The times. [volume] (Richmond, Va.) 1890-1903, 1897-06-29

noue- bv tho Constitution 20 charter IL.
When Congress passed the bill ana I"
came 10 General Washington for MS APP
proval h referred 1t to three members
| OF his Cabinet for their views on IL
IN wit: Alexander Hamilton. Secretary
of the Treasury; Edmund Randolph, Az
| tornev General. II Thomas Jenerosn'
| Secretary OF State. Hamilton advised
! him 10 approve OF the bill, but Mr.. Jei-
ferson commended with all his power III
q written report to the President that
| Congress had no power unde the 'oh-
! e,uution TO charter a bank. 1t would be
| absurd, therefore. TO say that inc meas
ure was n Democratic measure. III was
| n Federalist measure. the Fedeiais's oi
that day standing in great part Tor INC
Republicans Of this day. and those VINO
were substantially the Democrats OF that
| day opposing IT with all their might
When the charter of the bank expired
Congress refused to rccharter II ana IL
| was allowed TO die. But we haa ho
| railroads then. and the difficulty OF trans
1CtlnN DlSlUtrS Dtlntth ~
out some form OF currency that wouiu
| circulate everywhere in the Union causeu
a great demand for another bank OF the
United States to spring up. Consequent
". I'm 1sIG. Congress chartered the second
hank Of The United States with a charter
to last twenty years. Mr.. Madison WIS
| President then, and he approved OF inc
bill. His messages and letters seem 10
indicate that the difficulty OF doing busi-
ress between the States had overcome
his constitutional objections and had
! caused him TO acquiesce in the construc-
ton that mad been given TO the consti-
| tuition by the Congress Of 1871, although
he had thought at that time that con-
struction to be wrong.
This second bank OF the United States
had a capital OF S3J.c00.~vt , .
prodigious sum in those days. Having
branches in every State, its notes being
received by the government for all pub
lie dues, having the prestige that arose
from being the custodian OF the govern
ment's money and being known as the
governments representative, II pr0spered
enormously and soon became a gigantic
power that aspired to something ike "a
rivalry with the government Itself. IL
undoubtedly exercised a beneficial infu-
ence in those days Of difficult commune
cation, but as its influence grew its dis
position to NEEDLE with politics grew.
As the period for the termination OF its
charter approached it commenced inter-
fering in the elections of congressman
and Senators. Its power as n money
monopoly became SO threatening that
General Andrew Jackson, who was then
President, determined, If possible. TO
break 1t down and prevent its recharter.
Early in his career as President, there
fore, he challenged it in a message 10
Congress, and from that day TO the day
OF the expiration of its charter the poll
tics Of the country turned upon the ques-
ton whether the bank of the United
States should or should not be recharter-
ed. The Democratic party-led by Gene
raj Jackson. Thomas ii. Benton, Silas
w bht thh thRA 49, V'c
the recharter, whilst the Whig party
led by Henry Clay, Daniel Webster, and
Others fought to secure the recharter.
Jackson n the Democrats triumphed,
and the bank died in 1896.
From tina day TO the beginning of the
war we had State banks only, and 1t
was the most gloriously prosperous era
the country has ever known.
Steam, electricity, and the expanding
railroad system were enabling people 10
do their interstate business with ex-
change, while the notes 70 the State
b~anks-being confined I'm their circulation
TO the localities that issued them. but
being always payable on demand IN
coin-remained in the localities that Is
sued them and furnished all the people
an abundant and safe currency. Ine
country prospered as if by magic, there
were no very rich men. but every neigh
borhood had its well-t0-do men and the
people were contentcd and happy. They
then enjoyed the conditions that our
Constitution contemplated that they
should have. The war came on ana
caused the government 10 m~Onopolize
control Of the currency, and We have had
nothing but agitation and discord since.
Give the people back their natural right
TO issue their own currency TO suit them
selves and we shall have peace and con-
tentmen again.