, 1840-11-07

the State OF New York, confined to the city
of New York.
II is true that at some periods, from mad
vertencv, or a sudden emergency in public
affairs, the Democratic party or a portion o.
them, have lost sight Of their own principles
Thus in all of the States a system of par
tial and special legislation was pursued, sus
tanned to some extent by Democratic votes
which established dangerous monopoliS, con
terlng exclusive privileges and important
powers on favored individuals. And in the
Federal Government "A National Bank was
established, and a high tariff and internal IN
provment system adopted. But having dis
covered the evils and danger OF these de,
parlures from principle, the Democratic par
ty, ST. far as they h I'd sanctioned them, have
sought to retrace their steps, or where II
could not he done. to limit and check the
farther extension of the mischief.
This noble effort at reform on the part
of the Denocracv, has brought on the severe
struggle which has aTi;ated the county ioT
several years past. During General Jack
sons administration. Il National Bank, the
high protective tariff and internal improve
ment policy. and the whole system al SPe-
ciaI legislation. has been abandoned. and the
Government brou hit back to lis nrIginl sian
pie objects; not interfering with the private
pursuits or individuals, and giving protection
commerce and other interests, but leaving
them otherwise free tn be controlled by par.
vate enterprise and by the laws OF trade
Having incre rsed the capacity Tor coming
money, regulated the value of foreign cuin.
and separated the finances of the Govern
mcnt from those of the banks and individuals,
the late ard present Administrations brlIcv-
ed that they have discharged ,hcir entire
duty Ia The country; that they have done all
that under the Constitution they lad power
&" do; and all that 1t is cxpcd:cnt to do II
they possessed the ppwPr. Alter having
provided and es;abl shed a meialli: currrnrv.
it is their policy 10 eve the paper medium.
pxchan rs. and other interests of commerce..
Ia the regulation of the States AMI the mer.
camille Community. They believe it 10 be
a sound principle. even if the Constitution
did not cnntine them To that course. L" inter.
frre rs lt,Ie as possible with the private pur
suits ot individuals.
This is the true American system. and i
sanctioned hv Adm Smith. ani all ia. grelr
authors on p,IIiIc,i economy. Ii j. the SIS
ten Of free trade of private rights and free
rurup-irip.n, It's the system of equal priv
ileges and common Justice. 1t Is The only
system which is co n~pntihIe with our free
popular irsiIIutiunS.
The policy ~oppoSei To iiIiS. i the artificial
system. or the British system. which Under
takes hv legislation to regulate and control
all the great interests "f the country. II
comprises i y ,,innnl Bunk. n protective
tariff, corn laws. hirh taxes, Internal imrove
mentS. and a national debt.
The question now before the country is.
whether the American policy shall be main
tanned. or whether the British policy. which
had been partially Introduced aud ahnnlnn-
ed. shall he restored.
Consistent with their General prinriplrS.
the Conservative party If the present dav.
calling themselves Wings. are in favor I'll
restoring the artificial or rIri>h system. and
"f bringing all the great interests "f the
under the direct control of Federal
legislation.
The change which they seek ii is not an ad-
vance but return. to the policy and meas
ures which the naiiun has often ~rrpudiated.
1t would de "A %rrirograie movements; n re.
the re establishment of the British
policy of Il National Bank, ii protective tariff
n national debt formed from the debts of the
States. internal improvements, and the policy
OF bringing under the action of Congress all
the interests of the people.
Bat this is by no means all. nor the most
important. consequences to he unprecedented.
Such an entire change in the policy nf The
Government in relation la the financial. and
other interests Of the country. will produce
Il CORE. pnnding change in nnr ~IuliricnI in
stitu'inns. n" proposition can be clearer
than that this British policy Of Il Nrrr"na!
funding system. and the snbipcriuu
the great interests of the country. 10 III"
regulation Of Government. is essentially in
compatible with "ur popular institutions.
on the free expressions Of the public
will.
Such a change. therefore. would he IN en-.
tire revnluii'n. which. # not soon resisted.
would result in converting The Government
an oligarchv Of wealth. like that of
Great Britain. The political power would
gradually depart lrmn The mass of the people
into the hands Of the wealthy class. Pro-
perry. and not men, would form the basis of