The Coming Battle – Kindle edition by M. W. WALBERT. Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks . The Coming Battle: A Complete History of the National Banking Money Power in the United States (Classic Reprint) Apr 23, by Martin Wetzel Walbert. M. W. Walbert (Author), Paul Walter and Lorraine Walter (Foreword By). Published by W.B. Conkey Company, ISBN / ISBN
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Amazon Second Chance Pass it on, trade it in, give it a second life. Hence, upon the outbreak of the war, the rejoicing in England was immense, and British statesmen predicted the success of the Confederacy. This scheme engineered through Congress by the money power, greatly tended to centralize the currency walbett the large cities, and, therefore, made it master of the productive energies of the American people, as the vast majority of the bonds were held in New York City and other centers of wealth and population.
The truth is we can never satisfy their appetite for money. The reason is obvious. Andrew Jackson was the candidate walhert the Democratic party, and represented the principles of Jefferson.
The national banks are mere creatures of law. It was further pointed out by the President, that the principle of taxation involved in the bill was radically Wrong in this: The truth is, that no safe system of bank currency has ever yet been devised by the wit of man, but that its credit is based upon that of the Government, and the credit of a government rests upon its taxing power, which is its means of self-preservation. The bold stand taken by the President in the removal of the deposits, stirred up the wrath of the bank party in Congress, and Henry Clay offered a resolution in the United States Senate as follows: Upon a deposit of United States bonds, the banking associations were entitled to receive from the Comptroller of the Currency, circulating notes, of different denominations, in blank, registered or countersigned, equal in amount to ninety per centum of the amount of the current market value of the bonds so deposited by the association with the Comptroller, but in any case the circulating notes were not to exceed ninety per centum of the par value of the said bonds, if bearing interest at a rate of not less than five per cent per annum; and the amount of circulating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more: In the hands of this formidable power, thus perfectly organized, was also placed unlimited dominion over the amount of circulating medium, giving it the power to regulate the value of property, and the fruits of labor in every quarter of the Union; and to bestow prosperity, or bring ruin upon any city or section of the country as might best comport with its own interests or policy.
To each association whose capital exceeds five 55 hundred thousand, but not exceed one million of dollars, eighty per centum of such capital.
Please try your request again later. Now, sir, consider the magnitude of the sum discounted.
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It compelled its thousands of borrowers to sign distress petitions, which it caused to be sent to the President as the apparently free expression of public sentiment. Full text of ” The Coming-battle-m. To each association whose capital exceeds one million of dollars, but not exceed three millions of dollars, seventy-five per centum of such capital.
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: The banks were enabled to lay the foundations of that colossal structure of credit, which has plunged the people into an abyss of indebtedness from whence they will not emerge for generations.
The rottenness of the bank then became known, and a complete investigation into its management from toinstituted by the stockholders, developed an astonishing degree of villainy, corruption, and rascality that was appalling, and the results of which more than sustained the charges brought against it by President Jackson and his supporters.
In his character as a man, he gave abundant proof of many admirable traits, among which were magnanimity toward the vanquished, unimpeachable personal integrity, and lasting tenacity in his friendships, in which latter attribute he bore a striking resemblance to General Jackson.
J set a premium on perjury. The people remembered walnert great efforts of the bank to monopolize the entire volume of money in the country, and gladly received the two and one half, five and ten dollar gold pieces in preference to bank notes. Let the banks continue, if they please, but let them discount for cash alone or for treasury notes. The strong arm of the Government can reach every fireside in 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.
Although many millions of public revenues were under its sole charge, constituting a loanable fund for the benefit of the bank, its hireling press teemed with abuse against the administration of President Jackson. 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. If he be in the practice of discounting, and if his discounts be cut off, he cannot go on; he stops payment and is frequently ruined forever, even while he possesses property which, with the fair chances of time, would not only enable him to pay his debts but to proceed in prosperity.
The audacity of the bank was destined to receive a check in its career of uninterrupted power and success, and its astonishing abuses of its franchise where to be mercilessly exposed, and it was doomed to fall never to rise again. The former is subordinate to walbeft last named power, and consequently involves the very life of the nation. Benton “Bank paper must be suppressed and the circulation restored to the nation to whom it belongs. There’s a problem loading this menu right now.
Notwithstanding the wakbert opposition displayed by the national banks against the United States notes and treasury notes, in spite of the efforts walbsrt Congress to withdraw from circulation the war money of the country walbeert funding this currency into interest-bearing, nontaxable, long-time bonds, this paper money directly issued by the United States was so popular with the people that a very large amount remained in the channels of trade.
Thomas Jefferson, by voice and pen, in language of rare power and felicity, pointed out the dangerous possibilities of the bank to influence the politics and business of the nation. The price of all property was shown to be depressed. Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence, it would be more formidable and dangerous than the naval and military power of the enemy.
The first reason assigned by the President in his objections against the ‘renewal of the charter of the bank was, that it created a monopoly under the authority of the general Government, and, therefore, it increased the value of d stock far above its par value, which operated as a gift of many millions to its stock holders.
The value of all property, whether of the present time, or of that resulting from the earnings and accumulations of all past generations, depends upon the control of the volume of money.
This would tend to alien ownership of this bank, non-contribution to the- burdens of Government creating this valuable privilege, and a continued drainage of specie to foreign nations.
The brain and wealth of all countries will go to North America. Subsequent events gave satisfactory explanation why the officials of the bank pursued That course in refusing an inspection of the books. Therefore, a bill was speedily brought forward by Senator Sherman in the United States Senate, providing for the incorporation and organization of the present system of national banks as banks of issue – a bill whose passage meant the creation of moneyed institutions, whose interests would be, or could be made, antagonistic to the nation.
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Help us improve our Author Pages by updating your bibliography and submitting a new or current image and biography. The United States Government gave the wealthiest men of the country, in the time of its greatest peril and distress, a gratuity equal to ninety per centum of their banking capital. In the election ofMartin Van Buren succeeded Jackson in the presidency. Incongress chartered the United States Bank with a capital stock of thirty-five million dollars; to it was delegated the sole power of issuing notes receivable by the United States for taxes and demands due it; and designed to serve as the Treasury Department of the government by receiving and disbursing the public revenues of the nation.
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Webster, and Clay advocated a liberal construction of the Constitution, and were eternally sounding the praises of that instrument as the noblest work of statesmanship, yet, while ascribing to it the most ample powers and authority, they strangely supported the theory that the United States Bank was absolutely necessary to the financial administration of the Federal Government. Popularity Popularity Featured Price: And I sincerely believe with you that banking institutions are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.
United States Senator Benton, of Missouri, a man of great energy, extensive learning, and commanding ability, thoroughly understood the means by which the bank had obtained its mastery over the commerce and industry of the nation, and, therefore, at that session of congress, he presented a resolution in the United States senate to the effect, that the charter of the bank ought not to be renewed.
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.force of this amendment, coin went to a premium, thereby greatly enhancing the wealth of the bankers and bullion brokers.