Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-19


obligations thus created, and the fearful!
power which is thereby added TO il,rse in
sI'tI'i"ns and those men who manage and
control This credit. 1t gives them lie main
"prlu@S %! lie. tG enables tlm lO touch The
! ten"ercsi hbrcs which vihratc through the
whole body polite. To,his iravc nuihng
/ I" snv, 80 Ion" as lis operation is confined
/ 10 III" business wants and commercial en-
'"rrr'sc oi the c"m,nnDiiy. buI when This
interest seeks To become allied viii, the
! Government, and drmand, that credit and
! circulation shall bC received ard treated as
| money, tnen il becomes Il grave political
question. involving ,i,r highest principles of
ii:city. iiic whnc oil Irct is, Eoi to use their
own credit. which ,hey have an undouhicd
! rt.hi 10, but, also, To suhSize The credit of
the Government to their operations, ami
| for their icnc:i. This il is which has here
'"iorc prn''urcd an unnatural cxraus,nn III
the credit system. and wild ned The circula-
| lion, beyond demands. in the actual busi-
ness Of Tie country.
n soiGd credit system, not stimulated by
connrXinn with Government. but limited
ID. the co:np"ti'inn and enterprise Of indi-
vIl"aiS, banks upon Il safe basis. is
the life ct civilized society. Blu, when il
becomes stimulated aud cxpan,'ch hv the
artificial fiscal action Of IL Gnvcrun,cni,
t'icn It becomes dangerous. aud i!iruws
'hr business hn'l the property of the coun-
Try uni'r the control ofthc Spccuatins and
the prufi'4n'e. The whole frame OF the
h'''S polite then grows bioacd and excited,
which fn;'llv ends in Cuuvu'Sion anh par
| nly>io. This is The crCdi system that war
u,:nn, rs vicious aud dangerous in the cX-
''rnIr.
h;r. Chairman, much has been Said of the
>n':!:i" merits "f the banking system as tho
'ruc source OF modern prosperity and o er,
and spain ana Turkey have been held up
tn lis as examines of hard rnncy Govcrn-
| mcmis. white England has been painted il,
all III" glowing coiors Of t,ncv. by wav Of
| cnniras. IN looking over tie debates which
took place some years since. in favor Of The,
| restrictive system, ! liuL precisely H." srn,c
language used. and thr same countries held
up in contrast, to exhibit The sublime .nrr
lis of the ''prohihrory policy" They seem
To he the same speeches that are now deiiv-
| cred. except that every thing irr tue pros:
| pcrty of England WAS then attributed ttf
the restrictive systam, while uuw IL is 10 i.,n
t-tnrI!ktrg sVsrrfY SiicIi loose ran ge5of
thought as this is only calculated 10 widen
! The Held Of dcclnmniinr, aud cnnhlc some ,o
| gather III" ornaments that adorE n brilliant
Ima@ ;;iilii,iE. SIR il iS u miserable and con-
ir"'rd id"n I" attribute the proSpcri,v of
England 10 her dHnhing Sysirm no, il
! arises from III" fact tha, she has tie. noble
| inheritance of the common law, which
| throws lis broad shield ovrrcverv bumau
hcn" who trr:tis upon Eri.iSI. soil: j. arises
from, I'll" :,ci that her people swear unon
| III" ii0lY Er;fH";ii%ts, s, nrr capah1c of en-
| loving personal lhrr'v: il is because sl..
can rr"'lur" hrr Eiampdrns. and her s:v,l.
news. VIII" have the moral courage tn per
! iSh '""n principle. These are the cause,
w':'rh i,av" dtvr!nHrh her vast rrsnurccs-
enabled her 10 stretch her pnwcr across
III" four quarters cf the Ilaii!ahlc gIni,r, and
cS''iht the moral grandeur Of Christian
cirHi-Ci'on, united with physical pcowrss
! in such wonderful continuation :,s 30 com
| innh tl:r s'u:lv aud the admiration of the
world. When England il quoted ns aucx-
| an,ri" for MS ia follow & initiate, 10 make
| II s"'rah'c, Won must first make us Il consnI-
dated Enli"n, with y Gnvrrnmrn, rCur! in
| p"w", To the nmni pntcncr of Par.iamIent-
N ha1 may do for Il very compact people
! under ON" E'c"eInn,cni, NAV he unsui ed
10 -: ".::cnSivc territory, embracing nj va.
rirIics Of interests with iwcn,v six separate
Gnvrrn""n:S. England has an annu.lr"
| venue "I %:5D. 900 OOn. and Disbursements
20 make IL n'! parts OF the world. What
may be Il necessary fiscal system 10 her
! may II" utterly unnecessary 10 us. What
may Il" necessary To make Il magnificent
| monarchy, may be entirely rnsuitch To "A
rci'iniir;in people.
| SIR. IN many points Of view. it is Il GREAT
| "'cS>in@ that "" have encountered this re-.
ccni shock III our system. II will force us
10 examine cnnplicmcd subject. whirh
deeply Affects III" distribution Of wealth, g.
IN" r"Ii''ca! liberty of all. And i, j. n lit
| ilc curious ~ trace on The first commence.
| mcn' amongst us If This system which has
made such rapid strides towards rcu,odcIl-
ing, not nnl> AL aocir'y. hu, even our Gov
croinrn'. Alexander lIamilton. about the
! year lT:U, commenced to make iiic ip.rrcss
nl hiS %cninS upon every thing around him
| lie was ardent. bold, and energetic ia all
his plans With II full perception of tho
! ground npon which he stood, he :,iwnvs
marched io his object with il heart ihni ne
yer tallcTra. The convention which fnrm
ed the con>riinli"u din no; make the Gov
eminent az stiono as lie desired il TO be
Ne had contemplated tn" En"iish consiiiu-
ton with admiration aud delight and with.
out considering the difference of rircum-
stancrS. he th"uoht il perfect model for
our adoption. Bui tie rcpuhiirnns Of ,lin
!
inioiiir Administration after the formation
! ot the G"vcrnmcr,, determined 10 make ~
| by construction what il wanted in specific
grants "f power. The funding system in
'rndHrcd by him created u stock Interest,
which formed THE nucleus that has increased
IN power. and made a rallviug p"in, for
! that noncycd Influence which he desired 20
substitute for Tie 81 .biiiy civcn 10 the
! Hri>!i GDvrruncn! by Il fixed aris,ncrGrv