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cast their vote at the late election in favor of a policy calculated to provide a market for the produce of their farms. A policy which, though it may for a few years add somewhat to the personal expenses of the masters, in the matter of a few dollars more for a fine broadcloth coat or a pair of French boots, must increase the value of their lands to an amount an hundred times exceeding such trivial losses, and what is of equal moment to their minds, provide means of education and employment for their slaves and children: the first of whom they are now driven to sell, and the second to colonize in the barbarous regions of New Mexico and Texas.
The governing power of the Empire had been pretty equally divided between the North and the South. Since the adoption, however, of the usurping policy so much in vogue with many southern legislators for the last twenty years, that respect and confidence so freely given to the counsels of the South by their northern brethren, has been in large part withheld. Only those legislators of the South who have shown a knowledge not only of the true interests of the country, but of their own interests; and who have set their faces against plans of disunion, of conquest, and of the extension of institutions which already encumber and impoverish them, have retained the confidence of the people, and have kept that high and honorable position which they held as the successors of Jefferson, of Madison, and of Washington.
That the influence of these liberal and powerful minds should have been thrown into the scale in support of the present candidate was indeed to be expected. They did not inquire whether he would, or would not, assist in extending the institution of slavery; all they asked from him, was a pledge that he would not interfere with the will of Congress and the people. That pledge he gave, and he received in consequence their cordial support.
In this enumeration of the causes of the success of the Whigs, at the late election, we have shown by what considerations so many of the planters and agriculturists of the older Mates were induced to give the Whig candidate their support. ^ We have yet to extend the enumeration ■over the votes given by the commercial
classes, and by those who are concent: banking, and in the larger operation trade.
First, then, fbr the reasons of the si; port given to the Whig candidate by 'A commercial classes. The inlaid «■"merce of the country by roads, railrwiand canals, which gives subsistence to p. numbers of boatmen, mechanics, and "»" sons engaged in employments com*'with trade and transportation, depend: great measure for its life and imp-jf.upon the larger commerce of the r northern lakes, the southern and wa: * rivers, and the ports of the sea-coast -; the protection and encouragement of**" time commerce, the government eip-' annually a vast sum, exceeding eight ions of dollars; and in time of war ■woofc: hesitate to spend an hundred miE»"; needed, in a naval armament Th; i* bors of the ports of entry where shipf gregate, are protected by costly fort* ■• tions, in which a standing army k rtained in time of peace. All thi- ■ is incurred for the protection of an e£" branch of commerce; for it is well b * that the trade of the great lite ■' rivers already exceeds in important*; • must soon be of ten times the s-.'tude of the maritime trade. Anc such are the odd and ridiculous pre of the Dynasty, that while they w.~: spend millions on their marititr-" merce, they grudge a dollar towardof lakes and rivers; on which, mxS" than upon that of the sea, the b:" prosperity and wealth of the cis dependent.
This unaccountable parsimony ofifc-' nasty, is also set off in fine refof fc' freedom with which they voted tW penditure on the war with Mexico. pretence and sole excuse for tor' was to increase the wealth of tkerbut so far from increasing it, « ■ be half a century at least before f have paid, if it ever pays, tfr' of its acquisition. But when il ■■ derstood that an hundred mil!*"-"* pended upon harbors and rhr the benefit of western, north*!* * southern commerce, would ineritlki" ■ three times its own value to the is"8* of the country, and that too a« * years, the contrast between tkr*
and the practice of the Dynasty mes not only absurd, but even lu>us, if we did not seem to see, at >ottom of it all, jealousies and hatreds 1103' dark and bitter, and a black amn at work that would sacrifice the are of the people to gratify its aspi
> wonder, therefore, that the cornrial classes voted in great numbers n. candidate who goes into office ged not to interfere with the acof Congress, if that body think ist and proper that the commerce le interior should receive at least equal :ection with maritime commerce. he representatives of the people passed ill for the protection of the River
Lake commerce. By the provisions of
bill a moderate expenditure was aled for the creation of harbors on
great lakes, for the protection of ; commerce in corn, pork, and othcommodities by which the fanners the West are supplied with money manufactures from the East. The ministration vetoed this bill, though •as proved by the best evidence that its sage would be the means of perhaps bling the trade between the East and st. The reasons given for its extinci were grounded upon a general oppo>n to the entire scheme of internal mivements: agreeably to that misanopical philosphy which was adopted by
Dynasty, after the results of their great ieriment with the government funds in
time of their founder. They had conied from that experiment that govment should never again extend aid in r shape to the people. And now they mght that if the fanners of Wisconsin ih to have harbors built for their proce upon the lake shores of New York, y, those farmers might build these
bors themselves: and then, if it was swered that they were poor men,
1 had no money, they would re', if they said anything, that that was ne of their business ; that it was no busiss of government to be looking after the airs of the country. That the duty of
2 government of a great Empire under great and stern Dynasty, was to be )king to the affairs of its neighbors; ipping up bits, corners, and angles of
territory, here and there, on this side and on that; so as to make the empire of a pleasant shape, to look pleasant on a map of the world. This was the substance of all they could say in reply to those who inquired of them the reason why the Administration refused the farmers of the West the privilege of a harbor fo» their produce on the shores of Lake Ontario. They gave the same answer to those of them whose position obliged them to send their com by the great rivers of the West; in which a vast quantity is annually sunk and rained by snags and other obstructions, to the great loss of those who engage in the transportation of goods. They would not bu meddling in the matter, they said: it was the business of a great empire to be making glorious wars, and sending armies into the field; and not to be debasing itself with this miserable log sawyer's job. to fill the pockets of a set of corn-growers and sugar-planters. If they wanted a port or a river conquered from Mexico or from England, on the other edge of the continent, they had no objections, but would send a troop forthwith, armed with rifles to secure it; but as for sending an army of Irish laborers, armed with saws, spades, and pickaxes, to remove logs and sandbars from rivers, or to dig out harbors, and pile breakwaters on the lakes, they thought it not only a dirty, ungentlemanly business, unworthy the ambition of a glorious Administration, but they had great suspicions it might be unconstitutional. These arguments, put forth, indeed, in a language and style of great dignity, which we dare not attempt to imitate, were all that could be offered against the River and Harbor bill.
When the great doctrine of our philosophers,—that the government of a country must never meddle with the affairs of that country, but only with the affairs of its neighbors; that it must not attempt either to educate, enrich, or protect its own citizens, but must freely engage in subduing, civilizing, protecting and enriching the citizens of neighboring nations,—when this doctrine first appeared, the more sensible part of our citizens paid very little heed to it; for it was not given out in a single, distinct proposition a9 above, but in disjointed parts and fragments, in the speeches of the orators of the Dynasty; wherein, of all other places, it would be least likely to be seen by a reading and reflecting public. It had been felt, but had not been clearly remarked, that ever since that beneficent act of the Hero, the giving of the public money to the banks, the stoical philosophy had been adopftd as a system; and that a great and stern Administration should never trust the people in any particular, or extend aid to them in their affairs, began not only to seem philosophical!}' reasonable, in the private thoughts of the hangers-on, and organgrinders, and wire-movers of the government, but was in very truth the practical maxim of the Administration; that it guided them to the opinion that Congress ought to have as little regard paid to it as possible, and should be snubbed and diminished of its authority on all occasions; for, being a kind of real presence of the people set up under the nose of the executive, it was constantly infected with the feelings, prejudices and interests of tie populace, whom it behooved an imperial administration to govern and not to serve. That the interests of the farming and cotton-planting population were as little to be regarded; for if government should listen to every suggestion of interest that came to it, it would have its hands full indeed, and at last be turned into a mere agent of the people, in derogation of its high dignity as a conquering Power. That a corrupt, grasping, avaricious set of merchants and dealers, should look to their own affairs, and by no means pretend to solicit aid from a government occupied in preserving the balance of the world, a task arduous indeed, since that it alone on this side of the world having any power or resources, it must rival in its enterprises all those of Europe put together, and weigh down its side of the globe with conquests and acquisitions unimaginably extended. That it was quite idle for the people of the United States to be engaging in manufactures; the superior industry and ingenuity of England being already well occupied in that, and it was unphilosophical to havo more than one great manufacturing people. If the farmers and planters of the Atlantic States cannot compete with the West, that is all in the "*& of nature; they had an equal
chance, and was a government to 1' boosting them with tariffs? Thii i protective tariffs should be granted ('•: a few years, the country would I* deluged with all sorts of cheap mmfactures, and our intercourse with E": land very much diminished. That tV would be an injurious abundance ■ wealth, which would lead to rice and WVness. That Democratic institutions fcrished best when difficulties were ere*i for the virtue of the people to contci with, the strife against depressing cirtur stances being a fine whet to the ed»r private virtue. Other considerations w offered, as, that if the power of ir.' manufacturing people were suffered grow to too great a height on this sid* the water, there might be danger of:.■ turbing the balance of power in Euruf the detriment of England, a matter * the Imperial Administration has great heart. That as the trade in English p»»'-this country was almost entirely r. hands of English houses, who send goods through commission houses t- the risk and profit themselves, it wo»!> tray a petty jealousy of them, tosetninterests of a million of mere lab**' mob of mechanics, against these gre* italists. But this revulsion of feeling sr the people carried the Dynasty su!! ther, and led them to condemn and is the whole system of credit, by whirr poorer classes who have no money w abled to get occupation, and carry ■" terprises which would never h.i»* thought of in another country. Aworking of this system is very is' ing and remarkable, it will not. perhi." esteemed a loss of time to spend » sentences in explanation of it, and fc> in how odious a light it must app**' stem and philosophic Administrsb'T. It will always happen thntM>m» ir uals in a community will have a HrV' money than they wi.-h to use for th- ~ \ diate purposes of life. This m»«rf ■ perhaps be a quantity of gold sa'. laid bv in a chest. Now, as ihr *» gold and silver is given to it br it» «• ■ "tool of trade," an instrument 6»r tV inir the exchange of one kind rf c»« labor for some other kind, it ha» »> •*» it yields no return,—when lmi»i" buried in the earth. The
ysLj me for keeping my surplus gold silver locked up in a chest, but they p;iy me for the use of it, as they would the use of a horse, or a plough, if I lend it to them and suffer it to go from I to hand in the market. Money was ;tl by the government for circulajust as a plough was made for ghing.
i order, therefore, that the hoarded ey of individuals may pass into circun, depositories of it, called banks, are Luted, into which the hoards of individ
are poured, either as temporary det-s which they draw upon as they need, .s permanent deposits in the shape ■took, for which they arc to be paid lie community;—and in the following ner:
. farmer, let us say, has a piece of ., but has no funds to buy seed corn i, or to purchase stock, or build a house.
corn and stock dealer is a poor man,
cannot wait until harvest to take his rest, or usance, and he docs not care >e paid in corn, or in chickens. The \er, therefore, goes to a neighbor and i him to endorse a note for him, to be I after the harvest. But the corn dealers not want a note; he wants curren—money; the note is a private affair,
is of no use to him. lie therefore puts own name on the back of the note and s to the bank with it; and the bank Is him the useless money that has been osited there by the community at large >e put in circulation. The bank knows . harvest time must come, or at least ; the endorsers arc in good business,
will pay, barring extraordinary accits. In exchange; therefore, for this note rhich the community know nothing, and eh is too large for currency, the bank s> a number of notes of its own, coniently small, in which the communiwve entire confidence, and which they I use as money; the bank guarantcc
the payment in gold and silver if it is ited, being paid for this guarantee and
trouble, a certain increase, usance or Test, just as the lender of seed corn Jd be paid out of the increase of the in he lent. Thus it appears that a ik has two offices—first, to collect the rded gold and silver of the comma■ and keep it ready for circulation like
a reservoir, for every man's use ; and second, to convert the private credit of one man to another into a currency for the community at large; in short, to convert a private inconvenience into a public benefit.
By this system of banks a kind of community of goods is established; the hoards of individuals are gleaned up and poured back into the markets, and the ends for which government coins specie are carried out to a degree almost of perfection. Moreover, by this system the surplus profits of every man are made serviceable to his neighbor, and the poor, but industrious and honest citizen is placed on an almost equal footing with the rich capitalist who has his chests full of gold and silver. To this system alone may be attributed that wonderful equalization of means and resources which has covered our continent with independent citizens, which has cleared millions of acres of forest, which has made rivers like highways, which has employed the labor of the famishing emigrants of Europe, which has swelled the population of this country from two to twenty-one millions in a century, which has increased our wealth until it now exceeds by two hundred millions annually the united wealth of Great Britain and Ireland.
A philosophical Administration are, nevertheless, violently opposed to this credit system; they see great evils in its abuse. They know that the abuses of the banking system are very injurious to the country. They know this from the most direful experience, having tried their own hand at lending the government funds without adequate security. Ths experience, chiming in with their philosophical views of human nature in general, have set them against banks, and in general against all the means adopted by men of business for keeping up a circulation of gold and silver in the smaller channels of business. Though they continue every year to coin gold and silver in small round pieces at a great cost, they take care to keep it together in large masses and to lock it up from individuals. To prevent a too free and rapid circulation of specie, they take care not to fall in with the system of credit in any shape. "Perish credit," they cry, while they provide great hoarding chests, and put into them the millions of gold and silver collected per force in that shape from the importers; who, to fill these government hoards, are obliged to draw the gold and silver from the reservoirs where it was deposited by the community; so that the man who puts a thousand dollars in gold into the vault of a bank, thinking that from that point it will flow out through all the channels of trade, hears the day after that it has all gone into the hoarding box of the government, to lie there perhaps three months unused, when the community are so much in want of it they would willingly pay an hundred dollars to have it in circulation for that time. But the evil does not stop here. The bankers, whose business' it is to convert private notes into a public currency, which is a good and safe substitute for gold and silver, cannot do this unless they have a proportionate quantity of specie in their vaults, and for every thousand of gold and silver drawn from their vaults they are obliged to refuse to convert three thousand of private notes into current notes. Thus when the government thus indirectly draws a million from the banks of New York, which happens whenever there is a great arrival of foreign dutiable goods, they effectually stop three millions of currency from the smaller channels of the markets. Thus all kinds of business are impeded ; nobody has any money to pay their small debts; the small dealers either stop entirely or cease to make profits, while the great capitalists who have money enough, go on and make large profits, and the brokers in Wall street make fortunes by lending at
exorbitant interest. By this ment of the government every my tion from Europe is not only ma>i r ous to the manufacturers, whose i are doubled by foreign compeutoB i want of a currency to pay their wo' but it throws a damp over every sf<a of enterprise, from the publication d » views (as we are well aware) to a growing of corn and the digging of esau The whole business of this Come-: I thus made subject to the whim of tkbf lish importing houses, who can maktawj plenty or scarce as they see fit: it. ( there is less and less money, and k» s\ less manufactures, they send more M»: 2 goods to flood the market, draw .-f-.i from the banks, to choke their ow» aid i other profits, and to keep the whole nl tern of society in a perpetual fret a*i vj tation.
Upon the whole, but particularly »:• we consider this last result of the phi* phy of our great Ad ministration. ■> J with the unjust beginning and ridA- J end of the Mexican and Oregon uf-1 what with the attempt to change the iq system of our business, the denial of pi tcction and aid to all branches of s&^ except maritime commerce, and tkit :i cipally for the protection of English br; ing houses; what with, in fine, the »i>> odious catalogue of errors, blunders. 1 and meddlesome experiments ; what w— -i this, and the forbearance and noble sjd of our candidate and his friends, it siS to be a matter rather of congratEiithan of astonishment that the AVhip;-» achieved so easy and so complete a rJ tory.