Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1848-12-23

into The hands Of q Few VINO tdXto, UucUutfUss1
ed. the many, without responsibility or restric
iion. la that arrangement they conceived the
strength OF nations, in war consisted; there
was. also, something facinating 10 this inxary
and display Of the higher orders, who drew
their wealth. from the tot! of the lahoring mil
lions. The authors Of this system drew their
potitica, economy, from wha, they had wit
messed in Europe; and particularly in Great
Britain. They had viewed the enormous
wealth concentrated in a few hands. and had
seen the splsudor Of the overgrown establish
ments Of tine aris,ocracy, which was upheld
by the restrictive policy. They forgo, to look
dowE upon the poorer classes OF the English
population. whose daily and hourly labor in
The great establishments they so much admit
ted. sustained and supported. They failed to
perceive that the scanty fed, and the half clad
operatives were not only in AFFECT poverty but
bound in chains of oppressive servl.ude, Tor
the benefit Of the favored classes-the exciu'
sive objects Of the care Of the government.
1t was not possible TO construct society
in the United States upon the European plan,
There was written constitution, by which
orders and titles were not recognised or tolera-
ted A system Of measures was devised cal
culaed if not intended. 10 Withdraw power
gradually and silently from the States aud the
mass Of tie people and by construction. 10 ap-
proyima,e our government TO European models,
and ,ns'i,utiag an aris:ocracy OF wealth tor
thai Of order and titles
Wi,hon, refsecting upon the dissimilarty
| of our institutions, and Of the condition OF our
people, and those of Europe, they conceived
the vain idcs- q briIjing up in the United
| States system similar In that which they ad
mired abroad. Grea, Britain had a National
Bank. with a large capital into whose hands
was concentrated the monetary and financial
power Of the nation; an iustituiioa welding,
almost kngly power, and exerling vast inhu-
encc upon all the operations OF trade, and upon the
policy of the Government itself. Great Britain had
an enormous public debt, and it had become part
of her public policy to regard this as public bles
sing. Great Britain had a contracted policy, which
placed letters and burdens upon trade and tramme
led the productive industry OF the mass of the ma
ton. BY her combined system of policy, the land
lords and other property holders were protected and
enriched, by the enormous taxes which were levied
upon the labor Of the country. for their advantage.
Initiating this foreign policy, the first step to.
wards establishing the new system, was the creation
ola National Bank. Not foreseeins the disastrous
power and countless evils which such an institution
might entail upon the country, nor perceiving the
| connection which it was designed TO form between
the bank and the other branches Of the mis.caled
American system but feeling the embarrassments
of the Treasury and of the business of the country,
consequent upm the war, some of our statesmen
who had held different and sounder views. were in
duced to yield their scruples, and, indeed, settled
convictions of its uncons,ituiionali.v, and give it
their sanction, as an expedient which they vany
hoped might produce relief. 1t was most unfor
tunate error. he subsequent history and ultimate
catastrophe of the dangerous and corrnpt institution
have abundant; proved. The Bank and its num-
erous branches, ramified into the States. soon bro't
many Of the active politicians and influential men.
in dtferen, sections OF the country into the rela-
ton of debtor to it aud dependent upon pecuniary
f,vors; thus diif,sing throughout the mass of soci
ETY. great number Of individuals OF power and in
fluence, to give tone to public opinion, and to act
in concert in case Of emergency. The corrupt pow
er Of such po.nical engine is no longer matter
of speculation, having been displayed in numerous
instances but most sgnally in the political strug
gle of 1929 4, in opposition to the public will
represented by ! fearless and patriotic President.
But the Bank was but one branch Of this new
system. A public debt of more than Sl20 ,000,0
existed. and it is not to be disguised that many Of
the authors Of the new system did not regard its
speedy payment as essential to the public prsper.
ty. but looked upon its continuance as no national
evil. Whilst the debt existed, it furnished limit
to the National Bank, and rendered increased tax
alton necessary to the amount of interest exceeding
seven millions of dollars annually.
The next branch of the new system was high
p elective tariff This was to aff'rd bounties to
favored classes and particular persuts, at the ex'
pense Of all Others A proposition to tax the whole
people for the purpose Of enriching few, was too
monstro,ls to he openly made. The scheme was,
therefore, yelled under the plausible, but delusive
pretex,, of "measure TO protect home industry
and many of our people were. for time led 20 be.
eve that a tax which in the main, fell upon labor.
was for the benefit of the aborer who pail 1t. This
branch of the system involves partnership be-
tween the Government and the favored classes
The former receiving the proceeds Of the tax i'm.
posed on articles imported and the latter the in
creased price of similar articles produced at home.
caused by such tax. II is obvious. that the portion
to be received by the favored would. as general
rule, be increased in proportion to the increase OF
the rates of tax imposed, and diminished as they
were reduced to the revenue standard required by
The wants Of the government. The rates required
to produce sufficient revenue for the ordinary ex-
penses of the government for necessary purposes;
were not likely give the private partners in this
scheme, the profits to satisfy their cupidty; anu
hence variety OF experiments, in pretext were re-
sorted to for the purpose of charging the expend-
lures, and thereby creating necessity for keeping
high protective tariff.
Another branch of this system was comprehen-
sive scheme of internal Improvements, capable OF
indefinite enlargement, and sufficient to swallow up
as many millions annually, as could he exac!ed from
the foreign commerce of the country. This was
convenient. and necessary adjunct Of the Protective
Tariff It was % be the great absorber OF any sur
plus which might. at any time. accumulate IN the
Treasury, and of The taxes levied on the people, not
for necessary revenue, but for the avowed OBJECT OF
affording protection to the favored classes.