People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-06-23
A Chapter of History.

ST. Louis Republic.
Like some other people, General
Jackson was very liable to be infu
enced by those with whom he ate his
lunches and smoked his pipe. He
knew nothing whatever about finance
and so it was easy for the fnanciers
who had stood by him in his fight
with the National bank to use him as
they pleased. Democratic in all his
ideas, and absolutely fearless in car
rying them out, he became great,
not through special knowledge of
any one subject, but through his de-
votion to the cause of the people.
An autocrat himself, he hated op-
preston and oppressors with an I'M
relenting hatred, and when he found
the United States Bank usurping the
control of the country he saw very
clearly that it was his duty to over
throw the bank at all hazards, and
he did it accordingly. In doing it he
did liberty in America and the world
a service of incalculable value. The
common people of his time were not
mistaken in their instinct. They very
seldom are mistaken in the instincts
by which they know their friends,
and they knew Jackson was their
friend to any extremity. The gaunt,
determined old Tennesseean had the
most sovereign contempt for those
who estimated worth by wealth, and
he was never afraid to array himself
on the side of poverty and rags
against purple and fine linen. 1t is
true that he discovered the Pluto
cratic usurpation of the National
bank by the fact that it had tried to
defeat him, Andrew Jackson, the dis
interested friend Of the people, but
it never entered into his mind to
conceive that there was anything
selfish in his resolution to destroy
the bank. He thought it's destruc-
ton necessary for the preservation Of
the liberties of the people. And it
was.
Certain State bankers who agreed
with Jackson that the National bank
was danger to the country were re-
garded by him as men of the purest
disinterestedness This was matter
of course. All who were on his side
in great fight for the enfranchise-
ment of the people seemed to him to
be patriots, moved by the noblest
motives. In this respect, as in others
history is continually repeating itself.
It happened after Jackson had
overthrow the National bank, or at
least had gwen it its deathblow by
Withdrawing the Government depos-
its, that the eminently pure and pat
riotic Napoleons Of Finance in GER
tain Jacksonian State banks had
very little trouble in convincing the
Kitchen Cabinet that the only way
to save the country was to put the
deposits in their banks. Hence orig
mated the phrase ''Pet banks, " which
survives even 10 ILLS udY.
Now, what these Pure and Patri-
otto Zimri Dwigginses intended to do
was to relieve a financial stringenoy
by method which would incidentally
give. them large dividends on their
patriotism dividends to which they
held themselves entitled under the
rule against muzzling the OK that
treads out the corn.
On getting the Government specie
they proceeded to relieve the strin-
gency Ia the West, 'emore especially
in the more sparsely settled States, .
in the most benevolent way imagin-
able. The West had been demand
ing more good money. So these pat
riots proceeded to issue somewhere
from five to fifteen dollars in their
own notes on every dollar of the
Government specie deposited with
them. These notes they shipped
West on the financial theory that
"Now is Forever" calculating that
it would take long time for them
to get back.
By the banks or by others these
notes were invested in Government
lands in Indiana, Ohio and other
Western States, where Government
lands were then being sold at nomi-
nal prices in order to induce settle
ment and secure revenue.
The arrival of the fresh paper
notes from the Patriotic and Disin-
terested Friends of Sound money in
the Northeast produced great activi-
ty and great satisfaction in the West
and the Government revenues were
swollen by the receipt of large sums
IN the notes of the Patriotic Jackson
ian banks.
The Patriotic Financiers of the
Pet banks congratulated their friends
in the Cabinet and in the Kitchen
Cabinet, who in turn congratulated
Jackson. That splendid old Demo-
crat and magnificent fighter was
never better pleased in his life than
in finding that his judgment of his
merits as a fnancier had been thus
triumphantly yindicated. He took
his feet down from the mantle,
knocked the ashes out of his Pow
hatan pipe and proceeded to add a
section to his message congratulate
i