The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-06

tuition might entail 90 the country nor perseivins
the copnexicn which IT designed to form between
the bank and the other branches of the mscalled
"American system but feeling the embarrassed e nts
OF the treasury and Of the business of the country
had held different and sounder views induced to
yield their scrupes aud indeed eetted conviction Of
it's unconsitutionaty and to give it their sanction,
~ n expedient which they vaihly hoped might pro-
duce relief 1t . most unfortunate error as the
Subsequent history and final catastrophe Of that dan
gerous and corrupt institution have abundantly
proved The bank, with 1t numerous branches ramifed
into the States brought many OF the active poti
cal and commercial men in different sections of the
country into the relation of debtors to it, and depen
dants upon 1t for pecuniafy favors; thus diffusng
throughout the Of society great number of in
dviduals of power and nfuenceto give tone to public
opinion and to act in concert of emergency
The corrupt power of such political engine Ia no
longer a matter of speculation having been displayed
in numerous neta ces but most Ggnay in the polti-
cal struggles of 1882 34 in opposition to the public
will represented by fearless and patriotic President
But the bank was but one branch OF the system.
A public debt of more than one hundred and twenty
millions OF dollars existed and Is net to be disguised
that many of the authors Of the system did
prosperity but looked upon its continuance as no ma
tional evil Whilst the debt existed, 1t furnished ALI
ment to the national bank and rendered increased
taxation necessary to the amount Of the interest
ceeding millions of dollars annually.
This operated in harmony With the next branch Of
This was TO ord bounties to favored classes and par
tculsr pursuits at the expense Of all Others propo-
ston to tax the whole people for the purpose Of enrich
scheme therefore, yelled under the plausible but
delusive pretext Of measure to protect home indus
try and msnyof our people we're for time LED to
for the benefit of the laborer who paid 1t. This
branch Of the system involved partnership be-
tween the government and the favored classes
the former receiving the proceeds of the tax i'm
posed articles imported and the latter the in
creased price Of similar articles produced at home,
caused by such 1t IL obvious that the portion to
be received bv the favored classes would, neral
rule be increased in proportion to the increase of the
rates of tax imposed, and diminished those rates
reduced to the revenue standard required by the
wants of the government The rates required to pro-
duce sufficient revenue for the ordinary expendi-
lures of Tor necessary purposes were not
likely to give the private partners in this scheme
profits suce mt to satisfy their cupidity; and hence
variety of expedents and presxts resorted to for
the purpose Of ena gipg the thereby
creating necessity for keeping up high protective
tariff The effect Of this policy was to interpose art
fetal restrictions upon the natural course Of the busi
and trade of the country, and to advance the
interests Of large capitalists and monopoists at the
expense of tho great mars Of the people, who were
taxed to increase their wealth
Another branch Of this system was comprehensive
scheme of internal improvements capable Of indefinite
enlargement, and sufficient 70 swallow up as many
millions annually could be exscted from the foreign
commerce of the country. This was convenient and
necessary adjunct of the protective tariff was to
be the great absorbent of surplus which might at
any time accumulate In the treasury and of the tax
levied the people, not for necessary revenue pur-
poses but for the avowed object OF ahording protec
ton to the favored classes.
Auxiliary to the same end if It was not essential
part of the system ITSELF was the scheme which, at
the sales of the public lands among the States Other
devised to take money out of the trsa
sury and its coming in from any other source
thai the protective tariff The authors and support
els Of system the advocates Of the largest
pendures, whether for necessary or useful purposes
because the larger the the greater
the pretex for high taxes in the form Of protec
tive duties
names and plausible arguments, by which thousands
were deluded. The bsnk represented to be an in
dispensable fiscal agent for the government was to
equalize exchanges and to regulate and furnish
sound currency, always and every where of uniform
value. The protective tariff was to give employment
american labor at advanced prices protect
"home Industry and furnish q steady market for the
farmer Internal mpr ovements were to bring trade
into every neighborhccd. and enhance the value Of
~s. tp enrich the States nsH their public
plant schools throughout their borders, and re-
eve them from taxation But the fact that for every
dollar taken out of the treasury for these Objects
much larger transferred from the pockets OF
the people to the favored classes was carefully con-
cealed as was also the tendency, if not the ultimate
wealth. to control the masses OF society," and mono
police the political power Of the country.
The branches of this system were so intims-
tely blended together that in their operation each
sustained and strengthened the others Their joint
operaronwas to add new burdens OF taxation and to
ture of public money 1t the interest of the bank
that the revenue collected and the disbursements
made by the government should be large because, be-
amount the greater would be the bank profits by its
1t the interest Of the favored classes who
we're enriched by the protective tariff, to have the
rates of that protection high possible for the
higher those rates the greater would be their advan
tage. 1t the interest of the people Of all those
sections and localities who expected 70 De py
amount collected should be as large as possible to the
end that the dsbursed might also be the larger
The States being the in the distribution
of the land money had interest In having the rates
Of tax imposed by the protective tariff large enough
to yield sufficient revenue from that source to meet
the wants of the government without disturbing or
taking from them the land fund that each of the
branches constituting the system had a common in
terest in swelling the public expenditure They had
direct interest in maintaining the public debt
paid and increasing its amount, because this would
produce an annual increased drain upon theatreasury,
to the amount of the interest and render augmented
taxes necessary The operation and necessary effect
Of the whole system to encourage large and ex
public patronage and maintain rich and splendid
government at the expense of taxed and impoversh
ed people. .
and expenditures, bad 1t continued to prevail must
have converted the government OF the Union, In
derstion Of States united together for common
and charged with few SPECIFIC duties re-
ating chiefly to foreign affairs into consolidated
smpre depriving the States Of their reserved rights
and the people Of their just and control In the
of their government. In this manner,
he whole form and character Of the you'd
but by resorting to an understandable and unsutho-
lied construction Of that instrument.
The indirect mode Of levying the taxes by duty ON
IMPORTS, prevents the mass Of the people from readily
perceivng the amount they pay and has enabled the
sw who thus enriched and who seek to WELD the
POLITICAL power of the country to deceive and delude
hem Were the taxes collected by direct levy upon
he people, Is the in the States this could not
occur.
The whole system resisted from It's inception by
many of ablest statesmen, some Of whom doubted
ts constiutionality and its expedency while others
believed it was, in all its branches fragrant and dam
rerous infraction Of the constitution.
That national bank, protective tariff levied not
raise the needed but for protection merely
Internal Improvements, and the distribution of the
Of the sale of the public lands are measures
without the warrant Of the constitution, would, upon
he maturest consideration seem to be clear. 1t Is
remarkable that of these measures, involving
uch momentous consequences, is authorized BY any
express grant of power in the constitution. No one
them is incident to, being necessary and proper
or the execution Of the specific powers granted by
he constitution. The authority under which 1t has
attempted to justify each of them derived from
nferences and constructions Of the constitution
which letter and its whole object and design do not
variant Is 1t to be conceived that such immense