Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-08-15

CREDIT AND ouERgSor. In his speech 10 the
inhabitants Of Rochester, on the % h of July, Mr.
Webster commented follows. on Gen Jacksons
fayonte doctrine, tia, chose icho trade on borrowed
odpitdi ought 10 break"
We may say, rs often as We please, tina, sthose
who trade on borrowed capital ought to break y
Dui II as an absurd sentiment, from Whosesoever
mouth II idlls and Is not at all consistent, with
our American practice, or our American policy
The United States have acted. and acted most ad.
,antageousy, on system of regular credit. -
The government itself began credits. lite first
bfenth-the earlics, imitation of it's infant lungs
Was credit BY credit it funded the debt Of The
revolution, aud so provided for its payment. On
credit II opened the custom house and wooed the
splrit Of commercial enterprise. On credit it
made the earliest disposition Of lie pablo lands,
and this credit il sought to maintain BY jus, laws.
by sound principles by the involabiIly of con
tracts. and by sustaining sound uniform national
currency. The discounts Of the banks have en-
! iafged this credit, and. while kept within proper
bounds, their operation useful, especially IN those
parts OF the country which and most de
fcieni 10 accumulated capital.
Credlt-reusonablc ahd Just credIt-has cleared
these forests. opened these roads, constructed the
canal built these mills erected these palaces, and
given being to this important city, hardly reduced
from the wilderness thirty years ago. lie who de
cries the use of credit revilcs the history Of Tho
whole country. lie is man who says il cnec
that these great Improvements ough. not 10 hav'
been undertaken and that canals and rail roads
-four mills aud cities are not blessings, bot nf'c
Tons Depend upon II, # we were to come TO Al
exclusive golG currency We should throw ell thes
, things into the hands of lazy arisocrats "accumu
, laing capital. Most rich capitalists drones
They are no, working bees. They live upon III
; accumulated honey Of the industrious but TO
tenfod greater extent would they do so, if ia
credit VAS abolished. Enterprise aud industry
with no assistance but honesty, good hsols, an
D a spiut Of improvement, would be crushed by ia
same Slow that would demoish credit. You a
act upon credit. + II not 90 We can, there
fore, never return to an exclusive metallic curreT
/. cy. Bu, # We could, would stand here tall mi,
). night To prove To you that it would be entirely in
practicable.
p, Bot while no respect could be entertained f
:, those opinions which demand god and silv
n, currency, exclusively, II was We, 10 be remembe
N I'd the, rredeemsble bank paper as bsd. If n
ID worse. hardly know which is the worst, Il
sr hrmbug Of the one. or the fraud Of the other.
. wou.d be piiiab.e if we we're Obliged 10 count
"a nance either. The present state Of things rs q
lie constitutional illegal, and no, 10 be tolerated
Every man is b1und 10 seek 10 change a.. +
paper IL ell The bsuks--lhe very best Of them
be is deprecated. II Will depreciste more sud mot
h. luedeemsble paper never wss. and never Will
a, Kept Al par. Nothing JosIuy The present sta
p- Of things. Al that can excuse II u necessis
ul Both government sud people arc in the snme CO
N. eiiiun. a. neither have the means Of psyllg Tia
e lawful debts "a lawful manner.
ID Ia The bogoage oi 'he ia~. gold and silver
the only money. For Purposes Of commerce,
\ per. when reguluied aud uLder The supervision
ia The government. IL found to be perfectly cafe.
p, tpossibe 10 have better currency than exist
Va 10 this coan,ry Eve y~srs s.nee Could the
- changes be more nHiiyrm 7 Were not the isc
H. ies Of commerce perfect a. they could be ?
VI lle did not vish 10 charge the local banking iu'
igliOas Siih rsshness, % 10 cay that ihey w'
I'd not conducted by Pf0deai mea but all eIPeriei
~ Shows hat they require regulator. lie y
eel sSre that II VAS the decision Of every man al
sr, acquainted with the wants q The eo0btfy,
sho would throw ss.de non -comtniiisllsn. thu