Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-05-09
The CREDIT SYSTEM. AND THE WAGES
OF LABOR


Stale OF ihngs, wh, Ike every ether want OF soe,.
/ ETY.. be 5egu'aird by demand and suppy-in Other
4 words, By The amount Of labor required and The
number OF lhcse at hand TO perform L. When these
are lsit 'e he influence Of natural eauses they vii
always be well regulated AID II Only when othsr
/ cNifaneous influences atrude, that tie Wholesome
/ equilibrium destroyed or disturbed. and the
demand and supply become disproporioaed to each
! other
| Ia the United States, where The Geld Of eult,va
/ taa and ealrrpfse expands with greater rapdity
than the population Increases bor must necessarily
/ be high, and The demand W.l always be At lcas,
! equal Ia the supply. iong a. 10 facutous nfuen.
ces arc brought 10 bear upon them Labor will pro-
duee al Increase Of cspa, and capital VII IN lurn
| give additional rmphymsn. to labor. They play
/ ulo each others hands, and the game is mutually
advantageous
Such waa the eogdllion oitle United States when
he paper system WAS eagBltsd on our institutions.
and became, va Tie course Of tew years by It's rA-
| pid growth and EXTENSION sole afbilrr Of the pros
! perlly OF every class at mea IN al conditions of 30.
clrly. Va little while, Il superseded tie nfuencc
/ % those natural causes which had heretofore gov.
efncd auJ directed human labor aud enterprise de-
ranged TIE uure system Of social organisation, and
/ rcmicrrd those trulhs which had hheuu becn The
4 great atons OF poHcai economy, totally inapphea.
/ Die.
! The prices of abor we're no longer regulated by
supply and demand, created BY permanent and nat.
utal causes, but by the cNpsnsons and eonlraeuons
| Of the paper system and The interests Of banking
interpretations Labor became the football of pa
per money, aud was Kicked about in oil lireclions
as II suited the necessities or leeing Of those who
| worked the wires OF the great credit system. The
! working men 10 longer depended for employment
/ n the natural and wholesome Increase OF the de-
Nsgi lor their labor, but on causes eXlfaneuus from
! national Prosperity, and ON influences over which
| Providence itself seemed 10 have no control Il
waE not by war, famine. or prstlcnce by the failure
| oi crops Cr by those Distributions OF Providence
| Which heretofore affected the dastules Of nations
bot by the lnores, OF caprces Of bankers that pros
| pcuiy and adycrWty were melted out Ia mankind
! The world hoca1c the slave ofa artificial creation
which for year. past has usurped dnmn,on over the
lcstInrs OF the human rpr., snd prosualed il al
The loot OF spurious lyrant. the offspring ai AyA
rise and crtduy. The DEGREES Of Providence
were lura time oterrnlod sad brokers and bsnketa
lorded Il over nations.
straHgT unheard sf ,nconpfehcn,hle and DC
luslve prosperity, the result o, the great discovery
Of aAsiSG NoEEy OCT oT Sormsg, sprung up Ike
n mushroom, a. /, were, ~ one night The pape,
system, which began 8 single polut and ex
pahdej Ike smoke "a a frosty morning, and IA M
| lIe while oyCfshadowed the very heavens Men
became excited by furious ,nd unnatural love Of
gam, Which absorbed oil their faculties and ptas,ra.
tel all discretion, The country become on inflated
bubble the people relied with imaginary prosperity,
and TIE fiction Of the philosophers stone was more
lhan realized IN Me grand discovery o. transmitting
rngs INTO gold,
Had lhs crca, system Of credit snA paper money
only CARED with It the principle of durstnn, ard
had II not, On the contrary, teamed wllh inherent
weakness and inevitable decay, Il would have 70.
med mankind, By producing unyefsal ldleness, ex
uaFaeancr and corruption Il would have reversed
he decree OF the Most High thai BY the sweat Of
! h " ai.D s{aEN MAJ
ASIDE tho dominon o. those E'eS' sea'..' N'v-s 80,
versa principles, By whose agency the mighty uss.
ter " lie governs he universe.
Bat, happily for mankind, these s,em2s to vlo-
ate and turn ASIDE the natural and inevitable Courss
oi things, and To ueutraze The great principles Of
action and reaction, can succeed but for brif Pc
rod, and are sure Is crush thor contrIYefs. Thai
winch has no foundation IN the law OF nature, or tbs
| DEGREES Of ita great author, capnut stand The
| presnup'u Ous ctlurin Of man "a eyade these laws
and yulal these DEGREES, but bung ruin on bis own
head and as tie attsnp! 10 build The tower Of ba
bel al. reached the skies scattered the hst eeners.
ton q mankind 10 the ends Of tia sarlh, 30 will tbs
attempt to create standard o. value on tho basia
Of human efsduhiy. be SURF 20 produce ius1trcab's
confusion ard d'oganzc the whole irsme u rog,.
lew
Such - the condition olilhngs at this monen, e.
llbled ia the United S'otes, Tic natural rrsoui,
ccs OF The country the price Of commodities sad the
wages Of abuf Instead Of beng regulated BY nat.
oral are become lie footballs a .rlifcini causes,
ana axe no longer governed by slppIy and demand
A. one PERIOD tie credit system suddenly expands,
maUey becomes redundant and adventurous ift
ana unpuucpled tcWerIty dahH into the arena
lho1e who have nothing 10 lose, and those who
grasp at luJrdinala gatus, run hcadlnnr INTO tlg
temptations consequent on lie increased facH,y Of
bUuuwHg, Some RArHBURN ~ GsLEsG rises UP IN
every town and village where banks are established,
lao. (fula gtlf no
manliy lie specuIacS ia te,y ,lnng under heav-
en-, iuunopuzrs The ntccsuflts OF life, and builds
whole cities ssIt were, ty Vie breath o. hi7 nos
ms lie employs hundreds of mechanics, one OF
whom contracts of the timber, smother for the
stone, aud another for the labor lie expands daily
from lHslgnhcancc TO consequence, and from con.
sequence 10 aubilmHy. People begin at wandering
A. add end BY adm'rbg, mo por,enl3os bubble. lie
becomes The oracle OF ht ncglbors, for whatever
lie touches srs 10 gold
Bu, anon The secret is BETRAYED. The paper mi.
wlhch has oil this time been feeding tie empty
phantom, suddenly becomes ittel exhausted and
Can grind no more. IL beg,As 70 cal u lls losus e
pay It's own debts, and tie phantom contracts "
proportion. The gas escapes from the balloon.
which suddenly shflyes up 20 nothing, and fals 70
tllc ground The unfortunate uau cfltS out RI
~, uslytEsAL EriF = ard abuses the Democratic
Administration soundy, Tor lruoshng lis air bull.
castles There Is rum indeed, bot the ruin is nc,
hs lie could ose nothing, 'r he atver had auy
,hlag 10 lose. The honest msehan., who furnished
The materials, and the honest alorer who built BIZ
houses streets aud towns, sad slom he las never
paid ore the real losers The whoie II his proper.
y pledged To the bank, sad the others whistle for
telT money. The thousands oi mechanics ard "a
beers who have been aluTtJ from oil quarters 10
tie land Of promise, together with those who have
been called from Other pufsuI,s by the fictitious de
uanJ thus created suddenly left without EN-.
Payment aboI isIs, houses sre without tenants,
grass grows IN the streets aud thousands Ut RATH,
suSs and GRLLELs suddenly return 10 their orgna
nolhngness. Such ara the eruei ptsnks played BY
the paper system and us minions with the wages g
-ahlE and he % L.. ,..,rLInr .lncra.