The independent., 1904-01-07

Grafton to generation cannot be made
to pay a portion thereof as an Inherit
ance tax for the support of govern
| ment and for internal improvements,
| II is time to begin to think whether Or
not those who inherit nothing and are
doomed to everlastingly toll ought to
pay anything for these purposes.
True, we ought to stop talking
| about tariffs-either for revenue or
protection, or fol internal improve
| lnents. But we cannot stop as long
as the democratic party lives. This
| party seems determined 20 keep tnat
| issue alive. We must therefore Kill
| the Cleveland democratic party before
we can do anything. Jefferson never
knew anything about what we call
| the democratic party; and il Jackson
should come forth, he would say that
it is not such party ds he left, but
that somehow or other 1t had become
changed into a very different inst-
tuition from what he intended. jack
son was national man. He was right
on the tariff question when he COM
menced) and he would have been right
on the money question had ii not been
| for the fact that he believed that the
great national bank was working
against his administration and had
oone all it could do to defeat him In
| the presidential contest of 1928 in or
der to re-elect John Quincy Adams,
who ran as a national republican (the
whig party being not yet formed). 1t
is certainly true, that in the next
| presidential year Q832) Henry Clay
not only ran as national republican
against Jackson as 1emocrat, but
the paramount issue of that year was
the United States Bank VS.. State
Banks; Clay standing for national
bank and Jackson for state banks
Jackson having recently vetoed bill
for rechartering the tnen national
bank. 1t is very unfortunate that
Jackson felt compelled to fight the ma
tlonal bank; but he did it because he
thought state banks were better for
the common people, and because he
thought the federal government had
no right, under the constitution, TO
charter a national bank. Having been
elected on this issue, he interpreted
the results to mean that the bank
must go; and it went out of existence,
although it applied to the legislature
of Pennsylvania and received a char
ter to do banking business according
to the laws of that state. Jackson did
not kill the bank; he only made 1t
change it's name. 1t was unfortunate
that he took the view he did of bank
;eto nf
very little consequence, because ii he
had not broker up national banking,
his successors would certainly have
done it, The slave owners soon took
possession Of the government alter
Jackson left the White house. State
banking suited their purposes better
than national banking, and they would
have destroyed all the national banks
if Jackson had not done it. jackson
only anticipated their york. In his
time the slave power threatened to &c
out of the Union, not ON account OF
the money system, but on account OF
high protective tariffs. The same pow
er had threatened to sc out of the
Union in 1890, if Missouri was not
admitted as a slave state. Jackson
could not then see that the slave
states intended going out of the Union
If slavery could not be extended. MOI
could he see that these states would
require state banking. Nor did he
see the close connection between siav-
cry, tariff and money. He had a
; wholesome dread of the money pow
err" but he never feared the slave
! power; at the same time he never al
: lowed the slave owners to rule The
White house, while he was there, (as
they did after he left. He could tel
; John G. Calhoun that If he did not
/ stop his notification and secession
, business he would hang MIN. No man
, worked harder for state banks than
: Calhoun. No man hated Jackson as
J much as Calhoun. although one was
} president and the other was vice pres
: ident. And yet no man uniptentional.
ly helped Calhoun as much as Jack.
son did in his scheme of notification
and secession. There is no doubt that
[ Calhoun saw that Jackson, by break
] ing down the national banking sys
tenn. divided the money powers OF tbs
south and north into two hostil,
- Il. 4 4 a