The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-20

trustees Of the Bank of the United States
of the $72s 900 of post notes held by the bank.
The stock is held by nine hundred and fortyone per-
sons, and the number of accounts open the Bank
| nearly reach twenty-five hundred.
Regulating resolutions introduced into the
Florida House OF Representatives the 6th and failed
The condition Of the United States, in relation to the
Indebtedness of the nsoven the confederacy
can in no wise be consdereda local. peculiar,
porary circumstance. 1t is to the funding system what
the failure of the banks in 1887 the credit stem
throughout the world. Small politicians and superficial
thinkers affect to ascrbe the disasters which followed
that event. to local and political s how.
ever an undoubted fact that the inflated credits in this
country, formed at that time but part of the bubble
which, centering in London embraced the commercial
world 1t true, that it gave way in this country first
because this was the weakest point dependant
to support it on foreign aid The difficulties started here
rolled over the face of the earth paper system of
England which its debt and arsocracy are reared as
on sand bank, in the fall of was saved from de-
sruction only by loan of Ga from the Bank of
France The rebound Of that event this country has
caused the insolvency of many to be
declared This is the only difference between them and
the European governments They are all insolvent and
bankruptcy, which only declaration Of insolvency
must soon follow The outcry raised in Europe against
this inevitable course is not in consequence the mere
nerabe point 1t is the practical manner in which the
progress OF human rights will be applied to the credit
supported tyrannes of Europe.
When this country threw off the yoke of Eng.
land. and adopted the elective republican form of
government, it rejected forever the absurd preten.
sions OF monarchy to invade the rights and restrict
| the liberties Of future generations. They viewed
with unuterable contempt the absurd presumptive and
slavsh conduct Of the English people, when in 1885,
they sent to Holland for William to come and reign over
them, and by solemn compact with him did renounce
and aodcate their rights to choose King after for
themselves, and for all their poserity for eper" Such
are the words OF the instrument The American people
acknowledge right in by gone ages take away their
naenabe rights did they the power to enslave
Poserity, body and soul. 1t did happen however, that
owing to the nsduous SILENT and unseen manner of its
operation the arocious tyranny of the funding system
was not so well understood and through that they per-
med the fortunes and property of individuals TO be-
come the prey of bankers and stock obbers greater
extent than was ever pracced by the autocrat. No
state mad any more right spend money any purpose
Whatever and bind future generations pay it, than
they had to nct upon them hereditary governors This
evil which crept into the government of this country
through the influence Of those who favored
government and for the want of information general
on the financial well political matters has dev
its arocious character and will lead exngushment
i
republcansm, which'by appealing practically the
pockets Of the starving masses of England and Europe
Will sap the foundation of the whole superstructure or
arstocracy This event will be accelerated by the mov,
ment towards assumption of the State debts" which il
carried into effect, will reduce the whole to the level of
bankruptcy presenting unbroken front to foreign de-
mands.
One OF the greatest evils which has grown out of the
borrowing system is the number of advocates which
engenderS EuOli Enol a,J to-:
TONS its laws its manners and its examples the daily
theme OF the parasite borrowers and their tools and
agents The halls of Legislation with aduation
OF British poweran ExPresdent of the Union has not
hesated to express in the House OF Representatives his
admiration for British power-be.ray heartfelt exuaton
at the success of British rapne and murder in the east
and to threaten State of Union with
British vengeance, if it did not acknowledge
what it considers unjust debt The preference for
every thing that English is similar that which
ed in Germany under Frederick the Greats The prese
renee for French literature and manners long exhibit
ed by the nobility and rulers Of Germany deadened that
warm and generous enthusiasm which naturally cngs
the soil ofour birth Frederick Great scarcely degnea
to read german book His friends and counsellors were
all foreigners French universally spoken at Court
and 80 degraded was the national character votare
then at the Prussian Court when gning
SLAMS to act subordnates in tragedy Posdam
French, "Ja demsnde des hommes ct lon dsnnc des
Allemands.' 81 have asked for and they give me
only Germans The bitter fruits of this national debase
ment were gathered when the of the French victor
swept over them almost without resistance The national
enthusiasm had been nearly extinsuished British gold
and British credit have nearly produced the same results
in this country all who oppose the ensavng influence
OF loans denounced by the fierce emssares the oil
garchy as disosansers and desructives 1t is all in vain
republican nosition financial
ca slavery will roll the face of the earth until
every mans property and the results Of his indus
try will be as freely at his disposal his political
opinions and government will dare contract debts
for him or his children to pay by the of their brews
The attempt Of foreign governments through the ins,ru
mentality Of debt to ALLEVIATE the public lands from the fe
dera government of the bodest attempts subu
cation ever attempted This country has standing
my and but small navy but the public lands the hands
of the federal the cheap and efficient sub
stitue. They form bond of unity peace and are the
only in No nation any time
ed on the face Of the earth strong physically, the
United States at this moment $4,000 900 Of industrious
people, annually produce from the SOIL wealth OF all de-
scrptons in volumes far beyond their powers of consum
ton The commencement of war; causing the govern
mentto issue 200 $500 of paper money
based upon public lands would instantly available
the whole power and wealth OF the country II would
convert her iron mountains into that would encir
country convert the forests into ships and steam
eates sufficient to the Ocean, put in requisiiop
manufactures and produce sufficient feed clohe and
pay an army greater than assembled Europe could &C
rect The host of restless daring and enterprisng spirits
the paper system has ruined would be put in requi
S'on 'ne country would become ch by the operation
would not suffer because the late tariff has al
ready II. Where the country that would have
the emeriy to attack such an array7 The vast on,orer,
power OF England is starved skeleton Daniel Webster
has said that commencing with the rising sun her morn
ing drum beat encrcles the earth with continuous strain
of the martial airs Of England" This il true I'm, hsr
possessions military ouposts far too extended far h
osuppor Even in time Of profound peace Sir Rohsr
Peel was obgedto repudiate the per of the
debt in order to feed these garrsons and even In The -