The Arkansas banner., 1848-12-19

! seEm between the Rask anA the rsher Bsahches ei the nIseaied "AssefStan Syxtesn'' but feeiing the einnaETessmefts of inc Treasury snef fhc business oi the esantty, ecuseqaent upes tse aaf, snnse cf our statesmen wts0 had held different and schnder yisNs. were induced t1 fieia fherr scFnpges and, Indeed. settled eesvicians uf its unrsnstiEios atty aud Efve ' thsfr sabctiea. erpedient which Hey vzinly bsped msgdt prudsee relief II was . most nnfsFfsnate error, zs the subsequent history and hnal catastrophe nf that dangerous Assd eoFrufs institution kaEe shnnaantly proved The bank afd its numerous branches Fstfed fbs8 the States soon brought mary If the acfre politicians end irsacn- slEi men in diasFeui sections ef the eseulSy ae The eait5a et dehsnr to ft ard dependssee upon bees- aIsTy Iavors; thus dissing throughout the mass ei society great number af indfVi sals ef poNer and inaasnre se give iene s public opinipn, and 'o act ID concert h case of smergeory. Tst cbrTuPf pow CT of such PallticHi engine ao lnnEeI matter of speculation. haTing beer Sisplhesa h numereas of itssnces, but almost s<asliy in the political srtag gles oi is32 5 1. lu opposition te ae public SIii presented hy Esafiess and ratr9psir President.
 But tlie Bank was hni ane hrahch nf ths new sys- iem. 4 pubic asb; ol more than &I 2a 000, ,c0D sx- istea sn5 II Bot ic be disguised ftsai m2ny ot the aahsFs l ihs ns@ system did not regard iis speedy payn~Bt asrssshiaai 10 the public prosperity. bet lapAed upsa continuance 10 Battonsl evd = Rhisi inc asb existed, i' iurnished aiimeBi 10 ibe Naflanal Bank aad rendered increased taxation ne- rsssaIy ;o thc amount oG interest excesdIRg g. 90a
 0a0 annually.
 ! The next brsfca ef tbe ssw syssem vas high protective fafif ffis was afford hountieS ta te. voTAi classcs and pafsieusas purss st the cxease oi slisothers. proposition 10 tax tae whole pea pie for the paY pose ot esrlcbfag the lew was too nousir7gs to be eprnly mads. The scheme was, therefore. uRaiile under the psasibe bet aelasir pre.exi ef measure Co s'pFofect horne industry g and many of people wers, for tSne, led 10 be- lieye thu ;sx which, iH the ruain fell upoa latar for the benefit oi the taborsf who paid if; This hraaeh uf the system as olves partnership betwee the goFerteas aud inc several ela2ses he former recaislng the proceeds of fe tax imposed o articles imported. and he latter "a fhe increased pfIee ol simiiar articles pfoiaeed al heHe caused b. such fax | IS onrioas that the portion 10 De received by the favored. would. general yHle be isscreas- ct a prcpadien 10 tbs increase oi the rstes ef tax imposed and diminished si tbose rxies as they sefe tetucet io ihc tevegue standard required hy she beieni revenue the ordia1Fy expenses of govern uen' Tor aecessafy purposes, were hot hke3E 10 give tse priYac partners in lhe scheme the profits sui 6clenl to satisfy thsif eHpditY. and hence variety ot czpsdien;s in Prei%Nt weTe fesosted te Ger fbe purpose of charging he expenditures, dia thereby creating aoeess3iy fof keeping hi-h protective tort6, The eaect of ihts pcIicy sss 10 iHisrPsss arjtIes restrictions uTaa The nEtarzl ct tbe business aad trade of lie cozntTy, and iS advance tR eres' of large capitalists, aHj mono loiiss al the expense oftGs great ot ibe p~ople whe were 'axed.io increase heiF wealth. This operated tn harmony with inc hew system ph4rh wss a high protscsiye tariff.
 AaathsT branch of this system was eolagsTel,sE R. siye scheme of iastei nal ifapreveents capahie of 5n3sfIBfa enlargement and sufficient 10 swallow np many millions snnaaily, as Could be exAcsed from fsrsigh commerce -ef the country This Was convenient and necessary adJunci, ef the proettiEe tariH l. was 10 be the great ahsorbsr of anY sur plus which might ni sav time aeceiuulate ia he iTeas-v, and q the fax levied cn lie reor,le noi for necessary reveH9e purposes bal Iaf tie axoSed Faf-
 AuXiiaFy 10 tb" sane efd. i, t Boi ar sSseE- tei gart of tis system ii+eif vas scheme which g. later p4rioA obtained, iaf distributing tie pro- eeed- @; The safes oi tte public lands aFooug the States Ct5er exFedisn;s were Gerisee 10 take ihe aepey cut oi the treasury aud tD prevent Us coming from auy otber-ssarce tbaB protective lafi8. The at spd sspporters oi the system tte aayo- cates al The eTgest expenditures. whether fer ne- cessary useiui proposes. TO- because ihe lar- gr the expenditures the greater the rIetext fer hils taxss. in the fssrp o4 isress-sii-e ssssTrs
 rBese several measures xere sustained by naru- lar narnes. and plauiIb!e aFguaesis by which thou saa3s @ers sselaaed. The bank wzS fepreseaiesl ic {, be ea indispensable fiscal agent, Tor the go- yeruuen'; wes 10 eqgalize excfanEes ard io rega- laie and furnish sound csrTeacv aisags ag every . Whe,e e nbltsrla valGe. The epretecjiss tariff wBs to give euflovu use nt to 'Amerieaa labor ss asivaueed prIres--ss to prtec; s5oine indas.rr '' aud ta tarIish steady market for the farmer, h. tcfasi pFsselnents were to hria- fra4e 10 eFe1s fc l-aooflO lOG---eiffaHEe fGG value O! eFffX $ pv4peffr. ite ais'fiamsaS ol ihe .znd nosev was ts eHfIcu tte Sia'@S--h 43sh Their Hahic woTks, p'sat schools throughout their borders ane reiIeYe th-fn frsB taxaoB bui the fact thst foF every aoi- lar taken out ol the treasury for these ehceis ssh much larger sum was transferred from the pack kets af the peole 10 the favored classes was coliinnaD- Iy coaceaife sna was also iae tenAeAcv Ii not the ultimate esi zn ei the system 10 build ru m Afisi- ctary of wealth f9 cottrGl tie masses of soc .stv and neECPDiiks the potificsl power 0. ihs country
 The several branches cf ihis system aere Sa in- inateiy beaAes iogcther, ibat in t5eir operations each sos.2iued snd Strengthened the ether. Their iosni opeFseas was io ldI burdens of taxation. and 10 Rcsutsge largely increased and wasi~igI expenditure O. putic meneY, T. WIS ;he interest 0i tnc bank tfat the collected, and the ais- burssnsE's made by the government, sboalld be large; beczgse, being the drposti0rT oi He pablic money, the grsaier would be the Hanks pig6ts by iis use.
 II was he interest ef the Gayorsd classes, gho Fsre niI seG 10 have ihe Fases ef That protection sh as Passitie, for The taghsr those rates the greater eog!3 bs their H8vaRaage | ths inter ts a. ss tsose sec ions ar6 localities Wh fxt1ec
 ia hc beissft'ed hy e4f.nds;gIss iag internal im- pTgycmeEis, ;hat lhe 1BlsRt oo eted Shosiia be ss large possible, as thsf the asbursed i.s git also be lie i@fggks TRe States being the behsaei- arles IA ihs dssHsnticu o the hand ruoaey, had an interest ig lsf raigs imposed br PEEteesive Taih faIss eBG9Si 10 yeI4 suflclfu revenue rors itsa5 seafce tgeei the warts oi tie Gever1Flen Ni}t saf 1disu fg taking Gem t!aen the iand funds. s2sat eac8:43 the bfaEetes constituting the sysiek hsd @&thmen ioteresi in sGei5Bs tie pu5iie Nx(.eHai7 srsz+s. They had sIYect interest In ySsinsaiasRa tie E'lhne aebt unpaid aud increasing IS ameaa'. beca4ss tas wCu.d produce an sugsiaiiy Increased drain cpoa tha Treasury To ilie ssaist ol inc inter- est, ana render augmented ta44s nece sssry. The operation and necessary eff < oi Inc whole system were ta encourage large as,d sxfFaxagani ekpeudi- isAr, and theseey tteresss the public pz,foaagr f tars s-atr tae expense oI 8 taxed and impotenshed people.
 lt Is manifested tisz ths scheme o enlarged tax sifon and exPent uFes, had eoninped te prevail. must scca hate converted tae guyernfEeGt of the JS-sa sB1ebaed by is tTamers to s~ plan, ebesi. and s,mf5e confederation td States unted together io5 common pTates tIoR- and charged stth few s,e rthc dA;les teialipg cbielly foreign sfairs, Info a consolidated empire, depuvtg tne States of tatif reserved rgts, and ihe pcnYie ai taeir just power aud eah'rci ihe administration oi iaeif gD- rerHment. la has mEnner fAe hole form and char actef Of the sepefnueft would se changed. not oaly fC q s.f