Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-10-17

Hon. the no credit system Affects the same case.
Clearly this noblehearted man would never
have gone west, for he had not the means to get |
there and cut down the trees. Nor could the |
Government have allowed him to SQUAT on the no
credit sysem.-Neither could he have obtained |
his pre.emption right. Not one of the results Of
this interesting narrative-whch would applyequal |
y well to thousand to ten thousand cases Of fact
to the whole history of our western world would |
have transpired without the credit system. With. |
out this, the western states would have remained !
a wilderness to his day. The prosperity and great.
ness Of that teeming, active, go ahead portion Of
the American Union, are founded on the creative. |
polite principle Of credit. The prosperity and
greatness Of our whole county, Of this Republic, |
are founded upon it. In describing few Of these
cases, we write the history OF this nation, so far
as respects the causes Of our unprecedented growth
and importance.
Ho,O the credit system affected lie early hiStory of
The north american Colonies.
Cur ancestors came here poor. Just as our ri.
oneer Of the West, above described, went into the
wilderness. 1t is true they had some patronage
from Government, aad from other quarters. but
patronage is one of the forms OF credit in the same
manner as our pioneer had the patronage Of the
good old man, who afterwards became his father
in.law. Our ancestors had almost nothing to be.
gin with. The whole enterprise OF settling this
western world was credit enterprise, not only
in respect to the hopes entertained, but also in
respect to the foundation on which it YVES based. |
The discovery Of America was effected on the
credit system. Was not Columbus a beggar for
credit at the courts Of Europe, through the whole
history Of his great, sublime, and glorious under.
takingS? Are not the whole Of his achievements
to be ascribed to the effectiveness of that princi
pie? Undenably. The granlest conceptions OF
man that arc executed, are ordinately done on the
basis OF credit. This we shall find to be true in
every department of history, whether we refer to
those who have acted only on mind, or welded
empire over the world of nature. The reason,
arc, first because they who conceive the greatest
things are not the most fit for the prudent calcu!a
tons Of business and next, because they who are
already possessed Of wealth and Independence,
have no motive, are too sluggish 10 entertain srca
enterprises.
1t was the poverty Of our ontcs.ors and other
social inconvenience. which drove them to this
new world. Some Of them may have had lit
tie wealth. But what was It all coapucd with
the greatness Of the undertaking! It was credit
on which they started, in hope Of future income;
it was credit on which they worked and traded
fought and died, the inheritance Of which they
bequeathed to their children; it was credit on
which they achieved all that gives them honor in
our esteem, respect among mankind, reEoWn in
history. Our ancestors were always in debt to
the mother country as individuals, and rs Co..-
MICS. One Of the chief causes Of the war Of lhg
Revolution were the difficulties raised in tue
Management Of these accounts.
NoIO the credit system 'coNld hare affected he
carly history Of hlIS country.
In the first place, America would not have
been discovered. But leasing by that, these L.
States would never have had existence, because
the Colonies would not have been planted or il
planted, could not have been reared without
credit. Both private and public credit was used
on large scale during the whole OF our Colo.
NAL history. The Colonies were begun, carried
forward, and raised to all their Importance, such
as it was, by that means.
How the credit system q6ec,fd the ataiamen. Of
orr independence.
The quarrel Of the Revolution was in effect
and in Substance Il Qulncl about credit and the
claims Of royal prorogalive. The right Of ALSO.
Lutte sovereignty was asserted dS 4 cred account.
This right, as to the manner in which it operated,
was denied and resisted. Hence the war, aud
hence the result. The latter we regard as a b.cs.
sing, and owe it to this quarrel about c,edil.
But how could we have maintained that strIg-
gle, or gone single step in it, without national
credit few feeble settlements, having always
been in state Of Dependence, without money,
and greatly in debt, without GrulS, without troops,
without ships Of war, with no government even,
except hasty provisional one set up or the ex-
gancy such people pilted in a conflict Of arms
against one OF the oldest, best provided, aDd most,
powerful empires in the world! But credit, that
spring Of enterprise in peace, tha; soul and sncw
of war came to our aid. Funds, ships, armies,
flew to our relief We issued bills Of credit Of
our own, and baseless paper currency for orr
domestic uses, which answered all the purposes
at the time, though it proved to be good Tor moth.
ing afterwards. Perhaps it would he true to say
that we owe our Independence to the credit of
that baseless Continental paper What could
have done without it in such an hourl 1t is true,
it was never redeemed, bat the people were re-
deemed, and bore with patience this tax to their
country deliverance. They who paid hundred
dollars for break fast, poor rs they were, could
point to nations independence purchased by
the sacrifice, In the enjoyment Of the blessings
Of freedom they soon forgot their losses Credit
was the charm, the potent agency that carried
them through. What could have been done
without it? Dismay would have covered every
countenanCe in the outset, and the world would
have pronounced our fathers madnen. But it
was the generous faith Of mankind, credit, that
saved US.
HOp the credit system enabled us TO carry on ui e
last ,Car Nth Great Britain.
We may, perhaps say in thegros tina that war
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