Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1848-12-22

rated. A system Of measures was devised.
calculated, If not intended. to withdraw power
gradually and silently from the States and The
mass of the people, and, by construction. to
approximate our government to the Eurooe3n
models, aud instituting an aristocracy of wealth
for that of order and titles.
Without rejecting upon the dissimilarity of
our institutions, and of the condition of orr
people and those OF Europe, they conceived
the vain idea OF building up in the q. States
a system similar to that which they admired
ABROAD. Great Britain had a National Bank,
with eslarge capital, in whose hands was CON
centrated the monetary and financial power Of
the nation; an institution welding almost
klngly power, and exerting vast influences ap-
on ali the operations of trade. and upoo the
pollcy OF the Government itself. Great Britain
mad an enormous public debt, and it had be-
come a part of her public policy to regard this
as sspublic blessing.'' Great Britain had a
contracted policy, which placed letters and
burdens of trade, and trammelled the produce
tive industry Of the mass of the nation. BY
her combined system of policy, the landlords
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
towards establishing the new system, was the
creation Of q National Bank. Not foreseeing
the disastrous power and countless evils which
such an institution might entail on the eoun-
try, nor pereeiving the connection which it
was designed to form between the bank and
the other branches OF the so-called american
SYSTEM" bat feeling the advertisements of
the Treasury, and Of the business Of the coun-
try, consequent upon the war, some of our
statesmen who had held different and sounder
views, were induced to yield their scrupIes.
and, indeed, settled convictions of the uncon-
sdtutonallty, and to give it their sanction, as
an experiment which they vainly hoped might
produce relief. 1t was most unfortunate err
ror, as the subsequent history and final catas-
trophe Of the dangerous and corrupt institu-
ton have abundantly proved. The Bank and
Its numerous branches, raGaifed into She States
soon brought many Of the active politicians
and influential men, IN different sections OF
the country, into the relation Of debtor to IT.
and dependent upon pecuniary favors thus
dlHuslng throughout the mass OF society a
great number Of individuals, of power and IN
ituence, to give tone to public opinion, and to
act N concert IN cases Of emergency. The
corrupt power Of such a political engine is no
longer matter Of speculation, having been
displayed III numerous instances. but most
signally in the political struggle Of 1882 3 4
IN opposition to the public VIII, represented
by fearless and patriotic President.
But the Bank was but one branch OF this
new system. a public debt Of more than
500, 600, 500 existed, and II IS not to Be dis
gulsed that many OF the authors Of the new
system did not regard It's speedy payment as
essential to the public prosperity, but looked
upon It's continuance as no national evil
Whilst the debt existed, it furnished limb to
the National Bank, and rendered increased
taxation necessary, to The amounted interest.
exceeding 50, 100000 annually.
The next branch Of the new system. was =
high protective tariff. This was to afford
bountles to favored classes and particular pur-
suits, at the expense Of all others. A PROMO
sItlon to tax the whole people for the purpose
OF enrlchlng few, was too n1onstrous to be
openly made. The scheme was. therefore.
yelled under the plausible but delusive pre-
text, OF a measure to protect home Industry
and many Of our people were, for a time. led
to believe that tax, which in the main. fell
upon labor, was for the benefit of the Iaborer
who paid it. This branch of the system in
wolves a partnership between the Government
and the favored classes. The former receiv-
ing the proceeds OF the tax imposed on arti-
cles imported, and the latter the increased
price OF similar articles produced at home.
caused by such tax. It is obvious. that the
f0.
as general rule, be increased in proportion
to the increase Of the rates Of tax imposed.
and diminished those rates, as they were re-
duced to the revenue standard required by the
wants OF the government. The rates required
to produces sufficient revenue for the ordinary
expenses Of government fer necessary nurpc-
ses, and Were not likely to give the private
partners In this scheme the profits to satisfy
ther cuPldIty; and hence, a variety of exper
lments, IN preteXt, Were resorted to. for the
purpose OF enlargiag the eXpenditu7ess.and
thereby creating necessity for keepinr 4
high protective tariff. The Office of this poli-
cy was to Interpose artificial restrictions uDon
the natural course Of the business and trade
al the country, and to advance the interest OF
me large capitalists and metropolists. at the
expense Of the great mass Of the people. who
were taxed to Increase their wealth. sFhis
operated IN harmony with the new svster.
winch was high protective tariff.
Anotner branch Of this system. was a COM
PIeheqslVe scheme Of interaal improvements
caPaoie oi Indefinite enlargement, ard sufIic-
lent 70 swallow up as many millions, annual
~ as could be eXacted from the fcreiUn com
meTce ct the country. This was a Convenient
ana necessary adjunct otthe Protective Tariff.
II was 70 be the great absorber Of any SIR
Plus winch iAlghJ, at any time, accumulate in
me reasuTy, and ct the taxes levied ON the
people h9t Tor necessary revenue, but for the
aFoWed object Of attording protection to the
favored classes.
Aul.ilIary to the same end, if it was not an
essential part Of the system itself was .
scheme, which, at d later period, obtained far
the proceeds of the sale of the
Pubic Lands among the states.
Other eNPedlents Were devised to take the
money ont Of the Treasury, and to prevent its
coming from any other source than a protect- /
i've tariff. The authors and supporters ofthe
system We're the advocates Of the largest ex-
endltures-whetler for necessary or useful I
purposes, was not material, because the lar
ger the expenditure the greater was the pre-
text for high taxes, In the form Of protective
duties.
Those several measures were sustained bv
popular names and plausible arguments bT