The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-10-13

that committee of exchange was formed
1.-THE President of the bank, which was
authorized to exercise all the functions
of the directors; and yet no one of the
government directors was placed upon
this committee. 1t was this committee
of exchange that made the liberal appro-
priations for printing! proceeding in
volving twOfold violation of the char
ter, In that, the committee of exchange
had no legal authority, while the appro
priatiors, even If made by the directors,
Woul have been illegal. The questions
relating to the re-charter of the bank,
and of its continuing to be the deposi-
tory of the public money, were political
questions of the first importance. The
President of the United States. and a
large part of the country and of Congress
took one view of the subject, while the
stockholders in the bank and their
friends took the opposite view. The gov
eminent was a stakeholder, as we'll
as a depositor, and for the bank to
use the funds entrusted to it for politi-
cal purposes-in support of one party
against the other, was fragrant abuse
"a criminal misuse of thepublic money,
and violation of the charter.
The fact was developed, also, that
Congressman were borrowers from the
bank, as well as newspaper editors,
under circumstances which could leave
no doubt of the purpose and effect of the
loans.
1t has been seen that the President. in
taking this important step, was unsus-
tanned by his Cabinet, and by his lead
ing friends in Congress; that the Vice
President was opposed to the measure;
that Silas Wright, the stalwart Demo
erat of New York, was opposed to it in
a word, all the leading men of all parties,
were opposed to it. Yet the instructive
knowledge which General Jackson had
of the people, his consciousness of being
in the right, and his imperial will as
sured him of ultimate triumph. How
poor and mean do the leading politicians
of the day, appear by the side of this
forest born hero and statesman
The tribute paid him by Mr.. Benton is
as true as it is strikingly beautiful He
said
This measure (the ceasing to deposit
the public moneys in the bank of the
United States) was the Presidents own
measure, conceived by him, carried out
by him, defended by him, and its fate
dependent upon him. He had coadiutors
in every part of the business, but the
measure was his own, for this heroic
civil measure, ike a heroic military re-
solve, had to be the offspring of one
great mind-sel acting and poised
seeing its way thr3ugh all difficulties and
dangers; and discerning ultimate tri-
umph over all obstacles in the determine
ton to conquer them, or to perish. Ooun-
ellis are good for safety, not for herosm-
good for escapes from perils, and for
retreat, but for action, and especially
high and daring action, but one mind
is wanted"
The Bank Of the United States was a
great monopoly in its day, but incompar-
ably small in comparison with the giant
monopolies of the present day. Would
to God that we had Jackson and
Benton-a dozen or more of them - to
deal with the monsters that now menace
the liberties of the people.
Next week propose to present view
of the evil consequences that immediate
ly followed this great measure of reform.
The overthrow of old systems, however
evil, are apt to be attended with imme-
date i'll effects. But prosperity is sure
to reap the benefits.
DANIEL r. GOODL0E.