, 1841-04-24

, was the perfection of my system. 1t is cas-,
v enough to found IL Banking System on
: specie basis, but to raise it upon credit alone
{ | consider the triumph of financiering.
;. Our first act, in order to meet the uLrea
f sonable demends Of the senseless people WHIT
had held our notes, a great amount Of which
, we had issued in anticipation to strengthen
US against the coming storm, was to discharge
a great duty to ourselves. Charity begin!
a: home, is one Of the fundamental maxim,
E.n.y C-alit Sy.:c~:- q 80 ..anInors'y
dec:c d 10 liquidate OF owsi obligations nv
cancelIing all our respective notes, give as
security Tor the capital stock. Our next act
was to cancel the certificates of stock; pied.
ged by ourselves as collateral security for
The stock; and our third TO throw both notes
and certificates into the fire. THUS at once
were cancelled all our responsibilities in the
most satisfactory manner. The bank which
according TO my great Credit System orr.
ginated in nothing, returned TO its original
element of nothing. and all parties were per.
fectly content, except, Those eternal and di.-
organizing grumhlers, the Loco Focos and
Jack Cade men whom nothing will satisfy,
who came with their hands full of our notes
10 demand payment, and began to talk of
iarring and fraihering. But the Mavor
had providedtially ordered out the military
10 Ouerawe these unreasonable villains, and
SO nv gentleman went home with each 4 flea
in his ear. dare say some "f them suffered
considerably BY the loss Of 4 pitIfuI sum.
unworthy the notice of the great inventor of
the Credit System, hut ] have since QUOTED
my conscience by subscribing literally 10
.soup-hOuses. and thus fairly quit scores with
these wretched, irreli giouS, demora!ized be-
lngS.
This equitable adjustment. Of our affairs
placed ne on the very pInicLl Of prosperity.
| had paid all nv debts to the people, and
might now have sat down in the enlovmpt
of = JuietcenScirnce amid unboundcd wealth
bat the truth is, ] longed for 4 single hun
bred thousand dollars more, 10 make up two
millions, and unfortunately an opportunity
seemed to present itself just in the nick of
time.
Ihoi n particular friend, one with whom
| had done business for years past, aud le.u
larry got TO windward Of two or three times
a year; but with all this the fellow crept
along prospsrously by sorne uncomfortable
means beyond my comprehension. There
are such men in the world, aud Of all beings
in the creation they most puzzle me 10 &C
count for their prosperity. They themselves
pretended to explain it by quoting that stale
maxim about honesty being the best policy;
but for my part ! never saw honesty achieve
such wonders, and accordingly it does not
constitute one Of the elements Of my Credit
System. 1t is nj war with the spirit OF the
aye and the progress Of improvement.
BE this rs it may, then in consequence OF
the suspension of our Bank. had got rid
of all my responsibilities in the most salts
factory manner, and felt myself perteculy
independent of panic and pressure, my wor-
thy friend came 10 me one day with 4 pro-
position to sell n tract OF new land, COM
priSing three millions Of acres. and several
large towns in respective. This tract ] had
originally sold him at 4 pretty considerable
profit, and now thought it would be Il capital
operation to purchase back again under the
depression of the panic Which was con-
WINGED would blow over again. and he follow
ed hv a corresponding reaction Of prices.
Nv worthy friend was excessively alarm
ed. and consequently very deSirous to SCI!
his land, and realize the proceeds, as soon rs
possible. | took advantage of his apPrehen-
sions, and finally purchased back my land
at somewhat less than half Of what ! re
ceived for it, paying him cash in hand. The
poor creature went away highly heightened.
and what is not common on such occasions,
but parties were perfectly satisfied. He re-
reioiced in selling, and in purchasing, what
| was assured would enrich me Il few hundred
thousand in the end.
This would undoubtedly have been the
case if it had not been for the obstinate '"ro-
rance and stupidity Of our "ui'andish Gov
ernmenr, which about this time hogan Il Sc
ries of diabolical experiments. which played
the very mischief with my Credit System,
and gradually undermined its only support.
namely, the public credhlitv. j, undertook
to refuse nv bank notes in pavmen, Of The
public lands, which operated against my sys-
tenn like a two-edged sword, right and left
|. injured its credit and depressed'the price
Of lands, by demanding payment in specie
instead of what all people of good breeding
call its representative
], embarrassed me terribly. and was the
commencement, Of the downfall Of one Of
the greatest estates ever acquired by a sin
Gle man in the United States. People when