Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-08-10
IMPRISONMENT FOR DEBT.
NO. III.

One Of the arguments urged against
abolshing Imprisonment for debt, is tho
injury which it is alleged will thereby be
inflicted upon credit; and many have been
kept back by supposition that the argu.
ment is well founded. The force of the
argument rests upon the proposition, that
a general credit is necessary, and hence
there seems to be propriety in dwelling q
moment upon the subject of credit.
There is a great deal of talk on this
subject. but much Of it without any defrie
meaning. Propositions are advanced. such
as that credit is necessary, that a system. Of
cred" should be encouraged. But such
propositions are so general that they fix
nothing in the mind, and we are made none
The wiser thereby. That credit is benef.
cal to certain extent and for certain pur.
poses is admitted; but that it is necessary
tor all purposes and to any extent, is not
true. The difficult problem than is TO fix
the limit and define the objects. This can
only be ascer'aned by learning the true
character of credit, and the object for
which it may be leglimately used. To
discuss it fully would require a volume
rather than an article; and | can onlv
touch upon it. and leave each of nv readers
to Rrsue the subject in his own way.
If may be INDUCED in an attempt 10
give a definition or rather designation of
credit it will be this: credit is an instru.
ment Of commerce, means of circulation.
1t is therefore only allowable for CONNER
cal purposes. and as an instrument for
circulating the products of industry.
If have been fortunate in giving the
correct idea Of credit, it follows that in the
multitude of transactions growing out of
the daily small barter and trade going on,
in the every day purchases made for ordi.
nary purposes and in the employment of
all the operatives in the land, credit is not
necessary and is not justfable. This is
probably in opposition to the common and
received opinion; but, nevertheless, be.
lleve it to be we'll founded
In times past, the business of Vermont
has been transacted almost exclusively
unon credit, upon sort of genera barter
system. Farms were purchased upon the
promise of cattle payment, goods sold for
grain notes, mechanics paid in wood and
lumber, and the doctor and the lawyer in
pork and potatoes. The prosperity of the
state is not owing at all to this, bu. has
been produced rather in spite of it, This
may have been indispensable in times past.
and most probably was, but that is no
reason Tor extending it beyond its necessity.
We have now arrived at q point where all
this bartering is out of fashion, the extern.
sion of credit is no longer necessary, and,
when the ready pay system will accelerate
our prosperity.
The United States have long since
abolished the system Of credit in the sales
of the public lands as injurious. They
have long acted upon the ready pay system,
and tho success that has attended this
measure may be cited as strong argument
for the extension Of it to al cases of &
like nature. National prosperity is the
object for which the nation should abo y
So far as credit conduces TO this object,
it should be encouraged, but no further.
National prosperity is great subject,
and he has thought TO but little purpose.
who now, for the first time, turns his
altenion to it. The elements Of it are
founded in the prosperity of all the ind-
viduals, rather than in the increase of the
sum total Of the wealth OF nation. Ma.