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.The stockholders, on the completion of this investigation, instituted a suit against President Biddle in theUnited States circuit court at Philadelphia, for the sum of $1,018,000 expended by him for which novouchers could be found.It was further demonstrated that, from 1830 to 1836, during the struggle of the bank for a new lease ofcorporate life, loans, aggregating more than $30,000,000, were.made by its president to members ofCongress, editors of newspapers, politicians of all grades, jobbers and brokers, mostly without security.Perhaps all the facts connected with its management were never made known, on the ground of publicpolicy, as the reputations of many eminent men, not excepting presidential candidates, would have beenutterly ruined.In speaking of the contest between the bank and President Jackson, Parton, the biographer, says: -"In these Jacksonian contests, therefore, we find nearly all the talent, near1y all the learning, nearly allthe ancient wealth, nearly all the business activity,39http://www.mega.nu:8080/ampp/comingbattle/cbchap1.htm (17 of 20) [9/11/2000 18:19:35] The Coming Battle, Chapter 1nearly all the book-nourished intelligence, nearly all the silver-forked civilization of the country, unitedin opposition to General Jackson, who represented the country's untutored instincts."Parton further says that Jackson was called a murderer, a traitor, an ignoramus, a fool, a crook-back, apretender, and various other vile names.Nicolas Biddle, who, to a very large extent, was responsible for the gigantic conspiracies, bank-panicwith their resultant ruin and misery, was driven in disgrace from his exalted position, and he died ashameful death almost unknown, unhonored, and unsung.The man before whom bowed in fawning adulation great and wise statesmen, merchant princes, editorsof powerful journals, and leaders of public opinion; he, who, in the magnitude of his financial plans andundertakings, rivaled the money kings of Europe; he, who arrayed dollars against the immutableprinciples of justice and the rights of man, lived to see his name become a by-word, a hissing, and areproach.The career of the United States Rank and its president is an awful monument of warning on the highwayof time to come, an object lesson to that colossal greed of power, which, to tighten its grip upon thepeople, scatters distress and ruin in its train, and which, from its ramparts of ill-gotten wealth obtained bymonopoly and special privileges, defies the laws of man and the laws of God.On the other hand, the fame of Jackson shines more and more with the lapse of time.Thomas Jefferson, the founder of American Democracy, and the friend of the human race, is honored as40the great constructive statesman of America; Andrew Jackson is revered as that great leader whoregenerated the politics of his country, and rescued a people from financial slavery.During hisadministration, the public debt was wholly paid, a large surplus of public revenues accumulated to thecredit of the United States, the money power was dethroned, the American nation was honoredeverywhere, 'and he retired from the presidency amid the plaudits of his countrymen.In his farewell address to the people, March 3, 1837, he solemnly warned them against the money power,that special privileges must not be granted to any class of citizens, and that justice must be the basis ofpublic and private conduct.In this noble document, the President admonishes the people to be on their guard against the moneypower.He says: -"But when the charter for the bank of the United States was obtained from Congress, it perfected thepaper system, and gave to its advocates the position they have struggled to obtain from thecommencement of the Federal Government down to the present hour.The immense capital and peculiarprivileges bestowed upon it, enabled it to exercise despotic sway over the other banks in every part of thecountry.From its superior strength it could seriously injure, if not destroy, the business of any one ofthem that would incur its resentment; and it openly claimed for itself the power of regulating thecurrency throughout the United States.In other words, it asserted (and undoubtedly possessed) the powerto make money plenty or scarce, at its pleasure, at any time, and in any quarter of the Union, bycontrolling the issues of other banks, and in permitting an expansion, or compelling a general contractionof the circulating medium according to its own will.http://www.mega.nu:8080/ampp/comingbattle/cbchap1 [ Pobierz całość w formacie PDF ]
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.The stockholders, on the completion of this investigation, instituted a suit against President Biddle in theUnited States circuit court at Philadelphia, for the sum of $1,018,000 expended by him for which novouchers could be found.It was further demonstrated that, from 1830 to 1836, during the struggle of the bank for a new lease ofcorporate life, loans, aggregating more than $30,000,000, were.made by its president to members ofCongress, editors of newspapers, politicians of all grades, jobbers and brokers, mostly without security.Perhaps all the facts connected with its management were never made known, on the ground of publicpolicy, as the reputations of many eminent men, not excepting presidential candidates, would have beenutterly ruined.In speaking of the contest between the bank and President Jackson, Parton, the biographer, says: -"In these Jacksonian contests, therefore, we find nearly all the talent, near1y all the learning, nearly allthe ancient wealth, nearly all the business activity,39http://www.mega.nu:8080/ampp/comingbattle/cbchap1.htm (17 of 20) [9/11/2000 18:19:35] The Coming Battle, Chapter 1nearly all the book-nourished intelligence, nearly all the silver-forked civilization of the country, unitedin opposition to General Jackson, who represented the country's untutored instincts."Parton further says that Jackson was called a murderer, a traitor, an ignoramus, a fool, a crook-back, apretender, and various other vile names.Nicolas Biddle, who, to a very large extent, was responsible for the gigantic conspiracies, bank-panicwith their resultant ruin and misery, was driven in disgrace from his exalted position, and he died ashameful death almost unknown, unhonored, and unsung.The man before whom bowed in fawning adulation great and wise statesmen, merchant princes, editorsof powerful journals, and leaders of public opinion; he, who, in the magnitude of his financial plans andundertakings, rivaled the money kings of Europe; he, who arrayed dollars against the immutableprinciples of justice and the rights of man, lived to see his name become a by-word, a hissing, and areproach.The career of the United States Rank and its president is an awful monument of warning on the highwayof time to come, an object lesson to that colossal greed of power, which, to tighten its grip upon thepeople, scatters distress and ruin in its train, and which, from its ramparts of ill-gotten wealth obtained bymonopoly and special privileges, defies the laws of man and the laws of God.On the other hand, the fame of Jackson shines more and more with the lapse of time.Thomas Jefferson, the founder of American Democracy, and the friend of the human race, is honored as40the great constructive statesman of America; Andrew Jackson is revered as that great leader whoregenerated the politics of his country, and rescued a people from financial slavery.During hisadministration, the public debt was wholly paid, a large surplus of public revenues accumulated to thecredit of the United States, the money power was dethroned, the American nation was honoredeverywhere, 'and he retired from the presidency amid the plaudits of his countrymen.In his farewell address to the people, March 3, 1837, he solemnly warned them against the money power,that special privileges must not be granted to any class of citizens, and that justice must be the basis ofpublic and private conduct.In this noble document, the President admonishes the people to be on their guard against the moneypower.He says: -"But when the charter for the bank of the United States was obtained from Congress, it perfected thepaper system, and gave to its advocates the position they have struggled to obtain from thecommencement of the Federal Government down to the present hour.The immense capital and peculiarprivileges bestowed upon it, enabled it to exercise despotic sway over the other banks in every part of thecountry.From its superior strength it could seriously injure, if not destroy, the business of any one ofthem that would incur its resentment; and it openly claimed for itself the power of regulating thecurrency throughout the United States.In other words, it asserted (and undoubtedly possessed) the powerto make money plenty or scarce, at its pleasure, at any time, and in any quarter of the Union, bycontrolling the issues of other banks, and in permitting an expansion, or compelling a general contractionof the circulating medium according to its own will.http://www.mega.nu:8080/ampp/comingbattle/cbchap1 [ Pobierz całość w formacie PDF ]