The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-09-18
A LEAF FROM HISTORY.
How sold Hickory" Jackson Answered
Nicholas Biddle, the Banker.
Is History About to Repeat Itself in
This GeneratiOn?-The Issues Now
and Then are Much the Same.

1t is sixty years ago since Andrew
Jackson was President of the United
States. He was one of the bravest
and truest men in public life our
country has known. His sympa-
thies were with the people. He
would consent to no law or con-
struction of law which impaired
their rights, or permitted any class
of men to secure an advantage over
the people. Then, as now, the peo-
pie were substantially at the mercy
of the money power. Ir the year
1915 Congress had chartered the
United States Bank. Its head
quarters were in Philadelphia. Its
charter ran for twenty years. The
capital of the bank was $35,000,000.
This bank was chartered to aid the
Government in its monetary opera
tions and in order to facilitate the
business of the Government. There
was then no United States Treasury
such as we have now, but all the
public moneys of the United States
were required by law to be kept in
this bank. 1t had branches every
where, and these were repositories
of Government funds. This bank
and it's branches issued their own
paper money. The law authorized
the issue of 80 in paper for every
dollar of capital in the bank, with
scarcely any restraint against the
issuse of 500 of paper for every dol
lar of stock. AS matter of fact,
this was often done. Nicholas Bid
die, of Philadelphia, was President
of this bank. He was the money
king of that day far more absolutely
than j. Pierpont Morgan of New
York now in our day. He was the
practical dictator in all money OPP
erations of the country. He was a
man of great ability and Democrat
who had supported Jackson in 1923
when first elected President. He
lived in marble palace on the bank
of the Delaware, fifteen miles from
Philadelphia, and was regarded as
the wealthiest and most powerful
man in the country. When he
travelled from Philadelphia to
Washington, New York, Baltimore
or any other part of the country
thousands congregated on the road
side and at the towns and villages
to See him.
Jackson had observed the work
ings Of the bank and saw that in
stead of its being help to the
Government, it was the most dicta-
torial tyrannical influence in the
country. 1t nominated, elected and
defeated at will in all parts of the
country, and had its hands in every
convention and used the public
moneys for this purpose. Jackson
was a Democrat and IA patriot.
Such practices were not only dis
honest, but were hateful to him
The charter of the bank was to eX
pire in 1886. Before the seconC
nomination of Jackson in 1873:
Nicholas Biddle, the great politica
and financial boss, called in state
upon Mr.. Jackson to confer will
him upon the extension of the char
ter of the bank. He knew tina
Jackson was hostile to many of th'
: practices of the bank, and woul(
% probably oppose it's charter. H
% told "Old Hickory that merchants
D. business men, traders and all classe
= of people were indebted to this banl
l. and its branches in all parts of tn
70 country, and that these banks coult
d control the elections in every stat
W in the Union, and could either re
}. nominate or defeat the nomination
IS or election OF Jackson himself.
t. This statement aroused the lion i
l. the heart of the "Old Hickory
rs President, and he replied: "Well
c. Mr.. Biddle, if your bank and yo
st can make and -unmake Presidents
if Governors, Congressman and Unitet
v, States Senators, and | am ready t
" admit that what you say is true, tina
is damned sight too much powe
or for any one man or institution t
hold, and tell you now that, by til
l. Eternal, If you bribe Congress to re
IN charter your bank, will veto til
lg new charter"
TT Then the great rascally none
oil king set his head to defeat the cleo
e. ton of the greatest Democrat eve
1t born. He and his branch banks be
g. gan to purchase the leading Demo
err cratic newspapers of the country
lg and bride the most influential ora
20 tors in the party. Seeing the whole
ne sale bribery going on, Mr.. Jackso
er said to Mr.. Duane, Secretary: I'M
lie Duane, don't want you to put an
ut more Government money in tha
il bank. 1t will blow up. Its mar
it agement is corrupt, and it is n
VS. longer safe" But Mr.. Duane was
a wealthy man, banker and in syn
1t pathy with the money conspiracy {
at the time. He replied to Jackso
l. that he could not obey that orde
tie Then "0ld Hickory" without flu
ther ceremony, removed him an
appointed Roger b. fancy in n
place. The whole organized powt
of the country was against Jackson
e. The great Democratic newspaper
st which had supported Jackson's fir,
H. election, and many of the grei
2, Democratic orators likewise, sal
us they would like to keep the part
together, but could not support Jacl