The Penn's Grove record., 1917-01-05
A National Hero Annually Re
membered For Peoples
Victories

january Sth, IS called st. Jacksou's
Day in the history of Democratic Party
faith, because ON January 18th, lS15,
General Andrew jackson defeated the
British at New Orleans, and forever set
tied the supremacy of these United
States on the Western Continent. But
more to be remembered is Andrew Jack
son Tor his great battle and victory for
the people, over the money power of his
day when President from 1927 to 1896.
When We stop to think that the re-
election of Woodrow Wilson as Presi-
dent last November It'll, is the first
Democratic President reelected since
Andrew jackson and on similar princi-
pies against all the money powers of this
day, 1t Is well to recall what those prin-
clples are IN order to keep the vestal
hres burning in the minds of old Demo-
Gratis and for the education of the o
er generation who will soon be voters.
The question of money has been an
issue since colonial days. Pennsylvania
vas the most prosperous colony, be-
cause the proprietors loaned paper mon
ey to land purchasers on land values.
payable in part yearly. 1t was not so
much the amount of tax that our fore
fathers started a rebellion against Eng
hsh rnle as 1t was scarcity of money and
the requirement to pay the tax in Brit
lsh coin, which they did not have. While
many recall, with derision, the continent
tai notes which became of no value. vet
that was the money which paid the SOL
diers and bought their supplies SO they
could win our independence. If it had
not been Won we would now be like the
Canadians who are being called on to
fight the old worlds battles.
JEFFERSON DEMOCRACY.
Many do not know that Thomas JEFF
ferson who wrote the Declaration of In
dependence and Vas President from 1901
to 1909, was the father of the Demo-
cratic party and the reasons and princi-
pies On which it was founded. Alex
ander Hamilton, as secretary of the
Treasury under Washington had the
first U. S. Bank incorporated in 1892.
for 20 years.
Those who owed public bonds and
bank stock, partisans of Hamilton, be-
came very wealthy. jefferson and his
followers declared that the constitution
did not provide for the character of
banks to issue money. The ~refunding
of public debts caused high taxes.
Jefferson said, Il have ever been the
enemy of banks, not those ~discounting
for cash, but of those fostering their
own notes into circulation and banishing
each" ~
JACKSONS VETO.
Near the close of Andrew Jackson's
first term the charter of the second
bank was to expire soon. Congress
passed a bill to charter a third bank.
Nicholas Biddle, the mesey King of his
day, told jackson that merchants and
men of affairs were largely indebted to
his bank which had branches in the
States and he could control the cleo
ton. Jackson's ire was raised. He
said: Mr.. Biddle, if that be true, it is
too much power for one man to have in
a free country in time of peace. If
Congress passes a new charter, by the
eternal, 1 will veto it."
A big free dinner was given by bank
ers in Philadelphia to create sentiment
to get Jackson to sign the bill. A com
mittee of 800 went to Washington and
OAO PCIS4SlSQ So muCu Iudl JaCkSOu De-
came enraged. He replied:
IF you dare to put any of your
threats into execution, by the eternal,
1 will hang you as high as Hannah"
In his veto, he said:
ut is maintained by some, that the
bank is a means of executing the consti-
tutional power to coin money and regu-
late the value thereof. Congress has
established a mint to coin money, and
passed laws to regulate the value there
of. The money so coined. with its value
so regulated are the only currency known
to the constitution. If they have other
powers to regulate the currency, it was
conferred to be exercised by Congress,
and not to be transferred to corpora
tons. 1t is to be regretted that the
rich and powerful too often bend the
acts of government TO their selfish pur-
poses. Many Of our rich men have not
been content with equal protection and
equal benefits. but have besought us to
make them richer by acts of Congress-"
The veto was in July, 1882, at the
beginning of the campaign for his re-