Jasper County Democrat, Volume 1, Number 30, Rensselaer, Jasper County, 5 November 1898 — THE MONEY POWER. [ARTICLE]

THE MONEY POWER.

Its First Exhibition Was Through United States Banks, Which Jackson Throttled. Dangers of This Power Pointed Oat to tbe People by the Man Who Had the Courage to Veto Its Measures When It Sought to Control the Government In 1832 The term “money power” is regarded in some quarters as a vague term, indeed, so ambiguous and indefinite as to amount to a vagary. It is flippantly admitted that money has power which, under prudent control and exerted for ligitimate purposes, promotes the generai welfare, advances civilization and confers innumerable blessings upon individuals and nations. Snch commendations are exceedingly trite, they are like repeating the old aphorism that “fire is a good servant, but a bad master.” It is folly to assume that the term ‘•money power” in political affairs is of recent coinage. Such is not the case. It has been known to exist since time was young, but it is not the purpose of this writing to trace its operations beyond and outside of the boundaries of the United States. It is donbtless true that the first exhibitions of the money power in the United States were through the operations of the United States bank which President Andrew Jackson throttled finally by his veto. July 10, 1832. In that message President Jackson said: “Their power,” (referring to the stockholders of the bank) “would be great whenever they might choose to exert it * * * they might pot fourth their strength to influence elections or control the affairs of the nation.” Again, in his veto message, Jackson said: “It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. * * * Many of our rich men have not been oontent with equal protection and equal benefits, bat have besought ns to make them rloher by acts of congress.” Such expressions from such high authority bring to view the designs of the money power 60 to 70 years ago, when the “money power,” operating through the United States bank, sought to control the government. In his sixth annual message, Deo. 8, 1834, President Jackson called the attention of congress and the country to the corrupting practices of this organised money power in saying: "Circumstances make it my duty to call the attention of congress to the bank of the United States. Created for the convenience of the government, that institution has beoome the scourge of the people. Its interference to postpone the payment of a portion of the national debt, that it might retain the publio money appropriated for that purpose to strengthen it in a political contest; the extraordinary extension contraction of its accommodations to the community; its corrupt and partisan loans.” All pointed to the dangers which in the days of Jaokaon threatened the government itself by the operations of the money power. And still further. President Jackson warned his countrymen against establishing or giving aid and comfort to a “money power” and in his -message said: “Events have satisfied my mind, and I think the minds of the Amerioan people, that the mischiefs and dangers which flow from a national bank far overbalances all its advantages. The bold efforts the present bank has made to oontrol the government, the distresses it has wantonly produoed, the violence of which it has been the occasion in one of our cities famed for its observance of law and order, are bat premonitions of the fate which awaits tho American people, should they be deluded into a perpetuation of this institution or the establishment of another like it.” But in his farewell message to the people, President Jackson, referring to the operations of the money power through the United States bank says: “We are not left to oonjecture how the moneyed power, thus organized and with snch a weapon in its hands, would be likely to use it. The distress and alarm whioh pervaded and agitated the whole cocntry when the bank of the United States waged war upon the people in order to compel them to submit to its demands cannot yet be forgotten. The ruthless and unsparing temper with whioh whole cities and communities were oppressed, individuals impoverished and rained, and a scene of oheerful prosperity suddenly changed

to one of gloom and despondency ought to be indelibly impressed on the memory of the people of the United States.” It will be observed that the term money power or “moneyed power” is not of recent ooinage, bat dates back to the time when the first bank of the United States was chartered with a capital of $7,000,000, and that its power, which was intended should be a benediction to the country and the people, was exerted in an opposite direction and became a colossal corse to the extent that it threatened the overthrow of the government itself, for, says President Jackson, “if the people had not conquered in the straggle the government would have passed from the hands of the many to the hands of the few, and this organized money power, from its recent conclave, would have dictated the choice of yonr highest officers and compelled yon to make peace or war, as best suited their own wishes.” The money power, instead of one bank of the United States with a capital of $35,000,000, has created nearly 4,000 national banks with a capital of $650,000,«00 banded together in what is known as the “American Bankers’ association.” and which it is now the purpose of the “money power,” acting through the Republican party, to confer upon them by legislation snch additional power as will enable them to control, not only the monetary affairs of the country, but its legislation also, indeed, as President Jackson says, “Dictate the choice of our highest officers.” Aud this is jnst what was accomplished in the election of William McKinley as president. The “American Bankers’ association” has a standing committee known as the “committee on education,” which, in its report at the Denver meeting of the association held last August, expressed a desire that more naorous efforts should be made to bring the people into greater harmouy with the operation of the banks, because opposition to the policy of the banks would operate disastrously upon the people by the “CURTAILMEXT OF LOANS, HIGHER RATES OF INTEREST, GENERAL DEPRESSION OF BUSINESS AND CAUSE GREAT LOSSES TO ALL CLASSES.” These are some of the calamities which the national banks, as their educational committee points ont could be visited upon the country by the American Bankers’ association, and this power for mischief is to be indefinitely increased if tbe bill prepared by the Indianapolis monetary convention, or any similar bill, becomes a law, because the bill proposes to put the entire paper circulation in the hauds of the national banks and thereby constitute them a money power, compared with which the old bank of the United States, that Andrew Jackson throttled and killed, was conspicuously a pygmean menace to the business of the people and the government.