The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-06

"American system"
The introduction of the new policy was for time ia
vored by the condition of the country by the heavy
debt which had been contracted during the war; by
the depression of the public credit by the dersnged
state Of the finances and the currency; and by the
commercial and pecuniary embarrassment which ex-
tensivey prevailed These we're not the only causes
with Great Britain, and the endorsements which had
attended its prosecution, had left on the minds of
many Of our statesmen, the impression that our go
vernment not enough and that to WELD its
successfully In great emergencies and espe
ciay in war more power should be Tn it's
obtain by the legitimate and prescribed mode an
amendment Of the constitution-but by construc-
ton. They saw governments in the old world based
upon different orders Of society, and so constitut-
ed to throw the whole power Of nations into the
hands Of few, whe taxed and controlled the
many without responsibility or restraint. In that
arrangement they conceived the strength Of nations
In war consisted. There also something fescina-
orders who drew their wealth from the toll of the la
boring millions. The authors of the system drew their
ideas Of political from what they had Witness
ed in Europe, and particularly in Great Britain They
had viewed the enormous wealth concentrated In few
hands, and had seen the splendor Of the overgrown
ESTABLISHING nts of arisocrscy which 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 much admired sustained and supported.
They failed to perceive that the scanty fed and half
clad operatives not only In sbect poverty, but
benefit Of favored classes, who were the exclusive
objects Of the care of the government.
IL was not POSSIBLE to reconstruct society in the
United States upon the European plan Here there
was written constitution by which orders and titles
were not recognised or tolerated. system Of mea-
tures was therefore devised, calculated II
to withdraw power gradually and silently from the
States and the mass Of the people and BY construc-
tion to approximate government to the European
models substituting aristoeracy Of wealth for that
of orders and titles.
Without rejecting upon the dissimilarity of in
stitutions and of the condition of our people and
those Of Europe they conceived the vain idea of build
ing up in the United States system similar to that
which they admired abroad. Great Britain had a ma
tiopal bank of large capital In whose hands was con-
eentrated the controlling monetary and financial
power Of the nation; institution welding almost
hpgly power and exerting vast influence upon oil the
operations oftrade the policy of the govern
ment itself Great Britain had an enormous public
debt and had become part of her public policy to
regard this as a public blessing" Great Britain
had also restrictive policy which placed letters and
burdens on trade aud trammeled the productive In
dusfry Of the mass Of the nation. By her combined
system policy, the landlords and other property
holders protect and enriched by the enormous
axes which were levied upon the labor OF the country
for their advantage.
Initiating this foreign policy the hrst step In estab
fishing the system in the United States was the
creation Of national bank. Not foreseeng the dan