Page:Niles' Weekly Register, v29.djvu/17

 NILES' WEEKLY REGISTER.

Third SERIES. No. 1— Vol. V.] BALTIMORE, SEPT. 3, 1826. [Vol. XXIX. Whole no. 1 2 9

THE PAST — THE PRESEKT — FOR THE FUTDRE.

EDITED AND PUBLISHED BT H. NILES, AT $5 PER ANNUM, PATABLE IN ADVANCE.

As it has been more than once remarked in this work, the commencement of a new volume is a proper time to make a pause, to take a retrospect of the past and lay down good rules for our future government. Self examination is always profitable, provided we submit to the truth of what our own consciences may prefer against us, as to wilful aberrations from right, or the entertainment of errors in opinion.

The present is the first number of the 29th volume, or 15th year of the publication of the. Through what great vicissitudes have we passed during that short period—how much privation and distress have we encountered, how great anxieties have we felt—and how gloriously has the constitution stood the tests of war, contemplated insurrection, and excessive party political excitement!

The chief things may be thus summarily noticed:

1. War with Great Britain—defeats on the land, victories on the water—prostration of public credit, and much personal as well as pecuniary distress—a gathering of evil spirits at Hartford and the union seriously threatened—a ravaging of our coasts and the conflagration of the capitol—gallant deeds on the northern and southern frontiers, military and naval triumphs, and honorable peace.

2. A season of bank-making and wild speculation, yielding a hot-bed prosperity, destructive of the public virtue—excessive profusion in the general and state governments and the people, because of the "plenty of money," followed by a re-action that prostrated tens of thousands of the most valuable and productive classes of our citizens—for, the abundance of the products of the earth were as added to the amount of our distresses, because of the want of a demand for them, and labor went as if supperless to bed: for the policy was, that it was better to import than to make for our own use, those articles which necessity required, or our ideas of comfort sought to obtain. This was, indeed, a dark and gloomy season, and more injurious to the United States than that of the war which preceded it

3. A partial rousing, as from a despairing stupor, and a spirit to encourage domestic industry and promote internal improvement enlivened—great works undertaken in New York, and a general desire manifested to imitate them, so that labor is more in demand; and, in most of the states, the people are enabled to cure the banking mania, and withstand, if not yet retrieve, the effects of wild speculation and thoughtless extravagance. Confidence begins to be restored, and an excess of capital is suddenly apparent in a reduced payment of interest for the use of money, because that the people, yet smarting under their late illimitable desires to get and expend it, were afraid to use it for making new establishments—the policy of the government not being fixed as to the building up of a home market, and the foreign one promising but little profit, except in the export of one or two articles, the product of which was confined, by soil and climate, to a small comparative portion of the citizens of the United States—agitations caused by the "Missouri question," and the adjustment of it.

4. Principles settled by the passage of the tariff bill and several bills concerning roads and canals, and a general improvement the consequence—most persons that are able and willing to labor obtain employment, though at reduced wages—the currency has become pretty sound, and the banks, being well managed, the stockholders no longer are plundered, except in two or three states, (one only of which yet remains disordered and distracted by "relief laws" and paper money, and is about to be healed)—valuable manufactures are established, in iron, cotton, wool, glass, &c. and the price of such goods reduced while the quality is improved, and tens of thousands of hands are employed, that lately were idle—great increase of population is evident, and extensive settlements of new lands are making—roads, bridges and canals much spoken of, and mighty preparations made for constructing them.

5. Arrival of general Lafayette—election of a president of the United States, under new and peculiar circumstances—the people against the president-makers—no choice by the electors, and the election is made by states, in the house of representatives—ardent discussions and peaceful triumph of the constitution—"state-rights" and the "right of instruction," much talked of—attempts at the formation of new political parties, and strange combinations of persons and interests to oppose the new administration whether right or wrong, falling to pieces of their own weak construction—treaty with the Creeks—endeavors to excite local feelings about slaves and slavery, and resolution of the governor of Georgia, supported by a few of the disappointed and mortified, to out-do all the doings of the evil spirits collected at Hartford, led on by a flickering hope that success to their schemes may be obtained by agitations and a perversion of the public judgment, and celebrity acquired by the performance of Erostratian acts—and so matters rest at present; with this exception, the nation is in peace, respected abroad and quiet at home, liberal principles are approved and despotic doctrines abhorred—liberty and safety is promised to the "thousandth generation" of the American people, and they rejoice in the triumphs of their system of government—progress of moral and political truth, and decline of excitement, affording proof that "error of opinion may always be tolerated when reason is left free to combat it."

Either of these sections, if dwelt upon to a reasonable length, might fill a sheet of the, but, as on most of the things referred to, we expressed ourselves very plainly, when they occurred, we shall decline to notice them now. No. 5, however, contains several items on which we will have something to say, and especially as to the clamor about "state-rights," lugged into the contest which the governor of Georgia is carrying on against common sense and the natural and inseparable fitness of principles and things: neither time or room is allowed for which, just now.

The editor is gratified, on the present occasion, in add, that the, so far as he is acquainted with or feels the fact, is as much approved of as ever it was. Many subscribers have been lost to it, different times, because his mind is so constructed that he cannot "please every body!"—but yet there  not been a diminution of the circulation of the  on that account. The general plan and manner of the will not be altered. Little local -