Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-21


plenishing the Treasury, and those who, from the
Treasury dispense the money back again among
those who have claims it. In that respect
think the Secretary stands alone He - tht
first, SO far as know, in our long list OF able
heads Of Departments, who has thought II del
icaic and skiiful touch, in financial admnistra
ton, to be particularly kind and compiaisant te
the interest Of the law -makers,-those who hoic
the tax-laying power; the first whose great dc
fence and cordial regard for members Of Congress
have led him to provide for them, as the medium
Of payment AMI receipt, something more valua
Bile than is provided, at the same time, for the
army, the navy, the judges, tho revolutionary
pensioners, and the various classes OF laborcss IN
the pay OC government.
| Through our whole history, sir, VIC have found
n convertible paper currency, under proper con-
troll, highly useful, by its liability to circum-
stances, and BY its capacity Of enlargement, in a
reasonable degree, to meet the demands Of new
and cnterprising community. AS have already
said, sir. we owe n permanent debt Of a hundred
millions abroad and in tho present abundance OF
money in England, and the state Of demand here,
this amount will probably be increased But II
must be evident to every one, that SO long as, by
a safe use Of paper, we give somo reasonable ex-
pansion 70 our own circulation, or at least DO
not unrcasonably contract it, we do, to that ex-
tent, create or maintain ability for loans a.
mony ourselves, and so far diminish the amount
Of annual interest paid abroad.
tcution Of the Senate to another subject, upon
which. indeed, much has already been said:
mean that Which is usually called the credit sys-
tenn. 49,
Sir, what is that system? Why is credit a
word Of so much solid Importance, and o: so
powerful charm, in the United StatesY why IS
It that a shock has been felt through all classes
and all interests, the first moment that this cred
il has been disturbed? Does its importance be-
long. equally, To all commercial States! Or are
there pec,iarities in our condition, our HABITS,
and modes Of business, which made credit more
indispensable, and minglc IT more naturally,
more intimately, with the iiie-b!ood OF OUT sss-
TEN?
A fall and philosophical answer TO these IN
on;r;es. Mr.. President, would demand that
should set forth the ground work and the structure
Of our social system. 1t would snow th"t "o
wealth and prosperity Of the country nave a'
broad foundation its popular CONSTRUCTORS
Undoubtedly there are pccul'Hr't'es J" '''a, sy
tenn, resulting from the nature OF our Pont.ca'
| Institutions from orr elementary laws, and from
the yenerL character of the people. These Pc
cularitics most unqucs;c.r5sy :ivo :" credit. or
TO these means AMI those arrangements. by what
ever names VIC call them, which are calculated
to keen the WHOLE or by far the greater part, OF
tho capital Of the country in Il state OF constant
activity, a degree OF Importance Tar exceeding
what is experienced elsewhere.
In the old countries Of Europe there IS clear
and well defined limo between capital and labor:
line which strikes through society with hori-
zontal Sweep leaving one side wealth., IN mas
scs. holder by few hands, and those having little
partc;patiou in the laborious pursuits OF Iile on
the other, the thronging mu:Itudes OF i1oo,,
with here and there, only, an instance OF sucn
accumulation Of earnings as to deserve pc
name of capital. This distinction, indeed, IS not
universal and absolute in any Of the commercial
states Of Europe, and it grows less and less de-
finite rs commerce advances; the effect OF COM
mcrce and manufactures, as all history SHOWS,
bcinp every where, to difusc wealth.. ana NOT 10
aid its accommodating in few hands But sti' tne
line is greatly more broad marked, ana Vis'o'c :"
Enronoen nations. ,hon in the United States. In
those nations, the gains Of capital. and wages,
ar the earnings of labor, rot only cistin't III
fact and their respective claims. and merits, ana
modes Of relative adjustment become sInjeet OF
discussion and Of public regulation. NOW, sif'
every BODY may see that that Is a state OF tni"Ss
which docs not exist with us we nave no sue"
visible and broad distinction between capital ana
labor. and much Of tho general happiness OF all
classes results ftom this. With us. labor Is every
d,x ia auomcp,ing its means by Its own INDUS
,,y NOT in all cases, indeed, but i'll very many.
LIS savings Of Yesterday become ITS capital To-Day
On the other hand, vastly the greater portion Q,
the property Of tho country exists IN such small
,.,;,;cs Tint ito holders cannot dispense alto
1e,her with their own personal industry or IL, IN
some instances, capital be accumulated I'LL I" r.
-cs 10 what may be called afiuence. It - usually
and broken into particles again, IN
one or two generations. The abolition OF the
rights Of prin1ogcniturc; the descent OF properly
n every sort TO females well as males, the
cheap and easy means by which property IS trans
ferred and conveyed; the high price OF labor; the
low price Of land; the genius Of our Poht'ca' m
sttutions: in fine, every thing belonging 70 US
counteracts large accumulation. THIS - our &C
tunl system Our politics. our constitutions our
elementary laws, our habits, all centre IN t"'s
po;nt. or tend to this result. From where no"
s,nnd. to the extremity Of the northeast, vastly
,he creates, part Of the property Of the country
IS in tho hands and ownership Of these whose per
,onal industry is employed in some form OF Pre-
luc,ivc labor General competence, general ed
pca,icn, enterprise. activity and inoussry sucn as
never before prevailed any society. are the cnar-
which distinguish the people VINO hse
and move and act in this state OF things, socn
~ have describcdit
Now. sir, If this view bc true, as think u Is,
All must perceive that i'm the United states. caPt
,al cannot saw to labor and industry, 'Stnnd We
vonder, while como up higher but labor and
industry Law hold on capital, break 1t INTO par
cells. use it, iffse il widely. and. instead OF lea
wing il to repcse in its own inertncss, compel