The Colville examiner. [volume] (Colville, Wash.) 1907-1948, 1911-07-01

The accusation that President
Jackson was opposed to the prin-
ciple of a United States bank is
wholly without foundation.
The truth that he favored the
central bank system as an econo-
mical means of handling the fis-
cal transactions of the federal
Government is found in his veto
message of July 10, 1882, from
which we quote: "A bank of
the United States is in many re-
spects convenient for the govern
ment and useful to the people.
Entertaining this opinion and
deeply impressed with the be-
lief that some Of the powers and
privileges possessed by the exist
ing bank are unauthorized by the
constitution, subversive of the
rights of the states and danger
Gus to the liberties Of the people,
| feel it my duty. at an early
period of my administration, to
call the attention of congress to
the practicability of organizing
an institution combining all it's
advantages and obviating these
objections. | sincerely regret
that, in the act before me, | can
perceive none of those modifca-
tions of the bank charter which
are necessary, in my opinion. to
make it compatible with justice,
with sound policy, or with the
constitution of our country.
THAT a bank of the United
States, competent to do all duties
which may be required by the
government, might be so organ
lied as not to infringe on our
own delegated powers, or the re-
served rights of the states, l do
not entertain a doubt. Had the
executive been called upon to
furnish the project of such an in
stitution, the duty would have
been cheerfully performed"
Had it been within the power
of President Jackson to pene-
trate the future. and take a
glimpse at the MONSTROSITY
that would, thirty years hence,
supersede t h then existing
United States bank, the minor
defects therein that he objected
to would have sunk into insight
ficance and that celebrated veto
message would never have been
written.
This little bit of banking his
tory of our country is reproduced
to prove how extremely cautious
our earlier statesmen were when
approaching the question of
granting federal franchises, con-
ferring exclusive privileges. The
rankest federalist of that day
would have gone up in the air at
the suggestion of comforting a
federal franchise beyond a period
of twenty years, and every re-
publican and democrat would
have had a stroke of apoplexy at
the mere mention of such a pro-
position. The political swash-
bucklers of today however, who
seek to control the affairs of the
nation, seem to stand ready to
confer federal charters for a
period of fifty years, granting
exclusive rights with the power
of monopoly, to a privileged
class, with the tacit understand
ing that the recipients of those
special privileges and extraordin-
ary corporate powers will raise
heaven and earth to perpetuate
the party in power that conferred
them.
. Those who are interested in
this great and vital question can
secure full text of the proposed
law by writing to the Monetary
Commission, Washington, d. G.
And another document of inter-
est is the speech of Senator Al
drich delivered before the Econ
omic Club of New York, in No
vember 1909. This speech con-
tains valuable information re-
garding the system and methods