Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1898-04-29
OLD HICKORY'S TRIUMPH OVER
THE MONEY POWER.

shape Of banks of issue, to gain and
keep control of the issue of the money
OF the people, seems, in the light of his.
tory, to be but a repetition of the fight
that President Jackson made upon the
United States bank at the time when
that institution threatened the perpetu-
lty and freedom of the government. This
struggle OF Jackson's is wildly described
in Heath's Labor and Finance Revolu-
tion," and the similarity of the condi-
tlOns then and now are strikingly set
out:
The second Bank of the United States
was chartered by Congress in 1916. This
bank had thirty-fve millions capital, So
called. The government owned seven
millions OF the stock, the people twenty
eight millions. T%wenty-one millions of
this twenty-eight millions consisted of
government Indebtedness; seven mil
lions coin and the notes of state banks,
supposed to he good, though suspended.
The bank was also given 25 branches
IN the states. The charter which
passed Congress in 1915 provided that
fifteen millions of the capital of the bank
should be U. S. treasury notes, issued
during the war, and then used as money
by the government and the people. Mr..
Madison vetoed this bill because of this
provision. He insisted that to give the
banks said treasury notes would be to
furnish it with $l5, 0OO, 900 of money in
stead OF bonds, and to deprive the United
States OF that amount of money. The
charter was changed the next winter,
and bonds were taken by the bank in
stead OF treasury notes. The bank
wished the treasury notes instead of
bonds, because they were legal tender for
all debts due the United States. The
bonds were not legal tender for anything.
This bank paid 81, 800, 900 for its charter.
Being based on specie, and authorized
to issue thereon four dollars in paper for
one OF coin in reserve, the volume of its
outstanding issue was constantly iuctu-
ating between thirty and one hundred
of dollars, keeping values irreg-
ular, and trade and business in a con-
slant tremor of uncertainty. The result
was prostration n day and stimulation
the mex The price of wheat was one
year as low as 20 cents per bushel in
Kentucky, and pork 81 per barrel in
Pittsburg.
Ruinous sacrifice of property at sheriff
'ales followed a year of apparent pros
To stop this condition of things. I
to strike down a dangerous political
power, jackson, in 1882, organized him I
ell into Il %greenback party, and declared J
war OF determination against this enc :
ny of the people.
Contemporaneous history informs us
at this time the press of the coun- {
ry was completely subsidized congress, !
IS well as state legislatures, bowed in =
'DJect submission to the mandates of
his Money Power; and even the SUI
IRENE court OF the United States did not G
scape Its communicating influence. The /
'eople were perfectly helpless, and the I
utlook OF American freedom was dark O
indeed" v
Millions OF dollars belonging to depos- -
were squandered to corrupt the t
eople and defeat Jackson's second cleo G
ion.
statesmen, congressman, politicians, J!
editors, all succumbed to its in !
uence. Hon. w. d. Kelley, in a speech b
1873, said: "In Philadelphia the bank $
.ould order the business men to hold II
ublic meetings in its behalf, in order {
nat it might ascertain who were its n
lends, and who were courageous enough
stand by the President in his efforts g
redeem the people; and then in turn n
ould appoint places for the assembling il
different trades, in order that the en- V
might see who OF their workmen '
nj opinions which they dared main 4
-
The two political parties were divided. Il
the Republican and Democratic J.
'rties OF to-day, the Republican and y
ederal parties of that day had their Ii
INK and anti-bank advocates. Jack Il
ms war was not, MS many suppose, I.
'ainst paper money, but against the 81
and policy OF the banks to issue it. t,
Z contended that the GOVERNMENT
HAD IL RIGHT TO ISSUE MoNEY. j
afore, during and after his administra-
on, U. 5. treasury notes were issued Ia
nd in circulation and although their