The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

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The introduction Of tire new policy MAS
for time iasnr.l ny Ihr enndillOn oi ihs
roun.-y; by the heavy debt which lad
heen coniFarieJ during tie war; By tie
tlcplessIon of the public credit; by the
s!erangeil state ri tie hnaneGs aud the cur
reney; aud ly the eommeIrial and peru
MARY embarrassment vhish extensively
prevailed. These MeFe noi Inc 0niy ran
ses which led 10 its establishment. The
events Of Ihe war with GIPHi Britain. and
The emhaEassmrnls whirh had attended
its prosecution, had lell "n tie minds ii
many nf our Statesmen the impression
that our gOsernms Was nni strong
enough, and thai To weld lis Ee,Ougces sue
cessiully IN great emergencies, and esPe-
cially 10 war, mOIe power should he con-
ceniraied i'm it, hands. This increased
power they did not seek 10 obtain by Ille
legitimate and prescribed m"de-an a.
amendment Of the cnnsilinIl"n-bm by
construction. They saw governments IA
tie old world based upon different orders
nf sorieiy. and SD constituted - 10 throw
the whole power uf nations into the hands
Of a few, who taxed aud controlled the
many wnhou, responsibility or restraint.
In that arrangement they conceived Ihe
strength OF nations in war consisted.
There was also snmelhing fascinating 10
the ease, luxury, and display Of the high
er 0nieFs, who drew thcir wealth from llc
, toll Of the laboring millions. The authors
Of the system drew their ideas Of political
economy from what they had Witnessed
in Europe, and particularly in Great Brl-
tain. They had viewed the enormous
wealth concentrated in few hands, and had
seen the spIend"r Of the overgrown es-
: Establishments Of an arisiOeraey which was
upheld by the restrictive policy. They
torgo, To look down upon the poor classes
of the English popuIaron. upon whose
daily and yearly labor the great establish
ments they so much admired were sus'
tanned and supported. They failed To per
ceive that the scantily Grd aud half rlat
operatives were not only in ahject power
", but were bound in chains Of oppres
siye servimde for the benefit Of favored
classes, who were the exclusive objects. O
the care OF the government.
J., II was not possible 10 reconstruct socie
~ in the United States upon the Euro
pean plan. Here there was writer
constitution, by which orders and titles
were not recognised or tolerated. 4 sys
TEN of measures was therefore devised
calculated, If no, intended, to withdraw
power gradually and silently from the
states and the mass Of the people, and by
construction to approximate our govern
ment TO the European models, subslltut
ing an aristocracy Of wealth for thai Of or
ders and titles.
Without rejecting upon the dissini
lari,y Of our institutions, and Of the condi
tion of our people and those Of Europe
they conceived the vain idea of building
up in the United States system simila
to that which they admired abroad. Grca
Britain had national bank Of large CAPT
tai, in whose hands was concentrated III,
controlling monetary and finanrial powc
of the nation ; an institution WELDING al
mos, kingIy power, and exerling vast in
tluence upon all the operations Of trade
and upon the policy of the government i
, self. Great Britain had an enormous pub
lie debt, and it had becnme part of he
public policy TO regard this as "publi
r blessing" Great Britain had also re
, stric,ive policy, which placed letters an,
burdens on trade, and trammelled the pro
2 ductivc industry of the mass OF the nation
: Ry her combined system Of policy, III
3 landlords and other property holders wer
protected and enriched by the enormu
, taxes which were levied upon the labo
Of the country for their advantage.
Initiating this foreign policy, the frs
step in establishing the new system i
The United States was the creation of
, national bank. Not ioresceing the dan
, gerous power and countless evils whc
such an institution might entail on III
f country, nor perceiving the connexio
, which it was designed TO form betwee
the bank and other branches of the mis-
: called "American SYSTEM" but feeling
the embarrassments of the treasury. AM
5 of the business of the country, consequen
: upon the war, some of our statesmen " h
( had held differen, and sounder views wer
= induced to yield their scrnples. and, in
, deed, settled convictions Of its unconsti.u
/, ,ionality. aud to give it their sanction. a
e an expedienl which they vainly hope
= might produce relief. 1t was a most IN
i fortunate error, as the subsequent, hislor
n and final catastrophe Of lha, dangerou
$ and corrupt institution have abundant
r proved. The bank, with its numerou
n branches rami6ed iuto the States, 500
e brough, many of the active political an
e commercial men in different sections
d the country into the relation Of debtors
II it, and dependents upon it for pecun'ar
l. favors thus ditiusing throughout the mas
If of society a great number of individual
A, of power and influence TO give tone
y public opinion, and act in concert in cas-
A nc pmprrpncv The corrunt mower .