, 1841-04-24
BOWLING-GREEN, MO. SATURDAY, APRIL "a, l84I.

came due, we first issued The stock. then CAV
our notes of hand for the amount and thel
pledged The stock as collateral security.
Here then was the credit system broush
10 that perfection which | had long imagine,
possible, and now saw realized. 1t was III,
IDEAL representation of a pyramid reversed
nothing at The bottom, and q vast expansion
Of surface at the top. 1t was credit found
ed on credit, paper on paper, and promis,
on promise. 1t might, consequently, bv ex
tended TO an infinite series, or at least so Iont
as human credulity, that great beast of bur
den, could be brough, to s,agger under tn.
Blessing.
We had some difficulty in ending a - 4
Ter to make oath that our capital was thu:
"pHid IN, or secured tobc paid; " but, at length
were lucky enough TO catch a man exactly
suiled 10 our purposes;on just emerged from
the errors Of the dark ages, and who recoc.
hised the distinction between the letter and
spirit Of an oath. lie saw clearly that use.
cured to be paid" was an indefinite phrase.
and, consequently, meant just what a man
pleased to make it. He, therefore, swore
most maniully, and our bank proceeded TO
business, by. in The first place, lending twen-
ty-hFe per cent. more than the whole of its
capital to the directors, the cashier, and the
president. To wit, myself. who claimed, and
received one-lhird Of the whole as nv law.
fui share.
Having thus achieved the grand desidera.
tum oi making money out of nothing. NV
mex; sier was TO turn the discovery TO the
greatest advantage by changing what was
worth nothing for something OF zeal value.
The trGth is. ] could never entirely discard
rom my mind certain unpleasant intruding
doubts of the stability of my system, AID
therefore resolved to make hay while the
sun shone. Accordingly, | conceive anoth-
Ell grand scheme for the employment of the
surplus funds of our institution. | proposed
Ia Il certain number of the members of the
Legislature, to which ] now no longer ap-
periaIned. a plan for Il great public improve
meni. that is, rail road of a few hundred
miles in length.
Tae iIiinG was kept perfectly snug. while,
Ivy means If the funds furnished hv our Bank,
which WAS capable of expanding like an
bladder. was proceeded quietly to
purchase all the land in the immediate vicini-
TX al the line of the contemplated improve
which was intendrd however solely
fur the pa, IL. good. We then once more
C ,:m rrucci the system uf lnr-IoliInr, To
w'lIch | aridr! another lever al nv own in
v'ElIufI. 'o wI'. the agency of lobby men,
bees. ana lie l'w passed 10y a great majnri-
"; ~a!rhru-h s!u:i:lv "rposed 10y IN ignorant
i)ulh member. whu insisted that the pub
liz good lad come to signify no,hln. but pri-
va:e interest.
Oar project went on swimming'y, and
such was the rise Of property along tie con-
tenplated Improvements, that 1t was sold,
and resoId. on credit, 81 many times tina, it
afterwards ascertained it had become
the representative of more paper promises Of
kind or other, than the whole district OF
country through which IT passed, would sell
for. after the great improvement was made.
Such was one of the first trlunphs Of my
new Credit System, the great advantage
of which is. that it enables people 10 run in
debt indefinitely. and property 10 represent
fifty times rs much paper rs il is worth.
As a soft of inteilude to this. ] became n
purchaser Of vast tracts of public land in
the West, which | paid for in the notes of
our bank. on which ] expected to realize I'M
lncnSe PROFITS. dlu WHICH. even illuu-H II It'll
in price, would still be worth more than our
paper promises. the chief recommendation
of which WAS, that the moment they passed
from nv hands, as a private person, in pay
rncnt OF Il debt, the debt was paid, though
they might become ever SO worthless after
This is another advantage Of my
ne wlv invented Credit System. if not to
those who receive. at least to those that pay.
In this case, as | purchased Of Uncle Sam.
my conscience was quite easy, for in case
the worst came TO the worst. the old fellow
afford 10 lose the money.
| was now rolling in wealth; the idol Of the
brokers; the oracle of fnanciers; the control
Ter of the stock market: the envy of all that
miserable race, which lives on real property
and labor; and the founder Of cities, for ] had
laid out six Of these on my new lands, or
rather on the maps Of my lands. some Of
which threatened TO out grow even the great
emporium of RagamufinsiIle. Nay, | don't
know but | may ia time become the founder
a great empire on the North Pacific,
where | once established an Agency for buy
ing muskrat and mink skins.
But alas. there is nothing perfect in this
world. and nv new Credit System though as