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Effects on other elections. The most enlightened and virtuous portion of the American public, viewed this measure as one of the most dangerous tendency. The example is contagious. The mischiefs of the caucus system pervade not only the presidential election, but all the subordinate branches of government. The honors and emoluments of office excite the strongest cupidities of the citizen. None are so insignificant as not to attract the attention of some. They are open to all, but all cannot be gratified. At the return of the election periods, the unsuccessful were constantly endeavoring to get, and the successful to keep possession. Hence arises a political warfare of a virulent character. To concentrate and marshal their forces, the leaders of the ins and outs hold these clandestine meetings, at which the question is not, what candidate is best qualified for office, but who will best promote the views of the party. The candidate being selected, the next question is, by what means can his election be secured; the character of these means is not regarded, so be it that they appear adapted to the end. Electors sworn to give their suffrages, as they in their consciences believe will conduce to the best good of the commonwealth, are seen pressing to the polls with the utmost eagerness to carry into effect the edict of some private caucus, whether the candidate is known to them or not, whether qualified for the office or otherwise. This forms no part of the inquiry. This disorder appears in some measure incident to the representative system, not peculiar to any party or period, and to be of such an incurable nature as to threaten the ultimate destruction of the body to which it is attached. The high minded citizen of every party, whose integrity and talents afford the best security for the faithful discharge of public trusts, ashamed of the practice, retires from the scene, and leaves the field to the unprincipled, the ambitious, and designing. Offices ob

tained by corrupt means are seldom well executed: they are made to subserve private views; the commonwealth suffers; the people, becoming dissatisfied, require a change, and prefer any form of government to that which places their most important interests in the hands of such administrators. It was an unfortunate circumstance, that when this disorder was at its highest pitch in the United States, it should have been sanctioned by the example of the national legislature. Americans exclaim against the bribery and corruptions of English elections. Their rotten boroughs and tumultuous and venal elections, are proverbial with the people of

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CHAPTER III.

Pecuniary embarrassments subsequent to the war; their causes-Emigration-Different classes of emigrants-State of parties after the peaceClaims of American citizens on foreign governments-On EnglandFrance-Spain-Naples-and Hoand-Their estimated amount-Negotiations for their settlement-The arguments by which they were supported and resisted.

Pecuniary embarrasments. A variety of circumstances, as is usual, rendered the period immediately succeeding the war a time of great pecuniary embarrassment; the consequence of which was a general change of property from the possession of the improvident speculator and extravagant consumer, to the hands of the wary capitalist. Previous to the arrival of the treaty of peace, in Feb. 1815, the latest intelligence from the negotiators at Ghent, indicated the continuance of the contest for an indefinite period. Relying on a protracted war, large dealers exhausted their funds and credit, in attempting to monopolize the principal foreign articles of consumption The unexpected, and to them unwelcome news of peace, bankrupted hundreds of this character. The high prices which land, labor, and most of their productions had borne during the war, encouraged the contracting of debts; the debtors relying on a continuance of the same prices, when they should be called upon to discharge them. A sudden and unlooked for depression of nearly a hundred per cent. in the prices of most commodities, embarrassed this class of citizens to a great extent. The readiness too, with which the banks which had suspended specie payments, loaned their aper, brought to their counters a constant stream of customers, some to obtain loans for hazardous speculations; others to relieve their present wants. Here they exchanged their own notes with indorsers bearing interest, and payable in specie, for the depreciated paper of the bank, bearing no interest. The period had now arrived, when these banks found it necessary to redeem their credit, by resuming specie payments; for this purpose they were obliged to curtail their discounts, and call upon the improvident borrowers for heavy instalments, when the productions of the country were low, money scarce, and the value of bank paper

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