BY MOORE 8L lIEMPIIILL. 91333313833 The “ DEMOCRATIC BANNER" M puhllnhvd weekly. M $2 P” unnnm—ur SI 50 ifpnid In ml. vnnco. No pnpor rnn be ' - 1 dlflf‘t‘nhnuod . V In ' lion «Kf'lhg’mhlnrm unul all "fr“:mglz‘fm llm'np~ {K‘r -l\(‘l’l|unmonls_ 8:42. n 1 lhn "Email-(11mm. n ma MESSAGE OF THE A Presideni ofthe United Slnles. [Concluded] hwl‘uhnonfx::l:ryl 0! 1:0 'l‘rmulury wnll brown! in or. u i hl ' ofthe cn'mlilionnf the {Sinatwggmrucwry Mulemcnl The imporlu for Ihc f I ”If!” yon ' 29PM J‘unc lnsl were of Ihe vnllrneogihsrigfg';ho 0;”) , carbur: 1.3 m nmonm t'lpnrlcd was @21‘123- ._ mg .103.849.866 m ”10 - ‘ ' .~ ""wc um. (ounlry to: do- Tho who at tho cxpnrls {or the name parmd was $154.03? 131. ('nmainlnng nl domoslir prmlur‘lmm nmuunlmg lo 8132.904JQ]. and $91,198.000 o! fvrnigll arliclel. 'l'he receipts into the treasury for the enme period, exclusive of loans. amounted to $35,436,750 59; ol whieh there was de rrved from custonre. $31,757 070 96; from stilet- of public lands. 83.328642 56 ; and from miscellaneous and incidental sources, 535] 037 07. It \thl be perceived that the revenue from customs lor the last fiscal year exceel ded by 3757.070 96 the estimate ofthe Se rretary ol the Treasury in his last annual report : 8: that the aggregate receipts during the same period from customs. lands. and miscellaneoun sources. also exceeded the estimate by the sum of $530 750 59—in dicating. however. a very near approach in the estimate to the actual iesult. 'l'he expenditures during the fiscal year ending on the 30th ol June lant, including those for the war. and exclueive ol pay ments of prtncinal snd interest for the pub lic debt, were 842 811.970 03. It is entrusted that the receipts into the treasury tor the fiscal year ending on the 30th ol Junel 1849 including the balance in the treasury on the In of Jttlv last. will amount to die sum of 357 048,969 90; 0| which 332.000 000, it is estimated. will be derived from customs ; $3,000,000 [mm the pales of the public lands; and 83. 200,000 lrnm miscellaneous and incidental sources, Including the premium upon the loan. and the amount paid and to be paid into the treasury on account of mtlttrtry rontrtbuttons irt Mexico, and the sales at arms and veseeht and other public property rendered unnecessary for the use of the government by the termination of the war; and 85.20.695.435 30 from loans already negotiated. including treasurv notes fund cd. which together urth the balance in the treasurv on the lat July lttttt. make the eum estimated. The expenditures for the same period, including the necesoary payment on ac count of the principal and interest of the public debt. and the principal and interest of the first instalment due to Mexico on the 30th of May next, and other expenfl titres growing out of the war, to be paid during the present year. Wlll amount. in cluding the reimbureement of treasury notes. to the sum 01854 195,275 06 ; lea vmg an eitlimated balance in the treuury on the lat 01 July, 1849. 0182.853,694 84. The Secretary of the 'l‘reneury will pre sent, as required by law, the estimate of the receipts and expenditures for the next fiscal )ear. The expenditures as estima ted lnr that _vear are 833 213.162 73, in rluding $3,799,102 18 lor the interest on the public debt, and $3 540 000 for the principal and intereatdue to Mexrco onlhe 30th of Mav. 1850; leaving the sum of 825874.050 35; which it is believed. will be ample for the ordinary peace expendi‘ tures. The operations or the tariff act of 1846 have been such during the past year as lul-‘ ly to meet the public expectation, and to confirm the opinion heretofore expressed 0’ lhe “isdom of the change in our reve- i one system which was effected by it.— 'l'he receipts under it into the treasury lor the first fiscal year after its enactment ex-l ceeded by the sum of 85.044403 09. the amount collected during the last fiscal year under the tarifT art at 1842. ending the 30th of June. 1846 The total revenue realized from the commencement 0| its op eration. on the In of December. 1846. un til the close of the last quarter. on the-30th of September last, being 22 months. was 356.654.5613 79—being a much larger sum than was ever before received from duties during any equal period under the tariff acts 011824, 1828, 1832. and 1842. Whilst by the repeal of highly protective and prohibttory duties the revenue has been increased. the taxes on the people have been diminished. They have been relieved from the heavy amounts with Which they were burdened under former laws in the farm of increased prices or ‘bounties paid to fa'hored classes 81 pursuits. The predictions which were made, that the tarifl‘ act 0f1846 woutd reduce the a mount of “revenue below that collected un der the act of 1842. and would prostrate the business and destroy the prosperity of the country. have not been verified. thh [an increased and increastng revenue; the finances are tn a highly llouriehtug condi- Jlon. Agriculture, commerce, and naviga. tlon. are prosperous; the prices of manu ;lflc|ured fabrics, and of other products, are :much less injuriously affected than was ;to ha"? been anticipated, from the‘unpre- mam/amt“ fiannct cedenred revulsiono. which. during the lust and presenl year. have overwhelmed rhe industry and paralyzed lhe credit and com merce of so many greal and enhghlened nalions of Europe. Severe commercial revulsions abroad have always heretofore operated to depress, and often to affect disastrously. almost ev. ety branch of American industry. The temporary depression of a portion of our manufacturing interests is the effect of for» eign causes. and is far less severe than has prevailed on all former similar occasions. It is beltevetl. that looking to the great aggregate of all our Interests, the whole country “as n“er more prosperous than at the present period. and never more rap ”Hy advancing in wealth and population. Neither lile fOlUlgn war in “hush we have been involved. nor the loans which have absorbed so large a portion of our capital. nor the commercial revulsion in Great Britain in 1847. nor the paralysis riferedit antl commerce throughout Europe in 1848, have aflected injuriously to any ronsidera ble extent any of the great interests of the country. or arrested our onward march to greatnessgvtealth. and power. Had the disturbances in Europe not oc curred. otir commerce would undoubtedly have been still more extended, and “mild have added still more to the national wealth and public prosperity. But nolwrtlistand ing these disturbances, the operations of the revenue system established by the tar» iff actol 1846 have been so generally ben ehcial to the government anti the business births country, that no change in its pro v lsions is demanded by a wise public poli~ cy. and none is recommended. The operations of the constitutional treasury. established by the act of the 6th of August, 1846. in the receipt, custody. and disbursement of the public money. have continued to be successful. Under this system the public finances have been canted through a foreign war. involvmg the necessity of loans and extraordinary I'Xpendtltires. and requiring distant trans f9ls and disbursements. Without cmbsr recurrent, and no loss has occurred of any of the public money deposited tintlerrts Provisions. Whilst it has proved to be safe and useful to the government. its ef. fects have been most beneficial upon the business of the country. It has tended powerfully to secure an exemption from that inflati'on and fluctuation of the paper currency. so injurious to domestic indus try. and rendering so uncertain the rewards of labor. and it is believed has largely con tributed to preserve the whole country truth a serious commercial revulston. such as of ten occurred under the bank deposits sys tem. In the year 1817 there was a revul sion in the business 0! Great Britain of great extent and intensity. which was fol lowed by failores in that kingdom unpre cedented in number and amount of losses. This is believed to be the firstinstance when such disastrous bankruptcies, occur ring in a country with which we have such extensive commerce. produced little or no injurious eflect upon our trade or curren cy. We remained but litt'o affected in our money market, and our business & in dustry were still prosperous 6L progressive. During the present year. nearly the “hole Continent of Europe has been con vulsed by ctvil war anti 'revolulrons. at tended by numerous bankruptcies. by an unprecedented fall in their public securi ties. and an almost universal paralysis of commerce atid industry ; & yet. although our trade and the prices of our products must have been somewhat unlsvorably “I fected by these causes, we have escaped a revulsion. our money market Is compar atively easy. and public and [nitrate cred it have advanced and improved. it is coulitlently believed that we lave been saved from thcir stir-ct by the salu tary operation of the constitutional tit-as ury. It is certain, that if the 24,000,000 of spectra imported into the countrv du ring the fiscal year ending on the 30th of June. 1847. had gone into the banks. as to a great extent it must haVc done. it would, in the absence of this system,hrive been made the basis til augmented batik paper issues, probably to an amount not less than sixty or seventy tnilllions. pro ducing. as art liieVilable consequence ol an inflated currency. extravagant prices for a lime. and wild speculation, which must have been follower]. on the reflux to Europe. the succeeding year. of so much 0' that specie. by the prtrstrsliori of the business at the country. the suspension of the banks. and most extensive bankrupt cies. Occurring. as this would have done. at a period vrheti the country waseogagetl in a loreign war. when coomderable loans ol specie were required for distant tlts bursetnents. and when the banks. the fis cal agents of the government. untl the de positoriea of its money. were suspended. tire public credit must have sunk, & many millions of dollars. as was the case during the mar of 1812. must have been saCrifi-_ ced iri discounts upon loans, antl upon the depreciated paper currency which the go vernment would have been compelled to EMI r Under the operations ol the constitu tional treasury, not a dollar has been lost by \he deprecmlion ol the culrcncy. The loam required lu prosecute the war-«uh Mexico were negotiated by lhe Secretary 0! the Treasury above pan realizing a large premium to the government. The CLE‘AR‘FIELD, PA.,DEC. 21.1848- restraining efl'ecl ol the system upon the tendencies to'excessive paper issues by bankbhas saved the government from hea vv lower, and thouuanilu of our business men from bnnktuptcy & ruin. The win (inm ol the system has been tested.bythe experience of the last two years ; and it I! Ihe.dlctntc of sound policy that it should remain unditlotbed. Th‘e modificatinna in some ol the details of thin menaure, in vnlving none of its evnseniinl principles. hwetolore recommended. are again pre nentod for vour lnvorable consideration. In my message 0! the 6th of Julv lit-t. trnn‘niitting to Congress the rntili'ed trea ty ol peace with Mexico, I recommended the adoption ot menuurrrn lor the Speedy payment otthe public debt. In reitera ting that recommendation. I refer you to the conn'deralitinn preqenled in that men tage in its eupport. The public debt. in cluding that authorized to be negotiated, in purrturincr- ol existing laws. and inclti ding treasury noteu. amounted at that time to $65,778.450 4t. Funded stock of the United States. a mounting to about hall amillion nl dol lnis, has been purthased, as authorized by low, tlitice that period, and the public debt has thu‘ beer. reduced; the details nl which “ill be pre-enied in the annual re port ol the Secretary of the 'l‘reniiury. The Estlmalt’i ol expenditure» for the next fir-cut year. submitted try the Secre tary nl the 'l‘reanury. it i< believed wtll be ample l/tir all neceuitry purpo-eir. It the approprintrnm made. by Congress shall not exceed the amount estimated. the niennn in the treasury will be sufficient to tleliav all the.expente|ol the government; to pay oil the next inptnlnient ot 83.000.- 000 to Mexico. which will trill due on the 30th til May next; and Hill a considera ble surplus will remain, which should be npplietl in the lurther purchase ol public titnck and reduction of the debt. Should enlarged ap’p'roprintionri be tntide, the neo ra~ary consequence will be to ptutpone the payment of the rlebt. Though our debt. as compared with that of most other nations. in mull. it in our true policy, and in harmony vrith the genius of our Initi tutionu, tlttit tie should present to the world the rare ‘pectacle ol 3 great repub lic. poser-Ming Vuht teMIUICPS and wealth, wholly exempt lrntn public indebtedness. This would add still more to our strength. and give to us it still more commanding position among the nation; at the earth. The public expenditure! should be eco nomical, and be confined to such necesu ry objects as are clearly within the pow ers ul Cong'ers. All ttuch as are not ob solutely thtlantit’ll uhuultl be postponed, and the payment ol the public debt at the earliest practicuble period ithould be a car tlinnl principle of our public policy. For the reason assigned in my last an nual tneruuge. I repeat the recurninendn tion that a branch of the mint 0! the Uni lt'tl States be eutabliahed at the ctty ol New York. 'I he importance of this men. pure iv. grenlly increased by the acquisi lioti ol the rich mines til the prectous met als in New Mexico and California. and especially iii the latter. I repeat the recornn‘ientlntiun. hereto fore made, in favor ol the graduation and reduction at the price of HIClt ot the pub lic lands as have been long uttered in the market. and have remuined unsold, and in lavor ()l extending the rights ul pre emption to rrctual settlers on the unsur v\e_\'ed as well _nri the surveyed lunds. ‘i The condition and opclalluul of the ar 'mv. and the iilute ol other brant‘llEh ol the ipU-bllC service under the super‘iiston oi the War Depariment. are antislactrniiy presented in the accompanying report of ill? Secretary ul \Vnt. On Hie rel'urn 0' pence, our lorceii were Wilhdruwn hum Memcu. and the volun u‘crs and iha! poi-nun 0! lhe reuu|ur auny engaged [or the war were disbanded. ()r -(ICTB have been issued for slulinning lhe lnrces of uur permanenl establishment at various pupilinns in our exlended country, where lruups may be irquired. Owing lo the lenmleneu I»! .«iume of Hume wmlitmn. lhe driuchuu-nu huw nut _vel renchenliheir destination. Nuiunhuunding ihv oxivn sion of the limits at our country and ihe hum-u requirril in the new leuiluriea. ii is confidently believed Ihnl uur prcsonl military enlablimnwnl H huliicu-nl lur ull exigencies. so lung as our peaceful rclu (ions remain untlialuibed. 0f lhe amount of military contributions cnllr-cled in ericu, the rum Dis-{69.650 dollars was applird’ iuwalds lhe payment of lhe first innlulmehl clue under the nea ly “iih Mexico. The iurlher ‘sum oi $346,369 30 has been paid inlo lhe lrua ury. and unexpended balances HI” remain in lhe hands ufdisburaina nflicers 81 those who were engaged. in the cnlliclion of lhese moneys. Alter lhe-proclaumlion al peace. no lurlher disburse-mania were made of any unupended moneys arising from lhia auurcv. The balances on hand were direclcd to [w paid inm'lhe lreaaury. and indivudual claims onlhe land will re main unadjusted anlil Congress shall aa thmize their seillemrm and payment.— 'l'hese claims are no! consulerable in num ber'nr arnounl. I recommend to your favorable consideration the auggeuiiom of lhe Secretary of War and lhe Sec rolary of the Navy In regard in legiplalion on this subject. , ~.. to. Our Indian relations are preacnled’ inn/Dope". vorable viow in the roporl‘ frornlh’fegard co Ihnl ment. The wil'dom of o'uD/ . " tribes Within our limits. is clearly manifested by their improved and rapidly imprOVing condition. A most important treaty With the Menomoniea has been recently nagniinted hy the Comminionor of Indian Afl‘nrs in person. by which all lhoir land in the State of Wlsconain—being-nbout four mil lion: ofncrol—hns boon coded to the United Stator. 'l‘hin treaty will ho luhmillod to tho Sonata for ml ificntion at an early pariod of your present neuron Within the lust four years, eighl important lreu~ tion have bevn-negotinml with diflnront Indian tribes. and at a cost of $l.842.000; Indian lands lo the nmouni of more Ihnn eight millinn fin: hun dred thou-nml ncroa. hnve been coded to the Uni ted Slotol; and provision hla been made for set tling in the counlry wear of the Missilflippi the mbe- which occupied lhn large extent of the pub lic domain. The title In nil tho lmlnnn lnnds with in the several Slums oi tho Union. with tho excep tion of a few small reservations, in now extinguish ed. and a vast region opened for settlement and cullivutxun. - The accompanying mpo" 01 the Socrnlurv of he Navy given a nnnfm-lury clhlhil ol' lhn opx-m -inns and cundmon u! Ihnl branch 0! lhe public MIME A nun ber ofnmnll vessels suilnble for entering l Iho maulh- ol rivers were judiciously purcha-od during Iho WM. and gave grenl nfliriency In The oquudron in Iho Gull of Maxim. On the return of pence. and linble In connlnnl deterinrulion. they were wld und lhe mnnuy plnrnd in Iho lroasury. The number ofmon in Iho nuvnl scrviro nulhnr izod by law (luring Ilia wnr. has been reduced by dwchargou below Ihc minimum fixed by lhe pence enlnbllahmenl, Adoquum nqundrons nro muinlnin ed in lhe uuvernl qnurlurs of lhe globe whom ax~ puricnce has shown llH‘lf nervices nmy be must use fully employed; nml lhe nnvul lOrVICo was never inn cundmou ul linger (lluclpllllo or greater om» (‘li‘ilCy 1 invite attention to the recommendation of the! Secretary of the Navy on the subject ofthe marine Corps The reduction or the corps at the end ofl the war required that tour officers of each of the Ihrcu lower grades should be dropped from the rolls. A board ofofiit'ers made the selection ; and. those designated “ere necessarily dismissed. but without arty alleged fault. 1 concur in npininn‘ with the Secretary. that the service would he im~ proved by reducing the number of lsndsmen. nnd‘ increasing the marines. Such a measure would justify an increase of the number of officers to the extent 0! the reduction by dismissal, and still the corps would have fewer officers than a correspon ding number 0! men in the army. The contracts for the transportation of the mail in steam-hips convertible into war-steamers. prom. iso to realize all the benefits to our commerce and to the navy which were anticipated. The first steamer thiiii secured to :he government was Inun ched in January, 1847. There are now seven; and in another year there “111. probably, be not less than cht'nteen afloat. While this great na i tional advantage is secured. our social and commer cial intercourse is increased and promoted With ‘ Germany. Great Britain. and other parts of Europe. l With all the countries on the West Coast oi our continent. cspecrally with Oregon and Calitornis. and between the northern and southern sections ofthe United States. Consrderable revenue may be expected from postages: but the connected line from New York to Chngies. and thence across the isthmust to Oregon. cannot fail to exert a benefi‘ cial influence. not now to be estimated. on the in terests oi the manufactures. commerce. navigation. and currency ofthe United States. As an impor tant part of the system, I recommend to your fa~ vorabla consideration the establishment of the pro post-d line of steamers between New Orleans and Vera Cruz lt promises the most happy results Ir. cementing friendship between the two republics. and in extending reciprocal benefits to the trade and manufactures of both The report of the Postmaster General will make l knovtn to yutt thtfopcruttons of that department for ‘ the past year. it is gratifying to find llie revenues ofthe do. partment. under the rates of postage now estab. lishcd by law. so rapidly increasing. The gross amount of postnge during the last fiscal yeari amounted to 84.371.077.81C06d1118 the annual sv-l ‘arago received for the nine years immediately pro~ ‘Celllllg the passage of the act at the 3d 01 March. 1845. by the sum of $6,453. and exceeding the iamuunt received for the year ending the 30th ol .Jttne.ls~l7.by the sttru ul 8425184. The expenditures lur the rear. including the sum of $91672. allowed by Congress at its last session to individual claimants, and including the; sum of $lOO 500 paid tor the services of the line: of steamers between Bremen and New York. amounted to 84.106845. which is less than the annual average for the nine )ears previous to the act ul 1815. it) 8300.748 The mail routes.on the 30th day of June last. were 163,208 miles in extent—being an increase during the last year of 9.390 miles. The mails Were transported over them. during the same time. 41.012 579 miles; making an increase of transpor tation tor the year oi 2.124.683, whilst the expense was less than that of the previous year by $1.235. The increase iii the mail transportation “itltltl the last three years has been 5378.310 miles, whilst the expenses were reduced $456,738—mav king an increase of serving at the rate of fifteen per cent.. and a reduction in the expenses of more than fifteen per cent. During the last year there have h9cn employed. under contracts with the Post—,‘Qli‘tco Department, two ocean steamers iii conveying the ntails month ly between New York and Brenton. and one.sirtce October last. performing seini~monllily service has I\\ooH Charleston and Havana ; and a contract has been made for the transportation of the Pacific mails across the isthmus from Chagreu to Panama. Under the authority given to the Sacrotary oi the Navy, three occan steamers have been con structed and sent to tho I’ucific.end are expected to enter upon the mail service between Panama and Oregon. and the intermediate ports.on the first of January next, and a fourth has been engaged by him for the service between Havana and Chagras; so that a regular monthly mail line will be kept up after that time between the Unitod Silt!!! and our territories on the Pacific. . Notwithstanding this great increase in the mail service. should the revenue continue to increase the present year as it did in the last. there wtl|,bo, received nearly four hundred and fifty thousand dollars more than the expenditures. ' . These considerations have satisfied the Postmas ter Genoml that, with certain modifications ofthe act of 1845. the revenue may be still lurther iri creased. and a reduction of postage made to a uni lbrm rate at five cents; without an intorterencs with tho principlo.'whicli has been constantly and properly enforced. 01 making that department Illli‘l tatn itself ' . A well-digested cheap "onpyeystem is the best means of diffusing Anuw‘uite' among the people, . t' y" ”uttoflttttco In a country so ex. “:‘glmL'O/"Htut oi the United States, that iracmn. ,'° to your lsvorable‘ consideration the sugges tions of the Pastmaster Garters! ‘tor its improim. mom. Nolbing can round the onward prugnu of NEW SERIES—VOL. 1, NO. 46.---WHOLE N 0.1121. counlrv, and prevent us (ram alumni"; and mum. mining Iho first rank among nnliono. buln disre gard of Iho oxparionco of thn pan, and a recurroncc to nn unwise public policy. We have jun cloud a loreign war by an honorable peace—a war ren deréd necessary and tinnvoidahlo in vindication of the national rights and honor. The present eem dition of the country is slmiltir In some respects to that which existed immediately air" the 010.. of the war with Great Britain in 1815. and the ocea~ sion is deemed to be a proper one to take a retro~ s'pect of the measures at public VOIICY Which fob lowed that war. There was at that period of our history a departure lrom our earlier policy. The enlargement of the powers oi the federal govern. ment by construction, which obtained. was not war. ranted by any just interpretation of the constitu tion. A low years alter the close of that war. a series of measures was adopted which. united and combined, constituted what was termed by their authors and advocates the "American system." The introduction oi the new policy wes‘for a time favored by the condition of the country; by the heavy debt which had been contracted during the war; by the depression of the public credit; by the deranged state of the finances and the cur rency; and by the commercial and pecuniary our barrassmont which extensively prevailed. These were not the only causes which leti to its estab lishmcnt. The events ofthe war with Great Brit aiii.and the embarrassments which had attended its prosecution, had fefl on the minds at many of our statesmen the impression that our government was not strong enough. and that to wield its re ‘ sources successfully in great emergencies. and es pet‘inlly iti war. more power should he concontrth ted in i's hands. This increased power they did not seek to obtain by the legitimate nntl prescribed mode—an amendment oi the constitution—but by construction. They now governments in the old ! world based upon d;fl'erent orders of society. and so constituted as to throw the whole power at nl~ tions into the hands of a few, who taxed and con trolled the many without responsibility or restraint. in that arrangement thev conceived the strength ol nations in war consisted. There was also some thing fascinating in the ease. luxury and display of the higher orders. who drew their wealth from the toilet the laboring millions. The authors of the system drew their ideas ol political economy from “but they had witnessed in Europe. and particu ly in Great Britain. They had viewed the enor mous wealth concentrated l't few hands. and had seen the splentior oi" the overgrown ostehlihments of an aristocracy which was upheld by the restric tive policy. 'l‘hey forgot to look down upon the poorer masses of the English population. upon whose daily and yearly labor the great establish ments they so much admired “ere sustained and supported. They failed to perceive that the scam tiiy-fed and halttclad operatives were not only in abject povertv. but were bound in chaine of op ;pretsive servitude fur the benefit of favored clans es. who were the exclusive objects oi the care of i the government. it was not possible to reconstruct society in the United States upon the European plan. Here there was a written constitution. by which orders and titles were not recognised or tolerated. A system of measures was therefore devised. calculated, it not intended. to withdraw power gradually and silently irom the States and the mess of the people. and by construction to approximate our gevernment to the European models. substituting an aristocra cy of wealth {or that oi orders and titles. Without reflecting upon the dissimilarity of our institutions. and of the condition of our people and those of Europe. they conceived the vain idea of building up in the United States a system similar to that which they admired abroad. Great Britain had a national bank of large capital. in whose bands was concentrated the controlling monetary and financial power of the notion; an institution wielding almost hingly power. and exerting vest influence upon all the operations or trade. 4; upon. the policy at the government itself. Great Britain had an enormous public debt. and it had become a part of her public policy to regard this as a qub. lic blessing." Great Britain had also a restrictive policy. which placed letters and burdens on trade. and tramnielled the productive induury ol' the mnsa oi’ the nation. By her combined system of policy. lhe landiords and other properly holdam More proleclod and enriched by the enormous lax os whrch were levied upon the labor ofthe country {or lheir ndvunlage. lrnitnting this foretga policy. the first Ilep in el tnbltuhlltg the now lyatem in tho United State. was the creation ol a national bank. Not lorenoaing the dangerous power and countless evtls which such an isltlulion mizhl entail on the country. nor por ceiving the connection which it won deutgned‘to form between the bank and the other brancheu of the mtucnlled “American ey-tem," but feeling the embarrassment: ol’ tho lremtny. ond ofthe bulinen ofthe country. consequent upt'n tho -\ entome of our Ilalesmen who had hold tltffercnl and sounder VIOWB were Induced to yll'ltl thoir ucruplel. and. Indeed. sotllcd conviction: of 111 nncomlitulionnli ty. and to give tt thoir ennctton. us an expedient which they vutnly hoped triighl protluco reliol'. It won a must. unfortunate error. on the subsequent history and final calallrophe of thut'dnngernua and corrupt institution have abundantly proved. The bank. With in numerous branchel rnmtfied into the Staten. soon brought many of the active politi cal and commercial men In different motions of the country into the relation of debtorl to ti, and de pendents upon it for pecuntsry favors: Ilml difl'u sing Ihfouxhout the mm- of lociety a great number of Individual. of pnuer and influence to give tone to public opinion, and to act in concert in can: of emergency. The corrupt no“ or of such a political engine in no longer a matter orapeculalion. having been dtsplayod in numerous lnllnnK‘el,_ hut signal. Iy in the political Itrugglee 011832—'3-'4. in oppo utton to the public will represented by a lcnrlcu and patriotic President. But the bank was but one branch 01 the new ”Item. A public debt of more than one hundred and twenty millions of dollar: exillcd: and it in not to be disguised that many oftho authors of the new syutern did not regard H 8 Ipeedy payn on! an essential to the publtc prolperity. but looked/upon 11l continuance an no national evtl. WJlillt tho debt existed, It turninhed aliment to the nattonul hunk. and rendered increased taxation/neceunry to the amount of the interest, exceed‘ug aoven mil- lions of dollnrbaunually‘ ‘ 1 This operaled in harmony wjn‘l Iho next brunch 'ofthe'now system. which wdi 1: high meocllve tn‘rlfl‘t' This Who to nflbrd wumien lo favored clau aeu‘nnd purlicular punuiyfil lhe expense ofall oth ers. A propoailion (0 u ' the whole people {or the purpom- ofonriching/gw, was lou monllroul to bd openly made. 6 lchomo was, lherofore..uil ed under the pl942i>blo bul dolu-Ive proton at a measure to pr at "home industry;" and many nl'our [imply/fie. for n time. had to believolhut aI“ whj in the main 101 l upon labor. Wa- for lhe be t ol lhe llboror who paid 'il. Thin hm" ol lhe ayatom invulved a pnrtnanhipbe [W I the government and the luvored clan"— ‘ u l'ormor receiving lhe prucends oflhetu impo ‘d on articles importedmnd ‘lho latter the menu. ed price of llmllfll‘ article: produced ‘ux‘homc. «a. led by such a tax. It in obVidfil lbhcixbbi'poflion I
Significant historical Pennsylvania newspapers