Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08
NO. 34.s'

: P5reuS manufactures I; an IMPROVING afTf=
! culture, and the daily Presentation 6f new
Eobiects Of internal improvement; while
behind them Is almost half continent Ell
the richest land, at the cheapest prices,
under healthful climates, aad washed bT
the most magnificent rivers that on any
part Of the globe pay their homage to the
sea- In tie midst Of allllfhess glowing
and glorious prospects, they are neither
restrained by ignorance, nor snhittsnd down
i BY the penury Of personal circumstances.
They are not compelled to confamplas ia
hoPel5ssness and despair, a. the diTanta.
ges thus bestowed on their condition BY
Providence. Capital though they may
have little or none, cREDIF supplies its
lplace; not as the refuge Of the 1prodieal
and the reckless not IS gratifying pres
emf wants with the Certainly Of future alb.
solute ruin; but as the genius of honora-
bic trust and condolences as the blessing
voluntarily offered to good character and
to good conduct; Is TIE benefcent agent,
which assists honesty and enterprise ii
obtaining comfort and Independence.
Mr.. President, take away this credit,
and what remains! do net ask what
remains to tie few, but to the many?
Take away this system Of credit and
then tell me what IS left for labor and M
dustry, but mere manual toll and daily
dudgeryf IF we adopt a system that
withdraWs capital from active EMPLOYMENT,
do we NOT diminish the rites Of wages?
If we curtail the general business Of 50.
ciety, does hot every .IaB6Fing man find
his condition grow daily worse! In the
politics Of the day, sir, we hear much said
about divorces and when We abolish
credit, we. divorce labor from capital and
depend Upon II, sir. when We divorce labor
from capitua, capital is boarded, and labor
staTYeSs
The declaration SO often Quoted. that
" all who trade on borrowed capital ouqbt
to break, /" is the most aristocratic senti-
meht ever uttered in this country. lisa
sentiment which, if carried out by politi-
cal arrangement, would condemn The great
majority of mankind TO the perpetual con-
dltiCn Of n1ere-day.labors. Il goes to
take away from them all that solace and
hope which arises from possessing some
thing which they can call their own. A
man loves his own; it is fit and natural
that he should do So /; and he viii love his
country and its Institutions, if he have
some stake in it although It be but very
small part Of the general mass of property.
If it be bsit q cottage, an acre, d garden
It's possession raises him, gives him SELF
respect and strengthens his attachment to-
his cotnftryI It Is our hafbv condition,
by the blessings Of Providence, tbaf al.
most every man Of sound health. industri.
Gus habits, and good morals, can ordina-i.
ly attain, at least, to this degree of com.
fort and respectabllity; and It Is a result
dey0utedly TO Be wished, both for rs in5i.
vIdual and general consequences. -
But even to this degree Of acquisition.
that credit which have aifeady said -.
much, las its general effect Is ID raise 'tbe
price of wages, and render industry s75-
ductive,) is highly iEhportants 4sfere =
no condition so low, Il Il Be attended VIII
industry and economy, which this credit
does not benefit, as any one viii find. Il he
will examine and follow out its operations
Such, Mi. President, being tbs srsJ;t
system Of the United States. as nnGIer
stand i, ! now win add. thai he banks
have been the agents, and their ciiff.c:,ilation
the instrument, by which the general t3ne-
rstions Of this credit have been esoSpd',c-
ted. Much Of the capital Of tbs e6tIpirv
placed At interest is vested m bank st3ck
and those who borrow, borrow 4 fbs
banks: and discount Of bills, and abticii.
patton Of payments, n 81 It's forms. tho
regular and appropriate dutv Of bans nrs.
vail tiiiiiVersallys arfa7s :.
In the NORTH, TIE banks have enabled
the manufactures Of all classes to rsaIiSe
the proceeds Of their industry IT an esTIEv
moment.-The course has Been. fliaf the
producers Of Commodities fSr Southern
consumption, having despatched Their pro-..
ducts, draw thei2 Bills. These hills ara..
discounted at the banks, and with The inro..,
eeeds other raw material IS bouebt. and
other labor paid; and thus The gener.
al business Is continued II progress. ALI
this IS vel Known q those Who have had
the opportunity to become acquainted with
such concerns.
But bank credit has not been more neces.
sary to the North than to the South. In.
deed no where has interest been biol5er. M
the demand for capital glsater; or the fun %
benefit of credit more INDISPENSABLE. than
10 the new. cotton and slgaT-ero,giine
States.s1 ask gentlemen from those States
If this Be not sol Have not the planta.
tons been bought and the necessary labor y,
procured, 10, q great extent On credit Has.
not this credit been obtained at The banks =.
Even now, do they not fl.l credits OF aiisair
vances on their crops important Is e6a.
bling them 70 get fheir crops t. market
And If there bad been no credit
hard money system had prevailed, let me
ask them what would have been; at this
moment th ,coudition Of things "a Ala
hama, 'o1iisiiSna, Mississippi. and 4 rlEan..s.
IS These Stale. ST., viii 'Henn6ts.ssss7s
and tl South Atlantic States. c6ns,itosl, $
he great plantation int That thefa s
bas been y yas demand fl 10 Sc
i1e ted Is this -intere 4 eienflp
proved By The ti'h piiios pad ar tie uss
d money! s. sa ,sss-s sI.iss
+ il ny oiini6Il. &c. credit Is S essen
tai ID ths 81 81 &c flI6 5u| rs tors
t1y a nis III aefieultdre e
aeil States ps
. 81 TIE {.
ne 81 60 zee product ena
saIe q one 81 e rIar SIS a. opefa-
.tst.s - $3.50