Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1912-01-09

tional banks. under an equitable sys-
tenn which shall be available to all
State banking institutions wishing to
use 1t.
Regarding the tariff we have made
specific pledges. We have carried out
those pledges so far as we have been
able and have been met by the veto of
the President. But some reduction Of
the tariff is within reach. The Presi-
dent himself favors 1t so far as the
wool schedule is concerned. If we can
do no better let us accept the reduc-
tion which he is willing to make and
press on for further tariff reform as an
issue in the next campaign
Senator Kern, of Indiana, said in
part:
The incident of the futile attempt
of Nicholas Biddle to coerce General
Jackson into an abandonment of his
attack upon the United States Bank
has been related many times in recent
years upon occasions of this kind, but,
in view of present conditions and re-
cent events, that incident has now Pc
culiar significance.
General Jackson said Biddle, we
have the power to make and unmake
Presidents and Governors and Con-
gressmen. We have the power to make
prosperity or bring ruin to the people
IF that be true said the old gen.
eral, speaking with unchristian en-
phasis, the fire flashing from his steel
gray eye, If that be true, then you lave
a damned sight more power han ought
to belong to any set of men in a free
country, and / shall appeal to the peo-
pie to strip you of that power
And jackson appealed to the people
and right nobly did they respond.
There followed financial revulsion
and distress was visited upon the peo-
pie, but they gladly paid the price, for
in that day men were willing to en-
dure financial distress to the end that
free institutions might not perish from
the earth.
Now, as to the Significance of the in
cident. In 1908 another great money
power mad arisen in the land, beside
which that of J~ackson's time was the
merest pigmy. 1t had come to pass
that less than 10000 men had, under
the Republican regime of special privi-
lege, absorbed more than half the
wealth of the nation.
Having furnished the money to buy
the election of Mckinley in 1895 and
thus preserve the national honor they
were granted these concessions to VIC
late the law, to the end that they
might recoup their princely contribu-
tons from the people whose honor
they had saved.
Zone of these great criminal trusts
which President Taft has charged
with a career of twenty years of law
l%essness, had absorbed all it's principal
rivals ave n and with covetous eyes
they looked upon that and it's fair
and alluring possessions.
Theodore Roosevelt. then president
Of the United States, was reputed to
be a man of courage and patriotism,
but it was resolved that an exhibition
of their power should be given him
coupled with the impudent demand that
they should receive executive sanction
of their plan to crown their career OF
lawlessness by the commission of an
other unlawful act, more re~prehensible
than n yet submitted, which would
give them the coveted prize and make
their monopoly complete. The demand
was carefully timed. A run was being
made on a great financial institution
in New York, and a panic nationwide,
freely predlcted.
ut was then that these two modern
Nicholas Biddles came before the
President of the United States. pointed
out to hin the danger of a panic and
the widespread ruin and distress which
would follow and informed him of that
which he already knew. the power of
the little band they represented, to
make panics or stop them. They pro-
posed to the President that they would
and could stop the panic and save mil
lions of men n women from desola-
ton and ruin. Because of patriotic
impulses? To the end that the govern
ment might be thereby made stable
No, no. They demanded as their price
for the exercise of this, their kingly
power, that they be given additional
facilities for plundering the people by
another bold palpable violation OF
those laws with the execution Of which
the President was charged.
And that President of the United
States, the representative of more than
80, 600, 900 of people. recognizing this
mighty power which had come TO this
handful of men as the inevitable result
of the special privilege legislation OF
his party, convinced that to attempt to
thwart their will meant ruin and dis
tress to millions, surrendered to their
lawless demands and granted to them
the concession to still further plumber
"a patient and lons-sufferans people"