, 1841-04-24

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From the Democratic Rcuie,v for Nay, 1888
AUTOBIOGRAPHY
Or FERRET SHARP NEwcRaFT, ESQ.
Being a full exposition and er~amplyfcatio,
Of the "Crsdt System"
[cOncluacdJ
l, was now that | erasped the reality o
what | had so long anticipated. Before pro-
ceeding TO the seat OF government, | had pro
jected a scheme for i bank, founded on the
great principle of making money out O
nothing; a self-cons.ituted, seIfexistent, per.
petual-motion bank-machine, entirely indie.
pendent of any representative of real value,
and which, like a spider, would spin its wei
for catching flies cut Of its OVID bowels
On opening nv scheme 10 several of my con.
fIential friends, who had submitted to tie
disgrace OF being ca,",ee1a democrats for a tine.
in order that they might make use Of their
support in the of their object.
they were delighted with it.-most especial.
ly when they found that my bank required
not a dollar for its specie basis. They
eagerly Joined me in 4 memorial to the Leg,
stature, stating tina. there was Il great neces
sitv for an increase Of capital in the great
CITY of Raramufinville, and n great surplus
capital having no profiIa lie means of invest
ment: and that tie applicants he'ng great
friend Ia The Equal Rights "i Ike ~.:r,.i-n
people. had ruuir forward. a~riGai'i solely
by tie ,uEl,c 60 j. ~" request charter r"n-
fer;ing eli tie c-r:a,n ".'i.ie - "li-h
;h"ug! the people WEE pf.llhr'"d f'nm rv
rrci>inr. were eyrlu>i,riv .nr ri.cIr benefit.
Tn:s charter. | rrnn' wed i.i.nd "f - tie. Il
LAWYER unegu He'd IN tra'3iu" l'n~ "a lI"
purpose If benz evadcG. !. ,:raN up m >,Ici,
Il manner rs tint II would require ~ capital
10 paw Up The stock, and a%urh"riZn the cor
p~oration TO do directly the contrary of what
the Legislature intended. With this, ! pro-
ceeded. in anticipated triumph, 10 the foun-
tain Of legislation.
On NV arrival. found that almost every
member Of that honorable BODY had some
scirme or other on the anvil for the public
good, and in tn. benititS Of which he expect
ed To participate, only, as one of the people.
] made it my first object TO become acquain-
ted with the individual interest of every
member, and set about reconci!ing them all.
if possible. This. however. was task be
yond my power to accomplish, and 1t then
occurred to me that though ! could not re-
~concile. | might unite them all, and thus pro-
duce perfect harmony. This plan was ac-
cordinglv adopted. and produced the most
beneficial consequences. Each member pro-
ceeded on the great and only Just principle
ofreciprocitv, that is, each one promised to
support everv one Of these schemes. provid-
ed, all the others would support his, and
thus, the whole batch was carried triumph
an,Iy through our honorable body with only
three dissenting voices, consisting Of three
members who had been guilty of the unpar-
donable negligence of coming thither with
out a single project for the public good
This was the origin OF that great modern
improvement in legislation. called los-rolling.
of which ! fiatter myself | am the sole inyen-
tor:
Ny bank went through with the rest, and
with it commenced the new and most glo-
rious era Of tina, great Credit System. of
which it has been truly said, that its destruc-
ton would be Immediately followed by uni
versal ignorance and barbarisn. Ny lawyer
had incorporated into our charter a phrase
Of nv own invention, and which in nv opin-
ion-and hope | am not misled by vanity;
embodies the greatest improvement ever
made in the system of banking, | aIlude to
the provision that the capital of our bank
should be either paid in, "oR SECURED TO BE
PAID"
Under this convenient and %salutary pro.
vision, on the breaking up Of the session we
returned to Ragamufinvil!e, and Immediate
ly commenced operations. We began with
engraving and filling up notes to the amour,
of twice our nominal capital, with which we
paid the first instalment on OUT subscriptions
for stock, the whole of which, with the ex.
ception Of a few hundred shares-assigned
to somc members of the Lagislatuee rs a
compliment for voting according 10 their con.
sciences-was distributed among ourselves,
For the remaining inslalments, as they be.