Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-03-23

BY them on State laws. They were also
for the most part in favor OF a President
and Senate for life; such was their dis
trust of the people aud of popular instltu-
tons.
The Federal party. on the contrary,
were in favor of Government in which
the States should be left in full posses
sion of their soverei gnty and indepen-
dence, and to which no powers should be
delegated, except those in which all the
States should have Il common interest,
reserying all others to be exercised by
the several States through their separate
local Legislatures.
at the beginning, decided majority
of the Convention belonged to the Ma
tionaI party. But, fortunately, after
wards, the opposite, or Federal party.
gradually became stronger. and ultimate
ly obtained majority. which resulted in
forming our happy and sublime system Of
Government. 1t is due to the talented
and patriotic leaders of the National par
'y to say, that they acquiesced, in good
faith, iii the decision of the majority, and,
notwithstanding their distrust, determin-
ed to give the Government fair trial.
General Washington was elected the
first President; and, in forming his Ca
binet, appointed Thomas Jefferson, Sec
| rotary Of State, and Alexander Hamilton,
Secretary of the i'reasury---two men dis
tinsuished by their abilities and patriot
ism, but very opposite in the character Of
! their minds, and their political principles.
Hamilton, as has been stated. was the
boIdest Of the members of the National
| party in the Convention and it soon be-
! came apparent, from the measures he pro-
posed, that his INCLINATION i'll favor of the
system which he advocated in that body
had u controlling influence over him In
his new position. 1t is proper to state,
that the National party i'll the Convention,
| after the formation Of the Constitution,
! adopted the MOI popular name of their
opponents. and were called the Federal
party, which they retained until after the
late War. Under the influence of his
| former predictions, the whole scheme of
| Hamilton's policy tended to build up an
artificial interest in societv-created by
the Government-dependent on it for
support--irresponsible to the people, and
independent Of the popular wiil-there-
by, he sought to attain the object which
! in Convention he endeavored to accom-
piish, by Senate and President for life
This scheme he pursued with such vigor
and success, as to place him at the head
of the Federal party as its acknowledge
ed leader.
! The first measure he proposed was the
funding system. which created debt of
about $4,000, 600, at that time a vast
amount for SO small and impoverished a
population. Then succeeded tie Irea-
surg order-which directed, against the
express provisions OF law, that the dues
to the Government might be collected in
Bank notes. The order at the time at
tracted but little attention, but it proved
in; is consequences to be one Of the most
Inischieyous and disastrous measures ey-
er adopted by the Government. 1t form
ed the first link in the connection be-
tween the Government and the Banks.
That was followed up by the boldest OF
all his measures, he-creotion ofc Nation
al Bank, with capital of $40, 900, 900,
consisting for the most part Of the fund
ed debt Its charter provided, that ii
should be the depository Of the public
money and the fiscal agent of the Trea-
I surv, by which arrangement it became
the centre of all the artificial interests,
connected with the paper system. This
was followed by a proposition to protecl
manufactures, and to extend the naone5
poaoer of the Government TO all objects
that might be considered as connected
with the general welfare, without being
restricted to those specified and enumer
ated in the Constitution. To that end.
he presented able reports and plans which
were hut partially carried out at the time
/ but laid the deep and solid foundation OF
which the SO called .4meracan system was
| afterwards reared.
To this scheme Of policy, Mr.. Jetter
son was opposed, as inconsistent witt
the Consultation aud the nature and ob
jects of our Federal system of Govern
ment. His able and bold resistance plac
ed him at the head Of the party, called il
the Convention the Federal party, but
after the assumption of that name by the
National party, called the Republican
party. The fundamental principles 0
this party, were to hold the Federal Go
vernment rigidly within the limitatio
imposed by the Constitution, and to ths
exercise Of the powers expressly granted
and to administerits powers with slmpli
city and economy, relying for its strength
upon promoting the interests ofthe grea
body of the community. instead of seek
/ ing support, like its opponents, from ar
titicial interests. AS strenuous and a!
| well directed as the opposition Of Jeffer
son was to the schemes of his rival. i
proved altogether unsuccessful. The ap
peal of the one to large, active, inliuenti
i al, but still partial interests, overpower
} ed that of the other, to the general int