The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1848-12-16
Vol. 70. No. 90, Whole No. 594.


few hands, and had seen the splondOr of the
overgrown establishments, of an nristocracy
which was upheld by the restrictive policy.
They forgot to look down upon the poorer
classes ofihe English populaton,upon whose
daily and yearly labor the great establish
ments they so much admired were sustained
aud supported They failed to perceive tint
The scantiIy-fed and haIf-clad operatives We're
not only in uhjcct poverty, but were bound in
chains Of oppressive servilude for the bcne-
fit Of favored classes, who were the exclusive
objects Of the care of the government.
1t was not possible To reconstruct society
in the United States upon the European plan.
Here there was written constitution, by
which orders and titles were not recognized
or tolerated. system Of measures was
therefore devised, calculated, if not intended
TO withdraw power gradually and silently
from the States aud from the mass ofthc peo-
pie, and by construction 10 approximate our
government 10 the European models, subsi-
tuing an arislocracy OF wealth for HAT of Or
ders aud titles.
Without rejecting upon tic dissimilurity
ofoHr instiutions,nu of tie coudition of our
peoples. those Of Europe, they conceived tho
vain idea of binding up TO the United States
n system similar TO ,hut which they admired
abroad. Great Britain had II national bank
of large capital, in whose hands was cuuCen-
Tated the controlling monetary md financial
power, of the nation; M institution welding
almost kingly power, and eXertinS vast nii'I-
cnce upon all the operations of trndc, and
upon the policy of government ITSELF Great
Britain had an enormous public debt, and il
Lad become a part OF her public policy 10 re-
gard this ms II "puhlic blessing" Greut Brit
ain had ralso restrictive policy which placed
letters and burdens on trade, and irnntneled
the productive Industry OF the mass ofthe M
ton. by her combined system ofpolicy, tho
landlords and other propcrty-hodsrs were
protected and enriched 10y the enormous taX-
es which were levied upon the labor of The
country for thoir advantage.
Initiating this foreign policy, the first step
IN establishing the new system in tie United
States was the creation of a NATIONAL hank
Not forcseeing tho dangerous lower and
countless evils which such an institution
might entail OH the country, nor rrrreiymg
the connection which il was designed to form?
between the bank and the other branches Of
the niscalled "AnIcrcan system" but ieCiiDc
the enIbnlrassInents of the treasury, and OF
the business of the country, consequent upon B
the war, some ofour statesmen who had held
different and sOuuder views were induced 10
yield their scruplcs, and indeed, settled colt
victiOns of its uncOnstitutiOnnliy and TO give.
II their sanction, us an cXpcdlcnt which they
vainiy hoped might produce relief
1t was most unfortunate error. as the sub,
sequent history and final catastrophe of thar
dangerous aud corrupt institution have nblin-
dainty proved. The bank, with its numerous
branches ramifed into the States, soon bIo't
many of the active political ard commercial
men in different sections of the country iIiJD
the relation ofdebtors to It, and dependents
upon it for pecuniary favors: thus difIiisug
throughout the mass of society great num-
Der of individuals of power aud influence 10
give tone 10 public opinion. and Ia act in CIT
SEES ofenergency. The corrupt power of
such political engine is no longer a matter
Of speculation, having been displayed in nu-
merous instances, but most siRnally in tbs
political struggles of 1928 "A, in opposition
TO the public will represented Ivy iearesa
aud patriotic President. -. yr .....n
But the bank was but one branch of tho
new system A public debt of more ihnn
one hundred md twenty millions Of dollars
eXiSted and it is not to be disguised that
many Of The authors ofthe new system did
not regard It's speedy payment as essential to
the public prosperity, but looked upon its
continuance no national evil. While the
debt existed, it furnished aliment 90 tho na-
tionhi bank, and rendered Increased taxation
necessary 10 the amount of the interest, eX~
ceeding seven millions Of dollars annually.
This operated in harmony with tho ncSr u
branch of the new system which was high
protective tariff. This wns TO afford bouniies
TO favored classes and particular pursuits, as
the expense of all others A proposition TO
tax The whole people for The purpose of enr
riching few, WINS TOO INDUSTRIOUS to he OPEN
~ made. The scheme was, therefore, vailed
under The plausible but deusve pretext of
measure TO protect ''home indusry;" aud
many of our people were for time, led to
believe that tax which IN the main fell upon
labor, was for the benefit OF. the ahorcr who
paid it. This branch Of the system involved
partnership between the government and
tic favo,e clnsses-the former received the
proceeds of the tax imposed OH articles I'M
ported, and TIE Inter the increased price Of
similar articles produced ut ho,nc, caused Ivy
such tax. .....,s. b. ...r .agn-..r a.i AZ ,.... .
1t is otvions That the portion TO be received
by the favored clnsses would, rs general
rule, he increased in proportion to The lite
crease of the rates of tax imposed, uid Ill.
nlnished as those rates were reduced to th3
revenue standard required by the wants Of
tho government. The rates required to pro-
duce n sufficient revenue for the ordinary cE>
penditurcs of government, for necessary laT-
poses, were not likely to give 10 the private p
partners in this scheme profits sufficient IL
satisfy their cupidiY; and hence n variety OF
cXpcdicnis and precXts were resorted To
for the purpose Ufcnlarging the expenditures
and thereby creating Il necessity for keeping
up Il high protective tariff. The effect OF
this policy WINS, to intcrposc artificial restrics &
tons upon the natural course of the business
and trade Of the country, asld Ia advance tils
interests Of large capitalists and nIonopoiists.
at the expense of tho great mass Of The peo-
pie, who were taxed to increase their wealth
Another branch of This system was II com.
pruhensive scheme afintgruul improvements
capable of iulsiuite enlargement, and suiii-
lln,.