The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1839-11-02
vAa1oua AsAzrlIr-. h
THE CREDIT SYsTEM

THE CREDIT SYSTEM.
The present commercial embarrassmenis
are the first which have occurred of late
years which the Federal party have not
been able by some specious sophisIrv to al.
tribute TO the measures of the General Gov
ernInent. Even now, some few of the We
NAL presses of the opposition, make fee
ble attempt TO charge upon At Locofocoism''
tie fraudulent Bankruptcy of the " Great
Regulator" and the suspension Of other in
sutulions which the immense power which
il has heretofore welded has enabled il TO
dtaw into the vortex of ruin; but the pre-
tence is SO manjfesiy absurd, and the eau
ses of our present embarrassments so obvi-
Gus, that even the Wings who have hither-
10 received ali the doctrines and reasonings
of their organs as truths not to be question
ed, laugh the attempt to scorn. Men are
beginning to awake as it were from trance.
The delusions which have misled them are
passing away. They are beginning to dis
cover that, having departed from the paths
OF prudence and Just accommodating
launched into the sea of specuIaton-exag-
Grated credit-given an unnatural valuation
10 property-contracted obligations for the
liquidation of which thev had no substan-
tial resources-that they have rapidly but
surely been accumulating the materials for
an explosion in the financial and CONNER
cial world, tho disasters of which are now
beginning to be spread around us. These
remarks apply not to the men attached to
one political party more than to those of a.
mother. The whole people seem to have
labored under species of infatuation. But
ii is important for as ~ know TO what this
infatuation owes its origin. We unhesitat-
ingly say to the cheapuess of credit-the
facilities Of obtaining " Bank accommoda-
TONS" In short, to what the wings vaunt
as the great source of the prosperity of the
country /" the credit system" Be it remem-
bered, however, for we and our party have
been most wickedly misnterpreted in this
matter) that we oppose not ajudieious and
wei! regulated system of credit-a system
predicated upon the actual industry of the
Z country-and one which, by lis false allure
ments will not tempt men as they have of
late been tempted into visionary aud garnb-
ling speculauons. The creditsystem which
we oppose, is that which originates and fos-
tiers false confidence in our circulating me-
dium-which by expanding that medium,
gives an unfounded imaginary valuation to
property--which by the facilities which il
affords TO all classes to enter upon enterprises
promising the sudden acquisition oi
wealth, induces our citizens to abandon
ilence has unhaPpily taught US is the Whie
"credit system" By lis operation for !;
while every thing seemed to prosper-mer
without capital and without labor seemingly
became rich-the regular pursuits of III.
were ahandoned-agriculiuro languished-
the mechanic arts were neglected-lhe
wants which the natural consun p.ion of the
country required were supplied from abroad
That those who could at home have sunnlie,
them might join in the race of speculative
adventure. Thus for while, every tbinc
seemed to prosper; but at last the bubble
mas burst, and disastrous must be the respIt
Let US treasure up the wisdom which sad
experience now teaches us. The Atlas m
on which this mighty system of credit res
ted, has crumbled, and in its fall hundred,
oil institutions which bat followed in the O.
WI example which the United States Banl
taught them, TO enlarge their issues and ex.
pand their credits, have been engr fed in ru
IN. Let the people remember that substan
sIal wealth can only be produced by indus.
try and that bank credits and bank issues
IN the end produce only disorder and dis
tTess.-New Era.