, 1841-04-24
WHOLE NUMBER 3o2.

~'S NhhS w" - ANS IN
prosperity, this outlandish Government no,
long afterwards proposed the "Infamous
Scheme" Of a divorce of Bank and State,
which completed my downfall.
"lnfamous Scheme" indeed, for VIVA.
could be more infamous than Withdrawing
the Government from a partnership in which
1t furnished a great portion Of the capital,
and all the credit, while the other parties
received all the profits, 1t was in fact a
: ba-e r~oEstarccy dga'4 { ~ system, and &C..
y cn'lIrSiy -! the re;ii:y hoasst patriots raised
fl.ue and cry the moment it made its appear.
ance. | was one Of the first that moved ia
the business by calling a meeting of every
man who owed more than he could pay, in
the CITY Of Observation-Disclosures they were
not n few in nulnber-which denounced the
Specie. Circular, the Infamous Scheme, and
the ouilandish Administration, which had,
by IFS stupid folly, arrested the career OF nv
Credit System, and ruined the country by
prema'urely experimenting on the capacity
Of mankind, 10 continue the practice Of rum
ming in debt through an infinite series, as l
am convinced can be done. If no mischievous
attempts are made to appeal to their common
sense and experience.
But If anv doubt remains Of the beautiful
perfection Of my system. 1t will lie found in
the following fact which | record as the con-
Summation of its triumrhs. ] had for more
than fifteen years lived in the creates, !uxu-
rv and splerdor; had spent in that time up
wards of two hundred and fifty thousand
dollars; ] had held property to the amount
OF between two and three millions. and yet
when ! came to investigate nv affairs critical
Ia i Cn,,Hl .lo, a., ~ -, ~ .A. r0.,4,
ty had | ever been worth a dollar in the
world! In short. ! had been over head and
ears in debt every moment OF that time.
Can anv one after this doubt for a single
moment the perfection ofmy Credit System!
Can any man that loves his country or his
species, refrain from joining with me in de.
nouncing the Specie Circular, the Specie
Humbug. the Infamous Scheme, and the It's
sue Of laundering ignorance exhibited by our
outlandish Administrations But for these l
might have gone on accommodating s.responsi-
Liiiries'' and spending money like dirt, TO the
END OF NV lie and what il my debts had in
creased Ill that time! IL would only have
been a few hundred thousand dollars more
issues Of paper money, by some body or 9TH
CT, and the vacuum would have been suppli-
ed. This is the great beauty Of my system.
1t works BY an infinite series, as 1t were,
and there is only one trifling thing wanting,
namely. that there should be all debtors, and
no creditors, in the world. | don't despair
Of bringing this about, when, as will certain
" DC the case 4 couple or three years hence,
our ignorant outlandish Administration is re-
placed by my disciples Of the Credit Sys-
tenn. Then shall We see the age OF Intern
al improvements unexampled, exquisite re-
fnemeni. and unlimited public prospeIityi
for then will every body owe and nobody
paw; then will the wealth Of the nation, like
that of England. be demonstrated by the
amount of lis debt; then will the true Agra
rian principle be in practical operation, for
a man who borrows a hundred thousand dol.
lars will be as rich rs the one that lends it;
and then there will lie no occasion for 4 bot
tom to the sea, for the whole world will be
adrilt on its surface.
Such are the anticipations with which !
solace The lazy hours of nv temporary re-
tire ont from the business OF the world
Nv other auxiliary comforts is in recalling
the busy scenes OF my former career. and
either suggesting great SpeculatiOns III others,
or imagining Tire mrse for myself. In this
wav endcavnr 10 get rid OF the desperate
ennui of n lie free from the pcrplexity and
distraction of being GU. Of debt. | have
compounded with INV cretitnrs nj 4 Vis'areen
in The pound, and the leaden depression con-
sequent on beinn freed from the excitement
of getting IN every morning. without know
ing whether ] should not he suspended" be-
fore night; and Soing Ia bed every night with
the anticipation of being Il lame duck the.
next morning. Is row the prinripal evil Of
which | complain. tits inronceivable what
interest such vicissirudes communicated 10
life. and were it not that look forward 10
the speedy downfall Of cur ignorant OUTLAW
dish Admiuistr Ition. and the rrsuScitatinn ~
Credit System in more than its past glo-
nv. ] really believe ] should be obliged to
turn pIilan,hropist, 10 pass away The time.
y. S. | forgot Ia mention on my retire.
ment from the Presidency OF the Bank, the
Directors unanimously voted me Il service Of
plate. worth twenty thousand dollars; and
that nv father, TO whose lessons | am indeb,-
ed for every blessing ! have enjoyed or an
iicipated. has lately been appointed by the
Federal Common Council Of Ragamufinville,
Chairman o: the Finance Committee, on ac-