Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-17

IN state Of constant activity degree Of Importance
far exceeding what experienced r'sewhero.
Ia ihe old couulres of Europe ihcre - clear and
weltdefned line. bctwcca capital and laoar a line
Which strikes through society with horizontal sweep
having ON cue side wealth 10 tnasars, holden hs few
hands. and those hnylur lio participation ia the iaba
uohs pufsuis az life The other, The tircngug Uul
uudes OF ahot vi ~ here end there, only instance
Of such accumulation Of earnings as 10 deserve the name
Of capital This distinction, indeed IS not universal
and absolute IN any Of tic commercial sies Of Europe
aud II grows less and less definite commerce ndvan
ces tic effect OF commerce and manufacturers, al
history shows being rveryo here to f'duse wealth nnd
HGf \ eftaty naftbro3d. married. aud ytsluiv boz 90
r,pcau nations. than m the United Siatcs Ia thase
natuns uc gains 81 oapita and wages the earnings
Of labor not uuly auct in ttea elements Il ic
SCIENCE 3d.. political economy, but to ttcat degree also
distinct no fact aud Their respective cai"ls, and mrr-
It's and modes a. relative ud IsiuCu', become SUBJECTS
Of discussion au0 %. public regulation. Now sir. eve.
rs body may that TINT b. not state of things which
does * 81 with as We have no such visible andbroad
distinction between capital and iahor, and much OF sac
general happiness of 81 classes results from tbls. With
as labor % every day augmeuung ITS means by IT. own
industry not In all cases. Indeed. but ia veiy many.
lis savings o yesterday become s capital therefore, of
Of the property o. The county exists such small guam
titles TINT ITS holders cannot dispense altogether with
their own personal industry ur n, 10 some instances.
capital Doe accumulated tail 1t rises to what may be call
ed aluence il T. usually disuiogntcd and broken into
PARTICLES arliu, in one two generations Tie Ubuli-
ton Of the rights of pumogentu the descent prop
orty of every SOFT To i,ulies wei as naesi the
cheap aud easy means by which property is transferred
and conveyed the high piicc Of labor the low price
IS land the genius VI our political institutions IA
huc, every thing belonging t. us, Couuicracls large
cumuatiuns. This is actual system. Our politics,
DOR constitutions, our elementary laws habits, al
centre IN this point, tend 10 This result From where
now stand To- the extremity Of Tie northeast, vastly
the greatest part " the property Of the country ia te
hands and ownership OF those whose personal industry
is employed in some form OF productive labor Grner
al competence. general education, enterprise, activity
Il q ID. q
ty, the characteristics which Distinguish the people
who live and move and act in this state OF thngs such
, as have described it,
Now sir if this view be true as think il is all must
perceive that, in the United States capital cannot say
TO labor and industry "Sland yc yondrr, while come
up hher ; but labor and industry lay hold capital
rcak it into pa GELS IT, dluse widely, and, IN
stead OF leaving 1t to rcpose IN It's nertness, COM
pei it to act at their stimulus and their own
instrument
But sir. this rs not ALL There is another view still
Immediately affect rg the operation and use Of
credit In every wealthy community, however equally
property may be divided, there viii always be some
ry st. Redf sy I've on rent # be mon S' icy
live its interest The amount of real estate held IN
this country on lease Is comparatively very small eX
ccpt in the cities But there indy idnals and FAM
les, trustees and guardians, and various literary and
charitable institutions, who havc occasion TO invest
/ funds for the purpose Of annual moneyed income.
/ Where do they invest where they invest The
answer to these questions shows a mighty dit.
ference between the state OF things here, and that IN
England. Here, these Investments To produce mon
irt income, are made in banks insurance companies,
cluui and railroad corporations, and other similar Ustt
tutlous laced thus Immediately ia active hands, this
CauaI +. evident becomes tie bass Of bLsl-
ness It gives occupation, pays labor c2ciies enter
p-lse and performs short, all the functions OF en-
p'oyrd money But IN England, investments for sIel
purpose usually take another direction. Ih,le rs IN
England a ynst amount Of public socks,rs eight or inc
hundred millions sterling Of public debt actually ISIS
constituting. to III, amount OF It's annual interest,
charge on ihe active capia and industry Of ic couur
r.I. ~.