Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-13

sh tho rate of wages' IF wc cur,ail tho
general business of society, does not every
la5oring man find his condition grow daily
worscl
In the politics Of The day, sir, we hear
much said about divorces; aud when we
abolish credit, VIC shall divorce labor from
capital; and, depend on it., sir, when We
divorce labor from capital, capital is hoard
ed, and labor starves. The declaration so
often quoted, that call who trade on Dor.
rowed capital ought TO break" Is the must
aris'ocratlc sentiment ever uttered in his
country. 1t is a sen,mcn, which, if car
rled out by political arrangement, would
condemn the great majority of mankind to
the perpelua condition Of mere day labor
ers. II goes TO take away from them all
that solace and hope which arises from pos
scsslng something which they can call their
own. A man loves his own; it is Fl, and
natural that he should do so and he will
love his country and it's institutions, if he
have som" stake in il, although il be but a
very sinai! part of the general mass OF
property. II u be- but cottage. an acre,
a garden, its possession raises him. gives
him seIt.respcct, and strengthens his at.
'achment to his country. us our happy
condition, by the blessings OF Providence,
that almost every man Of sound health, IN
dnsrions habits, and good morals, can or.
dnarIly attain, n, least. 10 this degree of
comfort and responsibility; and it is re.
suit devonty 10 be wished, both for its in.
d'v'dua and its general consequences.
Bat even to this degree OF acquisition.
tina; credit, of which have already SAID 81
much. (aS lis general effect ls to RAISE the
price Of wages, and render industry pro-
duc'Ive, Is highly important There is
no condition 50 low If it be attended with
industry and economy, which this credit
does not benefit, "a any one will tiud. i; he
viii examine and follow out It's operations.
Such. Mr.. President. being the credit
system IN the United S ates, "a | under.
stand it. now add that the banks have
been The agents and their circulation the
instrument, by winch the general opera.
lons Of this credit have been conducted
Much Of the capital % The country, placed
n, interest i. vested in hank stock. and
those who borrow. borrow a. the banks :;
aud discounts Of bills, aud anticlpaions Of
payments IN all is forms, The regular and
appropriate duty Of banks, prevail unlver.
sally.
In the North. the banks have enabled
the manufacturers of all classes to realize
the proceeds Of their industry at an early
moment. The course has been, that the
producers o. commodities for Southern con
sumption, having despatched their products,
draw their bia. These bills are discount
ed at the banks, and with the proceeds
other raw material is bought, and other
labor paid; and thus the general business
Is continued IN progress. All this is well
known to those who have had opportunity
to be acquainted with such concerns.
Bot bank credit has not been more ne
ccssarv to the North than to the South.
Indeed, nowhere has interest been higher,
or The demand for capital greater, or the
full benefit of credit moro indispensable,
lhan in the new cotton aud sugar growing
$ ates. ask gentlemen from those States
# this be no, so, lave no, the Plan
'a,lons been bought and the necessary la
bnr procured, to great eX'cnt on credit
Has cot this credit bean obtained a, the
banks? Even now do they not find credits,
or advances on their crops, important III
enabling them to get those crops to mark
ct? And lfthere had heen no crcdit-lf a
hard money system had prevailed, let me
ask them what would have been, at this
moment, the condition Of things in A 'aba-
mn, Louisiana, Mississippi, and Arkansa,
These Safes, SIR, with Tennessee and the
South Atlantic Safes. constitute the great
plantation interest That there has been
ua, l,,,onl o., 81 Ia. cd
thus interest is sufficiently proved by the
high price paid for the use of money.
In my opinion, sir, credit is as essential
to the great export ofihe South, Us to any
other interest. The agriculture ofthe COT.
ton ard sugar. producing States par'akes,
IN no lncnusderabe degree. of the nature
of commerce.. The product and sale of one
great staple only, is an operation essential
" different from Ordinary farming pursuits.
Tha exports oflhe South, indeed, may be
considered rs the aggregate result, Of vari
ons forms and modes of industry, carried
on by various hands, and in various places,
rather than ns the mere product of the
plantation. That product itself is local
but It's indispensable aids and means are
drawn from every part of the UnIon.
WHAT Is It. SIR, that enables Southern
labor to apply itself so exclusively to the
cultivation of these great articles for ex
port Ceralnly, it ls 50 applied because
iis own necessities for provision and clo-
thing are supplied, meanwhile, from OF, her
quarters. The South ral.es 10 sell, aud
not 10 consume and with the proceeds of
the sales it supphes itself with whatever
is own consumption demands. There 1re
exceptions; but thus is he general truth |
The hat-makers, -h0e makers, furniture.
makers, and carriage makers OF the North.
the Splnners at lowell, and the weavers at
Phladrl phla, are all contributors to the
general product both OF cotton aad sugar,
tor export abroad: as are the I've s,ock
rAIsPrs of NnniurkY HE nrnin. MON mn