The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-22
the charter OF the second national


had made much progress at Wash
ington. 1t was the only powerful
moneyed monopoly. Congress was it's
plant tool, subsidized press was ca
ger to do its work, and a cursory
glance gave it credit for complete
control of the situation. This view
did not include the measurement of
Andrew Jackson. Congress had
passed an act to recharter the bank,
but he had not signed it. Would he
do SO? His cabinet advised him to do
so. Could he take such course and
not violate the constitution? Was
not the bank an insidious enemy of
the people? British in habitat, it
was originally pampered into opu-
lence by official duplicity and corrup-
ton. And had it not sought Ameri-
ca to accomplish by covert intrigue
what British arms had failed to do in
the arena of war? True, the wings
had adopted it in its foreign guise
and had nursed it into vigorous life
on the bosom of the republic. Were
not the wings the custodians of the
principles of the old tories? Though
the president had been deserted by
majority of congressman and by a
majority of his cabinet, and was har-
raised by a bitterand relentless press.
would he weaken and quail in the
presence Of this gigantic but domes-
ticated enemy of liberty? Instead Of
this, it was in proportion to opposi-
ton and the perils that surrounded
him that he arose to the full mastery
of the bank position. Danger could
not turn him from the pathway of
duty, or corruption unermine and
thwart his purpose.
Sir Robert Walpole was an emf
nent advocate of corrupt practices.
He lived best and thrived most in an
atmosphere of political rottenness.
With him, Every man has his price"
was a choice maxim. This rascally
principle, when put to a test, some
times fails. 1t was SO in the case be-
fore us. Had the bank put every dol
lar of it's thirty-fve million dollars 1T
the feet of the president as bride,
it would not have purchased his sig
nature to a renewal of it's lease of
life.
| In searching for the means by
which the bank had Influenced con-
gress to vote for renewal of it's
charter, it was discovered that the
bank had loaned to congressman the
following sums:
In 1880, to 81 members, $192.161
| In 1881, to SO members 322, l99
In 1882, to A members 478,069
In 1888, toss members 374, 766
| In 1884, to 81 members 23S.5S6
$l,6O5,7S1
This is total greater than the
aggregate salaries of all the mem
bers of both houses of congress dur
ing those five years.
That such moneyed institution
bank corporation without soul,
with twenty-five branches and ire
mendous powers for evil-should be
able to buy it's way to the verge of
regal power in a free government
where equal rights are guaranteed to
all, was enough to make patriot
sick at heart. 1t seemed within
reach Of unlimited power, but a
Jackson was in it's way. The bank
was Louis Grayle seeking renewed
life, and the president was Haroun
of Aleppo. Unlike the latter, the
president resolved to act upon the
aggressive. Refusing all overtures
for personal profit, he defied malice
and trampled upon policy. Then
with the club of the veto he struck
down the bank without mercy. He
followed with the removal of the
government deposits, and the rights
of the people, for time at least,
were comparatively safe.
But the vile system from which
| the national institution sprung was
still alive, and state banks became
more numerous than before. These
state banks, however, were not as
ISOLATED, and their power for evil
was thereby vastly less. OF the Sec
ond nat ional bank Senator Benton
said
Jackson has not killed the bank
She is a wounded tigress. and has
es 'aped to her jungles. BY and by
she will return and bring her whelps
| with her.
The truth of this prediction was
verified at the commencement of our
late civil war. To meet the need Of
money for purchase of war supplies
and the payment Of the soldiers, the
administration, with Mr.. Lincoln
president, issued government notes
directly to the people with whom
they were dealing. This was by law
of congress, and the notes were made
full legal tender.
IT, -