The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-10


for controlling the Government when
1896 should arrive. and thus granting TO
itself n renewal OF It's charter for an
indefinite period. IL nodded with the
elections Of state Legislatures and con-
ercssmcn furnishing money 10 debauch
tho elections. when either was to be
chosen. and the American people walked
uD finally 10 discover that they had
created IN their midst n giant octopus
that had its dcmoralizng arms extended
all over tho land. with which IT was
insidlously projecting poison into all the
dcp1rtncnts OF public affairs. Gencral
jackson saw the corrupting work his
huce money monopoly was engaged in'
and he determined 10 rally the people
OF the country I'm united effort to beat
e In its pamc Backed by some great
mon. Ike Thomas il. Benton and silas
wright he devoted all the energies Of
bis heroic nature to the contest and.
when the final struggle came on, he
beat The bank. and its charter expired.
He thereby rendered to the American
people ono Of the very grcateTt services
which 80 was possible 10 render them.
II the bank had succeeded in pcrpetuat-
inc itself. it would have probably done
the country as great an injury as free
silver would have done II II Mr. Bryan
had been elected President of the United
states ana had carried ont his plans.
This is the simple and unvarnishcd
story Of the contest between jackson
and the bank. and. as familiar as it is 10
ordinarily wcn-informod men. We do not
believe that Mr.. William J. Bryan has
the faintcst conception Of it, lie has
heard people talk about, and he has
seen reference to. Andrew Jackson
contest with the Bank of the United
States. and he has takon mp the idea
that il must have been contest Ike the
one he imagincs himself 10 Doe carrying
on with Wall street and so he lets
off a shot at that idea Whenever DE
hears old Hickory referred 20. Hnt he
has plainly mover been a student of the
period. Some Of his friends would render
him great service if they would get
him to devote six weeks 20 q real study
Of Benton's Thirty Years i'm the Sen
ate" II will prevent his making such
blundors upon future occasions.
A Populistic idea IS indicated in the
extract from Mr. Bryan's speech that
we quote which was fully elaborated
by him as De went on. I'm what wo
quote he says the national banks arc the
influence that is seeking TO have tho
crconbacks retired. SO that they may
have the monopoly Of issuing paper
money. and. I'm his further remarks, no
said tho Government should remit a suiIi-
cicnt amount Of taxes TO enable 1t to
pay out the legal tender notes now in
the Treasury. or else lend those notes di-
rectly to the people.
What an inconceivable molange Of ig-
noranco and folly havo we here!
The national banks are no more con-
cornod to have the legal tender notes re-
tired than any other citizens who wish
10 sec the perpetual panics ended that
are caused by these raids upon the gold
reserve. All citizens who have given any
attention TO current events and have seen
the gold reserve see-sawing up and down,
and the business Of the country standing
stm or moving according 10 the state
Of that gold reserve, unite In praying
that the legal tender notes may be de-
strovcd. and that this fruitful source
of disaster may be brought TO an end.
But when Mr. Bryan deliberately states
that he thinks the whole movement for
retiring the legal tenders proceeds from
the desire Of the national banks 10 have
q monopoly of the issue Of paper money
we are compelled to say that he does
not mt an understand the situation.
In point of fact. as matters stand now
the national banks do not desire TO issue
their notes. it is not profitable to them
and the consequence is they have out
but a small quantity. II they were ale
lowed to issue TO the face value of their
bonds. and the tax on their circulation
were repealed. they would probably put
out many more. But with the present
restrictions. they care nothing about the
privilege of note issuing.
Mr.. Bryan is sound on the tariff ana
we wish ne would stick to that subject
and let finance alone lie can do good IN
the one case, but only harm in the
other.