independent
Treasury. His Administration had been
satisfactory to his party and he was NOM
mated for second term by harmonl'
GUS vote OF the delegates. fsit'
In the election OF 1910, General Harri'
son was put up by the Wings IN
opposition to President Van Buren, fo
two reasons: His militarg .=-z=a' s1s q
L....u. a x-s.s-ssiartty---a strategem
3 Ss.s,b p@ Js.s 'oeen used by the Republican
f,srty in later years-Snd his availability
which, ior the purpose, was the only
ability asked for. The nomination Of
General Harrison was secured by
subterfuge introducing the corrupt
plan of the modern Republican primary
into the National Convention--a process
for the first time adopted by such abody,
and certainly not in the purview of the
trainers OF the Constitution, who sup
posed they were giving to the Nation the
choice OF its own Chief-Magistrate.
The contest before the people was the
severest in the Union, up to that time
and hardly equaled since. The whole
Wing party, and the league OF suspended
banks, headed by the Bank of the United
States making its last struggle for a new
National charter in the effort to elect q
President friendly to it, were arrayed
against the Democrats, whose hard
money policy and independent Treasury
scheme met with little favor in the then
depressed condition OF the country, not
yet out Of the throes OF the panic. Cen
eral Harrison received two hundred and
thirty-four electoral votes, amt President
Van Buren sixty; but the popular vote
was 1,275, GIL for the former, and ,l35, ,76l
for the latter.
This bit of forgotten history shows that
the Whig party, in 1910, sacrificed the
material interests OF the Republic for the
sole purpose OF placing in power the rep
resentative OF the monopolistic and
moneyed class.
The Sun, in one portion OF the article
under consideration, contradicts itself
and tacitly, though unconsciously, sd-
mits that the second-term question had
nothing to do with President Van
Buren's failure. 1t says:
Notwithstanding his calamitous defeat before
the people in 1s4O Van Buren did wha.
smaller men can never hope 20 do he retained
his grasp on the party machinery in many
States, and but for the, two5hirds rule would
have been renominated in lS41, for he had 8
majority on the first ballot.
The defeat OF President Van Buren, is
not precedent based, as it is, upon .
Huperstitious fancy Of the Sun, for future
defeat Of Presidential candidate OF the
Democracy for a second term. II wat
the result alone of an unholy conspiracy,
and the Republicans would, if possible,
repeat the achievment Of their progoni-
tors, the Wings, and sacrifice the best
interests of the country to place a
uubservient tool Of monopolies again III
power; in fact, they are already partially
SSufprir, 81 1 1A l,s, o,,t