The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-04

me lniru. - n0r own nays. Ihefe are
thousands Of individuals. therefore. whose
6xed income arises. MT Iron the active
use ii properly. either IN lheis own hands
or The hands af others. but from the in
lsrest On thai part If this National charge
- which they are eniiile,l. II. there
fore. NE use The term capital hnI in tie
sense NJ political reon"lny eTerily. but
as implying whaisEsr returns inrnme 10
individuals. we find an almost incaicnla-
bic mass 50 eiTeumstaneed as nj Io DC
The basis of arrive operations.
To illustrate this flea further. sir. lei
us suppose that. by some occurrence.
lsuch - IL certainly never Co he expert
cd. This deb, shnula he paid M; suppose
iIs holders were 10 EsreiEe. ui-R"rfnw.
their fall anaunis; wha, wnaii iliry ID
with them! Why. sir. II they were "hli-
eed TO iaan the one-quarier part inio ihe
hands nf tie industrious classes. far n.
purposes of employment IN active husi
ness; aud Il This oPeraiipn could be az
canpaniri by the same Intelligence snd
industry among the people which prevail
with Us. tls result would do mare 10.
wards raising the character az tie labor
ing classes. than all ihe refnrm. in Par
lament, and o;her general political ape
raiions. Il would be a, If this debt h,
never been contracted: a. if the money
hid never been sprni. and nos remained
parI Ol the active capital nf The country,
rnplavsd IN the business of life. iiut
this debt. sir. has created on eRarmons
amount of private property. upon the in
come of which lis owners live. which
dues nai require their nwn active labnr
or thai OF others. We have nn such debt:
We have M such mode III lnveslmenr: aud
this Circumstance gives quite different
aspect aud dIlfrren. reality To nur con.
dIlian.
NoS. Mr.. President, what I understand
hy the credit system is. that which thus
connects labor anil capital, nv giving tn
labar the use NJ capital. IL nlhsr words.
intelligence. good character, AMI gnnl
morals, bssiow on thnse who have nnl
capital, power. a trust. a confidence.
which enables them 90 obtain u. aud T.,
employ il uselnIly for themselves and 9TH
ers. Those active men 81 business build
their hope nf success on their attentive
ness. their rcouomy, and their integrity
4 wider theatre for useful activity is un-
der their leet, AMI around them. than was
ever spread hefnrs the eyes Oi the ynung
AMI en,erprising generations of men, on
anv other spni enlightened by the sun.
Before them il the ocean. Every thing
in that direction invites them TO efforts n
enterprise and industry in the pursuit al
commerce and the fisheries. Arount
them, ~ all hands. are thriving and pros
peruus manufacturers; al improving agrt
culture, aud The daily presentation al new
objects Of internal Improvement: Will,
behind them is almost half continent %
the richest Ian l, a, the cheapest prizes
under healthful clima,ps. and washed b.
the most magnificent rivers that on an,
par, Of the globe pay their homage 70 III,
sea. In the midst Of all these glowing
and glorious prospects, they are neither
restrained By ignorance, nor smiiien dnwr
by the penury Of personal circumstances
They are not compelled 10 contemplate
in hopcIessness aud despair, all the adj
vsntages thus bestowed on their condiuOr
by Providence. Capital though they may
have little or none. CREDIT supplies il
place; not as the refuge of the prodlga
and reckless; not as gratifying presen
wants with the certainty Of future sbsn
lutte ruin; but as the genus of HONORABLE,
trust and confidence; as the blessing, vo
UNFAIRLY offered 10 good char ,cler and &
good conduct; as the beneicent agen,
which assists honesty and enterprise il
obtaining comfort aud independence.
Mr.. President. take away this credit
and what remains! do not ask wha
remains TO The few, but 10 the many
Take away this system ofcrediI. and .heI
tell me what is lief. for labor aud indus
try. hu, mere manual toll and daily druid
gerry! lf we adopt system thai with
draws capital from active employment
do we not diminish the rate of wages.
we curlsil The general business Of society
does not every laboring man find his con
di,ion grow daily worse! In the politc
of the day. sir, we hear much said abou
divorces: and when we abolish credit
we shall divorce labor from capital; aud
depend on il, sir, when We divorce Ia
Dor from capital. capital is boarded
land labor siarves. The declaration 81
often quoted, tina. "all VINO trade OF
borrowed capital oush, to break" is th
most aristocrstic sentiment ever utter
ed 10 this country. 1t is a sen,imen
which, if carried out BY political arrange
ment. would condemn the great majnrit
of mankind to the perpetual condiu"n a
mere day-labnrers. Il goes To take ava
from them all that solace and hope whic
arises from possessing something whlc
they can call their own. A man love
his own: il is fit and natural that h
should do so: and he will love his cour
try and It's institutions, if he have som
stake in il. although u be but very sma