The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-10
THE CREDIT SYSTEM.
THE DEMOC RATIO REVIEW,
MARTIN VAN buren,.
VERSUS
Extract from ae Presidents Message.

Extract from TIE Presidents Message.
"Idesire not to undervalue the benefits Of salu-
tary credit TO any branch Of enterprise. The credit
bestowed on proby and industry is the just reward
of merit and an honorable incentive to further ac-
QUESTION. None oppose it who love their country
and understand its welfare"
Extract from The United States Naga@ine and De-
moeratie Rerier, {" Autobiography ofFerret Snapp
Newcrah Esq being full exposition and exem-
| plfcation of the CREDIT SYSTEM"
al desgnedy omit the place OF my birth, that
being matter of some doubt TO myself, inasmuch as
from my earliest recollection led sort OF miscel-
laneous life, seldom remaining long IN The same
place and moving about occasion made necessary
| or convenient My family, though poor, was OF
great antiquity, and withal respectable, since have
often heard my father say, not one OF his ancestors
had ever, to his knowledge, degraded himself by
| following any regular occupation. The only tainted
| limb of the family was our grandfather, who was
| ANONYMOUSLY bound apprentice to cobbler; but
thank Heaven, he Runaway before he took degree,
and became distinguished as all our race have been,
| BY "living by their wits!-an expressive phrase
which distinguishes the happy few from the misera-
BILE many, who are Justly condemned TO live by the
sweat Of the brow, seeing they cannot live by the
sweat of the brain. The consequence is, that the
latter have foolish prejudice against the former,
arising no doubt, from an innate sense OF their in
feriory.
My early education was like my mode of life,
rather miscellaneous In fact, setting aside little
sma,tering of reading writing, and cyPherng, that
obtained, at various times, il consisted principally
in the example and precepts OF my father. AS we
ranibed about from town totown-for my father sell
dom remained long in one place, on account, he
said of the envy and i'll will he excited by the supe
rorty of his wts-he would stop and call my atten-
ton to fall Of water, little murmuring river, a
particular point of land, or some other matter, and
tell me what capital speculation he could make out
of it if he only had the money. In one place, he
would erect great mandatory; in another, make
the river navigabe in third, found city and in
a fourth, cut a canal that would enrich the whole
country. So far as could judge, at that time, his
sole dependence was on these castles in the air,
which he never realized, except in the way OF now
and then pcrsuading some poor dolt Of a working
man, who had saved money, to embark II in some
of his speculations which confess almost al
ways failed for want as my father said, Of proper
credit system founded on paper-money. But though
they failed my father always managed to take care
of himself which he affirmed was the first duty Of
man, and TO save enough from the wreck to serve
him till he could hatch some other speculation
RIpcuLE, says Lord SALISBURY is the ties; of truth
Blu, we humby submit, whether the editors Of the
Democratic Review in their feeble attempt to apply
this "test" to the credit systea,," have not them
selves become most ridiculous2 .... ..
We have given fair specimen of this Squire
FERRET SNAPP NEWCRAFT'S Martyrdom"
of the /" Credit Systcm," which consists of twenty
pages If this be not enough to make public senti-
ment heave the gorge at 1t" we VIII repeat and
increase the dose. ..~
Mr.. Van Buren, must be highly gratiied to find
such able coadjutors in support of his system Of
/" salutary credit" which none oppose rho lore their
country and UNDERSTAND IT'S WELFARE"
In speaking of the great loss Of capital sustained
By cur commercial emporium in The fire Of December
1885, Mr. Van Buren, says, "Mc effects Of liz aoere
underrated at tie time because postponed for season
BIZ the GREAT FACILITIES OF CREDIT then
criaing"
If credit will enable us 10 "poapone" calamities,
we think this better test of its value than SoUIRE
FERRET SNAPP NEWCRAFT has been able TO
furnish BY the way, this FERRET sNAPP
NEWCRAFT, Esq, is new Saint in the calendar
of Democi acy--wonder whether he be Native
American, or only naturalized Saint, baptized by
the Venus of Democracy #....