The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1848-12-26


iIzeIf 0<cal Britain h-d an enormous pub
lie deb', and i Ind bccomc part Of her
public policy 10 regard this us "publlc
blessing Great Britain had also fes-
srictlve policy which placed fcitersand bur-
dons On trade, and 'Famsncicd the produc-
tlsc INDUSTRY OF 'he mass Of the nation. ny
her combined system OF policy, the land
lords and other property holders, were pro-
tccfcd and enriched by the enormous taxes
which were levied npon tho labor oi the
Country Tor their advantage.
Initiating this iofc'gn policy, the fi'sl step,
IN establishing the new system in The Y
States, wns tho creation of National Bank,
mol ivreseclng Tho dangerous power and
ccInliers evils which such an institution
might entail upon tho country, moi pcrcclv-
ing The connection which u was designed 10
form between the bank and tho other bran
cl'es OF the nilscalled "Amcrican System;"
nui ieciIng !he cmbaIrassmenss ofihc ireas-
ury aud OF the business Of the country con-
sequent upon iilc war, some oi our aics-
men VINO had ne'd diiieient and sounder
views were induced 10 yield Their scruples,
ana, inoced, se'iied convictions Of us uncon-
sli'u'ionaI''y, ana 70 give u their sanction,
as an expedien' which they salnly hoped
might produce relief.
II was most unfortunate error, as the
subsequent history and hnal catastrophe oi
tnat dangerous ana corrupt lIslitlon have
abundanEy proved. The bank and Us num-
crous branches, ramiiled INTO the States, soon
brought many o. the active politicians and
'nnuen''s' men ~ o,neren' sections oi the
country in'o me reia'ion OF debtors to II,
aha dependents upon pccuniary iayors; thus
o'nus'"g 'hfouguon' me mass of socle'y u
great number oi individuals OF power and
innuence 70 give tone 10 public opinion, and
70 ac' In concert IN cases Of emergency. The
corrupt power oi suci, practical, engine is
no longer a matter oi speculation, having
been o'spiayed ~ numerous INSTANCES. bui
most sgnai'y IN 'he political struggles oil
loS@-S and z, III opposition TO the public
VIII, represented by icarcss and patriotic
President 4.
But The bank was but one branch OF the
new system. A public debt "s more than
$l2O,OOOQOO existed, and II is not 10 be
disguised That many OF tho authors Of The
n5w system did not regard It's speedy pay
ment essential TO The public prosperity, but
looked upon IFS continuance as no national
evil. While the debt existed, i furnished
al ment TO The National Bank, and evidently
rendered taxation necessary TO the amount
Of the interest," exceeding $7,oO0,OOO an
nually.
This operated in harmony with the nexi
branch Of the new system, which was a high
protective Tariff This was 10 afford boun-
ties 10 favored classes, aud particular law
suits at the expense Of all Others pro-
position 10 tax the whole people, for the
purpose Of enriching few, was loo mon
s'rous to be openly made. The scheme
was, therefore, yeiled under The plausible,
but deldsI'e pretext Of measure 10 protect
home industry, and many OF our people
were Tor time, led 10 believe that a tax
which in the main fell upon labor, was for
the benefit Of the laborer who paid il. This
branch OF The system involves partnership
between ,he government and the iavourcd
classes-ihe iormer receiving The proceeds
o. the tax imposed on Articles imported, and
The latter, The increased price Of similar ar
ucies produccd al home, caused 1y such
tax. y is obvious that the portion 10 be re,
celyed by The favored would, as general
rule, De increased IN proportion 70 inc IN.
crease OF the late rates OF tax, improved
ana diminished as those rates were reduced
10 the revenue siandafd5 required by the
wants o. The government. Inc rates re-
CURED 70 produce a snfilcien. revenue tor