Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-12-12

"a II0 P6DbtC SEO0Fs1 S1-~
deranged state of the finances and the cur
rency; and by the commercial -embarras-
ment which extensively prevailed there.
These are not the only causes which led
10 its establishment. The events of the
war with Great Britain, and the enbaFrass-
ments which had attended its prosecution,
had left on the minds of our statesmen the
impression that our government was not
strong enough; and that to WELD its re-
sources successfully in great emergen-
cies, and especially in war, more power
should be concentrated in its hands. This
increased power they did not seek to OBJ.
tain by the legitimate, prescribed mode
an amendment of the Constitution-but by
constructions. They saw other govern
ments in 'he old world based upon differ
emit orders of society, and so constituted
as to throw the whole power of nations in.
to the hands of few, who taxed aud con-
trolled the many, without respect or re.
straint. lnthat they conceivedlh the strength
of nations in war consisted there was
something facinating in the ease, luxury
and display Of the higher orders, who drew
their wealth from the toll of the laboring
millions. The authors of the system drew
their ideas of political economy from what
they had witnesse2 IN Europe, and partic--
ularIy in Great Britaia. They had view
ed the enormous wealth concentrated in q
few hands, and had seen the splenuor of
the oVergrown establishments Of an aris-
tocracy which was upheld by the restric-
tive policy. They forgot look to down up.
ON the poorer classes of the English pop
ulation, upon whose daily and yearly Ia
oors the great establishments they so
much admired were sustained and support
ed. They failed to perceive that the
scarcely fed and halfclad operatives, were
not onl y IN AFFECT poverty, but were bound
in chains of oppressive servitude, for the
benefit OF the favored classes, who were
the exclusive objects Of the care of the
government.
1t was not possible to reconstruct socie-
ty in the United States on the European
plan, for here there was the written con-
stiiution by which orders and titles were
not recognized or tolerated. A system
of measures was therefore devised, calcu-
lated, If not intended, to withdraw power
gradually and silently from the masses Of
the people, and by false constructions to
approximate our government to the Euro
pean model, and substituting an arjstocra-
cy of wealth for that eff orders aid titles.
Without rejecting upon the dissiniIari-
ty OF our institutions, and ofthe condition
OF our own people, and those Of Europe,
they conceived the vain idea of building
up in the United States system, similar
to that which they admired abroad. Great
Britain had National Bank with large
capital, in whose hands was concentrated
the monarchy of the financial powers of
the nation, al institution welding almost
klngly powers, and exerting vast infu-
ence upon all the operations of trade, and
upon the policy Of the government ITSELF
Great Britain had an enormous public
debt, and 1t had become part of her pub
lie policy to regard this as "public bles-
sing" Great Britain had also restric-
tive policy which placed letters and bur-
dens on trade, and trammeled the produc-
tive industry ofthe arms ofthe nation
By her combined system of policy, the
landlords and other property holders :,
were protected and enriched By the enor-
nous taxes which were levied upon the
iaborers Of the country for their advan-
tage.
Initiating this foreign policy, the first
step IN establishing the new system in the
! United States was the creation of Ma
tional Bank not foreseeIng the dangerous
! powers, and countless evils which might
entail upon the country, destined to form
between the bank and the other branches of
the miscalled "American'' system feeling
the embarressmentS Of the Treasury and
the business OF the country, consequent
on the war, some of our statesmen who
had held different and sounder views,
ere induced to quiet their scruples, and
settled conviction of its unconstitutionalitv
and to give their sanction, as an event
vainly hoped it might produce relief 1t
vas most unfortunate error, as the sub
sequent and corrupt institution has abund-
antly proved. The bank, with its numer-
our branches, ramifed the States, land soon
brought many ofthe politicians and inAu-
entail mell, in the relation of debtors to it,
and dependent on its pecuniary favors,
thus diffusing throughout the mass of So
ciety great number of individuals ofpow-
er and influence, to give tone to public
opinion, and act in concert ia cases of
emergency. The corrupt power of such
political engine, is no matter of specula-
ton, having been displayed in numerous
instances, but most signally in the politi,
cal struggles of 1882 and 1884, in oppo-
sition to the public will represented by al
fearless and Patriotic President. But the
Bank was but one branch Of the system.
of public debt of more than $I2O, 900 900
which existed, and it is net to be disguised
that many of the authors of the now sys
tenn did not regard its speedy payment as