The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1848-12-15
c.,t;au,d from fourth pngr.

SION OF the pioHS creu't -"
.tafe Of the finances end the currsnc! an,
by the commercial embarrassme"ts "hicI
extensively prevailed there. These IRE no
the only causes which led to its establish
rnent. The event oi the war with Grea
brain, and the endorsements which hat
attended its prosecution, Lad I'm on tn
minds Of our statesmen the impression tina
orr government was not strong enough
. and, that to wiell its resources successful,
in great emergencies. and especially IN ar
more 10 yer should be concentrated IN IT.
hands. This increased power they did NO
seck TO obtain by the legitimate. rrescnte'
,nnde-an amendment Of the ccns'i'nticn--
but by constructions. They saw other go
vernmen,s in the old world based upon diff
ferent orders Of tiety, and SO constituted
as to throw the whole power OF the naii"ns
into the hands Of few, who taxed aud con-
trollpd the many, with respect or restraint
Infhatt they conceived the strength OF ma
tio,is in war conSisted-there was something
facinatng in the case, luxury and display o|
the highest order, who drew their wealth
from the toll Of the labcring millions. The
authors Of the y ten drew their ideas ol
political economy from what they Lad wit
messed in Europe, and particularly in Great
Britain. They had viewed the enormous
wealth consen'rated in few hands.
and had seen the splendur Of the over
grown establishments Of an aristocracy
which was upheld by the restrictive policy
They forgot to look down upon the poorc,
classes Of the English population, upor
whose daily and yearly labors the grea: es.
fablishments they so much admree were
sustained and supported. They failed IL
perceive tina, the scarcely fed and hall clad
operatives, were not only in abjcct poverty,
but were bound in chains Of oppressive SER
vitnde, for the benefit Of the favored class
rs, who were the exclusive objects Of the
care ofthr government.
II was not possible to reconstruct society
~ the United States OF the European plan,
for here there was the written constitution
by which order and titles were not recog-
nizrd or tolerated. A system Of measures
was therefore divised, calculated, il not in
tended, 10 withdraw power gradually and
silently from the masses Of the people, and
by false constructions to approximate our
government to the European model. and
substituting an aris'ocracy Of wealth for
that of order and titles.
Without rejecting upon the dissimilarity
Of or institutions. and Of the condition Of
our own people, and those Ui EUROPE, me,
conceived the vain idea Of building up in
the United States system similar TO that
which they admired abroad. Great Britain
had a National Bank with large capital,
irwhose hands was concentrated the mon.
nrchy Of the financial powers Of the nation,
an institution welding almost kingly pow
rrs, and exeriing vast influence upon all
the operations Of trade, and upon The policy
of the government itself Great Britain
had an enormous public debt, and il had
become part Of her public policy to regard
Tins a. a "public blessing" Great Britain
had also restrictive policy which placed
fetters and buIdeis on trade, and trawvnel.
Cd the productive industry Of the arms Of the
nation. BY her combined system Of policy,
'ie !analords and other property hc'ders,
were protected and enriched by the error.
nous taxes which were levied upon the Ia.
Gnrrer ofIhe country for their advantage.
Initiating this foreign policy, the first step
IN establishing the new system in the United
Safes was the creation Of a National Bank
not furesceing the dangerous powers, and
countless evils which might entail upon the
toaa.ry, destined 10 form between the bank
and the other branches of the mscslled
"American" system, feelingtae embarrass-
ments of the Treasury and the business Of
the country, consequent on the war, some
OF orr statesmen, who had held different
aud so'inder views, were induced TO quiet
their scrnplcs, aud settled conviction of its
nncons'itn'ionality, and 20 give their sane
ton, as an event vainly hoped il might pro.
'luce relief II was most unfortunate er.
ror, as the subsequent and corrupt instiiu-
''on has abundan'ly proved. The bank.
with its numerous branches, ramified the
States, and soon brought many Of the pollii.
clans anl influential men, in the relation Of
debtors TO II, and dependent on its pecuna.
~ favors, tins dilIInsing throughout, the mass
~ society great number Of individuals Of
power and influence, to give tone to public
opinion, and actin concert in cases Of emer-
gency. The corrupt power Of sucha politi.
cal engine, isno matter Of speculation, hav.
Ing been displayed in numerous instances,
but most signally in the political struggles
of 1882 and 1894, in opposition to the public
WILL represented by fearless and patriotic
President. But the Bank was but one
branch Of the system, of public debt Of more
than $l2O,00O,0O0 which existed, and il is
not TO be disguised that many Of the authors
of the new-system did not regard its speedy
payment as essential 10 the public rrosperi.
~, bit looked upon its continuance as no
National evil whilst il furnished almcn, 70
the National Bank, and rendered increas
taxation necessary, to the amount Of interest
exceeding 81 100000 annually.
This operated in harmony with the new
l., H. III