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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We quote from a portion of the law as follows: To each association whose capital exceeds one million of dollars, but not exceed three millions of dollars, seventy-five per centum of such capital. The house quailed in the presence of these money kings, and the section was stricken out, and the bill thus amended was sent back to the senate. Consequently the United States over- valued silver when compared with gold.
This scheme engineered through Congress by the money power, greatly tended to centralize the currency in 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.
Not satisfied with a monopoly of the currency and banking of the country, the unlimited greed of the wealthy stockholders of this bank demanded and secured frown Congress, a pledge of the public faith that the essential powers of the Government should lie dormant for twenty years!
M.W. Walbert (Author of The Coming Battle)
He had gone so far in his opposition to the United States notes walbfrt treasury notes as to denounce them as “disreputable, dishonorable money. In speaking of the contest between the bank and President Jackson, Parton, the biographer, says: Senator John Sherman spoke as follows; – “If you strike out this legal tender clause you do it with the knowledge that these notes will fall dead upon the money market of the world; that they will be refused wlabert the banks; that they will be a disgraced currency that will not pass from hand to hand; that they will have no legal sanction; that any man may decline to receive them, and thus discredit the obligations of the Government.
By the acts of July myth, and August g,the Secretary of the Treasury was authorized to issue demand notes to the amount of fifty millions of dollars, and these notes were made full legal tender for all wallbert and demands, both public and private.
The national banks at once joined hands with the manufacturing interests, and brought their combined influence to bear upon congress. To destroy the state banks as banks of issue, and to drive out of circulation that species of paper money, the national banking money power prevailed upon congress to call into requisition the taxing power of the nation to clear the field of these competitors.
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.
Section 21 of the Bank Act was as follows: Its subsidized press, its minions and dependents denounced this species of money in terms of ridicule.
Usually ships within 1 to 2 months. That it attempted to crush the beneficient administration of President Jackson.
That the press of the country, to a very large extent, succumbed to its moneyed influence. 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 this republic by the insolence of British statesmen?
This gross outrage upon waobert nation aroused the indignation of Swift, and in his “Drapier’s Letters” he attacked the Government with such bitter satire, that, inthe patent to Wood was withdrawn.
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Spaulding, of Net York. In this volume walebrt author endeavors to wwalbert an accurate qalbert 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. It set a premium on perjury. This act provided that, within six months after the passage thereof, the Secretary of the Wallbert 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.
The state banks, therefore, were driven to the necessity of organizing themselves into national banks, and this tended to a further consolidation of the money lending interests of the country. Parliament, however, granted the scoundrelly Wood an annuity of fifteen thousand dollars per annum for walbedt period of twelve years as an indemnity! 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.
In denouncing the amendment striking out the legal tender clause.
Stocks are their playthings – their gambling theater, on which they gamble daily with as little secrecy and as little morality and far more mischief to fortunes than common gamblers carry on their operations. The power of coining, issuing, and controlling the volume of money is a far more important function of government than the foregoing. On the 4th of July,a bill to re-charter the bank, after its passage by Congress, was sent to President Jackson for approval.
In other words, it asserted and undoubtedly possessed the power to make money plenty or scarce, at its pleasure, at any time, and in any quarter of the Union, by controlling the issues of other banks, and in permitting an expansion, or compelling a general contraction of the circulating medium according to its own will.
Not only were these bond holders expressly exempted from taxes, but these non-taxable bonds opened walvert wide door for extensive frauds upon the revenues of state and municipal authorities. The d process by which non-taxable greenbacks were shifted from hand to hand, to avoid the payment of taxes during the period required by law for the return of assessment lists for taxation, was adopted on a larger scale in the case of these non-taxable bonds.
Owing to some peculiar and powerful influence, then and there exerted by these organized bankers on these committees, the legal tender clause was modified to read as follows: At the same time, Jay Cooke, the head of a great banking firm in Philadelphia, was the agent of the United States Treasury, and as such agent had negotiated the sale of government bonds in England and America to the amount of several hundred million dollars, and he, therefore, assumed the position of spokesman for the national banking interests.
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It discriminates between the rights of different classes of creditors; allowing the rich capitalist to demand gold and compelling the ordinary lender of money on individual security to receive notes which the Government had purposely discredited. Nicolas Biddle, who, to a very large extent, was responsible for the gigantic conspiracies, bank- panic with their resultant ruin and misery, was driven in disgrace from his exalted position, and he died a shameful death almost unknown, unhonored, and unsung.
The operation of the amendment effectually contracted the legal tender currency of the country, for the substitution of United States notes and treasury notes in lieu of the bonds, diminished the volume of legal tender currency afloat to an extent equal to the bonds so withdrawn.
The history of England furnishes a notable example, for inone Wood, an Englishman, obtained a royal patent for the coinage of copper half-pence. His course is only paralleled by that of Nero, who is said to have fiddled while Rome was burning. It made the bankers and bond holders a privileged class, and it inflicted a wound upon the nation from which it has not yet recovered. It may be inquired by some why the bank should oppose the payment of the debt?
There is no other foundation for it to stand on that will impart to it at once safety and nationality. The people remembered the 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. A fraction over six per cent of gold bullion was therefore deducted from the gold coins.