machinery of Terror, and which, in its turn, exploded through the extreme refinement of its immunities and oppressions; thirdly, by the era of Glory in the long series of promiscuous wars growing out of the Reformation, generally unworthy in their origin and contemptible in their objects, and which, as the others, has become stale, flat, and unprofitable. It has well nigh wholly yielded to the fourth excitement, the organization of the Money Power; the contraction of all human interests within the circles of avarice and meanness; the glittering kingdom of commerce; the conversion of principles and feelings of "men and the souls of men," into commodities of merchandise. An organization more delusive and oppressive to the many; more gratifying and exalting to the few, than any that have preceded it; but which, happily, contains in its very nature a rottenness and inevitable decline, that must soon transfer it among its kindred wonders of the Past. It must of necessity give way. The new social spirit, or reigning passion, which is to supplant it, is already born into existence. The passionate love of Liberty; the wild spirit of Democracy will, for a time, overspread, engross, and control all human society. In itself, not the, or any part of the millennium, but involving progress and reform; conclusive as to the dynasty of fictions, and the harbinger era of Peace and Reality.

The specific contest, then, in which the whole world. is engaged, is the only one appropriate to the present time, between the Money power and the Democratic. These are now the antagonist systems, and for the one or the other must every man contend. It is vain to attempt neutrality, or idly await the arrival of a better proposition than either of these involves. They and we are here upon the battle ground, without choice of time, or selection of opponents beyond the single alternative. Preference may, however, be in some measure governed by careful inquiry into the respective systems.

The Money Power, or "English system," so called, because its central home, or point d'apui, is evidently in the capital of England, contemplates success, first, by the perfection of its own machinery, and secondly, by preventing, or greatly retarding, the growth of the democratic spirit. Under the first head, it is assumed that London or England can become the exclusive home of the wealth, magnificence, and power of the world; while all other nations must become largely tributary to her, through the operations of her monetary system. Allowing to all other sections of the earth entire nominal independence, as far less expensive and troublesome to herself than their actual dependence, England has adopted the deep-laid scheme of over influencing foreign nations, by means of her own emissaries and minions in their midst. Like the pouring forth by the olden Romish power of hordes of indefatigable missionaries into distant governments, and thereby accomplishing the gradual, quiet, insidious subjugation of their people to the "spiritual supremacy," the whole world is now filled with interested and servile advocates of the English policy; and its total conversion, equally quiet and insidious, to the supremacy of wealth, is in frightful progress. It has ever been a customary species of lordly policy, no matter what be the reigning passion,- for the purpose of obtaining influence, to induce the more humble to depend for their hope upon the superfluous means of others. The partaking of the concentrated holiness of the old Catholic Church, involved the abject subjection of the confiding individual. The subdivision of the glory of the Military Chieftains proved to be the total sacrifice of the common soldier; and in like manner, the ideal good of the present system is ingeniously diffused for the tribute and subjection of mankind. A hypocritical generosity is now ever ready to lend money to a moderately independent farmer, for the extension of his lands, or the renewal of his buildings; which generally terminates in the sacrifice of all he has. This common, old, and essentially dishonest process is the

elementary basis of the general policy of England. Vastly extended, and accurately systematized, it has become the mighty engine for founding universal empire; a project, chimerical to sober reflection, but too fascinating to minds excited by avarice, not to be faithfully tried and ardently hoped for.

Many millions of wealth has England already thus invested in these United States alone. The apparent or ostensible amount is grossly deceptive. There is no possibility of estimating the loans she has made to private individuals and firms in business, or the extent of her interest, as at least silent or special partner, in the trade, manufactures, and even the real estate of the country. We well know, however, that the visible owners of these things exhibit all the anxiety in behalf of the English capitalists, that especial friends or partners can in any case do, and are evidently in some sort of associate interest with them. The manifest and great desire of the money missionaries, the English partners and stipendiaries among us, for vast schemes of expensive "internal improvements," and for the institution of banks and incorporations generally, means something, means much. England yearns to loan us money. Her system restrains her within no contracted limits. She has never yet had near scope enough to exhibit to us or the world, the full wonders and mysteries of her policy. So much of fiction, so much of mere empty appearance and trick are in the practical nature of these loans, that allow to English capital circulation enough; give it Jehu-like celerity, and a close observer would be amazed at the amplified fiscal properties of but a few millions of coin. Money, in large sums, may be said to possess a highly elastic property, by which it returns to its original home with a rapidity utterly incomprehensible to dealers in cents and farthings. The government of England owes her own capitalists nearly one thousand millions of pounds sterling, which she cannot and never will repay. Is her credit at all thereby impaired, or the means of her

moneyed men thereby crippled? Not at all. That immense debt has but resulted in a claim, by the rich few, of a vast annual income out of the taxes, out of the labor of the country. It has become nothing more nor less than a peculiar pension list, peculiar only because negotiable in the market, while the basis of that debt, the same money, has been loaned over and over again, at home and abroad, without becoming in any degree. impaired. Circulation, Circulation, including the theory and handiwork of exchanges, deposits, credits, drafts, paper obligations, &c., is the corner stone of the fictitious and bloated wealth of England; that is to say, is the whole force of "the English system."

It is no new idea that the immense national debt of England has strengthened her Government; or, in other words, rivetted the chains of despotism upon her miserable and infatuated people; thence the doctrine, so palpably consistent with the whole English system, that "a national debt is a national blessing.” Conservative reliance has in all preceding epochs been reposed in some analogous and equally absurd fiction. In Catholic times, an enormous and thoroughly organized National Church, and in the reign of Glory, a huge and well disciplined army, respectively afforded this consolidated "blessing" of the individually wretched.

There is truly nothing just now practicable, that can so effectually bind men or nations in ostensibly peaceful or commercial intercourse, as the relation of debtor and creditor, especially when deeply and permanently fixed, or when many individuals in a given section of society are similarly involved or interested. If we but imagine that in our own country one third of the population are indebted to England, by a complex series of primary, secondary, ternary, &c. obligation, which means hope of forbearance or farther indulgence, and duly appreciate the incomparably abject servitude of debt, we can comprehend something of the numbers, vast energy, and dreadfully threatening aspect of the British political party in our midst. To

assert that there are here already, directly and indirectly, so many as one third of the people, who are the confirmed subjects of the English system, may indeed be extravagant, and, if literally true, would be appalling. But to this end, and worse, must it come at last, unless met now, and perseveringly combatted to extinction, by all those who yet have the spirit as well as the name of freemen. Unitedly, in firm and compact mass, must the democracy of the land bear down upon the collective policy of England, as their one mighty and only important enemy, or the day of possible victory may pass away, and the dark night arrive in which no man can work.

It is not only from the emissaries and dependents of the British system that our liberties are in imminent danger: :- there are among us chiefs as well as minions of the Money Power. Not a few of our citizens and calling themselves Democratic Republicans! with spurious patriotism and perverted judgment, would, at this late day, attempt to rival the commercial ascendency of England, and establish here at home the throne of the money god. Without reflecting that England has irrecoverably the start of us in the gambling game, or that the result must necessarily be horribly evil to mankind, no matter where be the central position of the machinery,—of no more consequence now, than the residence of the Popes at Rome or at Avignon was in the spiritual systemthey still vainly hope for success by an unwieldy extension of the English policy. The result of their endeavors, after many years of trial, has very naturally been to second or aid, instead of to weaken or divert from, the foreign project. In this way did our peculiar banking system, and paper money circulation originate, and in this way have they well nigh terminated:

A business policy which has made this new and plentiful land, a "high prices" country; a region of extreme artificial inflation in all its social features; and which would early have exploded into thin air, or