Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-10-17
THE CREDIT SYSTEM AND THE NO
CREDIT SYSTEM.


the present Administration, that Of destroying the
credit system throughout the country is one more
directly calculated TO parayze the energies Of the
people than any other. Instead OF stating our
own opinions on the subject we choose rather to
give few interesting extracts from a work re-
Gently published entitled "THE CRISIS OF THE
COUNTRY. BY JuYrUs.' The extracts will show
the character Of the work and will repay the
reader for their perusal. Our only regret is that
our limits and the fear Of infringing on the copy
right prevent US from making more copious quota
tons from this interesting and excellent work.
Who the author is we have not yet ascertained,
neither have we heard it limited; but from pretty
extensive Knowledge Of his works and his style Of
writing, although he is the last man to whom the
authorship of such pamphlet would be attributed,
we should be as likely TO guess the Rev. Mr..
Todd, Of PhiIadephi as any other man.
HOW THE CREDIT SYSTEM AFFECTS
MECHANICS.
Take for example iourneyman printer OF good
character who is offered chance, with good pros
poets, Of placing himself at the head Of an estab.
he has not sufficient capitol. The credit system,
however, comes in and enables him to conclude
purchase. He rises at once importance, with
every prospect Of doing well. The credit system
has given him place and advantages in one day,
which, it is possible he could not have acquired
in all his lifetime under the no credit system, and
nobody is INJURED by it, They who have accom-.
modated 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 thousand,
more probably of hundred thousand mechanics
in our cities and country, who are as deeply in.
tercsted in the credit system, as the individual here
supposed. The same may be said Of young men
and others engaged in agriculture, in manulac.
lures, in trade in any calling OF life, requiring
some capitol to begin with. On the no credit
system most Of them might give up all hope Of
being able to establish themselves, within rea-
| sonable PERIOD in a respectable and advantageous
position for the business they have chosen.
Ho,o the credit system affects those ,oho are already
established in business, and are ,Dortty of credit.
1t enables them to enlarge their plans on a pru.
dent basis as they may Judge best; to attempt and
accomplish many things which active minds
pronpt to, which are essential TO happiness, pos
shly to the greatest usefulness 1t is right which
conduct, by their diligence in business, and which
is conceded to them by the respect and good es.
TEEN in which they are held. Their good name
is as much capitol as their money; in acquiring
the last honestly, they have acquired the first, and
with the same pains. They are therefore, as fair
Iy enabled to trade upon one, as upon the other.
Ho,o The no credit system affects the same cases.
| 1t is libel on good character; it IS libel on
society; it is quenching of the spirit Of noble
and generous confidence; it is cramping the ex.
pansive powers Of sound pu lie morality; it pre-.
vents the accomplishment OF great good; it checks
activity and limits useful enterprise; it cura5 in
dividuals and public wealth; and in thousand
ways robs society Of benefits and advantages it
would otherwise realize.
Hon. the credit system affects tie honest and strong,
though poor n,Cr, aoho goes cih no estate but
his aTe and 1iGe on his shoulder into the sceS.
tern riIdernesS
1t is possible that even his rifle and axe were
furnished by kind neighbor, who said, Pay for
it il you prosper; if not you arc welcome" In
the first place, on the basis Of the credit system,
he may avail himself Of the privileges Of squat.
tel, if he chooses That is credit, aud his crcdi.
tor is tie Government Of his country. He has no
money, but he has a strong arm, and a sound and
courageous heart. The trees fall before him; "a
cabin is soon erected; be gets food by his rife.
| Our pioneer OF the wilderness, having cleared
away his patch-made ian opening" as they say
in the Wes-and built his cabin, takes down his
rifle, makes his way through the forest to the near.
est Of the older "setters," who had begun in like
manner, but has now large openings, ham filled
with grain, cattle, pigs, poultry, &c. lie ne8oti,
aeS with this neighbor, whom perhaps he had never
seen before. for seed, pigs, fowl, COW, perhaps a
yoke OF oxen-al on credit for still he has no
money. The look and bearing Of the man are a
sufficient recommendation; the bargain is closed,
with no other security than the common, generous
faith of the West, "Pay when you can" Not
even a scrap Of paper is demanded. The obliga.
ton is written on the heart, the best Of all secu.
rites in such case. God bless you, neighbor,
says the generous creditor, who knows how TO
sympahze with such a case. ''let us see you when
you CAM" and they part Our pioneer takes care
TO assert the presumption right Of squatter, has
booked to him at the Government land Office rs
much land as the terms Of sale will allow, or as
he may want. He works away upon credit, pays
for his seed and first supply oil stock, meets his
engagements at the land Office, after two, three,
or four years, is well off, though still in debt, still
living and prospecting on credit. He revisits hi!
native place, marries The daughter of the kind
neighbor who gave him the axe and rifle, whc
welcomes his return with all the generous feeling
OF benefactor
We may suppose our pioneer to have squaitet
on the prairies OF the West, and by adapting tn
, scene to the circumstances, the result would b.
the same.