The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1840-08-28

but ule ucicdt oi the ilitlliloll parry was DN no
means its extinction. It still survived, and with
the hope of ultimate triumph. 1t took the name
of the Federal party, and that opposed to it named
itself the Democratic Republican party. The one
aimed to accomplish by broad and liberal con-
struction of the Constitution, what it was not able
to obtain in the Convention; the object Of the
other was to carry out the Constitution in is true
meaning and spirit, and to keep the government
within its proper bounds.
In the government under the Federal Com
stitution went into operation. The same year
law was passed, requiring the whole rcycnueto he
collected in goH and qirer oaiy, aud the money
was to he received and disburscd by The response
bic officers Of the government Thus was the
great ship Of government flirly launched on the
sea of time. But it wa, not destined long to
sail on tranquil sea. The winds had hut retired
to gather into storm Of sufficient might to drive
it from its destined course.
Six months after the Constitution had gone IN
to effect, the act creatin; the Treasury Depart
ment was passed, and Gen. Hamilton was put at
the head of it. Here he Immediately began to
carry out his great plan Of revoutionising the go
vernmeni, and bringing It as near as possible to
his standard of perfection the British system 10
do this he saw that he must introduce the paper
system. upon which the British government rest
ed Hence already OK the eleventh day after his
appointment he issued an oder, in open violation
of law to the collectors of the public money, to
receive in payment of public due the notes OF the
Bank of North America, and the Bank of New
York. This at once filed the country with the
notes of those Banks, banishcd specie from the
Treasury, and bound it to the paper system. The
financial difficulties into which this involved The
country, opened the way for Gen. Hamilton 10 in
troducc his National Bank. But TO create this
Bank he must have capital. by creating nalio.
nal d BIT and throwing this into the hands Of the
British bankers and stockholders he could pro-
duce this CAPITAL. No better way to create this
debt could be hit upon than the assumption OF the
state debts ~ the General Government. His
plans were scarcely completed before they wcfc
almost literally torn from his hands and by the
Federal party hurried through Congress. The
state debts were assnmcd--sold TO the British
bnnkcrs--and Bank of the United States owned
and controlled by British stockholders, was char
tered by Congress. Thus within two years after
the adoption Of the Constitution, an impulse was
given to the government in a direction not con-
templaed by the constitution, and from which it
has not yet fully returned.
Twelve years after the organisation Of the CO.
yernmcnl the FIRST reaction took place in the cleo
lion of Thomas Jefferson to the Presidency. But
all the ability and ard energy Of Jefferson was not
able to bring the government back to the priEci-
ole i, started upon. So completely was the pa
per system interviewer with thc government that
the two could not be severed. Under his success
sor the times became still more Unlayorabie' ne
country .Vas .s.I - - w. w. I,
national debt was greatly incrcased--the fnan-
cal affairs Of the nation were overwhelmed with
dilliculties--the paper system was still more hrm-
ly bound to the government-thc policy of ilaInil-
ton was more than fully restored and was finally
in 1928 consummatod by the adoption of the Pro-
tective Tariff and Internal Improvement system.
The second reaction dates from the commence
ment of Jackson's administration. With an cncr-
~ and frmness possessed by him alone, he un-
dertook to restore the Constitution to its original
meaning and spirit He knew that if the work
was not soon commenced, the policy of Hamilton
could never be rooted out. lie began the great
task by crushing that odious offspring OF federal
connection the Internal Improvement system; he
next crushed that othcrlvoritc federal production
the Protective Tariff; and, finally, he undertook,
and gloriously and triumphantly accomplished
the gigantic task ofbrcaking the mighty ligalurcs
that bound the Cove 1mcnt to the paper system.
Thus, by the energetic councils o! Jackson, the
great work Of restoration was accomplished: 1t
remained for his successor to give it pcrmancncy.
TODD thisis the object ofthc Independent Treasury
Bill. Itprcscn,ed at once the question to the ma
ton whether VIC shall again return to the policy
Of Hamilton and the Fcdcrasts or permanently
restore the government to the track it originally
started out on? The voice of the peopl" sustain
ed the latter Congrcssolter three years struggle
carried out the will of the people. The great
work at which the Democracy labcured for near
" half century, has been accomplished. The
triumph of the great cardinal principles OF the De-
mocratc party is complete and glorious.
Democrats with you itrcmains to decide who
Their this great victory shall be lasting Reeoliect
that though your opponents call themselves wings
and avow no principles, that the leaders of their
party, Clay, Webster & Go. are the avowcd
friends of National BANK Protective Tariff
an Internal Improvement system; and that the