Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-13


thiacs. such as have described it.
Now, sir. if this view be true, as think
it is, all must perceive that in tho Uniled
States, capital cannot say to labor and in.
duslrv, STAND We vonder, while come up
h,her; !" but labor aud industry lay hold on
capital, break 1t into parcels. use it, dtlusc
It widely, and instead Of leaving 1t to re.
pose in It's own lncrtness, compel 1t TO act
at once rs their own stimulus aud their
own instrument.
But, sir. this Is not all. There il another
view still more Immediately affecting the
operation and use OF credit 10 every
wealthy community, however equally prop.
orty may be divided, there will always be
some property holders who live on its IN
come. II this property be land, they live
90 rent; if it DE money. they live on lis in
lcrest. The amount of real estate held in
this country on lease, Is comparatively
very small, except ia the cities. But there
are indlvlduals and families, trusess and
guardians, and various literary aud charts
abe institutions, who have occasion to in
vest funds for tn" purpose Of annual mon.
eyed income. Where do they invest -
where can they lnvest' The answer to
these questions shows at once mighty
difference between the state OF things here,
and that in Eugaud. Here these invest
man,s, to produce n moncvcd income, are
made IN banks, insurance companies, cana
and railroad corporations. and other SIM.
lar institutions. Placed thus INN dalely
IN active hands, this capital, it is evident,
becomes at once the basis OF business; 1t
gives occupl'lon, pays labor, cxci,es en-
terprise. and performs, ~ short, ali the
functions Of employed money. But, IN
! England. Investments for spch purposes
usually take another direction. There Is,
III Eng and. vast amount of pu5c stocks.
as clpht or nine hundred millions stcrIlug
of pnbllc debt actually exists, constituting,
to the amount uf lis annual interest.
charge on the active capital and industry
If the country. ln lbe hands o. individuals,
portions Of this DEBT are capital; that Is,
| they produce income to the proprlc'ors,
and income without labor; while, IN a ma
ljnnal point of view, 1t Is mere debt. What
was obtained for Il, or that on account Of
which It was contracted, has hecD spent IN
the long and arduons wars, winch til"
country has sustained, from the time OF
! King William the Third, to oUr own days.
| There are ,hon.andS OF individuals. there
fore, whose fixed income arises, not from
the active US. nj property, either IN their
owa hands. or the hands OF o. hers but from
the interest ON TINT part Of THIS ma iona
charge to which 'hey are entitled. i.
therefore,, we use the term capitai not in
the sense Of political economy exactly, but
as rmnlvrnr whatever returns income to
4, ! l.. 1.
mass So circumstance as not 10 be the
basis Of active operations.
| To illustrate tins idea further, sir, let Us
suppose tina, By some occurrence. such as
| i, certainly never To b. CXpec'cdl this
debt should b. paid off; suppose It's holders
were to receive, tomorrow, their foil
amounts; what would they do with thcm'
! WHY. sir. If they were obliged to loan the
one. quarter part into the hands of the in.
dns,r,ons classes, for the purposes Of EN-
ploympnt IN active bns,ncss; and if this
operation could be accompanied by the me
Intelligence and industry among the peo.
pie which prevail with us, the result would
do more towards raising the character OF
! the lahprlnu clnssrs, than all reforms in
| Parliament, and other general political op.
eratlons. II would b. as if this debt had
never been con'rac'ed: as if the money
had never been spent and now remained
part Of the active capital of the country
employed ~ III" business of hfa. But thus
| debt. sir. has created an enormous amount
of private property. upon the income OF
which rs owners 1--we, which does not re
Qu,re lhrlr own active labor or that OF
othors. We have no debt; we have no
| such mode of lnveslmHni; and this cream.
stance gives quite diil''rcn, aspect and
! d lfIrrnt 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. 10 other words,
| Intelligence, good character, and good
moral, beslow on those vino have not capl.
tai, power trust, confidence, which
enables thcmro OBJ am it, 81 employit usctuly
for ,hcm-rves and others. Teesc active
men Of business build their hopes of sue
cess on their attrnlivene,s. their economy
and their integrity. A wider theatre for
useful acivny is under their feet. and
around them, than was ever spread before
the eyes OF the Young and ontcrprisIng
generations 0f men, on any other spot en-.
lIgh'ened by the sun. Before them is the
ocean everything IN that direction invites
them to clI'lrls Of enterprise and industry
IN the purrn's of commerce and the fish,
orlcs Around them on al hands, are
thriving aud prosperous manuiac' urcs an
Improving agriculture, and the daily pre-
sentarIon OF new ohj"clS Of Internal i'm.
provemcnl; while behind them is almost
half continent of the richest land, at the
choaprs, prices, under beautiful climates
and washed by the most magnificent rivers
Tint on any part OF The gob, pay their
homage TO the sea. In the midst of all
these glowing aud gorlons prospects, they
are nGllhnr LeslLaIned bY lnnOrnncn nnI