Perth Amboy evening news., 1920-04-07
Fipe Minutes A Day
With Our Presidents

by JAMES MORGAN

forth In tho haIf-century between
Jefferson and Lincoln because of two
measures. One of these was the over
throw of the United States Bank.
That great institution, patterned
after the Bank of England and the
Bank OF France. was an efficient but
dangerous partner for n democratic
Government II a a money monop-
oily which could make or break any
enterprise In the country; 1t held in
its grasp the financial life of Amerf-
ca: it received and disburscd all the
revenues of the Nation and half Of
It's deposits were public moneys: but,
with only a fifth of its directors ap-
pointed by the Government, IL was
not under public CONTROL
When Jackson began his audacious
hight upon the bank, 1t was at the
height of It's power. Against heavy
odds, he vetoed the bill for recharter-
ing IL took his case to the people in
his campaign for reelection. and
scored a complete victory. on tho
strength of that popular verdict he
removed tho Government deposits and
left the bank to a slow and isnominous
collapse.
For this action the Senate censured
MN. After a bitter fight. in which
Jackson's one-time antagonist. Thomas
IL. Benton, now n Senator from Mis-
f f8@ AA9 PULL lllC INSDIu-
ton was expunged by drawing about
II IN records a heavy black line.
unfortunately, nothing was provided
oy jackson to take tho place of the
United States Bank. The Govern
ment moneys were scattered among
pet banks" as 1t was charged, and
at length came the disastrous orgy
OF the wild cat banks" No substi-
tute for the Bank of tho United
.Stnfa4 VA nffassaJ t,rHfI A. N~-4s--f
Banks were ~improvised as q make
shift In the Civil War. For q real
system, the country was kept
waiting three-quartcrs of q century,
until the Wilson administration gave
US the Federal Reserve Bank in 1914,
Jackson was equally bold and vic
torlous IN meeting tho threat Of multi
ncation, although it came from his
own section, from his own party and
from his OWN Vice President, John G.
CaIhoun. Shortly before his inaugu-
ration Congress passed the first tariff
mat was framed for the benefit of
the Q manufacturing industries
winch were springing up in New Eng
land. This bestowal of q special pri-
vilege aroused the Jealousy of the ag-
rlcultural South, n South Carolina
mad the termerity to talk of the right
OF a state to nullify IN Objectionable
Federal law.
AT a Democratic banquet In Wash
ington In 1880. President jackson rose
and proposed this toast: Our Fed
eral Union; 1t must be preserved"
Then Vice President Calhoun got up
and toasted the rights of the States.
IThus the two highest officials of tho
Government Joined issue across that
dinner table on a question which great
armies would fight out In another gen.
Grafton.
Two years afterward, a convention
IN South Carolina solemnly adopted
an ordinance multiplying the tariff act
Tor that State n forbidding within
the boundaries of the State the col
lection or customs duties under il.
While recommending to Congress a
modification of the offending tariff,
jackson appealed to the patriotism of
the South sCarolians in a proclama-
ton, which set all the North and much
OF the South ringing with cheers:
ordered General Scott to the scene
or threatened trouble; reinforced the
forts of the ~disaffected State; Dispatch
cd a naval fleet to Charleston Harbor
and only waited for the first overt
act OF revolt to give him warrant for
arresting alhou and the other lead
ers. But the nullifiers nullified their
notification, leaving the resolute and
S4dNil lluilS u HlRn UQe
of popular favor.
To show the Yankees that a Demo-
crat does not have horns" as he said
jackson made a New England tour.
And to the disgust Of John Quincy
Adams, Harvard conferred the degree
or doctor OF laws upon "a barbarian
who could not write a sentence of
grammar and hardly could spell his
own name"
Annfhnr tnni1ArNt - A.
ton was amusingly characteristic.
France had failed for years to pay the
french spoilation claims, and King
Louis Philippe kindly limited that an
earnest passage on the subject in the
PRESIDENTS annual message high stir
the Chamber of Deputies to make
me necessary appropriation. The
President took the hint, but some of
ms advisers feared h a the threaten
ing words he proposed to insert were
too earnes for Partisan ears. 81 know
them French" he replied, and he
insisted that a real dose Of Jacksonian
earnestness was just what they need
ed.
, The French properly were indig-
nant: they recalled their Minister from
washington, gave our Minister his
passports and demanded Satisfactory
explanations" Jackson would make
none, and In the end, this pioneer of
shirt-sleeves diplomacy collected the
bill without retracting or ~apologizing.
Jackson's pre-eminent service to the
country was rendered In his battle
with notification. THE tariff was only
the ~pretext," he said, "disunion
and a Southern ~Confederacy the real
object. The next pretext will be the
negro Thanks to him, that IRE
pressible conflict had been post
poned rs years until a great West
should grow up and join hands with
the East in saving the Union.
Copyright. 1920. by James Morgan.
published by special arrangement with
The Mcclure Newspaper Syndicate.