Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08

II IN some instances, capital be accumuit
! ted tillit rises TO what may be called afllr
: ence, It is usually disintegFated and broke
J into particles again, id one or two genera
! tons. The abolition of the rights 3
primogeniture; the descent of property 3
! every sort to females as we'll as males
4 the cheap and easy means by which prom
erty is transferred md conveyed :; the hitl
Il price of labor the low price of land b
] genius of our political institutions: "a ~
every thing belonging to us, coouteract
large accumulation, This IS. our actua
system. Our politics. our constitution
our elementary laws, our habits, all cente
IN this point, or tend to this result. From
where now stand, to the extremity of tn,
northeast, vastly the greatest part of tn,
the country is in the hands and OWNERSHIP
OF those whose personal industry is EN-.
! ployed IN some form Of productive labor,
General competence, general education,
enterprise, activity, and industry, such a.
never before pervaded any society, are the
characteristics which distinguish the peo.
pie who live, and move, and act in this
state of things, such as have described
it. aar
Now sir, if this view be true, as I think
It is, all must perceive that, in the United
States, capital cannot say to labor and in.
dustry, " Stand ye yonder, while / come
up hither )" but labor and industry Law
hold on capital, break it into parcels, use il,
difuse it widely, and, instead of leaving
It to repose in its own interests, compel 4
to act at once as their own stimulus and
their own instrument.
But, sir, this is not all. There is another
view still more Immediately affecting the
operation and use of credit. In every
wealthy community, however equally
property may be divided, there viii always
be some property holders who live on its
income. If this property be land, they
live on rent; fit be money, they live on
Its interest. The amount of real estate
held In this country on lease, is compare.
lively very small, except in the cities. But
there are individuals and families, trustees
and guardians, and various literary and
charitable institutions, who have occasion
to invest funds for the purpose of annual
moneyed income. Where do thew invest Z
where can they invest /? The answer to
these questions shows at once q miohtv
difference between the state of things here.
and that IN England. Here, these invest
nents, to produce moneyed income, are
made IN banks, insurance companies, ca
nal and railroad corporations, and other
similar institutions. Placed thus imme-
dlately in active hands, this capital, it is
eyidents becomes at once the basis of bu.
siness; it gives occupation, pays labor,
excltes enterprise, and performs, in short,
all the functions Of employed money: But
in England, investments for such purpo.
ses usuallytake another direction. There
Is, IN England, vast amount of public
stocks, as eight or nine hundred millions
sterling of public debt actually exists, con-
stituting, to the amount of its annual in.
terest, a charge on the active capital and
industry of the country. In the hands of
individuals, portions Of this debt are CAPT
tai; that is, they produce income to the
propTietors, and income without labor:
while in national point of view, It Is
mere debt. What was obtained for il. or
that on account Of which il was contrac-
ted, has been spent IN long and arduous
wars, which the country has sustained.
from the time of King William the Third.
to our own days. There. are thousands
Of individuals, therefore, whose fixed in.
come arises, not from the active use oE
property, either in their own hands or the
hands Of others, but from the interest on
that part of this national charge to which
they are entitled. IL therefore, we use
the term capital not in the sense Of politi.
cal ECONOMY exactlys but as implying what.
ever returns income 10 individuals. we
find an almost incalculable mass so cir.
ctfhstanced as not to be. the basis Of active
e5..'1.s s. 8 aSz
To illustrate this idea further, sir, let US
suppose that, BY some Occurrences, (such
as isicert@nly never % be expected,l this
debt should bePaidooff; suppose lis hOl.
ders were 70 receive, Tomorrow. their fun |
amounts what would they do with them I |
Why, sir, if they were obliged to loan the
one quarter part into the hands Of the IN
dpstrous classes, for the purpose Of en-.
ployment in active business; and If this
operation conId be ACCOMPANIED bv the
same intelligsnceoan industry among chs
people which prevail with is, the result
would do more towards raising the char !
aacter Of the laboring classes, than an re.
forms il p Parliament and other general
political operations. Il would beas if this
debt had never been contracted; as ifthe
money hadHaEsF been spent, andnows re-
manned part Of the active capital Of the
country, employed ID the business 0f life.
But thisdebt. ST, has created an enormous
quplount O. private propsrtys upon the in-
come Of which its owners live, which does
not require theifloWT active labor or that
offotheIsi Weshayee no siaclf dbl We
have no such mode Of investment; and
this circumstance gives quite different
aspect and different realityto our condi.
ton.
Now, M. President, what / under.
stand By the credit system IS, that which
thus connects labor and capita, by GIVING
70 labor he use Of CAPITAL. Is othsS
words inielligencs, good charact tn
good morals hstow Cd lioss who haTis.
bot capital power = 4 c5nfdence
Which ena e them t0obfaill &, 81 ZEN.
ploy il usefully for themselves and ols.s.
These active men e business build their
hopes sc soscess on fhbit atten
their eo0n my, and heir ihliIp.;
wider icl Us 81 activity siII
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