Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1848-12-27

silently from the States and the mass Of the
people, and, BY construction, to approxi-
mate our government TO the Europeanmo-
dels, and instituting an aristocrecy Of
wealth for that Of order and titles.
Without rejecting upon the dissinilar-
ity of our institutions, and of the condition
oil our people, and those of Europe, they
the vain idea Of building up in
the United States system similar to that
which they admired abroad. Great Brit
ain had National Bank, with large ca
pital, in whose hands was concentrated the
monetary and financial power, and exert
ing vast influence upon all the operations
of trade, and upon the policy of the Co
vernment itself. Great Britain had an
enormous public debt, and it had become
part Of her public policy TO regard this
as asspublic blessing" Great Britain had
contracted policy, which placed letters
and burdens on trade, and trammelled the
productive industry Of the mass Of the ma
lion. BY her combined system Of policy,
the landlords and other property holders
were protected aud enriched by the enor-
nous taxes which were levied upon the
labor of the country for their advantage.
Initiating this foreign policy, the first
step towards establishing the new system
was the creation OF National Bank. Not
foreseeing the disastrous power and count
less evils which such all institution might
entail upon the country, nor perceiying
the connection which it was designed 10
form between the bank and the other
branches the miscalled "American sys-
tem," but feeling the embarrassments of
the Treasury, and Of the business OF the
country, consequent upon the war, some
Of cur statesmen who had held different
and soundcr views, were induced to yield
their scruples, and, indeed, settled con-
victions of the unconstitutionality and to
give It their sanction, as an expedient
which they vainly hoped might produce
relief. 1t was most unfortunate error,
as the subsequent history and final catas
trophe of the dangerous and corrupt insti-
tutions, have abundantly proved. The
Bank and its numerous branches, ramified
into the States, soon brought mary of the
active politicians and influential men, in
different sections of the country, into the
relation Of debtor to it, and dependent up
on pecuniary lavors thus difiusing thro'-
out the mass Of society greater number
of individuals, Of power and influence, 10
give tone to public opinion, and TO act in
concert III cases OF emergency. The cor
rupt power of such political engine is no
longer matter OF speculation, having been
displayed in numerous instances, but most
signally in the political struggle of 1882
ga, in opposition TO the public will, re-
presented by fearless and patriotic Pre-
sident.
But the Bank was but one branch of
this new system. a public debt Of more
than $l2O,0O0,0O0 existed, and il is net
to be disguised th2t many of the authors
Of the new system did not regard its spec
dy payment as essential to the public pros
perity, but looked upon its continuance as
no national evil. Whilst the debt existed,
it furnished limit TO tie National Bank,
andrendered increased taxation necessary,
to the amount of interest, exceeding seven
mlillOnS OF cellars annually.
The next branch Of the new system was high
protective tariff. This was TO afford bounties TO ia
vored classes ard particular pursuits, at the
pense of all others. proposition 10 tax the whole
people for the purpose Of eniiching few, was too
to lie openly made. The scheme was
therefore, yelled under the plausible, but delu-
sive preext, of measu re to .rroteSt home indus
try, and many OF our people were for time, led to
believe that Tax which, in the main, fen upon labor
was for the benefit of the latorer who paid it. This
branch of the system involves a partnership be-
tween the Government and the favored citizens
The former receiving the proceeds of the tax impo-
sed on articles imported, and the latter the increas
ed price Of similar articles produced home.
ed ty such tax. tbs obvious, that the portion TO
be received by the favored would as agcneral rule,
be increased In proportion 10 the increase of the
rates OF tax imposed, and diminished those rates,
as they were reduced to the revenue standard re-
CURED BY the wants of the government. The rates
required to produce sufficient revenue for the or
tlhary expenses of the government for necessary
were not likely to give the private part
ners in this scheme the in offs TO satisfy their
li!ty; and hence, variety of experiments, in pre-
text, were resored 10 for the purpose Of charging
the expenditures, and thereby creating necessity
for keeping high protective tariff. The Office Of
this policy was to interrose artificial restrictions
nron the nau al course of the business and trade of
the country, and 10 advance the interest of large
and monoposts, st the expense OF the
great mass of the people, who were taxed to in
crease their wealth. This operated in harmony
with the new system, which Was high protective
tariff
Another branch of this system, was comprehen-
sive scheme ofinter,al improvements, capable OF
indefinite enlargement, and sufficient to swallow up
as many millions, annnalIy, as could be eXaCted |
from the foreign commerce of tie country. This |
was convenient and necessary adjunct of the pro-
tcctre tariff. Ii was to be the great absorbcr of
any surplus which might at any time, accumulate |
IN the Treasury, and ofthe taxes levied on the peo
e.. rppp for tho Oh