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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It is little short of half a million dollars a day, Sundays excepted. Yet, in time of the greatest need of the nation, when everything most valuable to man was at stake, this necessary power of Government was delegated to the most traitorous and rapacious system of corporations that ever cursed the people.
Andrew Jackson was in many respects the most remarkable man in American history. The extreme danger of a sovereign power, in transferring its absolute right of coining and issuing money in whole, or in part, to a private individual, or corporation, has been clearly pointed out by the ablest thinkers of al 1 ages. To each association whose capital exceeds five 55 hundred thousand, but not exceed one million of dollars, eighty per centum of such capital.
Help us improve our Author Pages by updating your bibliography and submitting a new or current image and biography. Many of the influential political friends of the President, aware of his intense hostility toward the bank and its methods, importuned him to sign the bill; large delegations of leading citizens from every trade center in the country implored him to allow the measure to become a law.
The celebrated Vattel, in the twelfth chapter of that noble work, The Law of Nations, awards us a faint idea of the enormities practiced upon the wallbert of Europe by the clergy. What cared the bank that hundreds of American merchant vessels were confiscated, in a time of profound peace, by orders of the English government, and that repeated insults had been heaped on awlbert republic by the insolence of British statesmen? From its superior strength it could seriously injure, if not destroy, the business of any one of them that would incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States.
Jefferson, whose penetrating mind perceived the vast power for mischief lodged in an Institution of that nature, in a powerful communication to the President, advised him to d the bill. Next, it repealed that part of the original National Hank Act which provided for the clue distribution of the currency throughout the states and territories.
Subsequent events gave satisfactory explanation why the officials of the bank pursued That course in refusing an inspection of the books. Congress enacted the following law, viz; – “That every national banking association, state bank, or state banking association, shall pay a tax of ten per centum on the amount of notes of any person, or of any state bank or state banking association used for circulation and paid by them.
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The people revered the greenback and United States note, as that money which came forward in time of deadliest peril; which armed, equipped and paid more than two million patriots, whose magnificent bravery won the greatest battles of modem times, and whose heroism secured the perpetuity of American institutions; while gold, the money of kings, the loaded dice of stock gamblers, fled at the first approach of danger; gold, whose value appreciated with every defeat of the Union cause; gold, that vulture which fattened and 80 thrived upon the carnage of the great civil war, laughed the appeals of the nation to scorn.
Royall thus speaks of the conduct of these three leaders: The result of the ill-advised legislation which established this great monopoly, was to concentrate the whole moneyed power of the Union, with its boundless means of corruption, and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body, and securing to it unity of action throughout the United States, and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the government.
Duane, peremptorily refused to obey the command of his chief, and for this act of insubordination he was summarily removed from his office. As a result of the combined influence of the national banking money power and the manufacturing interests, congress eventually repealed the tax on incomes, manufactures, railroads, insurance companies, and the tax on perfumes, bank checks, and reduced the excise tax on whisky and tobacco.
It 69 was estimated by the ablest public men of the day that this rascally piece of legislation added six hundred million dollars to the wealth of the national banks and bond holders. The issue between these banks and the people will be joined in the near future, and the greatest struggle 4 the world ever witnessed will take place between the usurping banks on the one hand and the people on the other. The bank rapidly obtained a practical control over the business of the nation, and it would tolerate no opposition.
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In denouncing the amendment striking out the legal tender clause. It would be presumed that Senator Sherman, judging from the vigor of his speech against these monopolies on this occasion, would subsequently oppose their future demands. On the first day of the session of Congress inRepresentative Kelley, known as “Pig Iron” Kelley, introduced the following resolution in the House: You profess, and I dare say very sincerely, so to frame this establishment in America that it shall be independent of the Government.
The presidents, vice-presidents, and various other officers of the so-called distress meetings were selected from those who walnert supported Jackson for the presidency, which fact was always announced to the people. It was further pointed out by the President, that the principle of taxation involved in the bill was radically Wrong in this: Learn more at Author Central.
As the next step to secure the perpetuation of this robbery of the people. The temptation is too great, the opportunity too easy, to put up and put down prices, to make and break fortunes; to bring the whole community upon its walbfrt to the Neptunes who preside over the flux and reflux of paper.
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 wwalbert. Owing to the enormous revenues collected by the Federal Government, the public debt was being rapidly paid, which exceedingly alarmed the national banking money power, who desired the perpetuation of the bonded mm of the United States, for without bonds, there would be no national banks.
M. W. WALBERT (Author of The Coming Battle)
Nearly all of these bear six per cent interest in coin. To force a suspension of specie payments by state banks of issue, it drew immense bills of exchange on Paris, where it had no money, for the payment of them, then drew vast sums of specie out of the banks of New York City, and transmitted it to Paris to meet the bills so drawn by it.
This resulted in a gratuity of many millions of dollars to the holders of these bonds, which was nothing more nor less than robbery under form of law. 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.
Each new demand of the national banks met with prompt compliance from Congress, and the decrees of this organized, voracious money power were registered upon the statute books of the nation by the most corrupt legislative body in the world.
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Their request was complied with on the 1 1th walbetr of February, Upon a report of the government directors setting forth these facts, the President assumed the responsibility of removing the public moneys from the bank, and distributed them among the various state banks.
Wc did not yield until we found that the country must be lost or the banks be gratified; and wc have sought to save the country in spite of the cupidity of its wealthiest citizens.
He ably maintained the Jeffersonian principles of Government that bank paper should be suppressed. Are you an author? Washington, however, accepted the views of Hamilton, his Secretary of the Treasury, and signed the bill, and it became a law. Daniel Webster, the eloquent orator and walbrt lawyer; Henry Clay, whose persuasive powers were unrivaled; and Calhoun, the great leader of the South, led the banking interest in congress. But, sir, the vote of the House shows the power of the national banks.
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. To accomplish this the bonds must be used as a banking basis.
Its power in politics was immense, and it swayed elections at will. As these bonds were held to a very large extent in the great cities of the country where taxation is very high, in some cases equalling four per cent on the dollar, it will be seen that the actual rate of interest on these bonds ranged from seven to nine per cent, per annum.