Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1848-12-21

tasnasazss
wards establiSh ng the new system, was the cree
ton of National Bank. Not forseeing the disas-
trous power and countless evils which such an in
stitution might entail the country nor perceiv-
ing the connection which it was designed to form
between the benk and the other branches of the
miscnlled "American system" but feeling the em-
barrassments of the Treasury, and Of the business
of the country, consequent upon the war, some OF
our statesmen who had held different and sounder
views. were induced TO yield their scruples, and,
indeed, settled con vctions Of the unconstiuion-
ally, and 10 give it their sanction, as an expedeht
which they vainly hoped nigh produce relief. II
was most unfortuns tie error, as the subsequent
history and final catastrophe of the dangerous and
corrupt institute on, huvc abundantly proven. The
Bank and its merous branches, ramified into tho
States, soon brought many of the active politicians
and influential men, in different sections Of the
country, into the rea ton Of debtor to it, and de-
pendant upon pecunary favors; thus diifusing
through the mass of society great number of in
diyiduals, of power and influence to give tone to
public opinion, and to act in concert in cases OF
emergency. The corrup power Of such poti-
cal engine is no longer matter of speculation, ha-
wing been displayed in numerous instances, but
most signally in the political struggle of 1929
a, in opposition to The public will, represented
by fearless and patriotic President.
But he Bank was but one branch Of Of this new
system. public debt Of more than $3.50, 000, 900
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 the public pros
perity but looked upon its continuance nation
al evil Whilst the debt existed, it furnisheda limit
to the National Bank, and render red increased taxa
ton necessary, TO the amount of interest, exceed
ing seven millions Of dollars annually.
The next branch of the new system was high
protective tariff. This was TO afford bounies 10
favored classes and particular pursuits, at the ex-
pense oil all others. proposition to tax the
whole people for the purpose of enrching few,
was too monstrous to be openly made. The scheme
was therefore yelled under the plausible but de-
usive pretext of measu re to protect home indus
try, and raany of our people were, for time, led
to believe hat tax which, in the main, fell upon
labor, wus for the benefit of the laborer who paid
it. This branch of the system involves partner
ship between the Government and the favored
classes The former receiving the proceeds of the
tax impos cd on articles imported and the latter
the incre ased price of similar articles produced at
home caused by such tax.
Another branch of This system ives a compre-
hensiye scheme Of internal Improvements, capable
of indie finite enlargement and sufficient to swal-
low up as many millions, annually, as could be ex-
acted from The foreign commerce of the country.
This was convenient and necessary adjunct Of
the Prot eclive Tariff 1t was 10 be the great alb
sorber OF any surplus which might. at any time,
accumulate in the Treasury, and of the taxes lev
led on the people, not for necessary revenue, but
for the avowed obj ect Of nfUrding protection to
the favored classes. e.. r..
larry TO the same end. if it was not an es-
sential part of the system ITSELF was a scheme.
which, at later period, obtained, for distributing
the proceeds of the sales of the public lands among
the States.
| Other expedients were devised to take the money
out of the treasury, and to prevent its coming from
any other source than n protective tariff. The au-
thors and su pporters of the system were the adyo-
Gates of the largest whether for ne
cessary or useful purposes, was not MATERIAL be-
cause the larger tie expenditure the greater was
the pretext for high taxes in the form of protective
duties.
Those several measures were sustained BY popu-
Ter names and plausible arguments, by which thou
sands deluded. The bank was represented
to be an independent isc al agent, for the govern
ment was TO equalize exchanges, and to regulate
and furnish sound currency, always and every
where of uniform value. The protective tariff"
was 10 give employment to "American abor'' at
advanced prices-was to protect ''home industry"
| and furnish steady market for the farmer. Inter-
nal improvements were to bring roads to every
neishborhood, and enhance the value of every
mans property. The distribution of the public
money was to enrich the States-fnish their pub
| lie works. plant schools throughout their public
borders, and relieve them from taxation; bnt the
fac, that for every dollar taken out Of the treasury
for these objects, much larger sum was trans
ferred from the pockets Of the people the favored
classes, was continually concealed, as was also
the tendency, it not the ultimate design of the sys-
tem to build up aristocracy of wealth, to control
the masses of society, and monopolize the political
power Of the country. The several branches of
this system were so Intimately blended together
in their operations each sustained and strengthen
ed the other.
| Their joint operations to add new burdens
OF taxation, and to encourages largely increasing
and wasteful expenditure Of public money. 1t was
the interest Of the Bank that the revenue collected
and disbursements made by the government should
be large; because, basing the repository of the
public money, the greater would be the bank profits
by its use. 1t the interest of The favored
classes, who were enriched, to have the rates of
that protection high as possible; for the higher
these rates. the greater would be their advantaye s.
1t was the interest of all these persons and local
tiles, who expected to be benefited by expenditures
tor internal improvements that the amount collect
ed should be rs large possible so that the sum
disbursed might also be the larger. The States
being the benefciaries in the distribution of the
land many had an interest in the rates proposed
by protective Tariff. That they should be large
enough to yield sufficient revenue from that source
70 meet the wants of Government, without disturb
ing the Land funds; that each of the branches
constituting the system, had common interest in
swelling the public expenditures. They bad the
direct interest in maintaining the public debt I'M
paid and increasing its amount, because this would
produce an annually increased drain upon the treas
ury, TO the amount of the interest," and render aug
men'ed taxes necessary. The operation and ncces-
sary effect Of the whole system, were, to encour-
age large and extravngant expenditures, and there.
by increase the public patronage, and maintain
rich and expensive Government, at the expense Of
taxed and impoverished people,
1t is TINT this srhan,a nf anln roaJ ta