The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-12-12

r the heavy debt which was contracted during Ii
war,by the depression Of the public credit, by III
deranged stale of the finances and the currenc
and by the commercial and pecuniary embarras:
ments which extensively prevailed. These wer
not the only causes which led 10 its establish
ment. The events of the war with Great Bri
ain, and the EMBELLISHMENTS which had attende
its prosecution, had left ON the minds of man
OF our statesmen heimpression that our govern
mcnt Was not strong enough, and that to wielt
its resources successfully in great emergencies
especially in war, more power should be concen
trated in his hands. This increased power the
did not seek 10 obtain by the legitimate and pre-
/ sciibed mode-an amendment OF the constitution
but BY construction. They saw government
in the old world based upon different orders o
society, and so constituted as TO throw the Who'll,
power of nations into the hands OF a few wht
taxed and controlled the many without response
bility or restraint. In that arrangement, they
conceived the strength OF nations in war consist
ed.
There was also, something fascinating in the
ease, luxury, and display of the higher orders
who drew their wealth from the labor of the L.
boring millions. The authors of thesysiem drew
| their ideas of political economy from what they
had witnessed in Europe, and parli- ularly in
Great Britain. They had viewed the enormous
wealth concentrated in few hands, and had seen
an aristocracy which was upheld by the restrict
i've policy. They forgot to look down upon the
poorer classes Of the English population, upon
whose daily and yearly labor the splendid estab-
lishmenIs they so much admired were sustained
and supported. failed to perceive that the
scanty-fed and half.clad operatives were not on
ly in abject poverty, but were bound in chains of
oppressive servitude for the benefit of favored
classes, who were the exclusive objects of the
care of the government
II was not possible 10 reconstruct society in
the United States on the European plan. Here
there was written Constitution by which or
derS and titles are not recognized or tolerated.
A system of measures was therefore devised cal
culated if not intended, to withdraw power grad
ually from the States, and. the mass of the peo-
pie, and by construction to approximate our gov
eminent to the European models, substituting an
ariStocracy of wealth for that of orders and titles.
Without rejecting upon the 1issinilarity of our
institutions, and of The condition of our people,
and those OF Europe, they conceived the vain i
IDEAS of building up in the Uni,ed States a sys-
TEN similar 10 that which they admired abroad.
Great Britain had national bank of large capt.
tal in whose hands was concentrated the con-
trolling monetary and financial power of the ma
ton; an institution welding almost kingly pow
er aid extending vast influence upon all the OPP
erations of trade and upon the policy OF the gov
eminent itself Great Britain had an enormous
public debt and it had become part of her pub
lie policy to regard this as public blessing"
Great Britain had also restrictive policy which
placed letters and burdens on trade and trammel-
led the productive industry Of the mass of the
nation By her combined system of policy, the
landlords and other property holders were protcc-
ted 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
IN establishing the new system in the Uni
Ted States was the creation of national
bank.-Not foreseeing the dangerous power
AID countless evils which such an institu-
lion might entail on the country, nor per-
ceiving the connexion which it was design
ed to form between the bank and the 9TH
err branches of the miscalled " American
SYSTEM" but feeling the embarrassments Of
the treasury and of the business of the
consequent upon the war. some of
,ur statesmen who had held different and
;ounder views were indIEed TO yield their
;crup.es, and, indeed, settled convictions of
It's unconsiitutionalty and to give it their
sanction, as an expedient which they vainly
hoped might produce relief. 1t was most
unfortunate error, as the subsequent histo
" AMI final catastrophe of that dangerous
and corrupt institution have abundantly
proved. The bank with its numerous branch
IS ramfied into the States, soon brought
many of the active political and CONNER
:ial men il different sections of the coun-
nv into the relation of debtors 10 it, and
dependents upon it for pecunary favors,
hus dffusing throughout the mass of soci-
,ty a great number of individuals of pow
er and influence TO give tone TO public o.
Dinion and to act in concert in cases of e.
The corrupt power of such
political engine is no longer a matter of
speculation, having been displayed in nu
merous instances, hut most signally in the
political struggles of ls42'-3'-4, in opposi-
tion to the public will represented by a
fearless and patriotic President.
But the bank was but one branch of the
new system.-A pubic debt of more than
one hundred and twenty millions of dol
lars existed: and it is not to be disguised
that many of the authors of the new sys-
tenn did not regard its speedy payment as
essential 10 the public prosperity, but look
ed upon its continuance as no national evil.
whilst the debt existed it furnished aliment
to the national bank, and rendered increns-
ed taxation necessary to the amount of the
interest, exceeding seven millions OF dol
lars annually
This operated in harmony with the next
brapch of the new system, which was a
high protective tariff. This was to afford
bounties to favored classes and particular
pursuits at the expense of all others. A
to tax the whole people for the
purpose OF enriching few, was TOO mon
strous to be openly made. The scheme
Was, therefore, yelled under the plausible
but delusive pretext of a measure to pro-
tect "home industry > and many OF our
people were. for time, led to believe that
a tax which in the main fell upon labor was
for the benefit of the laborer who paid 1t.
This branch of the system involved a part
nership between the government anc the
favored classes-the former receiving the
proceeds of the tax imposed upon articles
imported, and the latter the increased price
of similar articles produced at home, caus-
ed by such tax.
Another branch of this system was a
scheme OF internal improves
ments. capable of indefinite enlargement;
and sufficient to swallow up as many mill
lions annually as could be exacted from the