Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1848-12-21

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and ruin, had our public men resisted the
| temporary pressure of the times upon our
financial and pecuniary interests, and re
fused to charter the bank. Of the second
bank the country became abundan,ly salts
fled al the close Of its twenty years dura-
lion, as in the case of the first bank, and it
also ceased to exist; under the repeated We
toes Of President Jackson, il reeled and
| fell-and a subsequent attempt to charter
a similar institution, was arrested by the
veto of President Tyler.
Mr.. Madison, in yielding his signature to
the chatter of 1916. did so upon the ground
of respect due to precedents-and as he
subsequently declared, the bank of the
United States though on the original ques.
ton held TO be unconstitutional, received
the Executive signature.
Ii is probable that neither the Bank of
1901, nor that of 1916, would have been.
chartered but for the embarrassment of
the Government in its finances, by the de-
rangement of the currency. The pressure
which existed-the first in consequence of
the war of the Revolution, the second the
consequence Of the war of lSl2--boih
were resorted to, in the deusve hope that
they would restore public credit and afford
relief 10 The Government and 10 the bust
ness of The country. Those of our public
men who opposed the whole "American
System" at its commencement, and through
out its progress, foresaw and predicted
that it was fraught with incaculable mis-
chief, and must result in serious consequent
ces 10 the best interests Of the country for
series of years. These wise counses
were unheard and the system was estab-
lished. 1t was soon apparent that its prac-
lical operation was unequal and unjust upon
different portions of the country, and upon
the people engaged in different pursuits.
All were equally entitled TO the favor and
protection of Government. 1t fostered
and elevated the monied power, and en-
riched the favored few at the expense of
the many. Its effect was TO make "the
rich richer, and the poor poorer;" its ten
dency was 10 create distinctions in society.
based upon wealth, and to give the favored
classes undue control and sway in our Gov
eminent. 1t was an organized monied
power, which resisted the popular will, and
sought to shape and control the public pol
icy, by taxing labor.
Under the pernicious working of this
combined system" of measures, the coun-
try witnessed alternate seasons Of tempo
rary apparent prosperity; of undue and
disastrous commercial revulsions; of I'm
precedented fuctuation of prices, and of
the oppression of the greatest interests-of
agriculture and commerce-of pecuniary
suffering and final bankruptcy ofthousands.
After severe struggle of more than a
quarter of a century the system was over
thrown.
The Bank has been succeeded by a prac-
tical system of finance conducted and con-
troed solely by the government. The
| constitutional currency has been restored
The public credit maintained unimpared
even in period of foreign war, and the
whole country has become satisfied that
UNCONSTITUTIONAL or State-are not neces
, sary as fiscal agents of the Government
! The revenue duties have taken the place OF
/ a protective tariff. The distribution de.
, rived from the sale of the public lands has
, been abandoned, and the corrupting system
of internal improvements, it is hoped, has
4 been effectually checked.
Ii is not doubted that if this whole train
D of measures, designed TO take wealth from
S lhe.many and faslen it on the few were tc
prevail, the effect would be to change the
entire character of the government. One
: only danger remains: il is The reduction OF
/ that branch of The system which consists o
!, internal improvements. Holding out as il
l. does, inducements TO the people of pariic
Il uar sections and locations TO embark the
d government in them without stopping Il
1 calculate the inevitable consequences. Thi
II branch of The system is so evidently LINKED
/. and combined with the others, that a
surely as an effect is produced by an ade
d qnale cause. If it is resuscitated and firm
n y established it requires no sagaclty t
e foresee that il will necessarily and speedil!
d draw after it the establishment Of Ma
d tional Bank-lhe revival of protective
J. tarif;-,he distribution Of the land none.
e land not only the postponement to the tu
s. ture of the payment of the present nation
O al debt; but its amount will annually in
It crease.
d l entertain solemn conviction that
e. The internal improvement branches of IN
T. "American system" be not firmlyIresis,ed a
O this time, the whole series of measure
n composing it will be speedily established
id and the country will be thrown back from
ID its present high state of prosperity, whic
|. the existing policy has produced, and b
Ii. destined again 10 witness all the evils, con
G. mercal re golulions, and depression of pr
rs ces and pecuniary embarrassment, throug
e. which we have passed during the la'
Il. seventy.fve years.
l. To guard against consequences so rnli
Il, e ,rh m