The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-17
THE CREDIT SYSTEM.

II canno. be disguised that there has been for
time past, the part of certain designing politicians
a determined and concerted warfare against the
whole credit system of the country. Under the plau-
sble pretext of reforming the currency, they have
endeavored TO adopt series of measures whichthey
tondy hoped would, by and by lead TO an exclusive
metallic currency. This hope is still cherished by
them. The Sub Treasury scheme, on the part of
some 1rc knor was designed to accomplish that OBJ
ject And if it is persisted in it will be for the pur-
pose of putting end TO the dynasty OF banks both
great and small" Let us then not be deluded by the
cry of reform which will evcntuac in total subver-
sion of the currency and credit OF the country. AS
far as abuses exist in our banking system, let them
be corrected. But let us not with one fell swoop'
strike them from existence nor attempt experiments
which will prove equally fatal This is the age OF
innovation and experiment. Ii is the age of fanati-
cism both in religion and politics
Under the influence of an extraordinary infatua
ton the last year two has given rise TO some
strange doctrines in the science OF government and
political economy, as dangerous as they are novel
Radical and ultra they threaten not only the stabili
" of our institutions and the ruin of prosperity
but they are revolutionary and leveng. They in
culcate The broken faith of States and contracts they
encourage rreconcileable hostility between the rich
and the poor they appeal 10 the sordid passions OF
the latter to carry out the principles of the agrarian
and their inevitable tendency is to unhnge society;
10 break down our institutions; to demoralize and
degrade the Government and TO produce what led
to the revolution in France To resist this mad cru
sadie of wickedness and folly is the duty of every
good member of society.
The war that has been waged upon the credit Sys
ten of country appears to US TO BE- the height oil
folly That system, as system, is so fully ncorpo-
rated with our institutions, our habits of business,
and modes of thinking and actng-t harmoniseS so
fully with the genius and enterprise of our people,
it has carved out 50 many permanent channels
through which the active operations OF society and
government flow, and it connects the past and the
future By many ties, that il cannot be dispensed
with. II belongs To twenty-Sx independent State
sovereigncs who will never part with the right nor
the practice, whatever the federal Government may
do 1t is destined To be as enduring as the Union,
and we no more dispense with it than with the
navigation that takes ships into every sea, or the
use of steam agent for travelling and saving OF
manual labor. Then why attempt an imposSibility
Why distract the party and the country with The vain
and useless efforts to destroy it But il we could,
we ought not to destroy it. Ii has achieved wonders
Tor country. Starting with rs in our infancy
and weakness II has travelled III beaulul harmony
ever since and has given strength al every step II
has given lis hand and its smile TO agriculture, com
merce manufactures, and internal improvements.
II has made neighborly intercourse between wide
" separated parts of our common country, and has
produced community of interest that has as much
any thing else strengthened the bond OF our
Union, II has introduced continuous stream OF
population and capital from abroad, and has given
Us the strong mans credit in every foreign land;
and, in, the career of national prosperity, II has
carried rs mmeaSurably beyond all competition.
Would il not BE- more than madness - throw away,
il we could, this great lever bn8us" u abf,r hld
been made Of some Of It's powers, or because it was