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

Z
l'lrs'n'F'i BY GrsEiess and patriotic Pre-.
sidrnI.
! Tile hank Was i,ui enc hranrh 81 ile
. rev system. 4 pnllir deb. 81 more Than
nnr hundGfd anil lwenly millinns Of dol.
lars existed snd II l. nul m he disguised
/ that many al the authors uf the new sys-
TEN did MI regard is speedy payment as
cssenIial 10 IlIe pnhlic prosperity. hut
lrnked upan IT, continuance rs no national
evil. Whilst The debt existed IL furnished
alimeni 10 ll,e national bark, aud render
81 Increased taxation necessary 10 the
amount Of the interest. exceeding seven
millions "a .l"l.ais annually.
This Operated in harmony with the
nrNI hranrh nI The new system, which
Was high protective la'iil. This was 10
, alinr,l buuniies 10 fav"rrd classes and par
lirular pursuits, al Ile expense al all 9th
ers. A proposition Ia tax the whole peo-
! pile for the purpose al enFlehing n few WAS
Ia" nlnnslF"us 10 nc "prrly made. Tie
scheme vas. tleTefuic, yelled under the
plausible but drlusive prclexl Of a mea-
7 NAhN I" lAANNA AAAArNN ANh
many Of our people were. for time, led
To believe that tax Whwh in the main
lrll upon labor was for the benefit Of the
lah0rer who paid il. This branch Of tho
system involved a partnership between
the Government and the favored classes
the Turner receiving the proceeds Of
the tax imposed on mlirles imported, aud
1 the latter the increased price Of similar
articles produced at home, caused 10y
such tax. IL is obvious Illal the portion
to he received by the favored classes
would, rs general iule, he increased in
proportion To the increase Of the rates Of
tax imposed. and diminished as those
rates were reduced TO the revenue stand
ard required by the wants Of the Govern
menl. The rates required TO produce a
sufficient revenue for The ordinary expen-
diiures Of Government, for necessary pur-
poses, were not likely to give TO the pri-
vaIe partners in this scheme profits suili-
cirn, 10 satisfy their cupidily aud hence
: a variety Of expedienis aud pretrxis were
Escorted tn for the purpose of enlarging
{ the expenditures, and thereby creating a
necessity for keeping mp high protective
tariff. I he rilrcl of this policy was TO
b. Interpose artifrial restrictions upon the
n natural r0urse of The business and trade Of
5 tho country, aud To advance the interests
of large capitalists. al the expense of the
people who were taxed TO increase their
wealth.
. Another branch Of this system was a
: comprehensive scheme Of internal inn
: provemen,s, capable of indefinite enlarge
: ment, and snilicients 10 swallow up as
: many millions annually as could be ex-
acted from the foreign commerce of the
= country. This was a convenient and
necessary adjunct Of the protective tariff.
, IL was 10 he the great absorbent of any
, surplus which might al any time accu-
r mula'e in the Treasury, and Of the taxes
I levied ON the people, not for necessary
: revenue purposes, hut FIR the avowed OBJ
E ject Of atiording protection 10 The favored
r classes.
+ Auxiliary 10 the same end, il i, was not
+ an essential part Of the system itself, was
,, the scheme which, at later period, OBJ
l. tanned for distributing the proceeds of tho
y sales Of the public lands among the States.
r Other expedIents were devised to take
C money out of the::Treasury and prevent
= its coming IN from any other source than
d the protective tariff. The authors and
= supporters Of the system were the advo-
!. Gates Of the largest expenditures, whether
e for necessary or useful purposes or not,
e because the larger the expenditures the
5 greater was the prc;ex, for high taxes in
IF the form OF protective duties.
These several measures. were sustained
II by popular names and plausible argyll
n mPnts, by winch thousands were deuded.
4 The bank was represented to be an indis-
l. pensable fiscal agent for the Government;
h was TO Pqna'ize exchanges, and 10 regu-
e late and furnish a sound currency, always
n and every where Of uniform value. The
n protective tariff was TO give employment
: 10 American labor" al advanced prices;
2 was TO protect "home industry" and fur
i nish steady market for the farmer. In
/ ternal improvements were to bring trade
0 into every ncighborEood and enhance the
e value of every mans property. The dis
= tribution Of the land money was to enrich
= the States, finish their public works, plant
5 schools Throughout. their borders, and re-
d lieve them from taxation. But the fac,
/. that for every dollar taken from the Urea.
y sury for these objects a much larger sum
IS was transferred from the pockets of the
Y people 10 the favored classes was careful.
IS ~ concealed, az was also the tendency il
n not the ultimate design of the system to
d build up an aristocracy of wealth, to con-
'f troll the masses Of society. and monopolize
o the political power Of the country.
Y The several branches of this system
S were SO intimately blended together that
Is in their operation each sustained and
TO strengthened the Others. Their joint ope
es ration was to add new burdens of taxation
of aud m.encouraqe a largely increased ant