The advocate., 1894-07-11

orbyS mao she public money; and most zeal
Ously did each division Of the combination
perform itg part for the long period Of
three full months.
How natural this cry of alarm for
the safety Of the IGlUs and the cONstj-
tuition, the public liberty and the pub
Idc money sounds at this time. Mr..
Benton continues:
The decision Of the resolution condemn.
ing General Jackson ON which all this ma
ohineRy Of distress and panic was hung re-
quiPed NO part Of that time. There was thO
same majority TO vote il the first day as che
last; but the time was wanted to get up the
alarm and distress; and the vote, when
taken, was mot from any exhaustion of the
means Of terrifying and sROnizing the COun-
sry, but for the purpose Of having tie sem
tenCe OF condemnation ready for the Viz
giniR eleCtiOns-ready for spreading over
Virginia at the approach Of the April cleo
tiOns. The end proposed to themselves by
the combined parties was, for the bank, a
rechart0r and the restoration Of the de-
pOsitg; for the politicians an ascent to
power upon the overthrow of jackson.
Continuing the subject ON page
415, Mr.. Benton says:
From the moment Of the removal Of tho
deposits, 10 was seen that the plan Of the
bank Of ths United States was to force their
return, and with IL the renewal Of It's char
ter, by operating on the business Of the
country and the alarms Of the people. For
this purpose, loans and accommodations
were TO cease in She mother bank and Rllits
branches, and In all the local banks ever
which the national bank had control; and
az the same time that discounts were
stopped Ourtailments were made; and all
business men called ON for payment Of
ell they owed, at the same time that all the
usual sources Of supply were stopped. This
pressure was made to fall upon Che bust
ness community, especially upon large es-
Establishments employing great many op-
sratives, so as to throw as many lsboFing
people as possible out Of employment,
How very similar was this proceed
ing to that pursued by the banks in
1893 to secure the repeal of the Sher-
man Law. Continuing MI. Benton says:
At the same time, politicians engaged in
making panic, had whab amounts they
pleased, an instance of loan Of 800, 0,OO0to
a single one Of these agitators, being de-
teoted; and loan Of $1,100,O00 10 broker
employed in making distress, and in re-
lieVingBit in favored cases at usnry Of 2116
per cent. per ;month. In this manner the
business community was oppressed, and in
all parts Of the union at the same time; the
organization Of the national bank, with
branches in every state, and its control
over local banks, being sufficient TO enable
ID TO have les policy carried into effect in all
places, at the same moment, The first step
in this policy was to get up distress meet
ings-R thing easily done-Rnd then to have
these meetings properly OfaCered and con-
Quoted. Men who had voted for Jackson,
but now renOunced him, were procured for
president, vice. presidents, secretaries and
orators; and, after sufficient exercises In
that way, q memorial and q set Of resolves,
prepared for the occasion, were presented
and adopted. How natural all this
sOunds.-ED.l After adoption, the old way
Of sending by the mail was discarded, and
q deputAtiOn selected 10 proceed TO Wash
ingbOn and make delivery Of their lugubri-
Ous document. [And there were NO Washing
ton policemen 10 keep these deputations of
the Rrass.-ED. These memorials Rener-