Oroville daily Butte record., 1857-01-24
o: n. cRoskTTE, Editor.
Topics Of the Day.

our career, was exhibited by distinguished
Senator from Mississippi. upwards of TWEEN
ty years ago, when the decision against q
National Bank became final, and which in
angurated a new financial aRd legislative
policy, and released as far as practicable,
the great laboring interest of the country
from the control of its capital. 1t was at
this period of our history, and when the ex-
cess of revenue drawn from the people un-
der the old policy, amounted to a surplus of
nearly forty millions of dollars, that Hon.
Robert J. Walker, Democratic Senator,
from Mississippi, when the plan to distrib
ute the surplus revenue amongst the several
States was under consideration, introduced
substitute by which it was proposed to
employ the money in the purchase of Cali
fornia down to the thirty second degree of
latitude, and to procure from Mexico, with
the consent of Texas, a quit claim of that
State. Had this lpolicy been successfully
adopted at that period, Q836) how much
blood and treasure might have been saved
to the nation. 1t is true, we have now the
territory which the substitute of Mr., Walker
proposed to purchase, but it has been OBJ
tancd at an immense cost of blood and
treasure. After distributing money among
the several States sufficient to have pur-
chased the territory, it was acquired by
war and purchase at an expense of over
one hundred and twenty-five millions of dol
lars. The public mind was not then pre-
pared for annexation. Backed by power
full party, the scheme of distribution held
out brighter prospects and more immediate
and profitable results. But it did not justi-
fly the expectations of its friends and advo-
Gates. 1t had the effect to lead the States
into profitless works of internal improve
ments, the expansion of credits and ulti
mately to general bankruptcy.
"The scheme, by which it was proposed to
add California and Texas to the Union, was
bitterly assailed as the Inauguration of an
era of annexation and Of aggression upon
weaker States. All the fixed interests of
socety-its timd, swoOning conservatism
its organized classes, the powerful influence
of its capital, and even the denuncations Of
the clergy invoked, not only against the
proposition itself, but against the Demo-
cratic party, which had thus presumed to
give expression to an obvious law of our ma
tionality. The extension Of the Union was
declared to be its weakness, the certain
forerunner of its fall. This fatal result was
doubly assured, first, by Incorporating into
it a large foreign element; and secondly.
enfeebling the Federal Arch by disturbing
its original abutments, and by throwing up
ON its centre the increased weight of many
States which was sure to follow the policy
of annexation when once fairly adopted
The substitute of Senator Walker was re-
jected by the Senate and by the country.
''The States received the federal surplus
and squandered it. Extravaganza ruled the
day. Local banks expanded, until an ire
spOnsible paper currency, amounting to
more than six hundred millions of dollars
was distributed over the land, based upon
scarcely more than seventy millions Of dol
lars in specie in the vaults of the banks and
in circulation among the people. Artificial
prices of course followed; and thus we Ca
reered madly onward until we became i'm
porters, not only of every luxury, but even
of foreign breadstuffs Failures succeeded,
and finally disgraceful bankrupt law was
invoked to relieve the great masses Of our
business men from the shackles of debt and
the custody OF officials"
The doctrines of the constitution inaugu-
rated by the Dem ocracy under Jackson,
were made distinct issue in the contest of
1874, and decided, by the election of Mr..
Polk, and the political death of the Sage of
Lindenwald." The old Hamltonan policy
then lost the last remnant of its influence,
and the obvious laws of our nationality as
sumed their sway, and their fruits are now
to be measured only by the eye of the Phi
losopher and the experience and capacity of
the statesman. Had the policy of Senator
Walker prevailed in 1886, the discovery OF
gold in California would have Immediately
followed, and California would have now
been an old State, enjoying the advantages
of railroad and telegraphic communication
with the Atlantic States. 1t is certainly a
proud record for the Hon. Robert j. Walk
er, and thousands of hearts on the Pacific,
are now beating high with the hope that he
NAV yet be enabled to take a pleasure ride
by railroad from New York to Oroville.-
Vire la Democracy!
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