New York, 24th September.—Mr. Gallatin called. Old man. Began his career in 1787. Has been three times in England. Twice as minister. Found George IV. a cipher. Louis Philippe very different. Will manage all himself and keep what he has. William IV. silly as Duke of Clarence. Gallatin would have the President a cipher too, if he could,—i.e., would have him annual, so that all would be done by the ministry. As this cannot yet be, he prefers four years’ term without renewal to the present plan, or to six years. The office was made for the man,—Washington, who was wanted (as well as fit) to reconcile all parties. Bad office, but well filled till now. Too much power for one man; therefore it fills all men’s thoughts to the detriment of better things. Jackson “a pugnacious animal.” This the reason (in the absence of interested motives) of his present bad conduct.
New Englanders the best people, perhaps, in the world. Prejudiced, but able, honest and homogeneous. Compounds elsewhere. In Pennsylvania the German settlers the most ignorant, but the best political economists. Give any price for the best land and hold it all. Compound in New York. Emigrants a sad drawback. Slaves and gentry in the South. In Gallatin’s recollection, Ohio, Illinois, and Indiana had not a white, except a French station or two; now a million and a half of flourishing whites. Maize the cause of rapid accumulation, and makes a white a capitalist between February and November, while the Indian remains in statu quo, and when accumulation begins, government cannot reserve land. The people are the government and will have all the lands. Drew up a plan for selling lands. Would have sold at two dollars. Was soon brought down to one dollar and a quarter with credit. Then, as it is bad for subjects to be debtors to a democratic government, reduction supplied the place of credit, and the price was brought down to one-quarter of a dollar.
All great changes have been effected by the Democratic party, from the first up to the universal suffrage which practically exists.
Aristocracy must arise. Traders rise. Some few fail, but most retain with pains their elevation. Bad trait here, fraudulent bankruptcies, though dealing is generally fair. Reason, that enterprise must be encouraged, must exist to such a degree as to be liable to be carried too far.
1836.
Would have no United States Bank. Would have free banking as soon as practicable. It cannot be yet. Thinks Jackson all wrong about the bank, but has changed his opinion as to its powers. It has no political powers, but prodigious commercial. If the bank be not necessary, better avoid allowing this power. Bank has not overpapered the country.
Gallatin is tall, bald, toothless, speaks with burr, looks venerable and courteous. Opened out and apologized for his full communication. Kissed my hand.
GALLATIN TO BADOLLET.
New York, 3d September, 1836.
My dear Friend,—Your grandson Gillem arrived here safely, and with great propriety remained but two days and proceeded at once to West Point.... I had intended to go myself to West Point, but chronical infirmities, always aggravated by travelling, have kept me the whole summer in the city.