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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The power of levying and collecting taxes for the support of the nation, of raising and maintaining armies for its preservation, is dependent upon the control of the currency.

During the continuance of this war, the United States issued its treasury notes with full legal tender power, and they were gladly received by the people. Eighth, Senator Sherman, during all this period, was the chairman of the Finance Committee of the Senate, and he was the influential agent of the money power who shaped and molded that legislation, upon which was reared that imperial combination of moneyed influence which, to a very large extent, rules the press, the pulpit, the legislative bodies, and the courts of the country.

When the North and the South were marshaling their respective armies to determine the question of military supremacy, the weight of foreign influence was thrown to the southern cause. It is next to impossible, indeed, that you, or any of the 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.

As the expenses of the Government in were many millions of dollars in excess of its income, and as but little money could be had by the sale of its bonds, recourse was had to issuing paper money. Therefore, the fifty millions of demand notes issued under the authority of the acts of July 17th and August 5,having unlimited legal tender power for the payment of all demands, never depreciated a farthing.

Another and a more dangerous form 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. 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.

When the Funding bill was originally introduced, section eight provided that on and after the 1st day of October,national banks should deposit registered mm of any denomination not e than one thousand dollars, issued under the provisions of this Funding act, and no other, with the Treasurer of the United States as security for notes issued to national banking associations for circulation under the act of June 3, i France and the other Latin States maintained a legal ratio of fifteen and one half to one.


General Grant was President of the United States. The Royal tiger has gone into the jungle; and, crouching on his belly, he awaits the favorable moment emerging from his covert and springing on the back of the unsuspicious traveler. 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.

In a message to Congress, President Jackson, in speaking of the banking power, said: It compelled its thousands of borrowers to sign distress petitions, which it caused to be sent to the President as the apparently free expression of public sentiment.

To each association whose capital exceeds five 55 hundred thousand, but not exceed one walbery of dollars, eighty per centum of such capital.

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Royall thus speaks of the conduct of these three leaders: 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 issue of bank notes. 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 walbfrt allow the measure to become a law.

The broker to whom this immense loan was made, accumulated a fortune by speculating with this money upon the misfortunes of others. In less than a year from the s he so ably defended legal tender greenback currency, he reversed his position, and fathered a, financial measure which brought into being a dangerous rival to the Government when it was engaged in a death struggle.

Deluded with the idea that it was invincible in its influence, and that it was a necessary part of the machinery of Government, it was confident that its charter would be renewed before its expiration by limitation of law. 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.

The two places fixed by this act for the redemption of legal tender notes were in New York City – wapbert arena, of gold gamblers, stock speculators, railroad wreckers – and San Francisco.

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Its subsidized press, its minions and dependents denounced this species of money in terms of ridicule. The franchise has been valuable to them.

The bullion dealers, over on the alert for a profit, sent the gold abroad and sold it at a premium. The banks were given one year in which to take advantage of this section to deposit the new j in lieu of the former, as security wlbert their circulating notes. As early asMr. There is no other foundation for it to stand on that will impart to it at once safety and nationality.

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Please try your request again later. During the early part of the yearafter the 65 organized banks had secured the passage of the law depriving greenbacks of their legal tender power, and after the passage of the national banking law, one James Buell, secretary of the New York bankers’ committee, issued the following circular to the bankers of the country at large: The banking confederacy and the merchants bound to them by their debts will endeavor 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.

Provision was made for the issue of bonds to obtain gold to redeem these legal tenders, and this was a part of the scheme to perpetuate the national debt, and as Jefferson said: Weaver introduced the following resolution in the House of Representatives: We are now walhert for the Secretary of the Treasury to make his recommendation to Congress.

Vattel, the great authority on the law of nations, instances several cases. Tradesmen, mechanics, farmers and every other possible description of our citizens.

In the lawful exercise of his powers, the President ordered the Secretary of the Treasury, through the five government directors, to investigate its financial condition.

But, sir, the vote of the House shows the power of the national banks. 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. AmazonGlobal Ship Orders Internationally.

A corresponding reduction was made in the half-eagle and quarter- eagle. To exhibit the powerful influence exerted upon that congress which passed the Funding act of July 14,we will refer to a few facts that have become history.

In case of failure to obey this act, their right to issue notes was forfeited. President, the three remaining sections of this bill apply to the national banks. While Congress, by its solemn legislative decree, provided for the redemption of United States non-interest legal tender notes in gold, it did not require the national banks to redeem their circulating notes in anywise whatever. 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.

Attorney General Taney was appointed to fill the vacancy occasioned by Duane’ s removal, and the order was executed to the letter.

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