The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-11-17
FEDERAL PROSPECTS.

and middle States, the federasts now pretend 10
look forward TO le46 for repetition OF the scenes
and results which disgraeed the canvass Of 1870
To test the soundnsss of this anticipation L" on.y
necessary TO glance at the political elements WHICH,
in the last named year, gave to the iederaS'' 'o'
brief season the political control Of the country,
The great commercial CONFUSION produced by
the desperate struggle Of the United States Bank
against the government, then pressed win us III"
weigh, upon the people. That corrupt institution
had lust gone down, and dragged along with II INTO
insolvency nine States of the Union, and a vast
,ouItuds of broken banks and bankrupt individuals
Credit was gone. Commerce was stagnant. Ma
tonsl industry was paralyzed in the hnAncia
chaos necessarily resulting from the overthrow oil
a gigantic system Of monetary corruption ana
the recent establishment Of new and better
order of things. The compromise tariff oil 1888
was then approximating to a horizontal duty OF
twenty DER cent In the midst Of great national en-
bauassment and difficulty the proteehonlst faction,
looking back TO the abominable legislation OF 1929
shouted forth one long, loud Samor for "ehange''
They hen rallied to their standard the desperate men
and the desperate interests Of the country, even as
they have nov leagued themselves with what IL
most reckless in the political combinations OF New
England, New York, and Ohio. In 1910, several
States of the Union had issued stock to the amount
Of $500 600 ,O00 More than half Of this vast debt
had been dishonored. Il thus formed a capital for
the federaists, amounting to more than 100000
0OO for the holders Of IT, The federalss did not hes
tate to hold out the hope of its assumption by the
a,kt Ia han s,soHtissd eaOaFlV
and everywhere, that the proceeds Of the public
lands should be distributed among the States by way
Of providing for its payment There was single
fact which brought an immense pecuniary in
terest into the canvass, in the form OF
bride. To the debtors and to the creditors in this
concern, federast ascendancy in 1910 appeared
synonymous with right to plumber the general
government in violation of the constitution, to the
whole extent Of the debt!
But this was not all. There was an army of
bankrupts in the community, and to them was
promised, in the event Of federal triumph, law
which should, at a single sweep, release them from
their liabilities and turn the evidences Of their debt
into so much waste paper. Under the operation of
this law, during the few months of its continuance,
an aggregate {: individual debt amounting to s440,-
9346l5 was exhibited and against this, assets were
produced amounting to s43,697 ,3O7 This federal
ascendency in 1910 implied, to those who could be
rallied for bankrupt law, an escape from debt to
the amount of nearly $400, 100000; to meet which
no assets could be produced Taking into view all
the various ramfcatons of this gigantic bribe we'll
informed men came to the conclusion that 1t
would gather 100000 voters to the federal hard
cider flag. The lowest estimate gave the federal
votes resulting from this interest alone, at about
two hundred thousand. Such the two prin-
cipal and enormous brides which the fedora
politicians held up before the dazzled eyes
of the more desperate and reckless polit-
cal adventures, who, in 1910, would join them in
their crusade at against the democratic party,
and the constitution of the country. To other class
es also, were offered their appropriate temptations
to the manufa cturers, high tariff; to spectators,
national bank with fifty millions Of capital, to sup
ply them with loans; and, finally, to the producing
classes, the high prices which such an imitation Of
the currency might be expected to bring about.
With these helps, and under these promises, the
federasts in 1910 came into power. With what
hardened audacity they labored through the 9th
SonStcSs " iulhi tHch ptoHIises, 10 Woh hbo"h W
the country They struck down the Independent
Treasury. They chartered National Bank, which
the then President did not hesitate to veto. They
passed Distribution Bill, and it was repealed six
months afterwards! They enacted Bankrupt Law,
and repealed it before the expiration of the same Con-
gress. As if laboring with perverse ingenuity to
disparage the credit Of the government they passed
Loan Bill, authorizing the sale of government stock
in the market, without limitation to its price, and
the result was that when accruing revenue had
brought surplus of ten millions into the treasury
this sum loaned to banks without interest, while
government at The same time paid interest on an
equal amount of debt! To cap the climax of these
benefcent legislative labors this Congress pass
ed Tariff law which took off the only check they
had left upon the Distribution bill, and which Mr.
Tyler promptly and most righteously vetoed. Then
came, as last resort, the tariff of 1924 law not
quite so bad as the federal Congress would have
passed, if possible, but yet the very worst which
the new President could by any possibility be
brought to sanction.
Such, briefly stated, is the last specimen which
the country has had Of federal legislation and such
were the causes which gave to the federalists in
1910 power to legislate for the country. So far as
the state of the country, from the present time to
ls4s, can now be foreseen it appears to offer to the
federal leaders little opportunity to re-enact the
scenes Of their hard-cider canvass, and their
yet harder legislation. The end of State insolvency
has come, or is fast approaching. Bankruptcy will
not again be the order of the day. The federalists
must manage without the bride of some five or six
hundred millions, which they farmed out before
Even Mr. Webster asserts that their nationa,
bank, too, is now, alas! nothing more than an sob
solete idea." Doubtless the federasts would, if
they should come into power, galvanize it again into
a new and horrid vitality. Doubtless they would
append it to the high tariff, upon which they now
rally as their cardinal measure. The leading wing
journal in New York told us, in terms, few weeks
ago, that national debt si5O 900, 900 would be
national blessing; because, to meet such debt,
high protective tariff would be indispensable. In