Piney Woods planter., 1839-12-07

to charge upon 'Locofocoism' the fraud.
ulcnt bankruptcy ofthe "Great Reeu.
lator," and the suspension Of other IN.
stitutions which the immense power
which it has heretofore welded has en-.
abled 1t to draw into the vortex Of
of ruin; but the prctex is SO manilcstly
absurd, and the causes Of our present
embarrassment so obvious, that even
the Wigs who have hitherto received
all the doctrins and reasoning of their
organs as truths not to be questioned,
laugh the attempt TO scorn. Men are
beginning to awake, as it were, from
trance. The delusions which have
misled them arc passing away. They
are beginning to discover that having
departed from the paths ofprudcncc &
just cconomy--having launched into
the sea Of speculation-exaggeratcd
crcdit-giycn an unnatural valuation
to rtoperty-contracted obligations
for the liquidation Of which they had
no substantial resources-that they
have rapidly but surely been accumu-
laling the materials for an explosion in
the financial and commercial world,
the 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
another. The whole people seem to
have laborcd under species of infatu.
alton. But it is important for US to
know to what this infatuation owes its
origin. We unhesitatmgly say to
The chcapncss ofcrcdit--the ticilities Of
obtaining Bank accommodations" In
short, 10 what the Wings Yaunt as the
great source ofthc prosperity of the
country, "the credit SYSTEM Be i!
remembered, however, (for we and our
party have been most wickedly misin-
terprcted in this matter;) that we op.
pose not a judicious and well regulated
system predicatcd upon the actualindus.
try Of the country-and on which, by
its false aIlurements, will not tempt
men as they have Of late been tempt
ed into visionary and gambling spec
ulations. The credit system which we
oppose is that which originates and
fosters a false confidence in our circu.
lating mcdium-which, by expanding
that medium, gives an unfounded i'm
aginary valuation TO property-which,
by the facilities which it affords to all
classes to enter upon enterprises prom.
ising the sudden acquisition Of wealth,
induces our citizens to abandon the
the paths OF patient industry and en-
bark in the widest enterprises. This,
experience has unhappily taught US,
is the whig "crcdit system" BY its op.
Grafton for while every thing seemed
to prosper-mcn without capital and
without labor seemingly became rich
the regular pursuits Of lite were aban-
neutrality-suspicious. langulshed-thc
mechanic arts were neglccted-thc
wants which the natural consumption
Of the country required we've supplied
from abroad, that those who could at
home have supplied them might join in
the race ofspculativo adventure. Thus
for a while, every thing seemed to
prosper; but at last the buble has burst,
and disastrous must be the result. Let
us treasure up The wis dom which sad
expcriencenow teachis us. The Atlas
upon which this mighty system of cred
it rested, has crumbled and in its fall
hundreds of Institutions which but
followed in the evil example which the
U.S.Bank taught them to enlarge their
issues and expand their credits, have
been cngulfcd in ruin. Let the people
remember that substantial wealth can
only be produced BY industry; and that
bank credits and bank issues in the
end produce only dsordcr and Distress