The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-10-01
THE CREDIT SYSTEM AND THE NC
CREDIT SYSTEM.

CREDIT SYSTEM.
I Among other reckless doctrines advocated
by the present Administration, that of destroy
$ ing the credit system throughout the country
is one more directly calculated to parnlyze til.
energies Of the people than any other. Instead
OF stating our own opinions on the subject We
f choose rather to give few interesting extract.
5 from work recently published, entitled '.THr
CRISIS OF THE COUNTRY. By JuNlus." These
extracts will show the charac ter OF the work
! and will repay the reader for their perusal Ou
only regret is that our limits and the fear O
infringing on the copy right prevent us from
making more copious quotations from this in
tercsting and excellent work. Who the autho,
1 is we have not yet ascertained, neither have We
heard it limited; but from a pretty extensive
knowledge of his works and his style of writing
although he is the last man to whom the au
thorship of such pamphlet would be a,,ribu.
ted, we should be as likely to guess the Rev. Nj
i Todd. Of Philadelphia, as any other man.
I Ho,c the credit system, affects mechanics
! Take for example journeyman prin-
ter Of good character, vino is offered a
I chance, with good prospects, of placing
himself at the head of an establishment in
his line of business as proprietor; but he
has not sufficient capital. The credit sys-
tenn, however, comes in, and enables him
to conclude \ purchase. He rises at once
to importance, with every prospect of do
ing well. The credit system has given
him place and advantages in one day.
which, it is possible he could not have ac-
quired in all his lifetime under the no Gre
), dit system, and nobody is injured by it.
They who have accommodated him were
perhaps as willing to do it for their own
interest, as he was to accept it for his.
This may illustrate the case of ten thou
sand, more probably of hundred thou
sand mechanics in our cities and country,
who are as deeply interested in the credit
: system, as the individual here supposed.
The same may be said Of young men and
: others engaged in agriculture, in manu-
features, in trade, in any calling of life.
requiring some capital to begin with. On
: the no credit system most of them nigh,
give up all hope of being able to establish
) themselves, within reasonable period
in respectable and advantageous posi-.
ton for the business they have chosen.
Hos0 the credit system affects those vhc
are already established in business, ana
are acorthy Of credit.
1t enables them to enlarge their plans
on a prudent basis, as they may Judge
best; to attempt and accomplish many
things which active minds prompt 10,
| which are essential to happiness, posi-.
, bly, to the greatest usefulness. 1t is RICH,
which they have earned by their probity,
by their good conduct, by their diligence
in business, and which is conceded to
them by the respect and good esteem in
which they are held. Their good name
is as much capital as their money; in
: acquiring the last honestly, they have ac.
quired the first, and with the same pains
!, They are, therefore, as fairly enabled tc
trade upon one, as upon the other.
. Ho,c the no credit system affects the same
cases.
| 1t is a libel on good character; i. is a Ii.
| bel on society; i. is quenching of the
spirit of noble and generous confidence;
it is cramping the expansive powers Of
sound public morality; it prevents the &C.
complishment of great good; it checks &C.
!, tivity and limits useful enterprise; it cur.
, tails individual and public wealth; and in
thousand ways robs society of benefits
and advantages it would otherwise realize.
Ho,o the credit system affects the honest
and strong, though poor man, scht
| goes ,uith no estate bit his ace ana
rifle on his shoulder into the auestern
aDilderness.
1t is possible that even his rifle and axe
were furnished by kind neighbor, who
said, ..Pay for it if you prosper if MOI
you are welcome" In the first place, Oh
the basis of the credit system, he may
avail himself of the privileges of a squat
], ter, if he chooses. That is credit, and
, his creditor is the Government of his
country. He has no money, but he has
strong arm, and sound and courageous
! heart. The trees fall before him; ''a log
cabin is soon erected; he gets food by
his rifle. Our pioneer of the wilderness,
/, having cleared away his patch--made
''an opening - as they say in the West
and built his cabin, takes down his rifle
makes his way through the forest to the
nearest of the older "set.lers,' who hae
begun in like manner, but has now large
j openings, a barn filled with grain, cattle
E pigs, poultry, &c. He negotiates will
this neighbor, whom perhaps he hat
never seen before, for seed, pigs, fowl, ;
COW, perhaps yoke Of oxen--all oil
creditor still he has no money. The
look and bearing of the man are a suffi
: cient recommendation; the bargain j.
! closed, with no other security than the
+ common, generous faith Of the Wes,
e ''Pay when you cam Not even scraI
(, Of paper is demanded. The obligation j!
e written on the heart, the best Of all secu
r rites in such a case. s'God bless you
1 neighbour says the generous creditor
t who knows how to sympathize with sucl
: a case, 'slet US see you when you can" ant
!, thew part, Our pioneer takes care to as