4 dared war upon the various native governments, and thousands upon thousands of lives fell victims to the little company of merchants in London, whose beginning was with five email ships and three hundred thousand dollars. Down to the year 1834 this power was unbroken, when, thanks to the mighty prin» ciplesof Democracy which begin to beat in the bosoms of millions beyond sea, it was in some good degree deprived of its energies. But it was through a struggle of the severest kind that this was effected. A thousand facts in the history of the past—which no whig sophistry could gainsay— might be adduced to show that when men get chartered privileges they demand more and more at the public expense. It is to this granting of exclusive privileges by the General Government, that Democracy of the United States object. And it is this which constitutes the radical and uncompromising difference between them and the Federalist, or Whig party. The United States bank was fast accumulating an influence which would soon have given it a political ascendency in the Union. It had through loans and other influence made fast friends of such men as Webster, Clay, and the like; and such newspapers as the National Intelligencer, New York Courierand Inquirer, &c., &c. So great had its power become that through its expansions and contractions it had well nigh brought the community to its own teims. A fearful struggle enabled the Democratic party to give the monster its death-wound. Without a word of disparagement te.the present able and energetic Chief Magistrate, we may almost say that no other man living but Andrew Jackson could then have carried the Democracy triumphant. Providence, hows ever, raised up a man adequate to the exigency—a man of courage, of iron nerve, of simple putpose, of experience, of honesty, and of venerable old age, and through him the noble deed was achieved. The Crisis of the Country. We have seen in the preceding sketch that the leading idea of the Whig Party is that of Exclusive Privilege, and that , so far as the action of the General Government is concerned, it received a signal rebuke when the United States Bank interest was denied a recharter. Something more was absolutely needed to prevent the future aggression of the aristocratic idea. And it is believed that in the Independent Treasury law, the thing needed is found. To this therefore, let us turn. Let no Demos erat take the Whig version of it, but read it for himself and judge accordingly. What is the Independent Treasury Law? It has two cardinal, leading points, and two only. The Bill has in it twenty^seven sections, but there are two great principles, and but two. The first is :—That the Government shall, through officers approved of by the U. S. Senate, receive and take charge of the nation’s funds, and keep these in charge until drawn out by regular appropriations of Congress. . The above officers to give full security for the faithful discharge of their duty and their trust. The second is:— That all Government dues shall be paid as follows: From the \3th day of June, 1840, till the 13th day of June, 1841, one-fourth, in specie, and threeo fourths in bills of specie paying banks. From the \.3th day of June, 1841, till Yith June, 1842, one half in specie, and the other half in bills of specie paying banks. A rom the 13tA day of June, 1842, till the 30lh June, 1843, three-fourths in specie and e one-fourth in bills of specie paying banks. And after the 3Gth June, 1843, all the amount in specie. On these two general points hang all the interests of the Bill. The remainder of the sections are all subsidiary to the above,—merely the detail of the method by which the law is to be carried out. Here let us pause a moment, and admire the simplicity of the leading points. They are easily understood, and easily put in practice. By them the Government takes care of its own funds, and thus has them ready for any call which Congress may make for them. It also secures that at an early and convenient period (not a hasty one) all its dues shall be received in gold and silver, and not in bills which the banks may at their pleasure cause to be at a discount of ten to fifty per cent. Let us not dwell on this thought, however, but see how this Independent Treasury will raise a barrier against the Exclusive Privilege principle; in other words, the whig principle. First—By not requiring the help of the banking interest to take charge of its funds. This main argument willno longerexist to give countenance to the money*power to seek alliance with the public treasury. Second—By not allowing the public money to be used for the benefit of a few bank stockholders. If it were deposited in banks the latter would, as a matter of course, discount upon that which might be occasionally idle, and hence get a profit upon it. The public revenue is raised out of the public at large for the public use, and it is manifestly
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