The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-16

~, III any otdso VI dHdJS, u mttailc cur
rency would meet the wants Of a commercial
people, it is manifest. that we are not now in
condition to abandon the whole system of
credit, under the operation Of which all private
and public transactions now in existence, have
originated, and all the business and trade of
the country have for long period Of time
been regulated. Such change would work
glaring injustice and oppression--it would
paralize every branch Of industry, and every
effort of enierprise-it would be deadly
blight to individual hope, and fatal blow to
the best interest Of the body polite. If the
credit system, with its decided advantages
over all other plans that have been proposed
in its stead, is fully understood and appreciat-
ed, il is very certain that the abuses Of the
system, which have been urged against it with
so much zeal and clamor, and which are Of
nature to be guarded against, would never be
permitted to operate its overthrow. To at
tempt the transaction of the extensive bust
ness of this country without its powerful aid
would be an untried experiment, and the COM
prehensive operation and extensive effects Of
such an experiment are too serious and too
disastrous, in all their aspects, to be lightly
haIarded. Experiments are usually made
upon small scale and their failure when it
occurs, only produces limited evils, but when
made by Governments, they operate on an
extended scale, they affect every interest of
society, and the consequences Of future
would be so fearful and tremendous, that they
should never be risked upon mere faint hopes
Of success, derived from the wild speculations
of visionary theorists II is the province Of
wisdom not to rest on vague abstraction, not
to indulge in thoughtless innovations, but to
consult the familiar paths we have heretofore
trodden; look to the history Of other nations,
investigate the cause Of known events, exam
inc the operation of past measures, and rely
upon those that we know by past experience
to be safe The credit system commenced
with our Government, it has grown with our
growth, it has been incorporated with our in
stitutions--it has fashioned our mole of bust
ness-il is in some measure connected with
all the transactions Of the people, as well in
trade, as in agricultural and mechanical pur-
suits and is suited to the wishes and wants Of
society. By it industry has been rewarded,
enterprise encouraged, and every branch Of
business forwarded in its exertions. 1t has
already achieved much for us-in private con-
Germs, it has had most extended operation,
advancing even beyond the expectations Of the
most sanguine, the profits Of the agriculturist,
and the interest Of all classes in the commu-
nifty. In public affairs it has, if possible, ac-
complished still more for us. 70 it we are
indebted, for our whole system Of internal
improvement, and all the works Of that cha
racter that have grown up under its influence.
II has opened for US canals, built up railroads,
constructed turnpikes, and created that public
spirit in the country, that advocates with un-
faltering energy the system Of internal i'm
provement as one, calculated TO produce the
most beneficial effects on the permanent pros
perity of the nation.
This system has elevated England to the
enviable condition of being the first CONNER
cial and manufacturing nation in the world.
She is, in all the essentials of wealth, greatly
in advance of all the other nations in Europe.
Destitute of the encouraging influence Of this
system, the most prosperous of these nations
have made slow progress in the onward march,
whilst others have refrigerated until they APP
sroximate the lowest stage of political and
pocial degradation.