Inquiry Into the Origin and Course of Political Parties in the United StatesVan Buren, Martin
History
Inquiry Into the Origin and Course of Political Parties in the United States
Van Buren, Martin
Political parties -- United States
But the views of the Secretary of the Treasury in the establishment of
the policy of which we have been speaking have as yet been but
imperfectly described. They had a breadth and an extent of which
superficial observers had no idea. The increased strength the General
Government derived from turning towards itself so many and such active
men as the holders and purchasers of the public debt, State and
National, and the influence which the patronage attached to his
financial scheme would give to the existing administration, were both
important, and doubtless entered into Hamilton's designs. The views of
common minds might well have been limited to such acquisitions. But
these results fell far short of Hamilton's anticipations. His partiality
for the English system, it is natural to presume, arose in some degree
from his birth and early training; but study and reflection, I am
inclined to think, had quite as much to do with bringing his mind to the
conclusions it cherished with so much earnestness. Among the public men
of his day there was not one who appears to have devoted a larger share
of his time to examinations into and meditation upon public affairs.
There was not one who wrote more or with more ease upon the subjects of
government in general and public financial questions in particular.
Almost every thing he said and wrote and did, in these respects, went to
show that the elements of power by which the English government had been
raised from a crude and in some degree impracticable condition to the
seemingly palmy state at which it had arrived when his successive
reports were made had been justly reviewed and thoroughly considered by
him. The result of this survey was a conviction that for the favorable
changes, as he regarded them, which had taken place in the condition of
England she was more indebted to the operation of her bank and funding
system than to any other cause. These, like his corresponding systems,
had been originally formed for the accomplishment of immediate and
limited objects. His were avowedly to revive and to uphold our sinking
public credit; theirs, to relieve the government established by the
Revolution of 1688 from its dependence upon the landed aristocracy for
its revenues, and to secure the acquisition of ample means to defray the
expenses of the war in which England was at the time involved. From such
beginnings these principal measures, aided by kindred and affiliated
establishments of which they were the parents, had with astonishing
rapidity developed a great political power in the state, soon and ever
since distinguished from its associates in the government of the country
as the MONEY POWER,--a power destined to produce greater changes in the
workings of the English system than had been accomplished by the
Revolution itself.
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