The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-17


skillful touch in financial administration 10 ne par
cularly kind and compasant to the interest OF the
law makers, --those who hold the taxing power inc
first whose groat Difference and cordial regard TOR
members OF Congress have led him TO provide, for
them as the medium Of payment and recelpt,some-
thing more valuable than is provided, Mt the same
time, for the army, the navy, the judges, the reyo-
lutonary pensioners and the various classes OF Ia
borors in the pay Of Government.
| Through whole history, sir, we have found a
convertible paper currency, under proper control,
highly useful, by its pabilty to circumstances, ana
| by its capacity of enlargement, in reasonable de-
gree to meet the demands Of new and enterprislng
community AS have already said, sir, me owoa
permanent debt of hundred millions abroad; and
in the present abundance of money in England and
the state of demand here, this amount will probably
be increased But il must be evident to every one,
that so long as, by safe use olpaper, we give some
reasonable expansion to our own circulation, or mt
least do not unreasonably contract it. we do, to that
extent, create or maintain an ability for loans a,
mong ourselves, and so far diminish the amount OF
| annual interest paid abroad.
BubIot me now, Mr. President ask the attention
of the Senate TO another subject, upon which, IN
deed, much has already been said; mean that
which is usually called the CREDIT SYSTEM,
Sir, what is that system? Why is credit word
of so much solid Importance, and OF so powerful
charm, in tho United States? Why is it that shock
has been felt through all classes and all interests,
the first moment that this credit has been disturbed?
Does its importance belong, equally, to all CONNER
cal States? Orare there pecuarties in our condi-
ton, our habits and modes of business, which make
| credit more Indispensable, and mngle it more nat
urully, moro intimately, with the Ile-bood OF our
system?
A full and philosophical answer to these inqur-
les Mr. President, would demand that should set
forth both the ground work and the structure OF orr
social system. lt&vould show that the wealth and
prosperity of the county have as broad foundation
MS It's popular constitutions. Undoubtedly there
are peculiarities in that system, resulting from the
nature ofour political Institutions, from orr elemen
tay laws, and from the general character OF INC peo'
! pie These reculiarites most unquestlonably gave
! to credit to those means and those arrangements,
! by whatever names call them which are cacu-
lated to keep the WHOLE or by far the greater part,
of the capital of the country in state OF constant
| activity, degree ofimporancc lar exceeding what
| is experienced elsewhere
! In the old countries of Europe there is clear
and well defined line, between capital and labor;
and line which strikes through society with nor
! izontal sweep, leaving side wealth. in mass
es, holden by few hands, and those having lillle
participation in the aborious pursuits OF life; on the
other, the thronging muluudes OF labor win mere
and there only, an instance of such accumulation
Of earning as to deserve the name olcaptal- This
distinctions indeed, is not universal and absolute IN
any of the commercial States ofEurope, and grows
less and less definite commerce advances; the ei-
feet of commerce and manufactures, as all history
shows being every where, to diiuse wealth, and
not aid its accumulation IN few hands But SUI
the line is greatly more broad marked, and visible
in European nations, than in tho U. States In
those nations the gains OF capital, ana wages, or
the earnings of labor are not only distinct IN idea,
as elements of the science of political economy but
to great degree also, distinct in fact; and their
respective claims, and merits, and modes OF reiatNe
adjustment, become subjects of discussion ana oil
public regulation Now, sir. every BODY may see
that this is state of things which does NOT eX,s'
with u.s. We have no such visible ana oroau as
tnction between capital and labor; and much OF the
general happiness of all classes results from this
With u.s. labor is every day augmenting its means
by it's own industry; not in all cases, indeed but IN
very many. Its savings of yesterday become It's
con initial of tO-daV. On the other hand |
vastly the greater portion of the property ofthe
country such small quantities that ITS hoi-
ders dispense altogether with their own per-
sonal industry; if, in some instances, captai DC
accumulated till it rises TO what may he called at
huence, it is usually disntegrated and broken INTO
particles again, in one or two generauons. The
abolition OF the rights of prImogenIture; the descent
Of property of every sort to females as well as uaes
the cheap and easy means by which property is
transferred and convoyed tho high price of labor;
the low price of land; the genius of Our political
institutions; in fine every thing belonging to US,
counteracts large accumulation. This is our actual
system. Our politics. our constitutions our eiemen-
tary laws, our habits, all centre in this point, or
tend to this result From where now stand, to tbs
extremely of the northeast, vastly the greatest part
of the property of 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
end industry, such never before pervaded any
society, are the characteristics which distinguish
the people who live, and move, and act in this state
Of things, such as have described it.
Now, sir, if this view be true, think 1t is, all
must perceive that in the United States, capital can
not say labor and industry, t'stand ye yonder,
while l come up hther;" but labor and industry
lay hold on capital break it into parcels, it, diff
fuse it widely and, instead of leaving it to repose in
its own inertness, compel it 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
of credit, In every wealthy community, however
equally property may be divided, there will always
be some 'property-holders who live on its income.
If this property be land, they live on rent if it be
money, they live on its interest, The amount OF
real estate held in this country lease, is compar-
aively very small, except in the cities But there
arc individuals and families trustees and guardians,
and various literary and charitable institutions, who
have occasion invest funds for the purpose OF an
animal moneved income Where do they invests?
Where can they invest? The answerto these ques'
tons shows at once mighty difference between
the state of things here, and that in England Here