Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-06-28

nifty is employed in labor which adds
nothing whatever to wealth, but of which
the best result that can be hoped for is that
everything, in the end, will remain as ii
was in the beginning. Suppose that the
whole labor and talent, which have for
the last two years been employed in spec
uIatlcn, lad been employed in production,
would we not all have been richer, and
would it not have been the better for every
individual and for the whole community I?
1t is evident then that this whole labor has
been completely thrown away.
But this is far from being the whole of
the case. have shown that, by all this
labor the actual capital, the real wealth,
the productions of the country have not
been at all increased. But the price of
productions has been greatly augmented,
and, in many cases, doubled Now, this
change could have been produced only by
an enormous extension Of paper currency.
You could not pay two dollars for every
thing that tormerl Y cost one, unless there
were twice as many dollars in the COM
munity. But it mast be remembered that,
for every paper dollar that is issued, a
promissory note is given; and thus the
Indebtedness of the community is increas-
ed, just as much as the issues have ia
creased" But to meet this increased in
debtedness, there is no additional product
whatever. The money thus obtained has
been invested in products at double their
value. When the price of these products
falls, as fall it must, what is there then to
meet these engagements The debt must
be paid, but what is there to pay it with
The property has shrunk in value, but the
bond remains unchanged. Now, when
these accounts come to be ad justed, who
can tell the ruin that must ensue? In
some cases, the lender will suffer the loss
of all. In others, the whole previous
Accommodations of the borrower will be
absorbed in supplying the deficit In all
cases, there must be grievous loss, since
nothing but loss can result from borrow
ing money to purchase property for more
than it is worth. And suppose the very
best of the case, suppose payments to be
delayed, and what was due this year
be paid two or three years TO come, then
all the earnings of these two or three
years must be consumed, in paying for
the transactions of one year. So far as
accumulation is concerned, the labor of
these two or three years is lost. This
would far more than counterbalance the
gains which our most sanguine hopes had
anticipated. On the most favorable sup
position, therefore, we cannot accumulate
as rapidly by speculation as by the gains
Of regular industry while, in by far the
greater number of instances, the result
must be vast and inevitable loss. Thus
hath the wisdom of God determined that
every attempt to accomplish our own
purposes, in methods at variance with his
commands, shall end in utter discomft-
ure
So much for the economical results oil
this mode of accumulation. Its moral
bearings are equally to be deplored.
do not say that this mode of acquir-
ing property is dishonest. 1t does not
violate the command, thou shalt not steal
We cannot violate this command, when
both parties vo unfairly make an exchange
for what they both believe to be an equiv.
aIent. think, however, it is violation
of the commandment, thou shalt not covet
1t arises from a desire not to benefit our
own condition by our own industry, but
;, from a desire to avail ourselves of the
benefits of the industry of another. Hence
it is in spirit dlrect Y at variance with the
tenth commandment. ask, why should
not my neighbor enjoy the benefit Of ;
change in the value of whatever he hap
pens to possess, and why should |, becaus,
| possess a superior sagacitv, seek to ste]
between him and the benefit which tn
Fl Providence Of God is about to confer upoI
him.
Nor is this ALL The violation of thi
commandment leads, too often impercep
tibly, to the violation of many others.--
The acquisition Of wealth in this manne
depends for It's success upon sagacity il
, foreseeng results. But, inasmnch as re
, suits may not only be toreseen, but il
5 many cases by our own act produced, tn
temptation is very great to produce then
ourselves. Here the confines Of justic
and oppression are separated by YER
, shadowy limit. He who buys breadstuff;
, or provisions, or cotton, in the hope tina
? they will rise, will be very likely to bu
t them and to withhold them, in order tia
t they may rise. Instead of using his car
ital for blessing, he is using it for ours
s to his neighbor. He who invests hi
; property in a given commodity, for tn
s purpose of supplying the demand of tn
;, community around him, has right to
d fair remuneration for the use and risk
j. that capital. and for his skill in managin
e it; and, in the case of natural rise
,, price, he is entitled to the additional gail
Y as in the case of fall of price, he mu
st suffer the correspondent loss But this
e the extreme limit. He has no right to us