The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-10-01

Il Al Tic succession OF events his man
long before he dies, is first Justice o.
\ the peace over surrounding population
1 whose history corresponds with his own
j next, perhaps, member Of Congress
and finally, it may be, is Governor of +;
new western State. He has risen from
!, nothing to wealth, 10 consequence in
> society. 10 dignity, to happiness; all
. on the basis of the credit system.
j This brief story is not fiction, but fact.
1t is true copy of the history of our
r "Great West;" it is exactly in accordance
# with the whole history Of our country.
!, Nearly all our best citizens and greatest
men began life with noihing-started on
\ credit. Credit has been the spring of our
enterprise, the nurse of our prosperity,
!, the cause Of our greatness.
How the no credit system ,Uo,Ad affect
l the same case.
/ Clearly this noble-hearted 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 system
Neither could he have obtained his pre-
emption right. Not one of the results of
this interesting narratlve-which would
apply equally well to thousand, to ten
! thousand cases OF fact, to the whole his.
tory of our western world-would have
/ transpired without the credit SYSTEM
! Without this, the western states would
have remained wilderness 10 this day.
The prosperity and greatness of that
| teeming; active, go-head portion of the
American Union, are founded on the ere.
alive, prolific principle Of credit. The
! prosperity and greatness Of our whole
country, of this Republic, are founded up
on it. In describing few of these cases,
/ we write the history of this nation, so far
as respects the causes of our unprecedent-
] growth and importance.
How the credit system affected the early
history Of The North .America,, Colo
MES. 2..
Our ancestors came here poor, just as
), our pioneer of the West, above described,
wen, into the wilderness. 1t is true they
had some patronage from Government,
and 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 be-
} came his father-in-law. Our ancestors had
almost nothing to begin with. The whole
enterprise of settling this western world
! was a credit enterprise, not only in re-
} spect to the hopes entertained, but also in
respect to the foundation on which it was
based. The discovery of America was
effected on the credit system. Was not
! Columbus beggar for credit at the courts
of Europe, through the whole history OF
his great, sublime, and glorious undertake
} ings? Are not the whole of his achieve
ments to be ascribed to the effectiveness
of that principle! Undeniably. The grand
est conceptions of man that are executed,
are ordinarily done on the basis of credit.
This we shall find to be true in every de.
} partment of history, whether we refer to
those who have acted only on mind, or
!, welded empire over the world of nature.
The reasons are, first, because they who
conceive the greatest things are not the
most fit for the prudent calculations of bu-
siness; and next, because they who are al
f ready possessed of wealth and independ-
cnce have no motive, are too sluggish to
entertain great enterprises.
! 1t was the poverty of our ancestors, and
other social inconvenience, which drove
them to this new world. Some of them
may have had a little wealth. But what
was it all compared with the greatness OF
the undertaking? 1t 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 bequea,hed to their child
rem; it was credit on which they achieved
all tina. gives them honor in our esteem,
respect among mankind, renown in histo-
ry. Our ancestors were always in debt
to the mother country as individuals. and
as Colonies. One of the chief causes OF
the war of the Revolution were the diff
culties raised in the management of these
accounts.
: Ho,o the no credit system scould haze at.
i fectedt The early history ofthis country.
Il HI tilS AASS paw 1AhSA'So "ouiu uOl
!, have been discovered. But passing by
: that, these United States would never
have had existence, because the Colonies
!, would not have been planted, or if plant.
| ed, could not have been reared without
!, credit. Both private and public credi,
was used on large scale during the
!, whole of our Colonial history. The Co
| lonies were begun, carried forward, and
!, raised to all their importance, such as il
was, by that means. 81
Ho,o the credit system affected the attain.
naent Of oar Independence.
The quarrel Of the Revolution was in
effect and in substance quarrel abou,
/, credit, commercial credit and the claims
Of royal prerogative. The right of abso.
Lutte sovereignty was asserted as credi,
account. This right, as to the manner in
!, which it operated, was denied and resist.
/, ed. Hence the war, and hence the re.
! suit. The latter we regard as a blessing,
! and oweit TO this quarrel about credit.
: But how could we have maintained thai