Democratic Sentinel, Volume 5, Number 29, Rensselaer, Jasper County, 26 August 1881 — The First Battle with Corporations. [ARTICLE]

The First Battle with Corporations.

Fifty years ago the Bank of the United States was a mighty power in finance and politics. Mr. Biddle, its President, was ambitious of still-greater influence, and he desired to spread it all over the Union, through agencies which he established. He succeeded in gathering around him many of the foremost leaders of that time, and, when the renewal of the charter was proposed, majorities in both houses of Congress promptly passed the bill. Gen. Jackson had openly and formally opposed the renewal, and he, therefore, vetoed the bill. Not satisfied with this signal disapproval of that measure, he determined to crush out the bank ; and, soon after his re-election in 1832, he removed the public deposits from that institution and put them in certain State banks. This act brought down upon him the most violent opposition, and “ the great trio,” Calhoun, Clay and Webster, for the first time, were cordially united against the administration. A resolution severely censuring the President, and declaring this act to be unconstitutional, was carried through the Senate ; but in after years it was expunged from the journal of that body. This was the first memorable contest against corporate power. The President stood heroically against the seductions, the social and political influences, the wealth and the menaces which the bank was able to command. Mr. Duane, Secretary of the Treasury, resigned his office rather than execute the order to remove the deposits. Other friends deserted Old Hickory, but he did not move a hair’s breadth from his original purpose. His courage increased, or, rather, it was more signally manifested as the opposition became fiercer. Jackson knew what power the bank had exercised outside of its legitimate sphere, and he believed another charter would enlarge its capacity for evil. Therefore he took the responsibility, which after half a century can hardly be appreciated, of compassing its overthrow. And he succeeded, as he did in most of his undertakings. The people rallied around the President. They sustained him against the great corporation, as they did against the nullified after he had threatened to hang Calhoun as high as Haman if he persisted in his treasonable designs against the Union. He had fought their battles gallantly and victoriously, and their gratitude was great. In the midst of the struggle Gen. Jacksou wrote a letter, full of the spirit of Jefferson, his great exemplar, which is illustrated in the following extract: “The ambition which leads me on is an anxious desire and a fixed determination to return to the people, unimpaired, the sacred trust they have confided in my charge; * * * to persuade my countrymen, so far as I may, that it is not in a splendid Government, supported by powerful monopolies and aristocratic establishments, that they will find happiness, or their liberties protected, but in a plain system, void of pomp, protecting all, and granting favors to none. It is such a Government that the genius of our people requires.” These truths made a lasting impression ; aud until the demoralization incident to a great civil war corporate power was restrained within proper limits. Its strides within the last twelve years, protected, strengthened and encouraged by Grant aud Hayes, and by corruption in Congress, have been gigantic. Step by step, corporations have seized upon the avenues leading to possession of the Government. They put one President iu by fraud, and another by the scandalous use of money. The present administration is virtually composed of monopolists and the champions of corporate power. The contest between the people who are oppressed and the corporations that impose the burdens cannot forever be postponed. It is hastened by new aggressions. The greatest of opportunities is offered to a leader fit to conduct this grand cause of the many against the few. We have faith that he will be found.— Neon York Sun.