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SECTION THE FOURTH.
FUNDING.
In a former part of this essay, a promise was made to consider the effects of funding and banking, in relation to the principles and policy of the United States; that promise shall now be complied with.
No form of civil government can be more fraudulent, expensive and complicated, than one which distributes wealth and consequently power, by the act of the govern- ment itself. A few men wish to gratify their own avarice and ambition. They cannot effect this without accomplices, and they gain them by corrupting the legislature. Still the faction is too feeble to oppress a nation. Vice looks for defence, because it expects punishment. The legislature must corrupt a party in the nation, and this is effected by the modern invention called a paper system, with a degree of plausibility and dispatch, infinitely exceeding any ancient contrivance. Executive patronage corrupts individuals; legislative, factions ; the first by office and salary; the second by law charter and seperate interest. Fear and avarice combine to secure implicit obedience from these purchased engines of power, and an inexorable fulfilment of the corruptor's purpose. Accordingly, a paper system will cling to a government, as closely as an army to a general, or a hierarchy to a pope.
An executive power to bestow offices and contracts up- on members of a legislature, resembles the idea of procuring talents, and rewarding merit ; but a legislative power to buy a faction b^ loans and charters, cannot crouch behind this subterfuge ; it literally displays, and openly practise
