People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1894-02-23
SOME BANK HISTORY
OPPOSITION TO PRESIDENT
JACKSON'S REFLECTION.
The Bank as Political Factor-Ut-
, terances in the United States Senate
by Senators Calhoun. Beck and
Others.
NO. 3.

no. 3.
President Jackson's hostility to the
United States bank provoked an op-
position from that source, as well as
from the commercial community, that
has never been elualed in its inten-
sity. But he STOOD firm, and through
the support OF the people he came out
victorious. The extent OF the hostil-
ity to his reelection is apparent in
the tone of the speech as made at that
time. Thomas Benton, who heartily
supported Jackson's election, in a
speech in the United States senate,
said:
The bank is in the field, enlisted
Tor the war, battering ram-not to
beat down the walls OF hostile cities,
but TO beat down the citadel Of Amer
lean liberty; to command the elections
and elect a bank president by dint of
bank power The bank is in the field,
a cOmbatant, and fearful and ire
mendous one in the presidential cleo
ton. If she succeeds there is an end
OF American liberty, an end of the re-
public. The president of the bank
and the President of the United States
will be cousins in the royal sense of
the word. They will elect each other;
they will transmit their thrones to
their descendants.
THE bank has thrown herself into
the political arena to control the
presidential election. If she succeeds
in that election, she will wish to con-
solidate her power by getting control
Of all other elections. Government of
states, judges of the courts, represen-
tatives and senators in congress, all
must belong to her. Tbs senate es.
peciallY must belong to her, for there
lies the power to confirm nominations
and 10 try impeschments To get
possession Of the senate, the legis-
latures of majority of the states will
have to be acquired. The whole gov
eminent will fall into the hands of
this money power. An oligarehy will
be established, but that oligarchy
will in few years ripen into mon
archy."
This memorable struggle ended in
the complete triumph OF the people
over the banks Jackson's reelection
indicated his course, and, for the
time being, defeated moneJed cor
poration that was undermining the
liberties Of the people. But this
power, though suppressed for time,
was not thoroughly rooted out From
that time forward, however, until 1Se0
opposition to national banks of issue
constituted one of the principal planks
ia the national democratic platform.
In 1910 the following plank was
adopted:
Resolved, That congress has nc
power TO charter United States bank;
that we believe such an institution
one of deadly hostility to the best in
teres:s of the country; dangerous to
republican institutions and the libsr.
ties of the people, and calculated "
place the buSipsSs :; Hae country
within the control of a concentrated
money power, ahO.s tie laws and the
will of the people"
This plank was reaffirmed by all the
subsequent national conventions o.
the democratic party up to 1860, wher
it seems that opposition from tina
party ceased.
The present national banking sys
tenn, in all its evil effects, is similar L
the old United States bank. The pres
ent system ha7 even greater privileges
and vastly more power than had tn,
old United States bank. While tn,
old bank had but SIS, 900, 900 of capita
the present system has a capital stool
of nearly 100000, 900, or about twent,
times as much. Both could WELD tn
same power over the currency AM