Hutchinson gazette., 1900-01-18

HulItu III NHN NllAAhf''"'N
OF Andrew Jackson In lSSl' The pas
sage of the Gage gold standard, ma
tional bank trust bill means that tue
old United States bank IL to be reVlVeu
and that until the people throw over
board tho present administration tho
finances of the whole country VIII pe
ruled from the directors oilico OF
single bank In New York city IL !"
therefore timely to review the cam
naIen of 1892. The old United States
bank was given charter by the pro-
British or Federal party In l102 leu
bank was given n charter In l792' leu
by Alexander Hamilton JeHefsoh
however suppressed tho bank, Dut
Madison gave It 2O-year charter III
1916. In the meantime the hnanclai
resources OF the government were de-
posted In the bank and Ave OF the
twenty-five directors were appolntaple
by tho president
But Just as the opponents OF Hamil-
toms plan had predicted the BANK hau
not been doing business long before II
began to undermine the repuplle ot
the United States by attempting TO CO.
,erce the people into voting for inc
Federal candidate in 1928, Editor
Isaac Hill of Portsmouth, NJ II"
brought test case against Jeremiah
Mason, manager of the branch pahN
there. A few days before election
Mason issued circulars informing pat
rons of the bank that they must Vote
tho ticket or expect no more fayors''
The whole matter finally having
been brought before Jackson's secre-
tary of the treasury Immediately after
Inauguration In 1929, Nicholas Biddle,
,presIdent of the United States bank,
with headquarters at Philadelphia, was
asked to explain the conduct OF MS
subordinate at Portsmouth, Biddle at
once sent in his report OF the charges
to the secretary Of the treasury OF tho
United States, and in the arrogance OF
his supreme authority as head OF the
national financial institution he wrote
that the directors Of the bank did not
acknowledge the slightest RESPONSE
bility OF any description whatsoever to
the secretary Of the treasury touching
the political opinions and conduct OF
their officers, that being n subject on
which they never consult and never de-
sire to know the views Of any admin
istration," adding, tactlessly, that
they could not permit ANY interfer-
ence In the concerns Of the institution
confded to their care"
It can easily be imagined what an in
.furlated effect the autocratic report OF
President Blddle had upon the sensl-
tive nerves OF President Jackson, who,
like an old warhorse, was always
champing his bit for fight In behalf
of the people. From that time on the
Ifeud between the administration
Iscorned by the bank and the bank re-
pudiated by the administration was
bitter and implacable, The fight spread
to the halls Of congress, where Benton
supported the cause of the president,
which was reviled by Henry Clay in
the interests Of Nicholas Biddle and
the bank From congress the battle
spread throughout the country. Every
state had its branch bank in which
were deposited the earnings Of the
people and every state was the center
of bitter wrangle and debate. News
papers took up sides for and against
ifha national inciitufIop ~ Hnonca md
each party had Its separate organs to
pour the broadshot of scandal and re-
elimination into the ranks of the op-
position. Not for years had the coun-
try been so aroused by internal dis
sension and not for years had public
interest reached so high a tide Of in
tensity.
Matters were In this tense condl-
tion OF warning debate when fresh i'm
petus was given to the situation In
1881 by the appeal of Henry Clay to
the senate for the grant Of new char
ter to the Bank Of the United States.
The old one had still five more years
of life, but Clay wished to make the
bank question vital issue in the
presidential campaign then close at
hand-a supreme force which he was
certain would overwhelmingly defeat
the reelection Of Andrew Jackson. The
temporarily blindfolded senator rea-
soned that Pennsylvania was not only
the stronghold of the Jackson forces,
but 1t was also the home of the bank,
and he counted on the latter force de-
feating the former one-the private in
terests Of the deposltors reacting neg
atively on their admiration and faith
in Jackson. But for once the willy
senator reckoned without his hosts.
Philadelphia was but small part of
the territory of Pennsylvania and prl-
vate greed failed to conquer public
loyalty.
The petition Of Henry Clay to con-
gress for the grant Of a new charter for
the bank reused q storm OF mastery
debate In both branches Of the govern
mental service. Finally, however in
1882, the petition passed both the sem
ate and the house Of representatives
and was at once offered to the presl-
dent for his signature. Not for an in
stant did Andrew Jackson waver in his
settled determination to strangle the