Tygot The distress and alarm which pervaded and agitated the whole country, when the Rank of the United States waged war upon the people in order to compel them to submit to their demands, cannot yet be forgotten. Now, sir, consider the magnitude of the sum discounted. But how is this gold to be raised? To accomplish this the bonds must be used as a banking basis. Furthermore, the United States solemnly pledged its faith to make provisions at the earliest practical period for the redemption of the United States notes in coin.
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Tygot The distress and alarm which pervaded and agitated the whole country, when the Rank of the United States waged war upon the people in order to compel them to submit to their demands, cannot yet be forgotten. Now, sir, consider the magnitude of the sum discounted. But how is this gold to be raised? To accomplish this the bonds must be used as a banking basis.
Furthermore, the United States solemnly pledged its faith to make provisions at the earliest practical period for the redemption of the United States notes in coin. It was evident that no money could be secured from England by the United States to maintain the supremacy of the Constitution, for nations, like men, are governed in their money transactions largely by their likes and dislikes. You must see that they hold in their hands the pecuniary fate of a very large part of the community, and that they have it in their power, every day of their lives, to destroy the credit of many men, and to plunge their families into shame and misery.
Third, an alliance, offensive and defensive, of the national banking money power and the manufacturers, 87 whose combined interests have dominated the legislation of Congress, by which the banks have practically secured a monopoly of the medium of exchange, and by which the manufacturers have secured a high protective tariff for their immediate benefit, and at the same time flooded their mills and factories with cheap foreign labor.
The countless wars which afflicted Europe, Asia, and Africa for nearly eighteen centuries; which drowned the finest aspirations of humanity in blood; which desolated the fairest parts of the earth; which stemmed the tide toward a higher and a grander civilization, sprang from the base superstitions originated by the grasping priesthood, who lived in sloth and luxury upon the labor of the deluded mass of mankind.
Resort was had to borrowing money on the credit of the United States by the sale of bonds. While Congress, by its solemn legislative decree, provided for the redemption of United States non-interest legal tender notes in gold, it did not require the national banks to redeem their circulating notes in anywise whatever.
The larger the debt, the more revenues necessary to pay the interest charge thereon, and, therefore, the more profit to the bank from the use of the increased revenues in making loans and discounts. This act provided that, within six months after the passage thereof, the Secretary of the Treasury was authorized to retire from circulation United States notes to the amount of ten million dollars, and for every month thereafter a sum not to exceed four million dollars.
This accumulation of revenues served to augment the power of the bank as it increased its resources, and, therefore, its facility to make additional loans and discounts in the various commercial centers of the country. The bank still continued its warfare upon the people. In a speech delivered in the United States Senate, Benton thus truly describes the immense power of the bank over the Government and the people: In substance, this act provided for the incorporation of banking companies, by which not less than five persons could, under certain restrictions, organize a bank, by depositing with the Secretary of the Treasury 54 United States bonds to secure the circulation of national bank notes as currency.
In speaking of the course of the bank, in attempting to force a suspension of walgert payments by the state banks of issue, Mr. This race is an example of that soul-darkening superstition which walhert like n pall over the intellect of man. In the year 1a large surplus of public revenues accrued to the United States, and according to law, the money was deposited in the bank.
Not only were these bond holders expressly exempted from taxes, but these non-taxable bonds opened a wide door for extensive frauds upon the revenues of state and municipal authorities.
It had the solo power of issuing legal tender paper money, and its actual capital was trebled in its earning capacity by loaning its circulating notes at interest, and by having the control of the government revenues. The truth is we can never satisfy their appetite for money. Hence, upon the outbreak of the war, the rejoicing in England was immense, and British statesmen predicted the success of the Confederacy.
The department has been in the habit for five years of paying the interest in advance without charging anything. Another and a more dangerous form of misapplied power resulted from the intellectual tyranny exercised by that shrewd class, the priest-hood, over the conscience and religious beliefs of the great mass of mankind.
On January 20,a bill was rushed through Congress by which the Secretary of the Treasury was authorized, in his discretion, to pay the interest on the national debt wlabert three months.
See your member of Congress at once and engage him to support our interest that wc may control legislation. It is next to impossible, indeed, that you, or any of the persons in whose hands the Government is, should have a desire to make a bank what our bank has long been; but while there is a possibility of its becoming, in any hands or at any time, anything resembling this bank, it must be a matter of serious dread to every friend of America that such an establishment is walbsrt to take place.
They and not the rich, are our dependence for continued freedom. When the Funding bill was originally introduced, section walbetr provided e on and after the 1st day of October,national banks should deposit walvert bonds of any denomination not less than one thousand dollars, issued under the provisions of this Funding act, and no other, with the Treasurer of the United States as security for notes issued to national banking associations for circulation under the act of June 3, i The strong arm of the Government can reach every fireside walbsrt the land, and can drag from thence the father, husband, or son, tear him away from the family 58 circle, force him to don the national uniform, to bear arms, and to lay down his life for his country.
The people are not safe when such a company has such a power. It was discovered that hundreds of thousands of dollars were expended by President Biddle in influencing elections, subsidizing the press, and bribing members of Congress. These notes so issued at these various times were maintained at a parity with gold and silver coin, and were a favorite money of the people. It made the circulating notes of these banks a rival to the greenback currency, and it would be to the interest of the national bankers, by every means in their power, to drive out and destroy the paper money issued by the Government.
Walbert Author of The Coming Battle Duane, peremptorily refused to obey the command of his chief, and for this act of insubordination he was summarily removed from his office. This amendment, by which the debt paying power of the Treasury note was restricted within such narrow limits, was a most dishonest act on the part of the government. In this volume the author endeavors to give an accurate history of the present National Bank System of currency, including an account of the first United States Bank,- both of which were borrowed from Great Britain by those statesmen who, like the father of Sir Robert Peel, believed that a national debt was the source of prosperity.
After the suppression of the state banks of issue, the next step of the national bank was directed toward 67 the destruction of the greenbacks and United States notes, and, therefore, on the 12th of April,an act of Congress was duly signed by the President providing for the withdrawal and cancellation of the United States notes and treasury notes. To each association whose capital exceeds five 55 hundred thousand, but not exceed one million of dollars, eighty per centum of such capital.
Biddle had most able lieutenants in both branches of congress devoted to his interest. United States Senator Benton, in a speech in the senate during the administration of Jackson, thus graphically states the manner in which the bank con-trivet to manufacture public sentiment in its favor He says: The power of issuing and controlling money exercises an imperial sway over all productive industry as universal as the law of gravitation upon all matter.
The man before whom bowed in fawning adulation great and wise statesmen, merchant princes, editors of powerful journals, and leaders of public opinion; he, who, in the magnitude of his financial plans and undertakings, rivaled the money kings of Europe; he, who arrayed dollars against the immutable principles of justice and the rights of man, lived to see his name become a by-word, a hissing, and a reproach.
The havoc wrought by-it was as broad, as the range of its operations, and its course was sustained by politicians as one of self defense. Shopbop Designer Fashion Brands. The subservient tools of the bank, when offered gold coin in the ordinary transactions of business, would shudder and recoil at its appearance, and demand United States bank notes as the superior money.
During the debate upon the bill as amended, her. By force of this amendment, coin went to a premium, thereby greatly enhancing the wealth of the bankers and bullion brokers. Related Posts
The Coming Battle – by M. W. Walbert
Akinozragore The power of levying and collecting taxes for the support of the nation, of raising and maintaining armies for its preservation, is dependent upon the control of the currency. During the continuance of this war, the United States issued its treasury notes with full legal tender power, and they were gladly received by the people. Eighth, Senator Sherman, during all this period, was the chairman of the Finance Committee of the Senate, and he was the influential agent of the money power who shaped and molded that legislation, upon which was reared that imperial combination of moneyed influence which, to a very large extent, rules the press, the pulpit, the legislative bodies, and the courts of the country. When the North and the South were marshaling their respective armies to determine the question of military supremacy, the weight of foreign influence was thrown to the southern cause. It is next to impossible, indeed, that you, or any of the persons in whose hands the Government is, should have a desire to make a bank what our bank has long been; but while there is a possibility of its becoming, in any hands or at any time, anything resembling this bank, it must be a matter of serious dread to every friend of America that such an establishment is likely to take place. As the expenses of the Government in were many millions of dollars in excess of its income, and as but little money could be had by the sale of its bonds, recourse was had to issuing paper money. Therefore, the fifty millions of demand notes issued under the authority of the acts of July 17th and August 5,having unlimited legal tender power for the payment of all demands, never depreciated a farthing.
William Burton Walbert
M W WALBERT PDF