Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-23
THE CREDIT SYSTEM.

one seldom meets with picco of cnd--whose bank
ing companies, whether with OF without chu"t sub
jerted to restraints control but such ~ sprung
out oil the vigilance Of ltcr and eager rompetition
have Tor upwards OF a century together conducted
their affairs with much skill, integrity. hnd ptu
denee, rs not only never have oeeasencd amy loss
either 10 the public he parties Interested bnt on
the contrary, by the confession Of all competent
Judges to have conferred the greatest blessings upon
bnlto have contributed more illaa any single cause
perhaps, than all olher causes put eeeirrt To hfh8
aud drvclope completely all the resources OF the
land, foster industry, to auinne enterprise, ana by
abundant supply oil the mclus o exchange, to turn
It's capital and labor the greatest possblc aeconn,
where, III addition IL these economical adrtn lSes,
they have coutrvcl 10 exercise h2h moiM couFe''
a sort ol ccnsotla authority, over the community,
aud especially the humber clHsses oil H. by bes'o"hs
rewards IN the shape III credit upon industry aud =
cnnomy, and lending upon good personal ehar' cef ~
If II suliI capital aAi through sNse o' casa
accounts anI Interest upon small deposics nave Il
ven To the deserving labotrr the combined Nantases
OF II Saving, Il ,nh and friendly ehdoner-a toutl-
nv which has made greater progress, within the lef'-
od mentioned, thAn any other ~ Euiope, with IN a.
fcullurc second Of secnnd) ouly 10 that 4" Flanders
with llouri,hing commerce, Win utlnuidelules oi
the greatest extent and The most exquisite refinement
Whose cities have almost kept pace with ours,
whose whole IN ils glalness and braulv hears
testimony 10 the spirit Of Improvement thlt has ani
matel hei-wlat Country Is that g! Scotland, sit
Every body has heard, ought 10 have hcMd, OF lis
Scotch system ofhhkiug, aud ask II any lhhF tan
be more rrccouclibe wilh the Ileorifs 80 eohUdtnt'
" advanced here, thn tAtts connected with It's liislo-
~ know, sir WIN, may be said IN reply to his
/ otiierWl,r triumphant example. | an aware that the
Scotch bauts have III tunes Of pressure, bcen com.
/ PEELED II lean upon the Balk OF England--ihat OBJ
lection, have been made by high authorities, to the
principles on which thny have been conducted, aud
that other pcrsous, admitting thef nnqucstouabe
usefulness aud success, have asetibed II 10 circnm-
stlncFs which rendrr the system IN unht model loi
imitation elsewhere. Be- IT But still 1t Is bank
ing---hauhing the Englsh plan with avery nnde-
Quaie supply, scarcely any supply al bullion bank
iug without limitation OF control, Without any 'cler.
cnec responsibility IT, government--tanhng, III "A
word. w All TIA defects imputed 10 thlt system, III
their most exaggerated forms.
But # lh, example be not satisfactory, let us look
al the experience oi tie two other countnes II witch
the system exists aud exists, as We are told ~ Its
mosl ,iciou. stae-Englaul aud The United States.
Look N the icsults. have no iaa At all ~ Si''en=
lative politics. iheorN III government Is ~ dan
.cfous thcois III mtdicuc, III III aeuct'iu,c, al
for precisely The same a,0n-tbe subjects are too
complicated aud too obscure for SIMPLE aud decisive
experiments. 80 for undisputcd results in the long
run. Now surely philosophical inquirer into the
history of the commerce aud public ecoton'y o'
nations, he saw people pic-cmlnenily distinguishes
ed IA those particulars above all offs, would he m
clined ascribe HER superiority 10 what was Pfcn-
lar IN thr institutions AT least whatever might b.
his IDEAS priOri such subjects, he woul, be very
slow Ia deny to any remarkable peculiarly III those
institutions it's fall importance As Que ol ihc probable
calses Of the success which lic Witnessed unless he
could clearly show the contrary. lhen, sir by what
example ia 10 be guided IN such matters II not
by that of En.and-hv FAR the most magniiieent
manifestation the world III any age III H. has ever be
held of tie might aud grandeur ol civilized life Sir.
/ have weighed every syllable that uiet--l express
deliberate conviction, founded upona patcn IhGn-
~ aud conplrlson NJ complete a, my limited
knowledge has enabled me 10 nake II. between tile
past and present condition OF mankind aud beiwesn
The great nation of which ! speaking aud those
winch surround her. Sir. there Is eulph between
then-the narrow channel separate, wot|dslt ~ III
ocean more dian three thousand miles wide appeal
TO any who IN, been abroad whether gong from
England to any part Of the continent be not des-
eendIng immensely III the scale OF cis''iaaiion.
know that IN oi the grace, o polisllci sncet,,
IN some of the OF an elegant imagination, HAT III
the sciences, and ~ learning aud goner
. intellectual civilizations, ndiInn, Have cNcellcd
perhaps many eqaasd England. But IN that civil
Ilation Which, ~ have sad before II Is the great
end OF modern political cconuny 10 promote, and
which is immediately connected with tie subject be
fore you--wncl once sIriugs out and leads Ia the
accumulation of capll aud the distribution OF wealth
aud comfort through all classes OF Il community, with
imnIruse AZ greeafe III rational power aud rcsour
,es--tlat civilization which enables MN 10 "wleld
these elements and arm iin with the force Of all hcir
regions," which eives him domlnlon over all other
creatures, and mahcs him cmPl1tlcaly tile Lord oi
the l'niscrsc-hat civilization winch consists not II
music, not in playing the tlute, rs the AhcnIan
hero said, but in turning small city into great one
iii that victorious, triumphant, irresistible civilian
lion. HERE is nothing recorded il the annals ol
kind that does not sink into the shades of the deepest
eclipse by the SIDE uf Enel,Hd. ! say n,tling oI her
recent ACHIEVEMENTS on the land aud the sSa--oi her
fleets, her armies, her subsidized allies. .ook The
Thames crowded with shpplns-sslt her ar,rnai,,
her docks her canals her railways, her factories, her
mines, her Warehouses; her rords and bridges, go
through the streets OF hat wonderful metropolis the
bank. the cnpofium and tie exchange OF the whole |
wori-coIvcrse with those merchants no conduct |
and control, rs far is possible TO control, the
commerce OF all nations, with those manufacturers
who FIJI every MAJ et with Their untisdled Products
into that bank which the repository oie precious
metals FOR all Europe--consldcr It's notes As well as
the bills u private bankers, at premium every here,
more valuable than specie symbols not merely OF gold.
but OF what is far precious than gold yea than
fine gold, OF perfect good faith, OF unblcmshed III
tegrty Il shgacious enterprise OF steadiasi, ctscyef-
ing industry, of boundicss wealth. OF business
tenslye with the earth, aud of all tllcse things possess
sed, exercised, enjoyed protected. under system oil
liberty chaSicned by the law which maintains it, and
OF law soItencd and tgatcd by the spirit OF liberty
which II brcathes throughout. Sir, know, as well
as any what eompensalons there for this OPP
nlence aud power for II is the condition of our being
that we ''buy blessings price" know thai
there are disturbing causes which have hitherto mar
red, degree, the effect of this high and mighty
c.Iliza,om bu The band OF reform has been already
applied to them and every thing promises the most
~.