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

hUN'TIlNt1l Huu IIuUlitSl'u Nv uiSpuF'' WV
to look out tof Itself exclusively. What
was good enough for The People, was good
enough for Government. No condescend-
ing and gracious preference had, before
that pcrod, eyer been rendered to members
of Congress, over other persons having
claims upon the public finds. Such a sim
guar spectacle had never been exhibited
as an amicablo, dlsnicresied, and patriotic
understanding, between those who are to
vote taxes on The People, for the purpose
of rcplenlshing the Treasury, and those
who, from the Treasury, dispense the
money back again among those who have
claims on II. In that respect think the
Secretary stands one. He is tic first
sol(ar as know, III our long list Of able
heads Of Dcpaumcn's who has thought II
dclcato and skllful touch, in financial
administration, to be particularly kind and
complasant to the interest of the law
makers,-those who hold the TAX laying
power; the first whose great Difference
and cordial regard for members of Con-
rress have led h'm to provide for them, n,
the medium Of payment and receipt, some
thing more valuable than is provided, a.
Inc same time, for the army, the navy, The
Judges. the Revolutionary pensioners, ard
the various classes Of laborers in the pay
o. Government.
Throueh our whole history, sir, we have
found convertible paper currency, under
proper control, highly useful, by It's plIabIl-
ity to circumstances, and by lis capacity OF
enlargement, in a reasonable degree, to
meet he demands of q new aud cn'erpri.
sing community. As have already sad,
sir we owe permanent dcbl OF a hundred
millions abroad aud III the present abun,
daucc Of money in n0g)lnd and the state
Of demand here, this amount VIII probably
br Increased. Bat it must be evldcn' to
every one, that, so lon. as, by safe use Of
paper. we give some reasonable expansion
TO our own circulation, or al least do not
unrcasonably contract 1t, we do, To thar
extent. crnate or maintain an abi'lv for
!nnUs among ourselves, and go far diminish
the ampnnt Of annuaI interest paid abroad
Bat let me now, Mr.. President, ask the
attention of the Senate 10 ano'her subj"cr,
upon which. lndeod, much la, already been
-a'd: mcan that winch Is usually called
the CREDIT SYSTEM.
Sr, what j.. that syslcm' Why is crcdii
a word %; 80 much solid Importance, aud OF
50 powerful charm 10 the UnNcl States
Why Is it that n shock has been felt
through all classes and all interests, III"
fir, moment that this credit hG- been dis
iu,bad? d ,es ia Importance b 'oug,
qualiy. to all commercial States? Or ere
there pccnlatltiGs IN cur condition, or
habits, and modes Of business. which make
credit more indispensable, md mngle it
more naturally, more ultimately, with the
Ilfc-biood of our system'
\ full and philosophical answer 10 these
inquiries, Mr. President, would demand
tina, should set forth both the ground.
work and the structure of our social system
1t would show that the wealth and prosper
liy Of the country have as broad a iounda
ton as lis popular constitutions. Undoubt
eddy there are pccnIlarl'Ies IN that system,
resulting from the nature of our political
institutions, from our elementary laws,
and from the general character Of the PEG
pie. These peculllrltles most unqnes,lOn-
ably give to credit, or 10 those means and
those arrangements, by whatever names
we call them, which are calculated to keep
The whole, or by far the greater part. Of
the capital of The country in state Of
constant activity. degree Of Importance
far exceeding what is experienced else
where.
In the old countries of Europe there is a
clear and well. defined line, between capt.
ia and labor: line which strikes through
society with a horizontal sweep, leaving
on one 81 lie wealth, III masses, holden by
'rW hands, AMI those having little par,>cl.
patton in the labotous pursuits Of life; on
the olbcr, the tllronglng mulI'uGes OF
labor, with here and there, only, an in
stance of such accumulation of earnings a.
to deserve the name Of capital TnIs
distinction, indeed, il not universal and
absolute in any Of the commercial States Of
Europe, aud It grows less ADD loss definite
as commerce advances; the effect of com
merce aHd manufactures, as all history
shows, being, every where, to dllnse
wealth aud NOT to aid its accumulation in
few hands. Bat sui the line is greatly
more broad, marked aud visible in Euro
rOpcan nations, than IL the UDl,cd Sla
In these nations, the gains of capital, and
wages. or the earnings OF labor, are not
only distinct in idea, as elements of the
science OF political economy, but, to graa
degree, also. distinct in fact; and their
respective claims, aud merits, and modes
Of relative adjustment, become subjects Of
DISCUSSION and of public regulation Now,
sir, every body may see that that is state
OF things which does not EXIT wuh Us.
We have no SUCH visible ana broad dis