th its numerous
branches ramified into the States, soon brought many of the active
political and commercial men in different sections of the country into
the relation of debtors to it and dependents upon it for pecuniary
favors, thus diffusing throughout the mass of society a great number of
individuals of power and influence to give tone to public opinion and
to act in concert in cases of emergency. The corrupt power of such a
political engine is no longer a matter of speculation, having been
displayed in numerous instances, but most signally in the political
struggles of 1832, 1833, and 1834 in opposition to the public will
represented by a fearless and patriotic President.

But the bank was but one branch of the new system. A public debt of more
than $120,000,000 existed, and it is not to be disguised that many of
the authors of the new system did not regard its speedy payment as
essential to the public prosperity, but looked upon its continuance as
no national evil. Whilst the debt existed it furnished aliment to the
national bank and rendered increased taxation necessary to the amount of
the interest, exceeding $7,000,000 annually.

This operated in harmony with the next branch of the new system, which
was a high protective tariff. This was to afford bounties to favored
classes and particular pursuits at the expense of all others. A
proposition to tax the whole people for the purpose of enriching a few
was too monstrous to be openly made. The scheme was therefore veiled
under the plausible but delusive pretext of a measure to protect "home
industry," and many of our people were for a time led to believe that a
tax which in the main fell upon labor was for the benefit of the laborer
who paid it. This branch of the system involved a partnership between
the Government and the favored classes, the former receiving the
proceeds of the tax imposed on articles imported and the latter the
increased price of similar articles produced at home, caused by such
tax. It is obvious that the portion to be received by the favored
classes would, as a general rule, be increased in proportion to the
increase of the rates of tax imposed and diminished as those rates were
reduced to the revenue standard required by the wants of the Government.
The rates required to produce a sufficient revenue for the ordinary
expenditures of Government for necessary purposes were not likely to
give to the private partners in this scheme profits suffic