Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-12-13

Without rejecting upon the dissimilari.
ty of our institutions, and Of the condition of
our own people and those of Europe, they
the vain idea of building up 10
the United States, system similar to that
which they admired abroad. Great Britain
had National Bank of large capital, In
whose hands was concentrated the monarch.
ical and financial power Of the nation; IN
institution welding almost kingly powers,
and exerting vast influence upon all the
operations OF trade, and upon the policy Of
the Government itself. Great Britain had
an enormous public debt, and it had become
a part Of her public pol cy to regard this a.
a 3public blessing Great Britain had
also a restrictive policy which placed fetters
and burdens on trade, and trammelled the
productive industry of the mass Of the ma.
ton. By her combined system of policy,
the landlords and other property holders
were protected and enriched bv the enor-
nous taxes which were levied upon tho
labor of the country for their advantage.
Initiating this foreign policy the first step
in establishing the new system in the United
States was the creation of a National Bank.
Not forseeing the dangerous power and
countless evils which such an institution
might entail on the country, nor perceiving
the connection which it wasdestined to form
between the Bank and the other branches
of the miscalled sAmesican- -System,o but
feeling the embarrassments Of the Treasury
and OF the business of the country, conse-
quent on the war, some of our Statesman
who had held different and souIder views
were induced to yield their scruples, and
settled conviction of its unconstitutionality
and to give it their sanction as expedient
they vainly hoped it might produce relief It
was a most unfortunate error as the subse.
quent and corrupt institution, has abundant
ly proved. The Bank with its numerous
branches, rami6ed the States, and soon
brought many OF the active politicians and
inHueatial men into the relation Of debtors to
it, and dependents upon its pecuniary fayors,
thus diffusing throughout the mass of society
a great number of individuals of power and
influence to give tone TO public opinion and
to act in concert in cases of emergency. The
corrupt power of such political engine is
no matter of speculation, having been dig
played in numerous in -tances, but most sig
nally in the political struggles of l832-34
by fearless, patriotic President
But the Bank was but one branch of the
system of public debt Of more than one hum
dred and twenty million dollars which sx-
listed, and it is not to be disguised that many ,
of the authors of the new system did not re- Z
gard its speedy payment essential to the !,
public prosperity, but looked upon its cor- ;
tnuance as no national evil whilst it fur ].
nished aliment to the National Bank, and :,
rendered increased taxation necessary, TO
the amount of interest, exceeding seven mill.
ion dollars annually.
This operated in harmony with the new
system, which was High Protective Tariff.
This was to afford bounties to favored class.
es, and to particular pursuits, at the ex-
pense Of all others. A proposition to tax
the whole people for the purpose of enriching
few, was too IN monstrous to be openly made.
The scheme was, therefore, veiled under the
plausible but delusive pre,ext Ct a measure
to "protect home industry" and many Of
our people, were for a time, led to believe
that tax, which in the main fell upon Ia
Dor, was for the benefit of the laborer, who
paid it. This branch Of the system involved
partnership between the governmen ard
the favored classes: the former receiving the
proceeds of the tax i'm posed on articles i'm
ported, and the latter the increased prices of
similar articles, produced at home, caused
by such tax. It's obvious that the portion
to be received by the favored classes would,
as general rule, be increased in proportion
to the increase of the rate of tax imposed,
and diminished as those rates were reduced
1, L. IL L.
wants Of the government. The rates re.
quired to produce sufficient revenue for
the ordinary expenses Of government for
necessary purposes, were not likely to
give the private partners in the scheme,
profits sufficien: TO tisfy tfer cupidiiy;
and hence, variety Of expedienis and pre-.
texts were resorted TO for the purpose Of
enlarging the expenditures, and thereby
creating a necessity for keeping up q high
Protective Tariff. The effect OF this policy
was to inlerpose artificial restrictions upon
the natural course of the business and
trade, and TO advance the interests of large
capitalists and monopolists at the expense
of the great mass of the people who were
taxed to increase their wealth.
Another brnDch of this system was
comprehensive scheme Of internal improve.
ments, and capable of indefinite enlarge.
ment, and sufficient to swallow as many
millions annually as could be exacted from
the foreign commerce of the county
This was a convenient and necessary ad-
juno. of the protective Tariff. 1t was TO
be the great absorbent of any surplus which
might at any time accumulate in the Treas.
ury, and of the duties levied on the people,
not for necessary revenue purposes, but
the avowed object of affording protection to
the favored classes. -.,
Auxiliary to the same end, if it was not
an essential part of the system itself was
the scheme, which at later period, OBJ.
tnined for the distribution Of the proceeds
ofthe sales Of the public lands among the
States. Other expedients were devised to
take money out of the Treasury, and pre-.
vent its coming in from other resources
than the protective Tariff. The authors
and supporters of the system were The ad.
vocates of the largest expenditures, whether
for necessary or useful purposes or not
because the larger the expenditure the
greater was the pretext for high taxes in the