The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-11
: THE REAL

The Philadelphia Press reprints an
article from an old magazine loaned to
it by a resident of that city, which, in
view of the recent celebrations of st.
Jackson's day. is specially interesting.
The article is entitled. Jackson and
State Banks" and was first printed in
Holden's Dollar Magazine. published in
New York in 1s4S. The writer of the
article says that in June. 1921, he INST
General Jackson on a street in Nash
vile and hat Jackson. handing him a
paper. said: II will thank you. young
man, to sign this paper. It is a re-
monstrance against chartering a score
or more of banks. Come, my young
friend, don't hesitate; step over the way
to Stephen CantrelTs store. sign it at
once. and whatever is to be done must
be done quickly. There's no time to
be lost if we expect to nip these bank
ing swindling schemes in the bud"
The young man stepped over the way
to Stephen Cantrelrs store and signed
the paper, whereupon the General
thanked hin warmly and went on his
way to obtain more signatures. The
article proceeds:
He obtained a large number OF signatures
in the city Of Nashville and the adjacent
county; and, having prepared himself for
any emergency that might occur, he pro-
ceeded to Murfreesborough, where the Leg
stature of Tennessee was in session, and in
person presented the remonstrance to the
Speaker, at the bar Of the House. OF Rep
resentatives. He took the liberty to ex-
ercise the strange privilege of Parliament,
inasmuch as the freedom of the House had
been voted him by an anterior Legislature.
Tn odious bank bill was under discussion
at the time the remonstrance was pre-
sented, and General jackson took the lib
erty to present his views on the subject.
He denounced it as an abomination, a
scheme to swindle and defraud, and, hand
ing up his remonstrance, he stated its ma
ture and contents. and added. If any man
voted for the bill then pending he would be
guilty of treason to the trusts conhded to
him by his constituency, and If indicted a
jury of twelve men would find him guilty
of willful and corrupt perjury.
Five years before this time the State
of Kentucky had passed an act estab-
fishing forty-two independent banks"
as they were called. 1t was a sort of
State free bank law. The banks were
established in remote out-of-the-way
places and were all banks of issue.
The speedy collapse of the system in
hicted heavy losses and great misery
on the people. No doubt this ex-
p~erience in a neighhoring State intensi-
lltQ JdCkSO1 IdsiCu VI a Wllu-Cd( Sul-
rency and caused him to determine to
do all in his power to keep Tennessee
from following the example of Ken
lucky.
On Tuesday last Democratic clubs
and societies all over the country cele-
brated in homo of Jackson. AT all Of
these celebrations speeches were made
praising Jackson as one of the fathers
of the party and claiming direct descent
for modern Democracy from him. Yet
the last Democratic national conven-
ton declared we recommend that the
prohibitory 10 per cent. tax on State
bank issues be repealed" and the pres
ent administration has just failed in
an attempt to r~e-establish the State
bank system, If Jackson could speak
o he would score the political
charlatans who are attempting to con-
jure with his name.