The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-09-29
GEN ANDREW JACKSON
HISTORY or HIS DEALINGS WITH
THE FINANCES OF THE
COUNTRY.
THE UNITED STATES BANK

The UNlTED SIAiES bANf
In His Annual Message of December A.
1892, He Pointed Ont Some of Its
Evils and Recommended That the
Government Dispose of Its Stock in
the Bank. Declaring That it Was Nc
Longer Safe Depository OF the
Money of the People.
WASHINGTON, D. c., Sept. 81.
| turn now to the history of General
Jackson's dealings with the finances, a
point had expected to reach last week,
but the Modification Attempt of South
Carolina interviewed, and required first
attention after the Bank Veto. In what
was said of the Veto Message, | was in
debted to Charles Haven Hunts Life Ct
Edward Livingston, as well as to pubic
documents, for material facts. Mr. Liv-
ineston. of the celebrated New York
fami Y, was an early friend of General
Jackson. After serving term in Con
gress as the representative Of his native
State, he emigrated to Louisiana few
years after the purchase of the territory
from France, and it was there that be
first met General Jackson, pending pre-
parations for the battl3 in which
livingston became an aide de camp
of the General. Livingston was a
great lawyer, a civilian, who eodi-
fed the Civil Law of louisiana
in a style to command the admiration of
Lafayette and Victor Hugo, as well as
the English speaking world. He was
early invited into Jackson's Cabinet,
after the disruption caused by the Mrs.
Eaton incident.
was also indebted to General SCOTS
Autobiography, an interesting work, not
without touch of the authors over
mastering self-esteem, but Astounding IN
interesting personalities. The following
involving an eminent North Carolinian,
will be read with interest. Scott read
law in Petersburg, with David Robinson,
ESQ. 1t will be seen, that like Caesar,
he drops into the third person, in his
narrative. He relates. that-"Mr. Robin
son in my time, had but two other stu
dents in his offi3e-Thomas Ruffin and
and John F. May. The first of these
and the autobiographer did not chance
to meet from 1906 to 1858, period OF
forty-seven years, when Mr.. Rufin,
Chief Justice of North Carolina,
came to New York as a lay mem
Der Of the Protestant Episcopal Conven
ton. The greeting between them
was boyishly enthusiastic. The Chief
Justice, at the table of the soldier, said:
Friend Scott it is not little remark
able. that of the three law students, in
the same office, in 1905, and 1s06-all
yet in good preservation. Our friend are
May has long been at the head of the bar
in Southern Virginia; long at the head
of the bench in Ncrth Carolina, and
you, the youngest, long at the head of
the United States Army The last that
saw of this mo excellent man, always
highly conservative, he was member of
the Peace Convention that met in Wash
ington in the spring of 1861. Had his
sentiments, the same as Crittenden's,
prevailed, we should now July, 1863
have in the thirty-four States fewer by
several millions of widows, orphans,
cripples, bankrupts and deep mourners
to sadden the land. Judge May, for
tunately for him, died before the COM
meucement of this horrid war"
In the annual message of December
A, 1882, President Jackson fol-
lowing up his veto message of the pre-
ceding July, recommended THAT pro
vision be made to dispose of all Omitted
States) stocks now held by it in cor
porations, whether created by the gen
eral or State governments, and placing
the proceeds in the Treasury. AZ a
source of Or fit, these stocks are of little
1f 5nH
among the States, they are adverse to
the purity of our institutions. The whole
principle on which they are based, is
deemed by many unconstitutional, and
to persist in the policy which they indi
cate is considered wholly inexpedient. y
In the same message the President
suggests to Congress the expediency of q
removal of the public money from the
Bank OF the United States in the follow
ing terms: ''Such measures as are within
the reach of the Secretary of the Treasury
have been taken to enable him to judge
whether the public deposits in that insti
tuition may be regarded as entirely safe
but as his limited power may prove made
auate to this object, ! recommend the
subject to the attention of Congress, I'm
der the firm belief that it is worthy OF
their investigation. An inquiry into the
transactions of the institution, EN-
bracing the branches, as we'll as the
principal bank, seems called for by the
credit which is given throughout the
country to many serious charges i'm
peaching its character, and which, il
true, may justly excite the apprehension
that it is no longer safe depository OF
the money of the people"
In conformity TO the first of these
recommendations of the President, Mr.
Polk, of Tennessee, from the Committee
of Ways and Means, reported bill au
thorizing the sale of the shares owned
by the United States in the United Statet
Bank. No stock was to be sold fol-
less than the market value, nor fol
less than the par value. The Bank
was authorized to purchase the stock
or one part of it, anything in the act to
the contrary Notwithstanding.
The bill having been read, and the
question being on ordering it to the CSC
ond reading, Mr.. Charles Wickliffo o.
Kentucky, objected, (Which at tais
stage is equivalent 10 q motion fCr Oh
jection) and the question thon 50iGs
stated 10 the form required by thu
rule, ''shall this bill be rejectedf'
Mr.. Wiekliffe rose and made stTons
Sneach against its MASSAGE The rasss ce