The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-08-26
THE CREDIT SYSTEM.

subject from the Rochester(N. y. )Repub-
Hcdn.-It embraces many sound views, and
combats, successfully, the declarations of
the wings, that the designs of the democrat
ic party is to ''destroy the credit system of
the United States" by the establishment of
an erClltsiUe metallic currency.
The universal whig currency party, in
conjunction with many pseudo-democrats,
have commenced the joint shout of "Gredt
is the credit system Of the United States,
and death to the ugrdriunS that would de-
Sfroy it!'' This clamor reminds us of one
certain Ephesians of old who adopted the
same style of urg,nlent when they suppo-
sed their craft in danger from the preaching
of noted Reformer of that age, and the
wings and their co-workers ofthis, is per-
fect-both acting from sordid motives. To
have presented the matters in dispute fairly
before the people, would have been death
to the CRAFTSMEN of Ephesus-so also
would it be to the schemes of those who are
so loud in the praise of "the credit SYSTEM"
and as the other resorted to cLAMoR for pro-
lection against the force of truth, so do the
latter for the preservation and perpetuation
of corrupt and useless banking system.
1t is important in all contests that the
combattants be we'll Informed as to the
matter in controversy: else, after the fray,
they may have the modification to find that
they have given and received blows on the
wrong side-that they have dealt to their
friends, what should have been awarded TO
their enemies. The wings and their abet-
tors say that the friends of the Administra-
ton are aiming to destroy ''the credit SyS-
tenn" of the U. S. by which is meant the
Bank system, by the establishment of an
"ercluSi0e metallic currency." 1t is on
this ground that the shout is raised, of
"great is the credit (hat is, the present
banking) system of the United States, and
in which the people are invited to join.
But before they do this, let them be well
assured that they are not deceived by the
CRAFTINEss of the Bank CRAFTSMEN. The
REAL DEMOCRAT seeks NOT the
DESTRUCTION OF CREDIT, but rather its
ENFRANCHISEMENT from legislative
thraldom, whereby it is now made subser-
Went to the views ofthe schemeing and cor
rupt. He neither wishes for nor seeks the
establishment of an EXCLUSIVE metallic cur
rency, but wishes, so long as it is the ONLY
CUhkENCt oh AhAS OoNo III u
rIoM OF HIS COUNTRY, that laws should not
be Trained calculated to entomb it in the
vaults of banks, while it's place is supplied
by deprecated paper representative-the
certain result of the so-much-vaunted CRED
1T SYSTEM WHILE sHACKLED BY INJUDICIoUs
LAWS. This is the common sense view of
the subject, and let it be fairly presented to
the people and justice will triumph in spite
of the concentrated efforts of bank monopo.
lists, though backed by the labors of legion
of political missionaries like Daniel Webster.
1t is true, the nation is just emerging
from pecuniary embarrassment of no or
binary character, & many look to the estab-
lishment of National Bank as the only
remedy for the present disease, and as the
only obstacle to its recurrence iii future.
Those who thus reason, are "mis-t-a-k-e-n-"
The EMANCIPATION OF CREDIT will do both
but National Bank neither.
"The regulation of the currency" is a
cant phrase with whig politicians, yet to
adopt Mr.. WebSfer'S plan Of doing H.,
would be eE7@ TO dnnihiidfe eUery State
Bank in the Union, as well as the power
to charter such Institutions! Short of the
exercise of such power, the "regulator"
would do little towards the execution of its
office; with it, the people of the United
States would become the victims of bank
despotism of the most odious character
That Congress possesses the exclusive pow
er of "regulaiing the currency of the coun-
try is readily granted, but this power is
derived from that clause ofthe Constitution
which declares that congress shall have
power to coin money and to regulate or fix
(mark the phraseN the value thereof 1t
does not say congress shall REGULATE the
"credit SYSTEM according to the doctrines
of Daniel Webster and his wOrshippers.
The Constitution knows no other currency
but metallic one, and il is that, and that on
ly, which congress has power to REGULATE.
The 'credit system" and the constitutional
currency are not identical-a fact which the
wings and monopolist, seem anxious to for
get or conceal. The true method to obviate
the present and avoid future difficulties is,
to u,,shackle the credit or bank system,
thereby efecting complete enforcement
Of bank and StGte--a conjunction which
has brought much evil on our country.
THE NEXT SENATE.
There are many reasons to believe that,