The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-28

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was chartered. TO expire in 1916. The war
OF 1912 had totally upset all financial con-
ditons. and. In 1916 when a proposition
was brought forward TO recharter t"e
| Bank OF the United States for twenty
| years but little difficulty In passing '"e
act was encountered. The banks expert
ence during the preceding t"eh'y-"M
years had now made 1t strong aha' WI"
a new lease of life for twenty years H'oio'
! IL at once began 10 show what 1t WAS
capable OF doing. It's capital was $9'V'V'-
go a sum equal IN power to perhaps
as mucb as $3.50. 900 now; the Govern
/ man, was a stakeholder TO the extent
of one-nfth Of the capitals 1t put out
ts potes i'm vast sums and they were
! receivable in payment OF all dneS 10 'he
| Government: all the revenues Of the COW
ernment were deposited in 1t, and II pald
! ,,,oroe, unon the Government money
| that II held. IL was. therefore, gigantic
money monopoly, carrying on the traue
Of banking upon the revenue ana creol'
| of the United States and with the thi'en
states as a partner. With branches IN
every state. it is easy 10 see lhat d"
institution granted these privileges anu
| protected in them by the law vas y
mower I'm the land that nothing else pu'
a majority OF the people acting togetheI
was equal to opposing. The president Vi
| tho bank stated to congressional com
mittee in an unguardcd moment tha'
there are very few banks when might
not have been destroyed 10y an eNerio"
of the power Of the Bank Of the Oni'eo
| States.
The institution went on in its career
exciting the alarm Of all thinking H''"'
but fastening its grip more ana more
| tightly upon the people, until Andre"
Jackson was elected President in lHSS'
The charter Of the bank was to expire
in 1886. and this sturdy Democrat ana
| patriot knew that unless the country
| was aroused between that time ana lH1o
the bank would interfere In the e'ect'o"S
in such a way as to make the 'ohsIe S'
Of 1875 subservient 10 its wishes. Accord
incIv i'm his first message TO Congress
! General Jackson called attenuon 10 lho
| fact that the banks charter would expire
in 1896. and he expressly warned congress
that il behooved it and the country 10
commence at once to consider the question
whether such an institution was com
patibIe with our Democratic society.
This massage in the Presidents mes
| sage WAS like an aarum bell sounded
in the night. 1t put all thinking men 10
! considering whether tho country had not
mt jts neck under the yoke OF money
monopoly which would end by uSurplns
all the powers Of government ana re-
ducing the people to a condition OF slavery
TO it. 1t was the commencement OF that
Unparalleled political struggle in which
money. organized and directed by keen
| intelligence at the centre, showed what IL
was capable of doing This money mo-
! nopoly came very near proving ltseh
more than a match for this nation. with
IFS arms spread out through the whole
| territory of the nation, and its agents
spending it's money to affect the cleo
| lions. enlisting many of the hrst men
of the day i'm it's cause, it rent ana tore
our social fabric and almost pulled II
| down. one of its schemes was TO plunge
the whole country into a state OF imam
! cial panic, that the argument might be
made that the Bank of the United States
couid alone rescue the country, and the
overwhelming panic of 1887, that pros
,rated every interest i'm the United States,
was the result.
The people proved too strong for It,
however. and it was finally defeated, and
it's charter expired by limitation in 1896
| Then the fun nature of it's existence
| came TO be disclosed 1t soon tr1nspred
that Il had squandered all its own vast
resources and the vast sums that had
| been entrusted to it, and was hopelessly
| bankrupt \ committee of its stock
| holders Investigated its affairs and re-
| ported on them TO the whole body Its
| field of destruction had spread all over
| the United States and had reached to
| Europe Foreigners as we'll as citizens
were ruined. peers and peeresses, plow-
! men and washwomen merchants, trades
! men. lawyers. divines. widows orphans,
wards and guardians had all suffered.
| How sucn universal ruin could be worked
! is the lessen Of history, and the report
| of the stockholders enables that history
| TO Toe written From 1890 TO 1896, the pc
Rod Of it's struggle for a recharter, the
! loans and discounts of the bank were
about doubled, it's expenses trebled.
| Nearly thirty millions of these loans were
! not of a mercantile character nor openly
made. but Illegally and clandestinely.
| They were to members Of Congress, to
| editors Of newspapers. 10 brawling poll
| :icians. to brokers and jobbers, 10 favo-
rites and connections.
Senator Benton tells in his Thirty
| Years in the Senate what a member Of
| Congress told him. lie said he needed
| $1,000 and could moi get il at home. He
| went to Philadelphia-to the bank-in-
| quired for the president, Mr.. Biddlc was
shown into an antc-room, supplied with
newspapers and periodicals, and asked to
sit and amuse himself, the president be-
| ing engaged Cor the moment. Presently
a side door opened. lie was ushered into
the presence. Gracously received; stated
his business. was smlingly answered that
he could have it, and more if he wished
| Il; that he could leave his note with the