The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-08-09

10 IT, ADOlneT uJHuStJ succeeded II Qe-
parted form the Republican policy with
what results, let the history of twelve years
Of political misrulc. and unmitigated mis-
cry, attest.
Assault after assault was made upon tho
Tariff of 1923. ManfuIly, and for n time
successfully, were these assaults repealed
by the Wings of that day, aided, in part. BY
the members of the dominant party from
the free states. But at las. it fell, and the
doctrine of Protection to American Indus
try-which came into existence coevaI with
the Constitution. and in the estimation of
our patriotic fathers, was synonymous with
AMERICAN INDEPENDANCE--was
abandoned. AT the same time, an equally
persevering an ruthless war was made up
on The Bank Of the United States an in
slitution which,--however widely it may
have erred under the goadings of its do
stroyers, and however widely it unqueston-
ably dId err. under the charter subsequently
gronted by the state of Pennsylvania-had
hitherto served both government and people
with unexampled faithfulncss and success
1t fell.
| The consequences of this radical change
in the policy of The government. were as
suddenly felt, rs they were in themselves
extraordinary. We use the truthful Ian
guage of an eminent statesman and senator.
uttered on the 18th March, 1884 = ''In the
midst of ample means of national and indi@
vidual happiness, we have, unexpectedly.
/ fallen into severe distress. Our course has
been suddenly arrested. The general pulse
of life stands still, and the activity and in
dustry ofthe country feel pause. A vast
! ly extended and bene6Cient commerce is
checked, manufactures suspended, with
lncalculable injury to those concerned in
them; and the labors of agriculture threat
ened with the loss Of their usual reward
"The condition Of the country is, indeed,
singular. 1t is like that of strong man
chained. In full health, with strength I'M
abated, and all lis faculties unimpaircd, it
/ is yet incapable of performing IFS accustom-
/ ed action. Fetters and manacles arc oh
all its limbs.
"The evils, all the evils, which VIC now
feel, and feel so acutely, result from pollti-
cal measures and BY political measures
alone. can they be redressed. They have
their origin in acts Of government, and they
must find their cure in other acts of governs
ment "
These ruinous acts of the government
Ircre followed by Other acts but not by re.
tracing the steps which had led TO univcr-
sal injury not by returning to that policy,
the wisdom Of which had then been proved.
as well by the blessed fruits gifts existence,
as by the bitter results Of its abandonment,
The conductors ofthe government perversc-
ly substituted untried experiments. Alur-
med, perhaps, by the wrecks which their
arrangement of the currency had in part
produced--at any rate, alarmed by the loud
circumstances of an injured constituency
they rushed into the opposite extreme. BY
the use of the public lands, which were pro.
fusely proclaimed for sale; BY encouraging
their partzans, in the several states, to =.
most prodigal increase of banking institST
tons by cOhversing all the revenue of the
government virtually into banking capital,
and expressly ordering the host of pet banks
10 extend their circulation, they stimula-
ted the currency TO an unexampled extent.
yea, to its utmost limit. In.a single septic
nary, the ,i6crease of banking capital was
more than l45 million ; the circulation Of
bank paper rose from 81 10 $40 millions ;
and bank loans from 200 to j25 millions,
being an increace of 1925 millions. In 9TH
er words. the amount of paper circulating
medium, which had been gradually accu-
mulating for more than half a century, was
nearly trebed in the short space of seven
years
This vast machine was utterly withouta
balance-wheel 10 regulate its movements,
or even power, any where, adequate 10
check or contro, it and it rolled on, and
on, and on, sweeping every thing before it,
until destroyed by the violence Of its own
action.
We appeal TO every mans remembrance
to bear US witness, that all branches Of bn-
siDess were excessively, fatally stimulated
by the immense issues of bank paper. Tho
ordinary modes ofthinking and calculation.
gave place TO the widest chmcras; ration
al and honorable enterprise yielded to II
reckless and intoxicating spiri: Of specula-
ton to prudent and economical habits.
succeeded the food of luxury and cxtrava-
gance and the fruits Of all this were en-
hibited in widespread moral deterioration.
and frequent examples of the most shock.
ing profigacy ;--profigacy in the national
1 government, whose expenditures had run
up from 10 to nearly 40 millons-profiga-
cy in many of the states, which has since
been consummated in epudiation--Pr profit
gacy in public officers, multiiudes of whom
became defaulters-and prohigacy Among
the thousands Of citizens, who had been So
duced into hazardous enterprises.
The liberal reward Of honest labor, and
success in honorable nursuits were some
alienation of the mass of evil which had
been produced; and because of these, ma
nv dereamed of the return of substantial
prosperity. But alas for the dreamersl ''the
brilliant dawnng of brighter day" became
the Iured precursor Of devastating tempest.
The tempest came-came with terrific pow
er-sweeping away banks and borrowers
paralyzing the hand of labor, sending saf-
fering and want to the domestic tire-sidc,
J and involving the government itselfin that