The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-17

! Randolph. attorney general. as well as
| Jefferson, opposed it as not authorized
| by the constitution.
| Hamilton argued that 1t was fiscal
! agency which the government had the
implied power" to create. General Knox
| secretary Of war sided with Hamilton, as
he apparently would have done on any
proposition whatever.
The president was in doubt. but finally
! signed the bill.
Thus Hamiltoc's policies had been sue
| cessful. His system was complete, and
| was In operation. Time would ripen the
| harvest His funding system had created
| a class which would stand upon a diff
| ferent footing from all others. 1t would
| own a mortgage upon the government
upon the whole union. To the extent of
this mortgage, it would pay no taxes. On
the contrary it would fatten upon the
taxes Of others. If to the individual
citizen debt is bondage, giving to the
creditor moral and legal power over the
man who owes him, the public DEBT, by
operation of the same principle. would
put he government under the influence
of those who held the mortgage on 1t.
The public debt being thus an immense
advantage to the class which owned it,
would never be paid. Self-interest would
make it permanent. and keep it grow
ing.
Just as, in England the moneyed class
who had bought up the debt, and who
sat back at ease living off the taxes
paid by the great mass of the people,
constituted u money power whose in
tiuence with the government kept the
debt unpaid and increased 1t as far as
was safe, so in America. the tree being
planted, nothing was necessary but 10
tend 1.-THE fruit would inevitably be
the same. The owners Of the public debt,
exempted from taxation and enriched by
the taxes of others; the manufacturers.
exempted from foreign competition, az
the expense of the nation at large the
national banker, enjoying the vast adj
vantage of controlling the currency of
the nation; while, at the same time
American labor was made subject to
the competition of the world by liberal
immigration laws, and American agri-
culture made to compete with ryots OF
India. the fellahs of Egypt. the serfs
OF Europe. the poems Of Mexico, and
hon-paid labor generally-what better
foundation for inequality could be laid
Wealth might fabuiousIy Increase. hut
there would be no just distribution
Power might amazingly develop. but
there would be no equilibrium Progress
might smash all records. but IT would
not be general
Everything depends upon the point Of
view If it be right to run a govern
ment In the interest of a selected class:
II it be right to allow the privileged to
use the machinery of legislation to plund-
e" tho unprivileged; if ii be right to
make the corruption of trusted agents an
ir Cident to the tyovar-ur1op+ Of +l,o
clpals, then Alexander Hamilton deserves
IN .-'''O"s statesmen and low
.ns remembrance with posteritv ~
y was he who first arranged the coax.
tloh between the national tre9sn,,- -.
-He money power; it was he v,bc 49,.
hAtted the government to The volt, ~
'NiHe one industry to build I'M anotbo-.
,e VINO surrendered to a favored cIoa.
le sovereign prerogative of crearine =
'ufrency; he who first used oorrs'
iac'ices to secure legislation ''p'
surely as harvest is due 10 sor,er
80 a'iuer Hamilton was the fatber -,
i ..,,, the trust, and the 1obh,,
,o peopie are great beast" eai7
ne apostle; and one Of his disctniaa
,Cl'i'heu' The public be damnod,u
ne spirit of the two exnraes,
,eclseiy the same; and the favored -
&C., HaW-exempt railway kin 49,
'uid use with impunitv tba Is ""'
'eSslon was the natural nrod,,o4
- Zen" OF the statesman who used +bo