The midland journal. (Rising Sun, Md.) 1885-1947, 1896-12-11

shops and scattered the notes of
the broken banks and gold and
silver coins that were left in them
to catch the eye OF the passerby.
The rioters then made for the city
bank, but before they had effected
anything, the military arrived on
the ground and dispersed the mob.
The money shavers were charged
with causing the depreciation of the
shinplasters of the first, second and
third municipalities. The writer
was then in a Shaving shop" on
Canal street one door from Camp.
In December, 1S43, President
Tyler in his message to Congress
again recommended the issue OF
treasury notes, and urged their
issue Gin denominations of not less
than S., nor more than 500, to be
employed in payment of the obliga-
lions of the government, in lieu OF
gold and silver at the option of the
public creditor, to the amount of
$l5, 900, OOO."
Also, he urged it Gin view of the
disordered condition of the currency
and the high rate of exchange be-
eween the different parts of the
country" He stated that it would
'save the country large amount
of interest, while it affords conven-
fences and obviates dangers and
expense in the transmission of funds
to disbursing agents." Congress
was then as now dominated over by
the paid attorneys of bankers, who
refused to heed the words of wis
dom given in that able message.
President Tyler was bitterly op-
posed to the use of bank notes.
knowing the frequent and heavy
losses the people had sustained
when the banks failed, from being
forced to use their bank notes.
The writer remembers a loan of
100000 in Mexican dollars made
by the Mechanics and Traders Bank
of New Orleans through George
Morgan its president, the Canal
bank represented by N. N. Wilkin-
son, which enabled the latter bank
ia resume payments. The silver in
small boxes containing 81 900 each,
was hauled on drays from the mint
on Esplanade street to the Canal
bank, which was then occupying
the banking house of the old burst
ed Atchafalaya bank, on the corner
of Magazine street and Natchez
alley.
Bankers then as now were not
willing to follow the legitimate bus
mess of banking, such as discount
deposits and exchange, but insisted
then as now, that they also have
the power to issue the paper money
to gain the large profits arising from
leaning their bank notes, also theil
destruction while in use. The,
never have and never will listen t(
the government issuing the paper
money. Hence the interminablt
war that has been and is still being
waged between the people and thu
bankers, regardless of the fatal con
sequences to both.
In November, 1914, James X
Polk and George M. Dallas were
respectively elected President anG
Vice-President over Henry Clay
and Theodore Frelinghuysen, tn,
main issue being the annexation, o
Texas, which the former advocated
and the latter deprecated.
On March 4, 1916, Jas. X. Polk
was inaugurated President. He
selected Robert j. Walker of Miss
issippi for Secretary of the
Treasury.
The times still continued distress.
ingly severe, which again forced
our government, in order to pay its
expenses, to issue treasury notes
On July 26, 1916, Congress directed
the issue of 100000 in treasury
notes.
On August 6, 1916, Congress
enacted the independent treasury
law, which directed that only gold
and silver coin and treasury notes
be received into the treasury in al
payments to the United States
Also, that all government money
be kept in the treasury. The great
mistake in this law was the omission
10 L. 4