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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To exhibit the powerful influence exerted upon that s which passed the Funding act of July 14,we will refer to a awlbert facts that have become history. The law further provided that after any association receiving circulating notes under this act, and has caused its promise to pay such notes on demand to be wzlbert by the president, or vice- president, and cashier thereof in such manner as to make them obligatory promissory notes payable on demand, at its place of business, such association may issue and circulate the same as money.
Amazon Advertising Find, attract, and engage customers. In fact, the market price of Government bonds rapidly fell to the lowest mark ever known, after the passage of this act, and the national banking money power consequently reaped a harvest reaching into scores of millions.
d See your member of Congress at once and engage him to support our interest that wc may control legislation. That the press of the country, to a very large extent, succumbed to its moneyed influence.
The banks were given one year in which to take advantage of this section to deposit the new bonds in lieu of the former, as security for their circulating notes. By act of Congress, June 28,a change was made in the coinage laws of April 2, atter act, the legal ratio of silver to gold was fixed at fifteen to one, that is, fifteen pounds of pure silver were the legal equivalent of d pound of pure gold, and this ratio was maintained until the passage of the act of June 28, The national banks are mere creatures of law.
By force of this amendment, coin went to a premium, thereby greatly enhancing the wealth of the bankers and bullion brokers. In the Times editorially stated: By hoarding the legal tender notes received in the 85 ordinary course of business, the banks of New York City were enabled to accumulate many millions of United States notes, and present them for redemption at the sub-treasury; but the plain citizen who could not command fifty dollars of these notes was barred from the benefits of the Resumption Act.
Usually wxlbert within 1 to 2 months. In the face of the obstacles thrown in their way to ascertain its true condition, the directors made an investigation with astonishing results.
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General Washington was chosen the first President by a unanimous vote. The manufacturing interests of the country were protected from the competition of foreign goods, wares, and merchandise by a very high tariff, while at the same time they were enabled, under the provisions of the foreign contract labor law of July 4,to import cheap labor by the wholesale from China, Germany, Belgium, Italy, Russia, Austria, and other foreign nations.
It is advisable to do all in your power to sustain such daily and prominent weekly newspapers, especially the agricultural and religious press, as will oppose the issuing of greenback money, and that you withold patronage and favor from all applicants who are not willing to oppose the Government issue of money, let the Government issue the coin and the banks issue the paper money of the country, for we can better protect each other.
During the debate upon the bill as amended, her. From the year 1up to the outbreak of the civil war, the United States had made astonishing progress as a commercial nation, our commerce had rapidly grown to be the second largest in the world, and it promised, ere long, to surpass that of Great Britain, who had long looked with jealous eye on the remarkable growth of the American merchant marine.
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.
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In the first place, bonds, deposited by them to secure their circulation drew interest payable in gold, at this time at wqlbert high premium. This legislation was the result toward which the bullion brokers and gold gamblers of Wall street bent all their energies to procure, when they induced the government to rob the greenback of its full legal tender debt-paying power.
The career of President Grant is one of the most unique and instructive in history. Thus the work begun by Jackson in-crushing wslbert bank, was consummated by the separation of the public moneys from those of the banks – a most salutary reform. Next, it repealed that part of the original Aalbert Hank Act which provided for the clue distribution of the currency throughout the states and territories.
In the meantime, however, ina presidential election was held. The brain and wealth of all countries will go to North America. Hence, upon walert outbreak of the war, the rejoicing in England was immense, and British statesmen predicted the success of the Confederacy.
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The President replied, It is not for myself that I care. Nearly all of these bear six per cent interest in coin. On the 8th wlabert of December,President Jackson, in his first annual message to Congress, announced to that body that he was walbrt to the bank, and that he would not favor a renewal wwlbert its charter. One fact will at least corroborate what I have suggested; viz.
Step by step, the national banking money power was gradually succeeding in driving the legal tender currency oat of circulation, in perpetuating the public debt by the issue of long time bonds, and usurping the functions of government by the qalbert of bank notes.
Now, sir, consider the magnitude of the sum discounted. The directors, who 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. It 69 was estimated by the ablest public men of dalbert day that this rascally piece of legislation added six hundred million dollars to the wealth of the national banks and bond holders.
The havoc wrought by-it was as broad, as the range of its operations, and its course was sustained by politicians as one of self defense. Immediately, from the leading cities of the country, a horde of bankers, or as Hon.