The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-05

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the United States the money already on
deposit was withdrawn very gradually,
40 as not to give any unnecessary shock
to the business world and the incoming
revenues were deposited In a number OF
State banks. carefully selected for the
purpose. This was the hest that could
he done under the circumstances, but
we. have Benton's word that Jackson
aud his advisers considered II only a
temporary device, our present sub-trcns.
ury system being then no more than
vaguely outlined. But the chief aim OF
Jackson md Of "0ld Bullion" particu.
lnrly was to bring back a currency of
gold and silver. the money of the con.
stitution." which had been alNost on
tircly driven from the country by In
Hated issues of bank paper.
V.
But now comes the darkest page in
the history of the bank. Finding that
they could not persuade" the demo
cratic majority in the house Of repre-
sentatives. fresh from the people, the
board, inspired by the plausible Bddle,
decided to frighten them into calling for
n restoration of the deposits. and so
produced the famous bank panic of
1s33-3i-almcet exactly similar. though
on a smaller scale~-to the late bankers
panic" of 1873, Of which we stll have
such painful remembrance.
Almost Immediately after congress AS
sembled Jiiddle sent out orders to all
the branches to largely curtail their
loans, and as n matter Of course scores
of prominent business houses failed he
cause they could not get the usual ac-
conmodaton, and yet Benton proved
that at the time the bank had more spe-
Gle on hand and less loans than 1T had
when 1t ran up lis loans to Siu,OUO,OOu
the year before at the time of the re-
charter agitation; and not only this, but
when it was refusing the most RESPONSE
bic business houses accommodations for
sixty days it had actually shipped more
than SalOU0,0O0 in specie to it's agents
The Barlngs, III London. TO lie idle in
their bank while tho whole country and
the halls of congress We're filled with
the dcafoning cry that the bank was
forced TO curtall loans to supply the loss
IN its own Golfers from the removal OF
the deposits"
And great and continuous was that
.a,,s;s,,,,i = -. 49,
1 ,,,'I ~ VV.sIess one distress me
t ua"t ,Hi "n'cr "nopnvr "ue sent from
tta;vmH1,ou ni'sS nettlnss 10 llie pnhh
i,!y"us nv VIC etnole' prosecutor mere
h , nluue ,ur suplee' on most eioquen'
nnrNnsugs ny llle eiiteu 'l"S ana Nen
49, 80 "llu liners .."u1l mti ~ tluallE
utiN epV'V"VS Wy Wv nu'''ph anu NV
ras.nE new uoihucraSS NlSo mahy uole,
h"u"hs MnuSe eApeuses were oitet llall
w tnI "uhN Nont w peS ',ie hutu'
ne"rdru presiuVh' To recall ms order
~ npeI 1hoNsoh used 70 receive them
VVurle"usiN' "H WIS hin won't telIihg
tuem 10 40 10 NICK bluule, ne ms
mien'y oi money locked up IN the bank.
but Iholly they perame suth nuisance
iudt ne refused TO meet theln' But the
panN majority III the senate d'd not stop
Ut presenting memorials. Earl! IN the
session theN called on the president for
copy ol me paper he had read IN the
rabnet ana he very properly replied
mat 1t was none Of their business, as
ne saw clearly their motive. Ihen they
rejected his denomination of the four
government directors VINO ma made the
reports about the bank, stlgmati5lns
them MS "Jackson's SPIES though they
had Simply done Their duty Then