The Coming Battle

Chapter VII  - National Banks Secure a Continuation of Their Existence

Chapter I
Origin of the Money 
Power in America

"The abandonment of silver will result in the enhancement of the burden of all debts and fixed charges, acting as a drag upon production, and suffocation, strangulation, are words hardly too strong to express the agony of the industrial body when embraced in the fatal coils of a contracting money."  --Francis A. Walker

"Many of our rich men have not been content with equal protection and equal benefits, but have besought us to make them richer by act of Congress. By attempting to gratify their desires we have, in the results of our legislation, arrayed section against section, interest against interest, and man against man in a fearful commotion which threatens to shake the very foundation of our union.

"It is time to pause in our career; to review our principles, and, if possible, to revive that devoted patriotism and spirit of compromise that distinguished the sages of the Revolution and the fathers of out nation. If we cannot at once, in justice to interests invested under improvement legislation, make our Government what it ought to be, wecan at least take a stand against all new grants of monopolies and exclusive privileges; against any prostitution of our Government to the advancement of a few at the expense of the many, and in favor of compromise and gradual reform in our code of laws and system of political economy."         --Andrew Jackson

The National Republican Convention met in Chicago on the 2nd of June, 1880. Among the leading candidates striving for the nomination for President were John Sherman, General Grant, and James A. Garfield. After a long contest, lasting seven days, the latter received the nomination. The Vice-Presidential candidate was Chester A. Arthur of New York.

On the 27th of June, 1880, the Democratic National Convention met in Cincinnati, and its deliberations resulted in the nomination of Major-General Winfield S. Hancock for President, and William H. English, of Indiana for Vice-President.

After the 4th of March, 1881, the Republicans had full control of the Government, and there was no obstacle in their way to hinder or obstruct the execution of their policy.

William Windon, of Minnesota, was selected by President Garfield for the post of Secretary of the Treasury.

During the Senate debate on the joint resolution to renew the charters of the national banks, Senator Voorhees eloquently and truthfully depicted the vast bounties that had been bestowed upon these creatures of Government. He pointed out the overshadowing influence of the national banking power.

"This Government is at the mercy of its own creatures. It has begotten and pampered a system which is now its master. The people have been betrayed into the clutches of a financial despotism which scorns responsibility and defies lawful restraint."  --Senator Voorhees

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