Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-12-08

They saw governments IN the Old WOrld OaS-
ed upon different orders of society, and so
constituted as TO throw the whole power Of
nations into the hands of a few, who taxed
and controlled the many without responsible
ty or restraint. In that arrangement they
conceived the strength of nations in war con-
sisted. There was something fascinating in
the case, luxury, and display of the higher
orders, who drew their wealth from the toll
OF the laborng Millions The authors of the
system drew their ideas of political economy
from what they had witnessed in Europe, and
particularly in Great Britain. They had view
ed the enormous wealth concentrated in few
hands, and had seen the splendor of the over
grown establishments of an aristocracy which
was upheld by the restrictive policy. They
forgot TO look down upon the poorer classes
of the English population, upon whose daily
and yearly labor the great ESTABLISHMENTS they
so much admired were sustained ana supper
ted They failed TO perceive that Inc scantlly-
fed and hall. clad operatives were not only IN
abiect noyerty, but were bound IN chains OF
onnrpssive servitude for the benefit of ia
yored classes, who were the exclusive OBJ
iects of the care of the government.
IT was not possible to reconstruct society in the
United States upon the European plan. Here
and titles were not recognized or tolerated. A sys
tenn of measures was therefore DEVISED calculated,
if not intended, to withdraw power gradually and
silently from the States and the mass of the peo-
pie, and by construction to approximate our gov
eminent to the European models, substituting an
aristocracy of wealth for that of orders and titles
Without rejecting upon the dss;miIarity of our
Institutions and of the condition of our people and
those of Europe, they conceived the vain idea of
building upin the United States a system similar
to that which they admired abroad Great Bri-
tain had national bank oflarge capital, in whose
hands was concentrated the controlling monetary
and financial power of the nation; an institution
welding almost kingly power, and exerting vast
influence upon all the operations of trade, and up
the policy Of the government itself. Great Bri-
tain had an enormous public debt, and it had be-
come part of her public policy to regard this as
''pubic blessing" Great Britain had also re-
strictye policy, which placed letters and burdens
trade, and trammelled the productive industry
of the mass of the nation. By her combined sys-
tenn of policy, the landlords and other property
holders were protected and enriched by the enor
nous taxes which levied upon the labor of
the country for their advantage.
Initiating this foreign policy the first step in es
tablishing the new system in the United Statcs
was the creation of a national bank. Not foresee-
ing the dangerous power and countless evils which
such an institution might entail on the country,
nor perceiving the conneXon which it was design
ed to form between the bank and the other branch
es of the miscalled "Amercan SYSTEM" but feel
ing the embarrassments of the treasury, and Of
the business of the country, consequent upon the
war, some Of our statesmen who held different and
sounder views induced to yield their scruples,
and indeed, settled convictions of its unconsttu-
tonality, and to give it their sanction, expe-
dent which they vanly hoped might produce re-
lief. twas most unfortunate error, as the sub
saquent history and final catastrophe of that dam
gcrous and corrupt institution have abundantly
proved. The bank, with its numerous branches
ramified into States, soon brought many of the ac
tive political and commercial men in different sec
tons of the country into the relation of debtors to
it, and dependents upon it for pecuniary favors;-
thus dffusing throughout the mass of society a
great number of individuals Of power and in1u-
ence to give tone to public opinion, and to act in
concert in cases of emergency. The corrupt pow
er of such political engine is no longer matter
of speculation, having been displayed in numer-
GUS instances, but most sgnally in the political
struggles of l832-'3-'4, in opposition to the public
will represented by fearless and patriotic Presi-
dent
But the bank was but branch of the new
system. A public debt of more than one hundred
and twenty millions of dollars existed; and it is not
W De ulStu LldL lIldlS vi IIlC Vi IIle
new system did not regard its speedy payment as
essential to the public prosperity, but looked upon
its continuance as no national evil. Whilst the
debt existed, it furnished aliment to the natona
bank, and rendered increased taxation necessary
! to the amount of the interest, exceeding seven mil
! lions of dollars annually.
This operated i'll harmony with the next branch
| of the new system, which high protective
tariff This was to afford bounties to favored class
| &c
ers A proposition to tax the whole people for the
purpose of enrci.ing a few, was too monstrous tt
be openly made. The scheme was, therefore veil
ed under the plausible but delusive pretext of {
measure to protect "home industry" and many O.
our people were, for time, led to believe that {
tax which i'll the main fell upon labor, was for thu
benefit OF the laborer who paid it. This branch o
the system involved partnership between the gov
eminent and the favored classes-the former re
ceivng the proceeds of the tax imposed on article
imported, and the latter the increased price of SINH
lar articles produced at home, caused by such tax
1t is obvious that the portion tc be received by IN
favored classes would, as general rule, be ncrea
sed in proportion to the increase OF the rates OF ta
| imposed, and diminished as those rates were re
duced to the revenue standard required by tn
wants Of the government. The rates required t
produce sufficient revenue for the ordinary ex
pendtures of government, for necessary purposes
were not likely to give to the private partners il
this scheme profits sufficient to satisfy their cupid
ty; and hence variety of expedients and pretext
were resorted to for the purpose of enlarging tn
expenditures, and thereby creating necessity 70
keeping up high protective tariff. The effect o
this policy to interpose artificial restrictions up
on the natural course of the business and trade o
the country, and to advance the interests of larg
capitalists and monopolists, at the expense of tn
great mass of the people, who were taxed to in
crease their wealth.
Another branch of this system was compre
hensive scheme of internal improvements, capabl
of indefinite enlargement, and sufficient to swalloy
up as many millions annually as could be exacte
from the foreign commerce of the country. Thi
was a convenient and necessary adjunct of tn
protective tariff: 1t was to be the great absorben
of any surplus which might at any time accumu
late in the treasury, and of the taxes levied on tn
people, not for necessary revenue purposes but 70
the avOwed object of atording protection to the ia
vored classes
Auxiliary to the same end, if it was not an es
scntial part of the system itself, was the schem
which, at a later period, obtained, for distributin
the proceeds of the sales of the public lands anon
the States. Other expedents were devised to tax
money out of the treasury, and prevent its comm
in from any other source than the protective tarit
The authors and supporters OF this system WEI
the advocates of the largest expenditures, whetht
for necessary useful purposes or not, because Tn
r LARGER the expenditures the greater was the pre-