The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1848-12-29


close OF that var, aser,es OF measures was
adopted which, united and combined, con
stituied aha, wss termed by their authors
and advocates the American system.
The introduction Of the new policy was
for time favored by the condition oil the
country; BY the heavy debt which had
been contracted during the war; by the
deranged state Of the finances and the cur.
rency aud by the commercial and pecuni
ary embarrassment which extensively PIE
vailed. These were not the only causes
which edso IFS establishment. The events
of the war with Great Britain, and the
embarrsssments which had attended lis
psosecuiion. had left on the minds Of many
Of our statesmen the impression ihai our
government, was no. strong enough, and
that 10 weld ITS resources successfully in
grea, emergencies, and especially in war,
more power should be concentrated in It's
hands. This increased power they did
not seek TO obtain by the legitimate
and prescribed mode-an amendment OF
the constitution BY contraction
They saw governments in the old world
based upon different orders Of society,
and so constituted as TO throw the whole
power OF nations into the handsof a few,
who: axed and controlled the many without
respon siblity or restraint. 10 tina, arrange.
men, they conceived the strength OF na.
tions 10 war consisted. There was also
something fascinating in the ease, luxury,
and display of the higher orders, who drew
their wealth from the toll Of the laboring
millions. The authors OF the system drew
their ideas of political economy from what
they had witnessed IN Europe, and par,icu.
larly in Grea, Britain. They had viewed
the enormous wealth concentrated in few
hands, and had seen the splendor OF the
overgrown establishments Of an aris,oc racy
which was upheld by the restrictive policy.
They forgot to look down upon the poorer
classes OF the English population, upon
whose daily and yearly labor the great es
adjustments they so much admired " ere
sustained and supported. They failed to
perceive tina, the scaniily-fed and li-clad
operatives we're no, only 10 AFFECT poverty,
but we're bound in chains Of oppressive
servilude for the benefit Of favored classes,
Who we're the exclusive oil pets Of the care
Of the government.
1t was not possible 10 reconstruct society
in the United States upon the European
plan. Here there was a written consttu.
tion, by which orders and titles were no,
recognised or tolerated. A system OF
measures was therefore devised, calculated,
If no. intended, TO withdraw power gradu. /
ally and silently from the States and the /
mass Of the people, and by construction 10 ,
approximate our government 10 the El.
ropean models, substituting an aristocracy
Of wealth for that of orders and titles.
Without naec,ins upon the dlssimilari.y
OF our institutions, and Of the condition Of
our people and those of Europe, they con. /
ceived the vain idea Of building up in the
United States system similar 10 that
which they admired abroad. Grea. Britain
had a national bank of large capital, IN
whose hands was concentrated the con.rol!-
ing monetary and financial power Of the
nation; an institution welding almost klog
ly power, and exerins vast iLh hence upon .
all the operations Of trade, and upon the
policy Of the government. itself. Grea,
Britain had an enormous public debt, and
II had become part of her public policy TO
regard this as public Blessing" Grea,
Britain had also restrictive policy, which
placed letters and burdens on trade, and
rammel!ed the productive industry Of the
mass Of the nation. By her combined sys.
ten Of policy, the landlords and other
property holders we're protected and en-
riched BY the enormous taxes which we're
LEVIED upon the labor Of the country Tot
their advantage.
Initiating this foreign policy, the first
step 10 es,abll=h.n. the new system IN the
United States vas the creation Of a nation.
al bank. Nj fofeseeiny the dangerous
power and countless evils which such an
institution might enlah on the country, moi
perceiyng the connexion which II was de-
sigued 10 form between the bank ADD tn
other branches Of the rBscalled American
system" ba. feeling the embarrasstnenis 0
the treasury, and Of the business OF ID
country, consequent upon the war, come Q
our statesmen who had held different. an
sounder views were induced TO yield ,hei
scrupies, and, indeed settled convictions
lis consii,utloaalty, and TO give il the
sanction, as an exped,ent which they VAIN
hoped might produce relief. TWAS no
unfortunate error, as the subsequent his,
~ and final catastrophe o! tina, dangero
and corrupt Institution have abuntau,
proved. The bank silh numerous bfanc
es ramiied into the States, soon btoug
many OF the active political and CONNIE
cial mea IN diff;real sections OF the cou
try into the relation Of debtors to il, a
dependanis upon il for pecunlary favor
thus difiuslng throughout the mass OF so
ely grea, number Of individuals Of pos
and inf Ience 10 give tone TO public oplnu
and to &C, 10 cases Of emergency. I
corrupt power Of such political engine
no longer a matter of speculation, hav
been displayed 10 numerous instances,
mos, signally in the political struggled
1@9l-f2;i IN ooaocttion IN the lc