The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-03
A CONSERVATIVE.
To rnE EDiroa OF THE MADIsoN,AN.

To TnE EpiroR THE MADisoNAN.
Sir-In reading NJ. Chevalier, the liberal demo
cratic French traveller have been SO much struck
with his good sense, it has induced me TO make an
extract from his works, and think it is entitled to
place in your valuable paper He says that credit
is the primary element Of life in tie United States;
they literally live ii. Without credit those popu-
ous towns which arise all Sides as if by enchant-
ment-those rich States which fringe the margin Of
the Atlantic, which stretch TO the west of the allie
ghany, and extend along the course of the Ohio and
the Mississippi would have been still savage foreSs
and botomless morasses The banks have acted as
the lever which has enabled the Americans 10 esta-
blish among themselves, 10 their own great profit,
the agriculture and industry Of Europe and which
has covered their territory with cities canals, rail
roads, manufactures, and fertile fields in word,
every thing that constitutes civilization. Without
the banks the cultivator would have been des itute
Of capital for his most necessary advance; he would
have had no instruments for the clearing of his farm
aud if the system has led in many cases 10 absurd
spcculations, it is the same system which has ena-
bcd The farmer 10 purchase land for two dollars the
acre which he afterwards sold for ten or a hundred.
The mechanics, who are now SO loud in their con
demnaion OF the banking system, forget that it is 10
il that they the industrial activity which has
abled them 10 from eight to twelve shilngs
day of wages. They forget that ii is it which has
furnished them with the means of which SO many
have availed themselves, of rising to opulcnCc and
comfort; for in America, every cnterprsing man
who can give guarantee of olerable character,
is sure Of Obtaining credit and thus has the means
Of making his fortune -..
The above extract is true to The letter, and every
man that will reflect for n moment must admit that
his argument is conclusive, and that nothing more
apparent than well conducted banks are emincntly
favorable the progress Of freedom, and the real
interests of the working classes. Capital-solid-
wealth is ever essentially arstocralic.
Il can never be very generally or widely difuScd,
al least in large masses, and therefore banks which
lend helping hand to enterprise and activity in the
earlier and more evcntfu periods of their career,
and enable them to maintain the struggle with older
establishments, having the advantage of long tried
connection and realized wealth, eminenlly favor
able to the people, and the best support TO The cause
Of liberty. Without banks commercial State must
speedily fall and ever has fallen under the dominion
of a few overgrown mercantile establishments; i'll
duSiry and activity never maintain their groGnG
in the competition from want of capital.
The sub ec is too important for ms all, infact our
very existence as commercial alton require such
active minds as yours 10 bring il properly before the
people. Not having the pleasure OF your acquaini-
ancc and being humble democrat, you must eX-
cusc the STYLE as il came from plain practical man
A SUBSCRIBER
Me-. w., Ian IS3T