The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-05

sn0' iI1 o. society, does not every laboring
man mud has condition grow daily worse In the nol,
tics Of the day, cir, hear much .aid ho, dyo,na.
aud when we abolish credit shall divorce labor from
capital and, depend on H. sir when ~ dvo,rs l.hor
IRON capital capital Is boarded, and labor staryes
The declaration, often quoted that an Who ,,.d
on borrowed capital ought to break" is the mo,t 80
cratic sentiment ever uttered in this country hisa
sentiment which, II carried out by political GRANGE
men,, would condemn the great majority OF MANKIND
to the perpetual condition Of mere day-laborers n,
goes to take away from them all that solaee and hope
which arises rom possessing something which they can
call their man loves his own il is 6t and ma
tural that he should do and he will love his country
and It's institutions if he have stake in it, although
be but avery small part Of the general Of proper
~ II 1t be but cottage, acre, garden It's pos
session raises him, gives him self respect and strength
ems his attachment 10 his country Ii happy
diton by the blessings OF Providence that almost eve
~ man Of sound health, Industrious habits and good
morals can ordinarily attain, at least 10 this degree Of
comfort and responsibility and result deyoutly
TO be wished both for It's individual and general con-
sequences.
But even 10 this degree OF acquisition that credit Of
which have already said much las general effect
to raise the price OF wages and render industry pro-
duclive,) is highly important There is no condition so
low, il be attended with industry and economy which
this credit does not benefit any will find, if he
will examine and follow out its operations.
Such, Mr. President being the credit system in the
United States as understand il, now add, that the
nave Detn agents the IN
strument, by which the general operations Of this credit
have been conducted Much Of the capital Of the coun-
try placed at interest," vested in bank stock and those
who borrow, borrow the banks and discounts Of
bills and anticipation Of payments. in all its forms, the
regular and appropriate duty Of baks, prevail univer-
sally. 49,.
In the North the banks have enabled the manufactu-
rets all classes TO realize the proceeds Of their indus
try at an early moment The course has been, tina, the
producers Of commodities for Southern consumption
he'd Irat. thairh lie
These bills are discounted the banks, and with the
proceeds other raw material bought and other labor
paid and thus the general business continued in pro-
gress All this is well known TO those who have had
opportunity TO be acquainted with such concerns.
But bank credit has not beer necessary to the
North than to the South. Indeed, nowhere has nte-
rest been higher the demand for capital greater,
the full benefit oced. Indispensable than in the
new cotton and sugar growing States ask gentlemen
from those States If this be not so Have not the
plantations been bought, and the necessary labor pro-
cured, TO great extent credit ! Has not this
dit been obtained al the banks Even now do they
not find credits or advances their crops, important
IN enabling them to get those crops to market And
there had been credit- hard mouev system had
prevailed, let ask them wha, would have been, at
this moment, the condition Of things in Alabama. Lou
isiana Miss ssippi, and Arkansas These States, sir,
with Tennessee aud the So,ah Atlantic States consti-
tute the great plantation interest That there has been
vast demand for capital to he invested In this interest,
is sufficiently proved by the high price paid for the
Of money ....
In my opinion sir, credit is as essential to the grea,
export Of the South to any other interest. The
agriculture of the cotton and sugar-produclng States
partakes, in nconsldcrabe degree. Of the nature Of
commerce The product and sale Of great staple
only. is operation essentially different from ordinary
farming pursuits The exports Of the South, indeed,
may be considered the aggregate result OF various
forms and modes of industry, carried on by various
hands. and in various places rather than the mere
product Of the plantation That product itself Is local
but its indispensable aids and means are drawn from
every part of the Union VIVA, is it, sir that enables
Southern labor apply itself exclusively TO The cuti-
vation OF these great ARTICLES for export Certainly it
is applied because its necessities for provision
and clothing supplied, meanwhile, from other quar-
ters The South to sell. and not to consume
and with The proceeds Of the sales 1t supplies itself with
whatever its own consumption demands. here are
exceptions but this is the general truth. The hat
makers shoe makers, furniture makers, and carriage
makers of the North, the splnners at Lowell aud the
at Philadelphia are all contributors 10 the ge-
neral product both of cotton and sugar, Tor export
abroad the livestock raisers OF Kentucky, the
grain growing farmers, and all who produce and vend
provisions in Indiana, OHIO and Illinois. The northern
shpowner and the mariner, who carry these products
TO market, agents acting to the same end and so
they too who, little thinking OF coon-fel Ids,
gar estates pursuing their adventurous employment
IN the whale fisheries over the whole surface, and
among all the islands, of the Pacific and the Indian
If take the annual cotton crop at sixty
millions Of dollars, may perhaps, find that the
amount OF forty five millions expended either Tor IN
erest capital advanced for the expense OF clothing
aud supporting labor in the charges which belong to
the household the education of families and TO the do
mestic expenditure OF the proprietor.
Thus sir all the laborious classes, are, in truth, cot
ton-growers and sugar-makers Each, in its own way
and the OF productiveness, contributes
to swell the magnitude Of that enormous export, which
nothing at the commencement Of this Government,
and which now has run up to many millions. Through
all these operations the stream OF credit has constantly
flowed and there is not one OF them that will not be
checked and interrupted, embarrassed aud thwarted, II
this stream be now dried up This connexIon of the
interests Of the country with another forms
important and interesting topic. 1t is one OF the
natural ties of the Union The variety OF production,
and mutual wants mutually supplied constitute strong
bond between different States and long may that bond
last growing with their growth, and Strengthening with
their strength
But, Nj President, that portion Of productions
WHICH takes the form Of export, becomes distinct and
visible it is prominent and striking, and is and
wondered at, by everybody The annual returns all
show it, and every days commercial intelligence speaks
of it, We gaze it with admiration, and the world Is
no less admlrng than ourselves.
With other branches of industry the Is quite
different The products of these branches, being put
in the train Of domestic exchanges and consumed in
the country, do not get into statistical tables, are not
collected in Masses and are seldom presented, IN the
aggregate, the public view They not Of the cha
Iace OF few large and mighty rivers but OF thou
sand little streams meanderng through all the fields of
business and Of life, and refreshing and ierzng the
whole
Few of us, Mr. President, aware Of what would
he the of the general production Of the country,
if it could be accurately ascertaned The Legislature
of Massachusetts, under the recommendation OF tho IN
elgen Chief Magistrate Of that State, has caused to
be prepared aud published report on the condition and
products Of branches Of lis industry. for the year
ending in April, 1897. The returns OF the authorities
of each city and were made, apparently, with "nch