The Louisiana populist. [volume] (Natchitoches, Natchitoches Parish, La.) 1894-1898, 1894-09-21
AMONG THE RECORDS.
HOW THEY VOTED ON THE
EXTENSION OF NATION
AL BANK CHAR
TER.
The Power Of the Banks Over
the Currency and Over
the Business Of the
Country.

S"h l'SOliO 10 CHhdi III illpoI tdllC'
to the money question, and nC
phase Of the money question is Of
equal Importance to that relating
to the power to issue it. The con.
stitution of the United States gives
congress the power to ''coin money
and regulate the value thereof. .
10 coin means to create, and the
Supreme court of the United
States has said that congress has
the power to issue or create paper
money, and to make it legal ten
der in the payment of debts. In
1910 the democratic party declared
that congress had no right to
charter a United States bank. y
They further declared that "such
an institution was dangerous to the
liberties of the people and calcula-
ted to place the business of the
country within the control of a
concentrated money power and
above the laws and the will of the
people" That plank was rcafhrm-
ed in every platform up to 1860.
Since that time both parties have
espoused the. cause of the
banks of issue. jefferson said
that thanks were more dangerous
than standing armies" At anoth-
er time, in a letter to Mr.. Eppes,
he said, Shank paper must be sup
pressed and the circulating medium
restored to the people to whom it
belongs" John C. Calhoun said,
"The bank is union of the gov
ernment and the money power-a
union far more dangerous than
church and state" Henry Clay
said, 81 conceive the establishment
of national bank dangerous to
the safety and welfare of this re-
public"
Thos. H. Benton said: ''Gov-
ernments ought not to delegate this
power issuing money! if it could.
1t is too great power to be trusted
to any banking company whatever,
or to any authority but the highest
and most responsible government" f."
In two of Andrew Jackson's mes
sages he opposed it with all the in
tensity of his nature. In his fare
well address he said:
''The result of the ill-advised
legislation, which established this
great monopoly, was to concentrate
the whole moneyed power of the
country, and its numerous de-
pendents, under the direction and
command of one acknowledged
head; then organizing this particu-
lar interest as one body, and Sc
curing to il unity and concert of
action, throughout the United
States, and enabling it to bring
forward, upon any occasion, its
entire and undivided strength to
support or defeat any measure of
the government In the hands of
this formidable power, thus per-
fectly organized, was also placed
unlimited dominion over the
amount of the circulating medium,
giving it the power to regulate the
value of property and the fruits of
labor, in every quarter of the Un-
ion and to bestow prosperity or
bring ruin upon any city or section
of the country, as might best COM
port with its own interest or poll
cy."
No principle in political economy
is better established than that the
volume of money regulates its
value as compared with commodi-
ties. In other words the volume
OF money in circulation fixes
prices Then the power that con-
trols the volume of money also
controls prices of commodities.