Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-12-13

benefit of favored classes. and the exclu.
siye objects of the care of the government.
IL was not possible To reconstruct So
cie'y in the United States upon the Euro
pean plan.
There was written constitution. by
which orders and titles were no, recognized
or tolerated.
\ system Of measures was devised. cal
cula,cd. il not intended. 10 withdraw pow
er gradually and silently from the States.
and the mass OF the people. and by con-
>iruc;ions 10 approximate our government
to the European models. and submitting
an ari>tocracy Of wealth for that OF orders
and titles.
Without rejecting upon the tlissimilari-
" Of our institutions and of the condition
of our people and those Of Europe. they
conceived the vain idea of bull lin. up in
the nited States. system similar 10 that
which they admired abroad. Great Brit
ain had a National Bank OF large capital.
IN whose hands was concentrated the mo-
mentarv and financial power OF the nat on:
an institution welding almost kinglv pow
CT. and eNertlng vast influence upon all
the operations OF trade. and upon the pol
lev OF the Government itself. Great Brit
ain had an enormous public debt. and IL
had become part OF her public policy 10
regard this as a ..public blessing Great
Britain had also restrictive policy which
placed letters and burdens on trade and
trannelled the productive industry of the
mass OF the nation by her combined sys-
tenn of policy; the landlords and other
property holders were protected and en-
r!chcd by the enormous taxes which were
levied upon the labor of the country for
their advantage.
! Initiating this foreign policy the first step
in establishing the new system in the nj
ted States was the creation of a National
Bank. Not forseeing the dangerous pc "
er and countless evils which such an in.
stitution might entail on the country. nor
perceiving the connection which il was de-
signed 10 form between the Bank and the
oihcr branches of the mi>ca!led "Amcri-
can SYSTEM but feeling the cmbarras>-
ments Of the Treasury and Of the bust
ness OF the country. consequent upon the
war. some of our statesmen who had held
different aud Souuder views. were Induced
To yield their scruplcs. and indeed. settled
convictions OF It's unconstufonalitv. and
10 give It Their sanction. as an cNpelien,
which they vainlv hoped nigh, produc7
relief 1t was most unfortunate error. a
the subsequent history and final cuiaStro-
phc OF that dangerous and corrupt iuStltu-
ton has abundan.iv proved The Bank
and its numerous branches rainiticd into
the States. soon brought many Of the ac-
tive politicians and influential men in diff
tcrcni sections of the country into the re-
lation of debtor to il and dependence up
on pecuuiarv tavors: thus diilusing through
out the mass Of society great number OF
individuals of power aud Influence to give
tone to public opinion, and 10 act in CON
cert IN cases OF emergency. The corrup.
power 0! such a political engine is no
longer matter of speculation. having
been displaced III numerous OF instances.
but most signally III the political struggles
Of l3je-ii. in opposition 10 the public
viii represented By Il fearless and patriot
ic President
But the bank was but one branch OF
the new s,stem. 4 public debt of more
than 10000. 900 existed. and it is mol
to be disguised that many of the authors
Of the new system did not regard It's spec
dy payment rs essential to the public pros
pcrity. but looked upon It's continuance
as no national evil. Whilst the debt ex.
Bank and rendered increased taxation
necessary TO the amount of interest cNcec-
ding 81 100000 annually.
The next branch OF the new SYSTEM
was high protective tariff. This was &c
afford bouutics 10 favored classes and par
t.cular pursuits at the expense OF all others
\ proposition 10 tax the whole people fol
the purpose of enriching the few, was toe
TO no ,,.,,1u mod, 'Ite
scheme was. therefore, vailed under the
plausible, but dclusvc pretext of meas
IRE to "profcct home industry" and ma
ny of our people were, for time. led 10
believe that tax which. in the main. fell
upon labor. was for the benefit ofthe labo-
rcr who paid it. This branch of the svs-
TEN involves partnership between the
government and the several classes-the
former receiving the proceeds OF the tax
imposed on articles imported, and the lat
ter the increased price Of similar articles
produced at home. caused by such tax
1t is obvious that the portion 10 be received
by the favored, would. as a general rule
be increased in proportion TO the increase
OF the rates OF tax imposed, and diminish
ed as those rates, as they were reduced
TO the revenue standard required by the
wants Of the government.
The rates required TO produce sulli-
Gent revenue for the ordinary expenses
Of government for necessary purposes.
were not likely to q i've the private partners
IN the scheme. the profits sufficient 10 sat
isty their cupiiity; and hence variety OF
eXpedients IN pretext were rcsoried 10 for
the purpose Of eularging the expenditures.
and thereby creating necessity for keep
Ing high protective tariH. The effect Of
this policy was to lnterpose artificial res
trictlons upon TIM natural course Of thg
BUSINESS and trade Of thu country. end TO
advance thE interests Of large capitalist.
and monopolists, at thu ExpEnsE of the
great mass of the people who werg taxed
10 incrEasE ihEr wEailh. This OPERATED
in harmony with the NV sysiEu which
was high protective tariff.
Another branch Of tlis system was n
comprehensive scheme Of internal In,