The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-07-17

victims OF these scavengers Of ciyili-
cation, n suffered In part the same
0utrages which we now endure.
In 1895 congress under the influence
Of Alexander Hamilton passed the
United States bank bill, which con-
ferred upon the incorporators similar
powers and privileges as those now en-
joyed by the national bankers. The
charter Of the bank was for twenty
years, just as the present national
banks, but there was no clause in the
bill as in the national bank charters,
reserving to congress the power to
change, alter, amend or repeal the
charter of the u S.. bank at will and
pleasure. In that day and time the
courts held more tenaciously to the
doctrine of vested rights" than now,
and statesmen as we'll as the people
recognized the fact that the bank was
a fixture until 1915. Jefferson was an
uncompromising enemy to the bank
and he declared banks of issue are
more dangerous to the liberties of the
people than standing armies He
proclaimed the doctrine that the
right to issue money must be
taken from the bank and restored to
the government (the people) to whom
it belonged, and lie proposed that when
the government should stand in need
of money it should issue it's own bills
OF credit (treasury notes. g~reenbacks),
bottomeG on taxes. Although Mr.. JEFF
ferson recognized the fact that the act
of 1896 conferred upon the u. S. bank
the power to control the currency IF
the country until 1916, he knew it was
necessary to educate the people to Sc
cure it's overthrow and to this task
he set himself, and in the year 1900
he organized his party, which he called
the republican party. In that day
nominating conventions were not the
fashion. A man declared himself a
candidate for the presidency as one
of the boys would do now, who
wished to be constable of his beat.
and he wrote a letter to some friend
avowing his principles, which served
the purpose of the latter day conven-
ton platform. Mr.. Jefferson's letter
set forth conspicuously two planks:
The first was opposition to the u. S.
$1,000 lol ilOSLl1lly ~ luG
idea OF congress farming out the right
10 individuals or s%oulless corporations
to control the currency of the country,
and the second was opposition to fed
eral interference in the local affairs of
the states. On his declaration of
principles Jefferson was elected presi-
dent in 1900 and again in 1904 as a re-
publican. Madison was elected his
successor in 1903 on the same platform
and again in 1912. But the war of 1912
having afflicted the country and pro-
duced much financial embarrassment,
the money sharks took advantage of
The situation to importune congress 10
re-charter the bank, which was done in
1916 and Madison in defiance of his
pledges. approved the bill, which act
rendered him almost as despicable in
the eyes OF the people as the present
occupant of the White House.
Realizing that the country had been
duped by the mo~ney-changers and he
trayed by their representatives, the
people were disguised and ceased to agi-
tate the financial question for a time.
Monroe was elected twice, without OBJ
position. but in the campaign of 1924
the bank question again became a lead
ing issue. -Four candidates for presi-
dent entered the race. John Quincy
Adams. the federalist and a u. s hank
advocate was one, Henry Clay, who
represented that wing of the old pariy
OF Jefferson that had made friend,
with the bank was another. and An
drew Jackson, representing Jefferson's
ideas on the question of banks of issue
and state. rights was another. VIM.
n. Crawford, of Georgia, was | believe.
the fourth candidate
1t will be observed that the repub-
llcan or Jeffersonian party had divided
on the money question just as the dem
ocratlc party is now divided on the
same question. There was no election
by the people, and the choice of a pres
ldent was relegated to the lower house
OF congress. In the contest the friends
OF Adams and Clay, under the influence
OF the bank combined, and Jackson
the real representative of the Jeffer-
sonlan policy was defeated. Adams
Tie federallst, became president. and
Clay, whose position was analogous 70
the gold-bug democrat of the present
day., was made secretary of state ana
thus it was the bargain intrieue and
corruption" charge, which prevented
Harry OF the West" from ever being
president, originated.
Mark you, fellow citizens, no demo-
1 cratic party had up ia that time