The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-07-01
;. 71o. 721 NICOLLET AVENUE. MINNEAPOLIS. MIMI,

payable on demand No other bank could
be established by authority of congress dur
ing It's existence except such as might be
organized in the District of Columbia, and
the capital of such was limited to SIX mill
:ons Its other features were like the
First Bank
The bank went into operation Jan. Z,
1917, just IS years subsequent to the COM
mencement of the Bank or North America
Specie payments were suspended in 1914,
which continued until 1920. Of course a
bank which was then compelled to redeem
in SPECIE must have hard shedding, and
in less than two years, Nov. 80, 1918, a
committee was investigating the bank
which reported the charter had been viO
lated in four instances, and favored law
repeating it's charter; it was not adopted.
Immediately after, 1919, the bank i'm
ported 100000 of specie from Europe
paying therefor 100000. Of this large
sum, It lost, it is said, over $4,000, 1000,
through the mismanagement of Balti-
more branch, but it eventually recovered,
with the general prosperity of the country,
and Parton says:
Long before the election of Jackson, the
bank appeared to have lived down all OPP
position. In the campaign of 1924, It was
not even mentioned nor was It in that Of
1928. In all the political pamphlets, vol
| umes, newspapers, campaign papers, bur-
| lesques and caricatures of those years,
there is not the most distant allusion to the
bank as political ISSUE"
! jackson, however in his first annual
message to congress, recommended that It
! take into consideration the constitutional
difficulties of re-charter. Said he, Both
| the constitutionality and the expedency Of
| the law creating the bank are we'll que5-
toned by large proportion Of our fellow
citizens" BY this "eXped.ency" it is sup
posed that Jackson referred to It's corrupt
ing political methods.
The bank concluded from the above mes
sage. that it had a fight on hand for its ex-
istence AS its charter did not expire un-
til 1886, there was no hurry to press a re-
neWal bill, but during the session Of 1892
33, 1t secured vote through the house by
a vote of 10 to 46, THAT the public mon
eys were safe in the Bank of the United
States" This did not deter Jackson from
his purpose. After congress adjourned,
Duane, secretary of the treasury, refused
to remove the deposits and Jackson re-
moved him. fancy, then attorney general,
was made the secretary, and removed the
deposits
Inc senate paSSeu. March 20, 1901, d
! resolution censuring the president, 26 to 90,
and a second resolution that the Treas
| urer's reasons for removing the deposits
| were insufficient" % to 49, The house
| took opposite ground and passed, April 4,
| 1884, that the bank ought not 10 be re-
chartered, 1874 to 50; and a second resolu-
ton, that the public deposits ought not to
be restored, lis to 103. A third resolution
that the state banks should be continued
as repositories, and that congress should
further regulate the subject by law, passed
III to 105 A fourth resolution to investi-
gate the bank and its branches passed by a
! vote of IT'S to AZ.
The peculiar situation Of Jackson at that
time is not fully understood. From the
above resolutions, it looks like square