The Birmingham age-herald., 1913-08-21
ANDREW JACKSON'S
GREAT MONEY FIGHT
Is Now Being Compared to
Wilson's Struggle
JACKSON IN FRENZY
Would Not Hear to Temporizing
With the Monster and
He Called the United
States Bank
ny G. ID. STEWART

Washington, August 20.-(Specia1) )-Once
again in the history of the republic the
attention of the people is attracted to the
personality of President of the United
States in connection with the banks and
our currency system. While no one re-
CARDS President Wilson as counterpart
of Andrew Jackson, yet their fight for a
reform in our currency system though not
altogether analogous in kind, is some
what similar in intenseness.
President Wilson is as firm in his belief
of the administration measure now pend
ing as was the famous Jackson in his
struggle to destroy the United States bank
which extended over several years.
President Jackson finally accomplished
his purpose and put the United States
bank out of business. He was opposed
both inside and outside his own party, but
he never for a moment let up in his vigor-
Gus denunciation of the monster as he
was wont to designate the government
bank. In the opinion of many authorities
the panic of 1887 was directly attributable
to the relentless and finally successful
warfare which General Jackson waged
against the United States bank and Mich
olas Biddle, its president.
During the life of the government bank
the country enjoyed unparalleled prosper
ity, hence there were many who defended
| the institution even against the fiery Jack
son.
! At Home. in Tempestu0us Warfare
| 1t is written that mo one was so thor
oughly at home in this tempestuous war
fare as the aged President of the United
States" AS his opponents continued to
call down anathema upon his gray head,
his temper rose higher and higher until
it finally reached the bursting point. With
paroxyisms of rage he drove popular depu-
! tions from his presence. In response TO
the request of the Baltimore delegation for
relief, he burst OUT "Relief, sir.
Come not to me, sir. Go to the monster'
| 1t is folly. sir, to talk to Andrew Jackson;
| the government will not bow to the mon
ster." The chairman meekly injected
something about the people, and the exas-
perated old man exclaimed 'The people
Talk to Andrew Jackson about the people
| The people, sir, are with me. have un-
dergone much peril for the liberties of the
| people, and Andrew Jackson will yet live
to put his foot upon the head of the mon
| ster and crush him to the DUST
| 1.-THE chairman demonstrated that Jack
sons experiment was running the mer-
chant The mammoth shouted the
President, has bled you. / would
rather undergo the tortures of 10 Spanish
| inquisitions than that the deposits should
be restored, or the monster be rechar-
| tered and thus he continued until his rage
had grown too great to permit further dis
cussion."
Branch Drafts Devised
The abuses out of which grew the con-
fiict between President Jackson and the
United States bank and its defenders can
be traced to a rule of Congress that Off
GERS of branches could not sign notes is
sued by themselves, and branch drafts
devised. These We're counterparts of bank
notes, to be drawn by cashiers of branches
on the parent bank. The result of this
was that the branches did not lend their
own capital, but that of the bank at Phil
adelphia, and at the same time they fell
into the debt of the parent institution.
This system naturally stimulated issues
and gave birth to what became known as
''race horse" bills. There were drafts
drawn between branches so that a pill
falling due at one place was met by the
discount of bill drawn at another place.
1t simply meant unlimited renewals and
constant imitation of credit.
No great amount of harm, it is said, had
been done by this system np to the time
that Andrew Jackson became President
of the United States From that time on,
however. there was constant agitation and
increasing evidence. according to the
President and his friends that politics and
personal interests dominated the institu-