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

the purpose Of annual moncycd income. Where
do they invest! The answer TO these questions
shows at once n mighty difference between ths
state Of things here, aud that in England Here
these inv csiments, to produce q n,oneyed income
and rail road corporations, and other similar inst
tutions. Placed thus Immediately in active hands
this capital, is iden, becomes at once the ba
sis Of business; it gives occupation. pays labor
excites enterprise, and performs. in short, all the
functions Of employed money. Bat, in England
investments for such purposes usually take nnoth-
er direction. Ehcsc is in England, vast amount
Of public stocks, eight or nine hundred mii-
lions sterling Of public debt actually exists, con-
sti,uting, in its annual interest, charge on The
active capital and industry 9th country. In the
hands of 1vduals, portions Of this debt arc cap
ita; that is, they produce income TO the proPrie-
tors; and income without labor; while, IN a ma
tional point Of view. it IS mere debt what was
obtained for it, or that account of which 1t was
conlracted, has been spent in the long and ardu-
Gus wars, which the country has sustained, from
the time of King William the Third, to our oyn
DAYS There arc thousands of ividua!s, there
fore, whose liked income, arises, not from the ac-
tive Of 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 arc en-
titled. II, therefore, We use the term. CAPITAL
not in the OF political economy exactly but
ais, VIC find almost inca!culable mass SO CIR
Gums as not be the basis of active opera
tons.
To illustrate this idea further, sir, Let us sup
pose that. by occurrence, such as IS certain
v never 10 be expectcd,) this debt should be paid
off: suppose its holders were to receive, to-nor-
row. their full amounts; what would they do with
them! Whv, sir. If they were obliged to loan the
one Quarter part into the hands Of the industrious
classes, for the purpose of employment IN active
business; and ii this operation could be accom-
panied by the same intelligence and industry a
monc the people which prevail with u.s. the result
would do more toward raising the character OF the
laboring classes than all reforms III Parliament
and other general political operations. 1t would
be as If this debt had never been contracted; as
If the money had never been spent, and now re-
NAMED part of tho active capital OF the country,
emuloyed in the business of lie. But this debt,
sir, has created an enormous amount OF private
property upon the income of which ITS owners
live which does not require their own active la
Dor or that of others. We have no such debt; We
have no such mode of investment; and this CIR
cumstance gives quite different aspect and a
different reality to our condition.
Now, Mr.. President, what understand by the
credit system is, that which thus connects labor
and capital, by giving to labor the use OF capital!
In other words, intelligence, geed character, and
good morals bcstow On those who have not capital,
a power, trust, confidence, which enables them
Its
selves and others. These active men OF business
build the il hopes of success their effectiveness,
their economy, and their integrity \ wider
theatre for useful activity IS under their eet and
around them, than was over spread before the
ewes of the Young and enterprising generations OF
men, on any other spot enlightened by the snn
Before them is the ocean. Every thing IN that
direction invites them to efforts OF enterprise and
industry in the pursuits of commerce and the iisl
cries Around thcm all hands, are thriving
xysepY nfYfl-
culture aud the daily presentation OF new objects
Of internal improvement: while behind them Is
almost half continent OF the richest land, at the
cheapest prices, under heaithful climates, ano
washed by the most mag nihcent rivers that on
any part Of the globe pay their honage TO the
sea. In tho midst of all these glowing and gio'- /
ious prospects, they are neither restrained by ig-
norance nor smitten down by the penury OF per-
sonaI circumstances. They arc not compceot 10
ia hopclessuess and despair, all the
adv aniaccs thus bestowed on their condition oy
Providence. Capital, though they may have ht-
tie none, CREDIT supplies ITS place; NOT as INC
refuge of the proJigal and the reckless; not as
gratifying present wants with the certainty OF iu-
ture absolute ruin, but the genius OF honorable /
trust and confidence; the blessing, voluntarily
offered to good character and to good conduct; as
the bcnefcent agent, which assists honesty ana
enterprise in obtaining comfort and independence.
Mr. President, take away this credit, and what
do not ask what remains TO the few,
but to the many? Take away this system OF cred
It. and then tell me what is left for labor and m
,Iustry but mere manual toll and daily drudgery!
If we adopt system that withdraws capital from
active employ do we not diminish the rates
Of wages? II we curtai the general business OF
society, does not every laboring man flnd his con-
!,ion grow daily worse? In the politics OF the
iav. SIR we hear much said about divorces; and
when VIC abolish credit, shall divorce labor
from capital; and, depend on it, sir. when we d.
vorce labor from capital, capital is boarded, and
labor starvcs.
The declaration, SO often quoted, that '.ali who
trade on borrowed capital ought to break IS the
most arstocratic sentiment ever uttered IN THIS
country. 1t is a sentiment which, It carried Out
by political arrangement, would condemn the
rrcat majority of mankind to the perpetual con-
itiou of mere day -laborers. 1t goes to take away
from them all that soacc and hope which arises
from possessing something which they can call
their own 4 man loves his own; it Is TIT and ma
tural that he should do SO; and he will love ms
country and its institutions, if he have some stake
in it, although it be but very small part OF the
general mass Of property. Ii it be but cottages
an acre, q garden. it's possession raises hi'n gives
him selfrcspect, and strengthens his attachment
II ia ha condition. bv the /