Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-09-09
9pirlt Of geffersoa.
Charlcstown, JEFFERSON County, West Va.
TUESDAY MORNING, sEPrEMBER 0, 1878.
IFor the spifi. of JetHer.on.l
The Consequences Of Debt Stock and
Banking Predicted, and Fulfilled, in
America"

The Consequences Of Debt Stock and
Banking Predicted, and Fulfilled, in
America" S41
Mr.. Editor I'm former quotations, hav-
ing brought to the notice of your readers the
opinion of Jno. Tay lor. of Caroline, that fund
ing and corporate banking constituteda a s.paper
feudal systemi;" and that there was, in this
country, no danger of a.'landed aristocracy"
but the certainty of "stock and monied aris
tocracy" unless the whole system of funding
and banking was set aside, or overthrown, 1
shall for their benefit continue to quote him
as to the effects of this "monied aristocracy''
on the liberties and prosperity of the people,
and in the following words:
"Having proved that the laws of division
or distribution, will counteract landed and aid
paper combinations for usurpinS a govern-
ment; we will proceed to subjoin few of the
effects which will result from the distin c.ion
of landed, and the creation as popey mo-
nopo!y."
"As landed possessions are divided, the
leisure and income of the proprietors will be
diminished aud as paper property is accumu-
lated, the leisure and income of the holders
will be increased. The weight of talents will
follow leisure and wealth aud these will
gradually acquire locality, corresponding to
the abodes of the receivers of stock taration
This superiority of talents and wealth will in
vest individuals, and the cities in which tbey
will chiefly reside, with an influence, we'll cal.
culated to acquire an ascendant over the landed
interest, gradually impoverished by division.
And though this landed interest may not sud-
denly sink into an ignorant, scattered peas
antry, taxed by paper operations, to enrich,
instruct n eof ~
capitalists, yet the tendency of the system is
exactly to that point, and tho arrival of an
unobstracted tendency, is inevitable.
elf the division of landed property has
tendency to increase the ignorance Of the
numerous and valuable portion of society
which cultivate IT, defect of the American
policy in not providing some remedy to meet
this evil, is disclosed. From preventing an
accumulation of landed wealth, and prov idine
for monied or stock monopoly Of knowledge.
a reason arises for placing the best educations
within the reach of that great mass of people,
called the landed interest; instead of which
its inability to purchase knowledge is studi-
ously increased, by division of inheritances,
and by the annual draffs upon it for the in
terest and diuidends of dcbt and Ianh stock.
The Ignorance of landholders will thus in
time be brought to a standard exactly suf>
tcicns to render them tame, and su6seruient
to the interest of a stock dristocrncy; an
event which may be accelerated, by iaring
them TOR the purpose of diffnsing knowledge
OF the vulgar tongue, and vulgar arithmetic.
Mere laws for dividing landed property, and
levelling landed knowledge, form striking
contrast with those for accumulatine stocI
aoeahh, and of course stool; hnoeozedae. Are
10th consistent with the principles of our gov
ernments? If l wished to level field mere.
ly preserving that degree Of inequality, nec-
essary to prevent the effects of stagnatiop.
ought to rear mountain in the midst of it?
is an accumulation of wealth and knowledge
Gy tdac in few hands, to be found in ann
recipe for making free republic?
"The error of landed wealth. in favorinc a
paper arstocracy, because it is friendly to a
landed one, rises into view at this moment
1t does rot perceive that even in England, a.
Landed aristocracy has been vanqushed and
is governed by paper or stool; aristocr acv.
1t does not perceive that landed aristocracy
cannot erist, under or la,cs. the ea;tent of our
country, and the multitude of proprietors
majority as not quality of Aristocracy -
And it will not perceive that the landed in>
terest is under our circumstances, irretrievably
republican Being so, the preservation of
principles adapted to its nature. or a sale or
mortgage of itself for the maintenance of
stock aristocracy, is evidently its solitary o1-
termattoe. Our landed interest is incapable of
forming the aristocracy required by Mr.
Adams system OF limited monarchy. In Eng
land. the aristocratical powerwhich now props
the throne, is compounded of arms. roper
and patronage; not of the landed interest
Will paper system, which has DESTROYED the
power of landed interest in England, revive
it here? Has landed aristocracy existed, or
can n erist, in community with alterations,
commerce, the decisions Of inheritances, and
the absence of perpetuities
Perhaps an imaginary apprehension may
have suggested the idea, that the mode by
which Walpole fixed totteripg throne, was
necessary for the establishment of our union.
But such an idea is a traitor to that union
Pcanc'pat can never be established by their
confrdr'es. Mondrchy may corrupt faction
to support itself, consistently with ats prime
lpes; but national ,oiU cannot corrupt a fac.
ton to guide national will, without perishing
at the instant of success. Had the proposal
been made, it would have been reprobated by
every individual friendly to the union. Is
the attempt less to be reprobated, than the
proposal?
"The English have been made to pay hun.
dreds of millions for the Hanover family but
why should the Americans buy the Union at
the same price, of any party, whether whig
or tory! democrat or Republican p No
one has claim to it, as Stuart had to the
throne of England, therefore can keep it
as our own undisputed right. 1t may be re-
tanned by Uirtue, moderate government, aud
easy tores but it dies under the influences
of paper stock. And out of this dissolution
the resurrection of Mr.. Adams theory of
three orders cannot arise. There can be but
t,eo under the system of paper, namely,
creditor and debtor, or patriciuns and pie
Jeians, or masters and slaves We agree with
Mr.. Adams that tpo orders will render a
nation miserable, though we have denied that
three, or even number equal to the carts of