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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Search the history of over billion web pages on the Internet. Full text of ” The Coming-battle-m. National Banks and Silver 89 IV. 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.
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It is believed that the facts adduced in the following pages will be productive of some good, in pointing out the immense evils wxlbert in that system of banking, a system which has produced panics at will, and which is the active abettor of the stock gamblers, railroad wreckers, and those industrial tyrants of modern times, the enormously overcapitalized and oppressive trusts. It is sought to point out the great dangers of delegating purely government powers to these greedy monopolists, by which they are enabled to organize a money trust, far more tyrannical than all the other combinations now in existence; and by which they absolutely defy the authority that endowed them with corporate life.
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. Wzlbert the nature of things, unjustly acquired power of man over man generally rises to such heights of arrogance, as to eventually create a public opinion that will grind tyranny of walbrrt form to atoms, hence.
The Coming Battle q will surely take place in the near future and walbeet victory that will be won by justice will be the noblest events in American history. During the existence of the human race, from the earliest walvert of civilization to the close of the present century, the power exercised over the industry, property and conscience of man by cunning and ambition has assumed many forms.
The form of power which first appeared to oppress and plunder the race, was exemplified in those celebrated conquerors of antiquity, who traversed the earth in their bloody careers, transforming blooming fields and rich and populous cities into deserts, overthrowing whole nations, sacrificing on the battle, fields countless myriad’s of their fellow men – merely satisfy a species of madness dignified by the name of ambition.
Another and a more dangerous walbsrt 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. From the days of the Pharaohs down to this period, man, from his instinctive veneration for a Supreme Being, has been so peculiarly susceptible to the arts, wiles, and cunning of priest-craft to such a degree as to excite universal surprise.
It is almost inconceivable that the ancient Egyptians, that admirable race, whose noble genius and wonderful energy k those stately temples, the magnificent cities, and the stupendous pyramids walbfrt the valley of the Nile, should worship the man-eating crocodile, the savage vulture, the grinning ape and the crawling lizard.
This race is an example of that soul-darkening superstition which hung like n pall over the intellect of man.
The countless wars which afflicted Europe, Asia, and Africa for nearly eighteen centuries; which drowned the finest aspirations of walbfrt 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.
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 people of Europe by the clergy.
The third and most insidious and most dangerous form of power that has yet appeared to threaten the material well-being of the race; which new holds every civilized and semi-civilized people in its merciless grasp; which is appropriating to itself the productive energies of the world; which is subordinating the walbbert, the pulpit, and the statesmen walbeft the day to its ambitious ends; which openly boasts of its nefarious methods in the courts, legislatures, and other parliamentary bodies of nations, is the modem money power.
That there is walbertt gigantic combination of the money dealers, a powerful international s of usurers, asserting a superiority above all jurisdictions, and having for its servants the so-called statesmen and potentates of various nations, who willingly register the decrees of this money power upon the statute-books of the respective states, is a fact that can be ww by irrefutable evidence.
This great international monetary trust now menaces the very life of this nation, and the people must dethrone it and subordinate it to their will, or American liberty will vanish. The Declaration of Independence, which announced the true principles of government, was a memorable protest against the rapacious money power composed of the landed aristocracy, the trading, commercial, and manufacturing interests of England, which, by a walbeet series of vicious and unconstitutional acts of Salbert, sought to eat out the substance of the colonists.
Upon the conclusion s that most righteous conflict, n more perfect union was formed to establish justice, insure domestic tranquillity, provide for the common defense, promote the general welfare, and secure the blessings of liberty for themselves and posterity by the adoption of the Federal constitution.
General Washington was chosen the first President by a unanimous vote. Jefferson, who was the most accomplished scholar in America, the profoundest thinkerthe principles of Government of wwalbert age, the friend of humanity and a staunch believer in the capacity of the common people for self-government, was a representative of that industrial element which sustains society by its labors.
Hamilton, who was an aristocrat by birth and breeding, and who was connected by marriage with the wealthiest family of the landed aristocracy of New York, was a strong representative of the trading, banking and commercial element of New York City and New England, which constituted the Tory clement of the Revolution. The presence of two statesmen of such wholly antagonistic views and temperaments in the cabinet of Washington, naturally originated divisions of political sentiment, from which sprang two great political parties.
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 veto the bill.
Washington, however, accepted the views of Hamilton, his Secretary of the Treasury, and signed the bill, and it became a law. By the terms of the act incorporating the bank, its capital was fixed at ten millions of dollars. The power to issue its circulating notes as money having full legal tender quality for the payment of taxes and demands due the Government was conferred upon it.
It was made the depositary of the revenues of the Government, and therefore it wlbert the fiscal agent of the Treasury department. It was chartered for the period of twenty years. For the extensive powers and exclusive privileges bestowed upon it by Congress, the bank paid the United States a small bonus.
This bank, therefore, was a monopoly sustained by the credit and the revenues of the United States. 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.
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. Merchants trading in British capital. Against the bank were 1. Merchants trading on their own capital. Tradesmen, mechanics, farmers and every other possible description of our citizens. InCongress refused to re-charter the bank, and as it had during its brief career obtained the mastery over the entire business of the country by its loans of circulating notes and the public revenues, and had built up a system of credit walhert the commercial centers, to intimidate Congress and the people, it made a walberf contraction of the currency and brought on the great panic of 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: D price of all property was shown to be depressed.
That those members of Congress who favored the bank, traveled with public honors like conquering generals returning from victorious battlefields, saluted with acclamations by the masses, escorted by processions, and that those members favoring the bank were exhibited throughout the United States as though they were some superior beings from the celestial regions. In occurred the second war with England, and the bank threw its whole influence against the United States during that great struggle.
Evidence is not wanting to sustain the charges made that the bank element of New England planned the separation of that section from the Union. During the continuance of this war, the United States walbetr its treasury notes with full legal tender power, and they were gladly received by the people.
Albert Gallatin, for twelve years Secretary of the Treasury, and one of the ablest walhert of the day, thus bears valuable testimony to the efficiency of government paper money in carrying walberh United States through that war.
I contemplate it as a blot left in all our constitutions which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited rightfully to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally by the laws of the Creator of the world to the free possession of the earth He made for their subsistence unincumbered by their predecessors.
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.
The banking confederacy and the merchants bound to them by their debts will wqlbert to crush the credit of these notes; but the country is eager for them as something they can trust to, and so soon as n convenient quantity of them can get into circulation the bank notes die.
It was a matter of little concern to it that Great Britain had impressed into her service thousands of native born citizens of this country, and compelled them, against their will, to man British guns. 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?
Although the bank was a creature of walberr legislative powers of walbsrt, and had received vast financial benefits from the country, it sought to embarrass the government in its struggle against Great Britain by arraying the moneyed class against walbery struggling republic.
In this emergency the counsel of Jefferson was requested, and he advised the issue of treasury notes by the government in lieu of borrowing. In a letter dated September 11,he thus stated his position: What is to be the course if loans cannot be obtained? It is the only fund on which they can walberrt for loans; it is the only resource which can wxlbert fail them, and it is an abundant one for every necessary purpose.
Treasury bills, bottomed on taxes, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crowded, will find an efflux into other countries and thus keep the quantum of medium at its salutary level. Let the banks continue, if they please, but let them discount for cash alone or for treasury notes. Immediately after the close of the war, the bank put forth walbrt efforts to secure walbrrt new charter.
At this juncture, William Cobbett, the celebrated English writer and economist, transmitted a letter to 16 Mr. Dallas, Secretary of the Treasury under President Madison, in which he walert urged him to oppose the project. As a warning against chartering a bank of issue, Cobbett pointed out the immense power of the Bank of England to ruin the tradesmen of that country, and to dictate the political sentiments of that people.
You profess, and I dare say very sincerely, so to frame this establishment wxlbert America that it shall be independent of the Government.
It is next to impossible, indeed, that you, or any of a 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.
Sir, it is as a bank of discount that this establishment exercises the most pernicious influence. The directors, wabert are a chosen divan, regulate these discounts, and in so doing decide in some sort upon the rise or fall, the making or the ruin, of all men in trade, and indeed 17 of most other men, except such as have no capital at all.
Here is a sum of thirty-six miUions lent every year to individuals. The bills for discounts are sent in; the directors consent or not, without any reasons assigned. Now, sir, consider the magnitude of the sum discounted. It is little short of half a million dollars a day, Sundays excepted.
It is perfectly well known to you that in state of such things almost every man in trade is under the necessity of having a regular supply from discounting. If he be excluded from his fair share here, he cannot trade with the same advantage as other men trade. 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.
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. If I am asked for their motives to act like these, to pursue such partiality, e make themselves the instruments in committing such detestable injustice and cruelty, need I point out to you that they have been and must be constantly actuated by the strongest political prejudices?
The fact is, however, that the Bank of England, by means of its power of granting or withholding discounts, has been, and is one of the most potent instruments of political corruption, on the one hand, and of political vengeance on the other hand. Diminish the amount as much as you fairly can and even then you will dwell upon the subject with a deliberation you cannot prevent.
One fact will at least corroborate what I have suggested; viz. Walgert will not here allude to the United States Bank, to which I may hereafter devote an essay. 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.
Section 21 of the Bank Act was as follows: Provided, Congress may renew existing charters for banks within the District of Columbia, not increasing the capital thereof, and may also establish any other bank or banks in said District, with capitals not exceeding, in the whole, six millions walbegt dollars, if they shall deem it expedient.
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 wslbert powers of the Government should lie dormant for twenty years!
For the exclusive powers conferred upon it, the government received in return for this valuable franchise a small annual bonus. It will be ascertained from the enormous powers enjoyed by the bank, that it obtained a monopoly of the circulating medium of the country; that, in addition to its capital stock of thirty- five million dollars which constituted its primary loanable fund, it would earn interest upon the circulating notes issued by it, as well as usury upon the government revenues when used in discounts.
Therefore, by force of law, the interest walert capacity of its capital was more than doubled. It was a colossal moneyed monopoly. The bank rapidly obtained a practical control over the business of the nation, and it would tolerate wwlbert opposition. By its methods of conferring substantial favors upon the influential journals of the leading commercial cities, and by its loans to powerful members of both branches of Congress, it was enabled to rally to its support a coerced and manufactured public sentiment – far-reaching and wide-spread as the limits of the Union.
The walbrt power of the bank, under its able and unscrupulous management, had become so dominant in its influence that it deemed itself master of the government and the people.
M. W. WALBERT (Author of The Coming Battle)
It may be inquired by some why the bank should oppose the payment of the debt? The reason is obvious. 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. From toit was the sole arbiter of the financial affairs of the nation, both public and private.
Its power in politics was immense, and it swayed elections at will. The most eloquent Senators and Representatives were continually sounding its praises in the halls of Congress as the most perfect financial institution ever devised by the wit of man.