The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-05
FRIDAY. OCTOBER 5, 1900.
TREASURER ROBERTS ADDRESS
TO THE BANKERS.

The address OF Ellis H Roberts, Esq.
to the American Bankers Association, at
its session in Richmond, shows lhat he has
been a real student of the interesting pc
ROD in our national history which chroni-
cled the great struggle between Andrew
Jackson. and the Bank Of The United
States. II is one of the rarest occurrences
10 ind a man who is thoroughly versed
in the history Of that period, and yet that
is the most important part of the financial
history of this country, and one of the
most interesting parts OF orr history. If
ii We're taught thoroughly in our public
schools we would never more have any
of the periods of politico-1inancal here
sizes that so disturb the business Of the
country.
Mr. Roberts said that General Jackson
was no enemy Of the banks, and this was
entirely true, he was wisely the inlplaca-
Bile foe of the United States Bank, but the
banks of the States have had no better
friend than Andrew Jackson. To under
stand this subject We must take s,rief
glance at its history. When our Govern
mant was formed banking was IN its in
fancy. There Were few State Banks,
and the, were banks Of issue as well as
of deposit The Government was over
whelnled with debt. had hut little revenue
and there was not much of taxable value.
1t had great difficulty in conducting the
operations of government at all, and the
few State Banks were weak and able TO
give il very little assistance. Alexander
Hamilton. General Washington,s Secretary
of the Treasury, conceived The plan of a
National Bank as an assistant TO the Gov
ern,nent, and his towering influence car
fied its charter through Congress IN spite
of the formidable opposition 10 It. This
Bank of the United States served its pnr-
pose while in the then disorganized state
OF a new country, so that when It's char
Ter expired in 1S11. il was able 10 get a
renewal Of il to last until lSSs. In that
period the country grew as if by magic,
and the Bank of the United States grew
viii, il As it grew ii kept its eye fixed
upon the fact that il would die in 1886, and
early in its history commenced making
preparations 10 secure a re-charter when
its charter should expire. lis great
growth threatened 10 make II a Seritable
money monopoly, and its anxiety TO be re-
chartered carried il into the politics Of
the country, which il influenced from one
end of ii 10 The other. President jackson
saw what all this meant. He saw the bank
threatened TO become another department
of The Government, and he became an inn
piaeabie foe from a serious apprehension.
an apprehension we'll justified that the
bank would become the actual ruler OF the
peopie He sci himself 10 work. therefore,
10 prevent its re-cfa-ter, and the history
of the great struggle between him and the
bank. as Benton has recorded it In his
Thirty Years il. the Senate" is one of the
most Interesting bits of political history
in the annals of the warld. Jackson was
sighting The Bank of the United States,
hui he was lighting II tina, the Banks of
The States might survive. He prevented
It's re-charter and he did a great service
for the American people when he accom-
plishea that result.
Meanti,ne the Banks Of the States had
begun 10 grow up also. and 10 become the
mes, important part of OFF financial sys-s
lem. ana when the Bank of the United
States died il 1856, they became the sole
financial agencies of the country. They
staggered along with their burden for
while, and for some time ii was believed
they would never be success. but grad
ually through those principles Of evoiu-
ton, which can alone work out true re-
suits IN such conditions. they mastered
ts,e essasasion. and IN The old conservative ]
Atlantic States they became one of the
- not HE .ess. apciaa agency that
4 and
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