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

projected by Hamilton, and re-estabish-
ed by Mr. Adams aud Mr.. Clay, was al:
most entiiely demolished. The public
debt, the National Bank, and the conuex.
ION OF the Government and the Ranks
had ceased, and the Protective Tariff
was rapidly approaching its end, under
she operation Of the Compromise Act
Thus the Government, after nearly bali
Ia century. was left as free to pursue
whatever course it might choose, as at its
commencement. 1t might iudeed be
said to be mere free, as there was then q
large public debt, which had now ceased
to exist. Nothing would have been left.
after the expiration of the Compromise
act in 1912, but to take a fresh departure.
and put the vessel of State on the tack
" hich the trainers Of the Constitutions
and Mr. jefferson aud his associates ORR
gnally DIES igned; and to limit the money
power to the objects specified in The con-
stitution, and TO arrest the enormous a.
buses in the disbursements Of the Gov
ernment, which had originated in the
corrppting inRuence~of the vast surplus
revenue, caused by the 'Earia of 1898,
after the discharge Of the public debt,
and which had done SO much to derange
the currency, to break up the entire ma
chinery Of commerce and business, to
extinguish confidence, aud to cause the
pr esent severe contraction OF The clrcula-
.ting medium. These, joihed with the
unprecedented indebtedness of the coun-
try, the States, the banks, and individu-
ais, caused by the great preceding expan-
sion, produced condition of almost u.l-
versal embarrass ment and distress, and
consequent desire of change The
hopes of the party belonging to the school
Of Hamilton. now known as the Wings,
were re-animated. The suspension pros
trated The so called Pet Bank System,
leaving, in reality, but one alternative,
that between IA National Bank and the
Treasury. The Wings Ial
lied on the former, and the Republican
party now reunited, after have been di-
v;ded for several years into State Rights
and Democratic, rallied on the latter
The contest turned on the question,
which of the two systems Of keeping and
managing The public money should De
preferred; but it was at the same, time uh-
derstood on both sides, that that cues.
ton involved another of far higher mag
nitude: which of the two Schools of poll
tics, the State Rights Republican or the
Fea.eraI Consultation, should thereafter
gain the ascendencyf the Wings sue
Gee died. in establishing a National Bank,
it was seen that it would carry in its
train the whole system Of measures be-
longing to the school of Hamilton; but,
on the contrary, If the Bank should be
defeated. all these meausres would proba-
bly, be defeated with it, and the school Of
Jefferson be again in the ascendant.-
These impressions gave deep interest to
the controversy, and excited both parties
to the greatest exertlon to carry the next
presidential election. on which the sue
cess or defeat Of the respective schools
depended. The Wings resorted in the
canvass to unprecedented means for car
ryng the election,and with such success,
that Gen. Harrison was chosen by a
large majority. --
SO eager were they to commence the
work Of resto.ing the Frustrated system
Of Hamilton, that the Extra Session was
called, to meet in three months alter the
inauguration of Gen. Harrison. 1t be-
came apparent, soon after It's meeting,
that the triumphant party were resolved
to carry out openly and boldly the work
of restoring the establishment OF a Ma
tiona Bank; the renewal OF the connex-
ion of the Government and the Bank; the
creation Of large funded debt; the in
crease of expenditures; the adoption OF
high protective Tariff, in direct viola
ton Of The Compromise; and the distrlbu-
ton of revenue arising from the sale OF
public lands among the States--a measure
which will inevitably and necessarily
lead to the assumption Of the debts OF
the States. and the issue OF two hundred
millions OF stock. to be charged nominal
ly upon the public domain, but really
unon the Treasury Of the Union. II
|they have not succeeded in all these
measures: If they have failed in establish
| ing Bank, and the Distribution OF the
revenue from the public lahds, ii has not
DepD OWiDG W 0GhN wa 4 ot"Ho N''"' -
on the, part. But, BE- filed as they have
been, they nevertheless have succeeded
in creating a debt Of not less than $685.
600, 900, which will probably not tall
short Of SIS, 100000 before the telmina-
ton of the present year; and in adopting
protective Tariff, not less oppressive,
ali things considered, than that of 1923.
TO these may be added the passage OF
| an universal insolvent law. under the
name Of a Bankrupt Act, but against
which the public Indignation has been di'
rected with 50 much force that the nu-
thors Of the measure have been compell
ed to abandon it.
The Bank and Bankrupt La,c.
To the people of Virginia airy taborec
exposure Of the unconstifutonaIity OF
corrupting influences Of a Nationa! Bank
is deemed wholly needless, the more ts'
| pecially as through the instrumeniait,
Of the Executive Veto, and the exhibition
\ g., a. ,,,bI,, oa..n rE fbaf layut. hnug.A n,