Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-03-14

deb, was swe!:cG 20 about $3.50 900, COS The Banks
suspended payment followed by such confusion IN lie
currency To force his administration tue re
lshment of another National Bank, believed to be at
the time the only means Of restoring il to sound con-
.ton, while the duties imports were greatly IN
creased 10 discharge the public debit and to meet TIE
increased expenditures of the Government. These
were evils incident The war; just and necessary as It
was in lis origin and successful md honorable IN It's
termination. The ended in 1c'o, and Mr Monroe
elected two years afterwards 10 succeed Mr. hadi-
son. During his administration, much was zone 10
correct abuses growing out OF war; ara 10 re
economy and accountability in tire pubic expenditures
Great progress was made i'll tue educoa OF the public
debt bu, during his administration . powerful party
under Mr. Clay grew Up, IN favor OF nigh pto'scuVe
Tariff. and of carrying out practically the nterp.eta
ton to the money power originally gwen ny 1aHl.oh
lie succeeded passing The Ier,f oil Jo21, The hIsl
prcessetly framed with view protection exclusive
~ without regard 10 revenue, and which may be con-
s'dered the frs, step towards rearing up the super
structure OF tia; called American System, whose
foundation had been sod'y laid BY the first Secrela
~ Of Tie Treasury.
The younger Adams succeeded TO the Presidency,
with MIR. Clay Secretary CT Stale. lie came IN on
The american SySism and lnus, at the end OF twenty
four years from the election OF alr Jefferson Inc ca
Federal principles and policy n! General Hamilton
fully restored and extended farther than he had
ever been able 10 carry them. The reaction was now
comp!ce against the principles and policy OF MI Jel-
erson. Tie accession ~ Mr.. Adams TO power was
followed Jy the Tariff Of lS23, winch raised the duties
high 5e nearly cqua. N anorn; 20 onehalt OF
The value of Tie entire imports. That measure marks
the extreme limits 10 which the system has yet been
carried.
The election of General Jackson followed, and then
succeeds in rapid succession tie final discharge OF the
debt the passage o the Compromise Act the overthrow
OF the Tariff of 1885, the Removal o! the Deposites, the
expiration of the Bank Charter without renewal, Inc
universal suspension OF pay ments hy the BANKS III he
first year Of the administration Of his successor, Mr.
Van Barren, and, quencc the actual separation
of the Government and the Banks by means OF the
Joint Il. s,luiion Of lc6 and subsequent existing le-
sis;atun BY the comhaed operation OF all these I'M
portant events the system originally projected BY Ia
mton, and established by Mr. Adams and MI Clay,
was almost entirely demolished. The public debt,
the National Bank, aad the connrxlon between The Co.
vernment and Banks had ceased, and the Protective
Tariff rapidly approaching its end under the ope-
ration Of the Compromise Act. Thus the Government,
after nearly half century was left as Tree TO pursue
whatever II might choose as al ITS commence
ment. II night indeed be said To be more tree, as there
vas then large public debt, which had now ceased ~
exist Nothing would have been sti, alter the explfa-
tan Of the Compromise act ~ le, but TO take iiesh
p.rture and put the vessel o. State on the TACK WHICH
The trainers Of the Constitution and Mr. Jefferson and
hrs associates orr aaiiy designed: and 10 limit The mo-
ucy power H.. Objects specified ID The Constitution,
and 10 arrest tie abuses III The disbursements
ohc Government, which had originated IN the corrupt
ing influence Of the vast aa revenae caused by the
which had done much 10 GeFange The currency,lo
break ~ the entire machinery oil commerce and bust
ness ex,irguish confidence, and 10 cause The present
contraction OF the circulating medium lhese,
i9aed with the unprecedented InieDteuness OF inc
country the Suites the banks and individuals, caused
by the treat pre ce1nr pa son produced condition
OF almost universal embarrassment aud distress, and
quent desire Of change the hopes OF the party
belonging the school Of Hamilton, nos: known as Tho
Wings we.e re-anmaed. The suspension prosiraed
no .d Poi Rank lrn9 r..
one alternative, that between National Bank and the
independent Treasury. Tac Wings rallied on the
former and the Republican party no@ re united after
having been divided tor several years INTO Stale Rights
and Democratic, rallied gu The latter The Contest
turned on Tie question: which o! the two systems OF
keep ping and managing the public money should be
prs .cfrrd but II at the sanetrne Understood on
both Sides that that question involved another oil lar
higher g1l:udc: which o the two schools OF poiucs,
the State Rights Republican the Federal Consodu-
tlo, should thereafter gam the ascendency; |! the
Wings succeeded III establishing National Eank, !.
was seen that It would carry III It's :cin the whols
system Of belonging 10 the school OF iiam'i-
tom bu on the contrary, II the BANK shouid os de-.
leatcd all these measures waGiG proOaoy be oeieaVd
with IT, and the school Of Jefferson be again in The as
ceadant These impressions gave deep interest TO the
controversy aud excited both parties % the greatest
exertion u carry the hext President election, on
whc! The success defeat OF the respective schools
.!apenisd The Wings rcsorted in the canvass to IN.
prt ce dsned for carrying the election and with
such success that Cen Harrison chosen By large
ma ority.
So ger were they to the work oil rcstor-
ing the Frustrated system OF Hamilton, llat an Extra
Session was called To meet in three months after The m
oruratiou c Gen Harrison. II became apparent soon
after IFS meeting, that the triumphant party were re-
so ed 10 carry out openly and boldly the work OF re-
storing the establishment Of National Bana ue re-
ncHai cf the conneXion d the Government ara inc
Bank; the creation Of large funded debts the Increase
q a
rr in direct violation Of tie Compromises and the Dis
,r,uiion of Revenue arising irom the sale oi pubic
lands among the states measure which VIII inefi-
,ly AID necessarily lead 10 tie assumption of The debts
of the States AID tie issue Of two hundred millions oi
stock to be charged nominaly rpon the public domain,
but really upon tic Treasury oi the Union ii they
have 10, succeeded in all ,hcse if they have
failed establishing Bank, and the Distribution o.
the Revenue from the public lands, 1t has not been ow-
inr 10 want Of jealous efforts on their part. Bu.,
halted IS they have been cy nevertheless have sue
coed, i in creating debt Of rot les ,aa s2oGh0,O0u,
which viii probably not i short Of s3J ,0C0, W before
Inc termination Of the present year. AMI ~ adopting
Protective Tariff not less oppressive all things cor>!-
dered than that Il le2'. j" '!ese l"y DC aaceo' W'
passage of an universal !asocnt law, under the name
u B2nhrup; Act, bu against which the Fubiic meg
nation IS been directed wiz! much force that TIC All
,sors of Tie MEASURE have been compelled 10 abandon il.
Tia Flpl: ona lcaaJstt Lcr.
To the People oi Virginia any labored exposure Of tho
>iltu,loaiIii c. coifHpih- .ucHctsoi 'doHai
Bank !. deemed wholly needless, tie more es ccia!-
Is as through The in,ttuen atty II the Executive Veto,
and the exhibition the public gaze Of that azar house
of corruption and nGaiiy the late United States BANK
public sentiment has se,te down here at least 10 the
most thorough rcrrohaon Of ever. conceivable similar
institution Aother Of Tie corrupng schemes of our
opponents, the Infamous Bankrupt STEM By which alb
solution from all debts made 10 depend on the will OF
tie debtor our opponents have beer compelled, Ike tho
rlled Saturn 10 swallow thou, Of their fayori:s
progeny.
Til Tariff AID The Dis'ri5"'ion
Two ONLY Of tic spawn cf tlcir bagettins remain
the Tatig aid the Distribution Ler The former.
unfortunately, in active AID baaeul operation the
latter, under tic whip Of public disapproyal, and its
pa.pahc nip9licy il suspended animation but by The
r. breath ii popular aPfaasc to our opponents, liable
10 tc Inspired with renewed vitality. These two mea-
strcs, mutually cooperative i'll tic support oil each
other and eniins in their maintenance the interest Of
favored classes here, ard of Influential moncyed inter-
ess abroad, and tic cupdiiy Of iavoyed aud embaE-
raised States present combination truly formidable to
tho strict coD>tructioni-t nd tr;:c Aepubcaa and