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

~ 80 VIZ G0NhAAtra OF EhFnpe We're
. q clear and well defined line aelween
capital and isbar: = line whieh strikes
through sneleiy siih horizontal sweep,
leaving m ane side wealth. in masses.
hnldea By few hands. and those having
liilie participation in the Ishprinus pur-
suits af life: On the other. The Ihranr.
ing mullilutles II labor. with here and
there, only. an instance nf such aeeu-
mnl4tian Of earrings ~ - deserve The
name nj capital. This distinction. in
deed. 10 not universal AMI absnlule in any
of The eammereiai states of Europe. AMI
Il grows less AMI less definite a. COM
merce advances: the efrrci 0f eammerrs
and manufactures. a. al history shsss,
being. eEsry where. 10 diifa.e wealth.
sai MT ~ all its aecnmala:ina in few
hsnd.. Bul still The line j. really mnr.
broad. marked. AMI visible IN European
nations. than in the United States. L.
those nations. The gains nj capital. anil
wages. Or the EARNINGS OF labor. are MT
anlv distinct IN idea. ~ elements 0f the
.cienrs of political economy. but. 10 a
great degree. also. distinct in fact; md
lahrir Respective claims. aud merits. and
no'les of relative adjustment. become
subjects II Discussion and NJ public rrgu-
lstinn. Nav. sir. every body mat see
that that !. a STATE ~ things which does
m, exist with ~. We have no such We
slble anl broad distinction between capi.
I'll and lahar: and much al the general
happiness NJ all classes results fran this.
Vita u.. lahE is every hav ansmenling
It's means hy ia own Industry: no, in al
eases. indeed, but 10 very many. 1t.
savings NJ Yesterday become lis rspital.
iherefnre. Of to-day. On Ihe other hand,
vastly tie greater portion 0f The property
nf The county exists in such small guam
titles thai it, holders cannot dispense al
together with their nwn personal inius.
try: or IL. in some instances. capital he
accumulated ill il rises tn what may be
cniled afIlnenre. il il usually disiniegfa-
ted and broken inia PARTICLES ag> in. IN
nne or two generations. The ahaliiion
Of the rights nf prinogeni'ure: the de-
scent of property Of every snrt IN fe males
~ well AZ males; the cheap and easy
means hv which property il transferred
and rnnvryed: the high prize !of labor;
the low price Of land; the genius of our
nnliliral Institutions: in fine. every thing
belonging to us, cnnuieracts large accu-
mutation. This is our actual system.
Our palilics. our constitutions, our ele-
mentarv l1ws. our hlhiis, all centre in
this point, nr tend to This result. From
where | nsw stand. tn the extremity oi
the northeast. vastly the creates, part oi
the property Of the country is IN the
hanls and ownership nf those whose per-
sonal industry il emplhvel in snme form
of productive labor. General competence.
general educ a,ihn. enterprise, activity.
and industry. such as never before per-
vailed anv society, are the characteristics
which distinguish the people VINO live.
and move. and az, in This state Of things,
such as | have described it.
Now, sir, IL this be true, as | think il
is, all mus, perceive that in the United
/ States, capital caunnt say to labnr and
, industry. &" Stand We Wonder, while
come M hilher:" hut labor and industry
Law hold IN capital. hreak il into parcels,
use il, diiTGse it widely. anil instead al
leaving i, To repose in its own inertness,
ca mel il to &C, a, once as their own sli'
mulus and their own instrument.
Bat, sir, this is not all. There is an
other view still more Immediately affect
ing the operation and use Of credit. H.
every wealthy CO immunity. however e
oually property my be divided, there
will always be some proper,y-holler:
who live on its income. u this property
he land, they live on rent; IL il be money,
they live on its interest. The amount
Of real estate held in this country or
lease, is comparatively very small. ex
cent in cities. Bat there are individual:
and families, trustees and guardians, ant
various literary and charitable institu
lions, whn have occasion 10 invest funds
for the purpose If annual monied income
} Where do they invest! where can the,
invest! The answer to these question;
shows a, once . mighty difference be-
tween the state of things here, and tina
in England. Here. these investments
to produce moneyed income, are mad,
in banks, insurance companies. canal ant
railroad corporations. and other similar
institutions. Placed thus Immediately IL
active hands. this capital, il is evident
becomes at once the basis of business; i
gives occupation, pays labor. exci,es en-
terprise, and performs, in short. all III,
|, func,inns If employed money. But il
r England, investments for such purpose
, usually take another direction. Their
/; is, in England, vas. amount Of pubIi
r stocks, as eigh, or nine hundred million
E sterling Of public deb, actually exists
, constituting, to the amount of its annua
: interest. a charge on the active capita
1 and Industry Of the country. In the hand
3. Of individuals. portions Of this deb, ar
: capital; that is, they produce income 4
p The ,.,nr;etors and income without Ia