Newspapers / Highland Messenger (Asheville, N.C.) / April 8, 1842, edition 1 / Page 2
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J o . '.I i ! 1? i ; iM Hi ..hi ' i 31 v. m '. ' ' ,"5 Vi i 1 j V1 1 ; pether and preparing for 1 another onset. Tho charter was procured by sheer bribe. ry, practised upon a sufiiciot number of the members or tho Senate to turn ft majority in its tavorv r v -- - -- - - , ANOTHER CHANGE TAKES nlaco The Bank, with enlarged power under its new charter, having since the summer of liwi contracted immense debts in Europe lo repair its Joshes, now plays the part' of a . desperate amblcr. .v It cot up a spirit of wild speculation in tho public lands- in tho cotton, oeci and (lour markets stimulated . the States and, corporaUqns tovisionary schemes of internal improvement, by grant v ing the ro Jaciliucs.in obtaining , money j .thus getting the States and corporations in debt, for the purpose of procuring their boAda.i It entered largely ns a speculator -in tne cotton ana stock markets. wimthe v! State Bonds, public stocks and cotton kepi up its credit, and obtained now loans ,.j in, Europe, lo iidjw hicb, it established.!. the Jaudon Agency in England, under the t. solent pretence oi protecting American in tercsts and credit. '- It issued, fraudulently the dofunct notes of its original charter cajled resurrection notes the State Banks discounted upon these as upon specie, thus piling pnper upon paper speculation raged jjiko, tho, wild fires of tho prairie, and mpn lost their: senses in the , day dream, . of - getting rtch by muuons. .As a. natural con sequence of making money too plenty, the imports swelled to an unprecedented amount showing our increasing indebtedness to bu T rope. ' The bubble of paper credit again burst in the spring of 1837. iho U Bank was1 the first to suspend, nnd tho State Banks , followed its example.' Failures took place iaono week to tho amount of , 39 millions-down went the price ol lands, J labor arid produce, nnd up went the price of exchange. Tho Banks held at this time - about '30 millions of tho public money j Which they refused, to pay thereby embar raasing tho Federal.Trcnsury, and humbled the Government nt theft feet. 1 he Presi , dent in this dreadful ; emergency, called Congress together in September, 1837, and recommended the Sub-Treasury, or t separation of Bank and State. This men sure failed, however, becauso bank influ crice had disaffected a few unsound mem. " bcrs of the Democratic party, who formed a separnto party under the name of von scrvalive Congress passod a law, however ,-granl- mg several years indulgence to the Banks and merchants, and under Mr. Woodbury's skilful management of the Treasury some of the local Banks soon resumed payment, but tbc United Stutcs Bank, which was the ' last to resumo, put off resumption until Au. gust, 1839. Resumption created a tern porary revival of business, and a false hope of better times but it was now too late to wield this rotten mass oj overgrown credit. . The people were all in debt the merchants in debt hundreds of millions to Europe for excessive importations of former years the Banks, Internal Improvement corpora- tions, and the Stajcs wero indebted two hundred millions more. offyyith another suspension all the State JCtrhks followed, and in a few short months, 'this mass of superincumbent debt fell with a mighty crash upon the people, under the 1 weight of which they have been groaning, attd icill continue to groan for years to come. The Whig leaders took advantage of this state of public distress, raised a false clam, or ngpjnst Mr. Vnn Buren's ndministra tion,aa tho cause of this ruin made lavish promises of reformmaddened the public mind by angry appeals to tho passions and imagination of tho people, and by means most foul ;' expelled tho Democrats from power, in 1840. - ( , But tho sure blow of avenging Justice was nt hand ! The ever memorable year 1811; soon arrived ! Scarcely had the party grasped the cup of intoxicating pow. , cr, when it was dashed from their lips. '"The Bank failed the President died the abhorrent measures of tho extra -session, for itio firat.limc brought forth, rent them iajwain the President's house was sur rounded by a mob the "cabinet dissolved under the avowed plea, that there was not honesty and good faith enough in tho Go. moment lb conduct its affairs and . the year closed, by the disclosure of tho con. science stricken Gicntworth ! Surely! sure iy I this was norio other than tho hand of Providence ! ! A Bin of tho United States renders the paper money system, a dangerous engine t? thclibcrlics of 'the country. With its large capital, it can always make the local IJanks subservient to it, becauso it can crip, pie or crush them at-its "pleasure. "As a great leader or head, it can organize the Banks into a regular army, garrisoned eve. rv where through the United States, and ready to act as one toiyr whenevcrlbcre is a necessity ; combining with these all that enormous class of men in our Towns and Cities, who depend upon tho Banks for their business and daily bread. This vast rooocy power drilled and disciplined for ycarV concocting Hs plans in secret con-!avcs-making money plenty or scarce Drices high or low the vuluo oi on proper- ly unccnian united with a large jisIiUcal E .. inn i. in lie Liiiiuiui&u ' - r Tr.Altnrm Bhrl Orfl, h atlended with danger, and Musi fill with apprehension the heart of the patriot. It will bo recollected ttiatrtho Ubi. have generally had the diction of he Rinks daring the whole period of our monetary embarrassment :hat they have used an J abused them to suit ; their party purpQses-:hat the U. S. Bank was used as he special engine of that party to influ ence tho elections, tho press, and legisla. live bodies that Mr. Clny and Mr. Web Me and tho leading Whig Orators .and presses throughout the country, have r for the last tea years, been recommending; encouraging and defending this Paok, nd above all stimulating Its ruthless at. ucks upon Jli Democratic administrations ; of GoncraHackson and Martin VanBuren, fecn'use of their opposition to Jts . recharter. lt 11 Riso bc'rccoJlccledhoi. course. of the Whtg party during those administnu lKn)'was7 opposition to cf ery measure', right or wrong. Condemning every thing, and proposing nothing. Instead of employ, ing their talents like patriots to aid in the Government, in promoting the welfare of the pcoblor they concentrated all their en- ercies," in the most powerful, efforts .to cloj the wheels of Government, and embarrass the ofiairs of the Nation. Thus hoping by confusion end distraction, to triumph as a party by laying' the Government palsied nnd disgraced at their feet. On this Whig party, through Us leaders, and Uie Banling SystmmtisLresUtheresponsiiiliiyof. distress and embarrassment thai have fallen upon the Federal Goverment; the Slates and the People. .. ' -- . ,.. This history of the U. S. Bank ettab lishes the propositions I set. out to prove 1st That it never, did furnish a uniform currency of fixed value. 2J. That it ncv erdid regulate the exchanges : on tho con trary,4haUt, deranged-bothr-during the twenty years onts chartor, save obout the years of 1830, "31 and '32, when it was dispensing favors to purchase a recharter. The country then; had just como out of a ton years siego of Bank .contraction, and like thirsty ground, absorbed freely tho first -i f . i ' . snuwcrs oi ruin ; iruo nowever io mo in stincts of tho paper system, the Bank show crcd too copiously, and finally drowned tho crop of apparent prosperity which had sprung up under its influence. 3d. That the Federal Treasury may bo managed without a Bank, as was proved during the administration of Mr. Van Burcn, when the Secretary of the Treasury, Mr. Wood bury, conducted its affairs skilfully, through a period of the greatest embarrassment, at n time the Banks had suspended, and were withholding about 30 millions of tho Go. vcrnmcnt money. 4th. That such a Bank is a dangerous cngino of political power. Tho first nnd greatest error was in dc parting from tho standard of a otnd metal- tc currency. The pocplc, by the Fodcra Constitution ; entrusted that to Congress. out uongress in an evil hour cave nil pow cr to the liank. loo Constitution said it should be gold nnd silver the Bank said it should be paper. Iho federal Govern mcnt may coin money but the Banks drive it out of t lie country by issuing their paper; anu when it is gone, tho paper is worth. less. - - -OTiram'aAarii7wnGavefffl"n5uirso said Mr-JefEiraon, so said-tho venerable Mr. Maccn, and so said the great Federal Whig oracle, Mr. Webster, in his speech- es in Congress in I he year 1816. I hero quote from them : ; . JNo nation had a better currency than the United States. - There wan no nation which had guarded its currency with more care ; tor the framers of the Constitution and those who had enacted tho early sta. tutcs on tho subjects werb hard money men. They had felt nnd duly nppreciatecl tho evils of a paper medium ; they therefore sedulously guarded the currency of the United States from debasement. The le gal currency of the United States was gold and silver coin ; this was a subject in re. gard to which Congrcsshad-run. into.iiQ lolly. Gold and silver currency was the law of . the land at home: and the law of tho world abroad; there could, in thq present con dition of the world, be no other currcn. cy. . Again, speaking of Iho charter of the paper currency, ho snys : Of all tho contrivances . for cheating c aboring classes of mankind, none is so ef. fectualas that which deludes them with paper money. It is tho most perfect expo, dicnt ever invented for fertilizing the rich man's field by tho swdatofthe poor man's brow. Ordinary tyranny, oppression, ex- ccssivc taxation, theso bear lightly on the happiness -of-the - community, -compared with fraudulent currencies, and tho robbe- lies committed by depreciated paper. Our own history has recorded, for out instruc tion,.xnob, and mare than enough, oLthe" demoralizing tendency, iho injustice and intolerablo oppression on tho virtuous and well disposed, of a degrade, paper curren. cy, authorized by law, or in any way coun tennnced by Government. "No language of mine could give force or impression to this vivid picture of the evils of a paper system. In candor, I admit, that all parties have at times been in error on this subject. But tho Whig Headers hnvo adhered to the systom in spito of ex. perience, against tho lights of tho ago, nnd ndoptcd it, to rule the country Tho sys. tern must bo reformed. Its frequent nnd violent fluctuations, are not only ruinous to nil regular industry nnd enterprise, to the trado and Business of the country but it engenders pride, luxury, extravagance, fraud nnd villainies of the worst kind. It threatens in fine, to undcrmiuc tho social fabric of private morals and of public vir. tue. ' "r ' : ' , The Banks must be made Uedeem their notes because the law nnd public faith de mands it , becauso it will reduco the- ex changes, which like the TrtrifT, operates as a heavy tax upon tho people of this State, nnd becauso it will revive trade by impart ing confidence to business --transactions. An arrangement I know is sometimes used by Bank partizans, like this: that if you compel the banks to redeem their notes, they will distress the people by pressing the collection of their debts. This argu. ment is both false and insulting to a free People. It is false, because the Banks are always" tho first to take the alarm, to begin tho pressure, and they keep it up any how, and at a time whe the people can least bear it. It is insulting, becauso it is a threat of the creature to ere ator, of the servant to his master. Again, why should a majority of the people, and tho whole business of tho country, be taxed and suspended because a minority may be indebted to Iho Banks t It is an argument, that will justify tho Banks in forming, a confederacy, of perpetual ' suspension. A familiar example will show- tho people how they are taxed by a depreciated paper cur. repcy i ' '' ' -.BANK TAX AND TARIFF TAXV v On 1 yard of cloth? which cost in v ; England,; -.. -; , j $2 00 Estimated charges? ot' shipment' I tp.New York, freight, insu.'' -V- ranee, exchange, 10 per cent. .5 i 2 2., 44 Duty at 20 per cent, '"c ' ' , 2 64 Importer's and Jobber's profits - , say 25 per cent., u '60 Discount on North Carolina mo. - ney 5 per cent. 16 1-2- North Carolina Merchant's profit.-', . . say.25 per cent. . - . 80. L2 Cost to Farmer ' ' $4 33 The Tariff tax is 43;' New York' merchant's profit on same 1 1 . Discount on N. Carolina money 16 1.2 N. Carolina merchant's profit on ' same, 13 ' 89.12 Thus, tho consumer pays cighty.nine and a halt cents Hank and Tariff tax, upon 1 tie small sum oi two dollars. Now the tax upon tho small sum of two dollars.. Now tho tax upon land is A'six cents upon every hundred dollars value thereof." But, uc cording to the ubove table, tho amount of tax we pay by an irredeemable pnper currcn cy and the Tariff is about 845 upon every hundred dollars of value of tho necessaries of life, imported and consumed by the pco pio 01 mis ctate. 1 his is enormous and ruinous at n time when the farmer gets but 9i lor his pork, nnd tho mechanics nnd the laboring classes can scarcely find employ ment. To make this subject more plain We all know that our imports nre purcha sed with our exports. Whenever, from bad crops, or other causes, tho former arc larger than tho latter, wo get in debt to N. York, or the place from whence we import i his debt is called the balanco of trade. which is then against us. Our only means to pay this debt is by specie or paper. If wo hncrthc-spcciCTTvliir.nlr 1rco'utavtc -Transported nt an expense of about one halt ot one per cent., but the Banks drive out tho specie, or lock it un and say, you shall take their paper promi. ses. Ihese paper promises, wi II onlv be received abroad, at a discount of 5 or 6 per ccni., una thus wo are taxed 0 1-2 per cent, oy a depreciated paper currency : which could bo saved or nvoided by a cu'rrepcy truly based on specie. Precisely in the samo degrcothat Bank paper depreciates, Ine taxes upon the community Increases. on the consumption of the necessaries of lfe, imported. Hie peoplo too, nre little aware of tho tremendous danger, which is constantly impending over them, from the liability of the present paper system t '.? a sudden explosion, iho liank notes now ci rculatj ng among the peoplo. through the blatc, 1 estimate to amount to between thrco and four millions. Suppose 3 the Banks. 6 or 7 in number, which issued these 'notes, wero to fail, caused cithcr.'by fire, a public enemy, robbery, bad manage mcnt, or any other cnusei, in one moment, nsifbya blast from Heaven, the liank notes in every body's hands, would be worthless. Had specie been in the pockets of tho people, instead of. these notes: this cnlnmlty never could havo befallen them. Within tho last thirty vears. it mav bo cs. timatcd that three or four hundred Banks havo failed indebted by their notes to the people, who held them, two or three hun. drcd millions, here was a loss of so much of tho labor of the country of capital, for. ever sunk, nnd which is now felt in the dis tresses of the country. Again, estimate the Bank notes incirculation-in this State, to bo thrco or four millions of dollars; the ps onthis at 5 1-2 per cent, for specula- tion would bo two hundred ana twenty thou sand dollars. This annual tax upon tho people of tho Slate, although in such an in- direct nnd insidious form, that they, do not perceive it, and is nearly three times grea. tcr than they pay to support the State Go. vcrnmcnt. On the subject of tho Bank9, 1 speak right out, I mean not to alarmor unnecessarily excite popular clamor, for I respect the un derstanding and virtue of the people but I do mean, (like an honest physician,) not to play tho quack, by deceiving the pco pie, but to open tho sore, to lay bare to their eyes the rottenness within, as the only way to rouse tho public mind to search out the' true remcdyfjliose who cry out there is danger in this, want tho nerve to meet tho cri-iis nro interested to perpetuate the evil, or lack confidence in the hard sense nnd honest hearts of the people to redress themselves. Tho people . have thus far shown themselves adequato to every emer gency. ' In conquering their liberties from England in founding the Federal Consti. tution the palladium ol the Union in es tablishing commercial and diplomatic rela. tions with the world in planting States and managing the complicated interests and machinery of a vast lsmplre, I am for no rash measure ; but for sober and thorough reform for a systeiri 'which will diffuse specie throughout the country to meet all the smaller exchanges of busk ness, and a redeemable paper, to do placed under the most rigid restrictions and respon sibilities. Then should losses occur for Banks, they will fall upon the richer classes of society, and currency being held fart by a solid specie basis, Uke the' well anchored ship, will resist the ever changing current tho winds and waves,. I believe .the public mind will settle down upon this plan at last ; but should I be mistaken "fn- these views, am prepared to surrender my. opin ions to any better . plan, which will redress the public grievances, by a reform of the present system. Nothing can be worse nhatTthe present syslera. Every seven or eight years h seems to upsef society to mar the best kid plans to scorn the rpgulsrmoral, w- 8 SOTt-rri ber pursuiu of Industry to jebHterate the nara earnings ol a Jong lira ol saving labor ana una we turnings of the lottery wheel iw iuuuua every uung 10 cnance. u we donl begin reform now, when shall we be. gin T I say delay is, dangerous. Tha evil is hourly striking. its poisonous roots deepe and deeper, into the social svstem.. - , Having laid the causes oi the public dis. tress and embarrassments at the door of the paper system.and of tha Whig leaders, who tor party purposes, gave e&cacy and tnortl power to the evil tendencies of tho system I will next take a short review of some ofthemcastn-eyofFlrCTicnrflhJr(n so vainly promised to tho oeonle in 1840. : eso measures were brought forth at me fcxtra Session of 1841, and as a whole may, bp pronounced incongruous, extrava JFLTPpr688' td dangerous in their tendency. i 'DISTRIBUTION, LOAN BILL, TARIFF: They gare away the public lands, which utlorued the best security to sustain tho public credit, and to effect loans on favora. I.I- a I . ' . uie terms ; anu men, go into tno money market to borrow (welvo millions of dollars, at a time, when they admitted their finances were embarrassed, tho people nnl theStates in debt, nnoVwhcn universal distrust abound, ed f It was fatuity rashness nnd presump tion beyond the power' of langauge to dc scribo ! ! The" naturaivconscquunccs im medialcly followed tho credit of the Go vernmcnt wns dishonored rcglilnr dealers distrusted the financial ability of thdNheads ol Uovernmcnt to conduct the public tG luirs ner smau sums 01 live hundred dot lars wero hawked about Wall Street at the mercy of Shavers nnd Brokers, and Mr. Forward tho present Secretary of the Treasury, now states to Congress, that tho Government cannot effect a loan in the country. The public lands were given by tho states to the federal Oovernment, to pay the public debt, nnd were so pledged bv resolution of Congress in 1799; nnd they nro the most permanent, convenient, and economical security any government could have to sustain its credit. Besides tho Fed eral Government is charged with the public faith and defences of tho whole Union, it should never, thercfoic, havo been robbed of this main pillar of support. rublic credit is public honor, and public rmtlK. To tarn islnhnt credit, oul he lookedupon as tlie greatest ' crime bringing shame and dishonor on om'a country, nnd when evil days come, the distresses of tho people nre increased bv tho inability of the Government to alleviate the heavy hand of taxation. Again, wnhono hand they beg for mo. ney to replenish the Treasury, with the other they take millions out and give it away. Again, they distribute in donations, tho people's money, and tho next breath take- it back in taxes, which cost them 10 per cent, to collect ; making a loss of one hundred thousand dollars, upon every mill ion of dollars collected. Again, thev eivc the public money to pay the gambling debts 01 some ol tho fotates, involved in mad schemes of Internal improvement, nnd tax i!l94fJQrlhJ24m iron, and sugar, to replaco the amount. Again, they distribute by one rule. Federal numbers, nnd tax by another rule, per cap. ita, which makes tho slave holding Stales pay the larger share of the taxes, in pro. portjon to the benefit. Again, like the Pharisees of old, they distribute openly to gain favor, and next secretly nnd fraudu- ently take back in tithes upon the living of the people, to pay their hypocritical extra. Kvagancc. Again, thev cive tho public lands to British Bankers, who nro tho holders 6f estate Bonds, nnd lax tho laboring "classes, to make the Treasury whole. wAgain, they givo lo that class which has been tho most profligate nnd imprudcntCin getting into debt and take it back in taxes, from that class which has Ific lcast works the hardest and fights the battles of the country. In line, tho bxtra Sescionushercd into the worlds a monster of legislativt inconsnt. iHei !!?.lrogen9?!!il oad.absurdj.so. made-, up of Clay and brass, that like thci fumed imago of Nebuchadnezzar, it will mark tho age in which wo live. The preposte rous scheme of growing rich by borrowing, of relieving the people by taxing them, nnd of being generous to them by robbing them of their lands. NCREASED EXPENDITURES AND ENORMOUS PUBLIC DEBT. Tho whigs promised the people to lessen' expenses, nnd to administer the Government with fifteen millions of dollars per year. Let us examine how they have redeemed leir pledges of economu.-JVlrWootlbury, ono of the ablest nnd most faithful Secrcta. riesof tho Treasury we have ever had, states that the expenses of , the Government, the last year of Mr. Van Burcn was about twenty -thrco millions of dollars. Tho Pre. sidont, Mr. Van Buren'himself declares, n his annual messago to Congress, Dec. 1840, from which I now quote, ns follows : The expenditures of 1839 was reduced six millionsol dollars. J hose of-1840, xclusive of-dwbursemenls ofl public debt and trust claims, will probably not exceed twenty-two and a half millions, being be tween two and three millions less than those of the preceding year, and nine or ten mil- IVJlia 1C99 iiiuu ftWI. tigioitigu WC3 IJUVC lie evidence of tho President of the United States, when, under his ojicial oath, in Do ccmber 1840, corroborated by Secretary Woodbury, that be had reduced the expen. ditures in three years about ten millions, and that when he quit office, they did not exceed 'twcnly-two and a half millions. , 1 he whig leaders told the people in 1840, that tho expenses of the Government under Van Bdren's administration had amounted to 30 or 40 millions. This was false, because they spoke against the book, which was be. fore their eyes, ror on the 4th of May, 1841, in compliance with a resolution of the Senate, the Secretary of the Treasury reported to the senate (see benate docu. ments 26th Congress 1st session 420 pages 2 and 6) that the expenditures for the year 1837, (independent of payments on account of the public debt, funded or; unfunded) amounted to $37,243,214 24"; from which tha sum of $3,189,425 33, Vnaccotint of trust lunds, Indemnities, claims 01 States, for rr debts, three per cent, on lands sold, is to bo deducted, and it leaves Mr. Van Burcn's highest year chargeable for expen. ses proper, ine sum or only 3 1 ,oae ,794 43 now mam tne contrast I President Ty. ler and his Secretary Mr. Forward, dcclar. ed to the last Congress, (in the message and report) that tho last year's expenditures of tne uovernmept amounted to more than thirty. two millions of dollars.which includes a payment of. about five and a half millions of the pubiioJlebtjsQJaLIivyaaBuren brought the expenditures down to about twenty.lwo and a half millions, his last year, at an average diminution for three years, ot tnreo millions a year, and the wings in ono year, 1841; increased them over four millions of dollars. . -' Thus, President Tyler in his message, and Secretary Forward in his report to the present ingress, Dec. 1841, saytheex. pchditurcs of 1841, wero $32,025,070 70 secretary forward in said report, says tho pay. . ments in 1841, on ac count, principal and io tercst, Treasury notes, and public debt, are as follows :" Treasury notes redeemed, principal and interest, $5,027,811 13 Public debt, 27,080 64 3d quarter, interest on loan, r 27,080 64 3dqunrter, principal and " int. on Trees, notes. 503.18303 5,028,075 72 32,025,070 70 . 5,620,075 72 Nett expend, whig y r. 1 84 r.$26 .396 .994 93 Document No. 31, IIouso ofueps. 27th Congress, 2d session statement laid before the House by Mr. Fillmore, chairman - of committee of Ways and Means, contains Secrcta. ry Ewing's letter to said chairman, dated July 7, 1841, in which letter Mr. Ewing reports to him, - tatcmcnt No. 8 of said doclim"e1hT;8lro - penditures for last 12 y rs. at page 26 we have the oggrcgale nett expendi tures of Mr. Van Buren's last year, 1840, indepen. dent of Treasury notes and public debt to bo $22,389,350 31 This balance is whig in. crease of expense in one year, - $4,007,633 67 This statement, then, (ns it shows, V is made upon tho authority of President Ty. er, and the two whig Secretaries, Ewing and Forward. The Whigs cannot ques tion it. Having shown how tho whigs havo in creased the expenditures of the Govern- ment, I'll nQw.lsliowJiaw-nmch, they pro. posa to augment the public debt. Air. Woodbury states in a late speech in the Senate, that tho public debt lelt by Mr. van buren. was between five and six mil. ions, for the issue of Treasury notes. Mr. Forward, tho present whig Secretary of tho Treasury; reported to tho Senate on the 10th Jan , 1842, that the debt for Treasury notes issued under Mr. Van Buren, was on the 3d of last March, $6,607,362 54 and that the public debt for 1 reasury notes and oans, on 23d of Dec, 1841, was 12,. 069,504 51. They differ in these state ments, from about one-hnlf to a Imillion of dollars, in respect toMr. Van Buren's debt. will take Mr. forward s statement, merely because it-is most against us. and therefore cannot bo impugned by our adversaries. Whig debt, on 23d Decem ber, 1841. ' $12,939,504 57 Van Buren's ndmiuistra. ncreaccd actual debt, 6,332,143 03 Add the balance of tho loan, authorized by tho act of July, 1841, 0,422,524 12,774,067 03 Add the following items on ' account of extraordinary expenditures, proposed by the Secretaries of the Whig Cabinet, nnd for objects strongly recom mendedand approved by f resident Tyler, in his lato message 1 - Mr. Forward, Secretary of I reasury, a new issue of Treasury notes. -5,000,000 00 Postmaster Genornl.to pur. chase partnerships in raiP - roads, v 8,000,000 00 Secretary of tho Navy, to increase our Wavy to half tho t size of tho British " Navy, say from 66 to 4 or 500 vessels, of war, tho annual expenditure for which, is variously esti- matcd from 15 to 25 mil. lions, say, however, for two years, 20,000,000 00 Secretary at War, propo- ses, among other things, to increase the standing army, and extend a chain of military posts to the Rocky mountains. This cannot bo estimated at Jess than " - 2,000,000 00 he President, besides ap proving the foregoing ob- jects, proposes a Govern. ment Bank, with power to create a debt, by eery tiflcate, notes, and loan. tho further amount of 35,000,000-00 82,774,667 03 Here then we hare an actual and pro posed debt by the -whigs in less than ten months after Uicygot iato;power,roniorJ than elghty-two millions of dollars.', But this is hot the worst We are taxed under tho new Whig TAuponjhecccssarlcsL otlifc? according to their own estimate at the Extra Session, " $5,774,000 00 Secretary Forward, in Ids " V " lato" annual report, pro. : v ' -poses a further tax of ; 4,718,570 00 Total taxes V f , ' .10,492,570 00 Add to this tha public debt ' T ' ; " ' ' as abovo . - 82,774,667 03 Also one year's interest on public debt as above, 4,066,480 00 Total of taxes and public r; f debt, actual and proposed, 98,233,717 03 Here we have in one year, tlw whig year 1841 1 in taxes, and public dcbtf-oetWand proposed, the enormous sum of NINETY EIGHT MILLIONS OF DOLLARS. Moroihan-six-dollars per head, for every while man, woman nnd child in the United States. " -;"r ": "V- Tho whigs arc- estopped from question, ing the principle of this calculation.. They promised to administer the Government with fifteen millions a year to economise, retrench and reform. ' Is this retrenchment, to propose expenditures and taxes, which cannot under any view, fall short of the sum of one hundred millions of dollars? The best Way to mako prodigals is to talk of ex pending millions, when sober men would only talk of hundreds. , It begets a con- tempt for economy in small sums, nnd is sure in the end, to' corrupt tho minds of men in public and private life. But above all, tho principle is moro than warranted by tho whig charge, in 1840, that1 Mr. Van Buren proposed to raiso a standing army of 200,000 militia. , What a signal contrast between the demo- cratic and whig administrations ! ! Tho two democratic administrations paid off the old war debt of 1770 and 1812 slopped leaks in tho Treasury, which would havo carried ofl $200,000,000, to mad chemes of Internal Improvement by .two General Government (as wns estimated nt the tirfteJ Gen. Jackson vetoed the Maysville road Billp-c,arricd on two cxpensivo-warj with Black Hawk, and the So mi nolo Indbrw removed Indionsand purchased from 50 J&J00 millions of acrcVof Indian lands paul Staio claims for w-artlbts finished the public buildings pnid douUlcftke amount of-pensTonsrio ofJierajsmce no new taxes crcaica no ioa7isoui Tariff taxes were lienniaUy diminished under the act of 1833 ail this, too, at a timo when the supplies of tho Government far the army, navy, &c, were double the price they nro now, nnd nfter discharging all these extraordinary expenditures, deposited 28 millions of dollars with the Slates. Moro than this ! brought nil foreign na tions to settlement nnd payment, who owed us for spoliations upon our commerco : nnd exalted the national lumor and crcdnbroad , to a height which caused other nations to ook upon us with Wonder and udmiration. Now tum your face to tho picture of the whigycar 1841 ! You there behold the n. tional credit tarnished, nnd the nation itself covered witb-a pall of deep foreboding gloom Trade depressed tho profits of the plough diminished tho laborer nnd , his lamily turned out of employment tho peoplo dis pirited "with low prices and large debts mortified nnd deceived with whig pre-mlsns of belter times the nation flisgrncrd by the frauds and failures wf the Great Hank the Federal Treasury bankrupt thi avowal before thq world that this whig ad ministrntion cannot borrow mdney upon tho honor and credit of the country-Mhe ex penses of Government increased in ono yenr to over four millions of dollars, nmK a proposed public debt together, of ninety eight millions of dollars. - As a republican, proud of my country, I look upon this pic ture in sorrow than in anger. In summing up millions upon millions pf whig extravagance, I connot condescend to notice such small sums ns $0,000 to en ha nee the gorgcousness of tho President's hMisor-callodby-thowhia in. 1840.11 the palace of the royal magnificence r" nor tho sum of nearly half a million of dollurs for tho expenses of the useless Extra Session . nor, the sum of $25 ,000 paid to Mrs. Harrison these, I sgree, are comemptiblo sums in a' long catalogue of millions. IL were ridiculous to complain of tho sling of a viper, when a giant is strangled by tho folds of theAnaeondaf" ! do quarrel, however, with tho principle of tho appro priation to the widow of tho President bo. cause it is the Commencement of the horri ble policy of civil pensions. Jefferson died poor and Monroe died poor, both, I believe, insolvent , and do pension was given by Con gress Jo their families. No men deserveM it more-r-beeauso tUey-wore-mnff4he a- Oxers and founders of the Republic. Muke a beginning and when will you end? You must extend it to Judges, Governors, Sena tors, Members of Congress, Secretaries, Ministers, ore, until it may amount to a standing army of horse-letches sucking tho blood of the people.-' The policy of civil pensions is the very essence of the British Monarchy which is supported by giving the lands to the oldest son, and taxing the bread of the laborer to enhance his profits, nnd promotmg.Joflkejhoyounger sons . of tho nobility, and taxing the people to sup- port their families. -, THE TARIFF. , True policy dictated that the public lands should be" applied to the purposes of tho Treasury, and all useless offices and ex penses abolishcu ; this would probably bring the expenses within tho means of the Go vernment. Instead of which,, the whig" have resorted to loans, and taxes for pro tection, Taxes on the necessaries of life, to protect the manufacturing interest, is a war against agriculture and commerce; 1 and if you extend , the principle, it will totally degrade the ono and destroy the other. These three interests, left to compete with each other, upon the pnnciplo of fee trade with' all the world, without monopolies or exclusive privileges to cither, will flournh best. They wiH iive and let live. But the moment you tax. one for the benefit ot the other, you destro this wholesome balance 1 s
Highland Messenger (Asheville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 8, 1842, edition 1
2
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