Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-06-08

} Bot The twelve million DO net exis. Co.<r>.s ap
pears then 70 be Going that Il IN fact. ar a. III
assssS .son ifs
~ collar Of the whole loan be returned. not on
dollar OF the whole interest could be paid Let he
give The loan without interest. and ve eeuld pal
our debts and owe nothing. Instead Of a million o
gold continuing to circulate as million from yea
TO year, that Congress Is authorised TO say in gocs
tsith u shall. and as IL actually does. among al
elasses exesps the useasd srisioersey, which emers
ees tbs lending AID 6snking classes OF society. !
returns in large proportion, into the hands Ct hes'
classes. with apparent increase founded on thu
| ratio of sixty thousand dollars per annum. How
- this Increase to be psidf Surely not out OF th'
increase OF the wealth Of the nation; and certainly
not out oil the actual increase Of the gold but soone
or later, by an appeal to the law of "bankruptcies
That Congress has no expressed right on this sub
lect. feel con6den,; feel equally confident that
Congress has right to give either an apparent OF
| real increase to American money but by coming
nsr does the general welfare" require Il. YET, IN
case OF sudden emergency, such as would occur
by war, might be desirable, not only to "borrow
| money" as now allowed, but TO borrow money on
interest during the continuance OF such emergency.
upon the ground that Congress only 10 able, or
| should pay interest, inasmuch as Il only can make
| money. Money ought not TO be allowed the use OF
the papabe fiction OF self procrea,ion. IL is well
calculated, when duly and properly used, TO pro-
mote the wealth, the facilities, commerce and hop
piness of the people; but il we allow Il to produce
It's own like, will certainly detcriorate, unsette,
as we'll disparage the value Of all other property;
lead the people irto extravaganza, debt, immortality
and insolvency. Money, thus used, Is omnipo,ent,
and highly destructive of virtue, general prosperity
and happtnesS
Let us. in conclusion, look at some Of the proba
q, II not certain consequences, which would result
from the adoption Of TIE plan now proposed. IL is
possible, owing to the force OF education and cir
cumstances, especially political influences, that il
will find but little grace in the estimation of my
countrymen; but, notwithstanding, itstru h, pract-
cab',tv and importance may still exist. Its novelty
should not constitute barrier to its due consdc-
ration, ADD adoption II found true AMI adequate.
Ex,rsordi ary distress demands CORES pond ns mea-
sures Of reliei. Lycurgus looked upon the sonse-
quenees Of god and silver upon the citizens Of
Sparta, and tvok the most extraordinary stems for
recovery. that nrobaby ever entered the mind OF
any ruler and succeeded beyond the anticipation. if
possibl', OF HI wonderful foresight. The
principle advocated by the writer. finds appreciation
of the most encouraging character, the teachings
of inspired Apcstes-at the mouth OF the Saviour
cations o the r ophets OF God-and in the teach
ing Of Jehovah himself Interest I'm any amount or
proportion. Is usuTy beyond doubt nal king the deci
sion Of Heaven the rule. UsuTy g stRmped with
the Divine disapprobaiion, constituting q crying
abuse OF those exalted and approved principles
among men, " hich tend to virtue, pros prrity
happiness, and rich reward. But of the effects
o. the plan II would far render US n pc uiiar
people among the natl ms ofthc earth-to Amer
lie us. A were the Spartans, might Tor a while
be laughed at, but we should never require another
visit iron Lord Ashburion. Ii would restore mo
ney TO its ancient and proper use and place. II
would destroy the inordinae love ct money, one OF
the greatest sources Of evil. IL won Ii promote the
relative love of country lands, houses, Jocks herds
&c. &c Ii would give the people a sourd currency,
without deterioration or initiation speedily, in great
abundance for all our real wants. Il would enable
the country TO trade Nth money, which is right
moral and useful; while it would restrain il from
trading ia monty. which is wrong. Immoral, and
destructive OF the prosperity and hap 2ness OF the
Of the few. IL would promote honesty and pune
tuGlity IN transactions one with another. IL
would greatly curtail the credit system, as is now
presen ed in the fact Of what IS called "over dealing"
in other words, the practice of dealing without
means, or mesning to pay. IL would establish ma
tonal and individual economy, not in word only but
IN deed; and, consequently, such measures OF indie
pendence rs are readily attained under a good and
stable government. IL would restore confidence in
trade, which is greatly TO be desired. but now near
ly extinct. IL would produce and give proper ad-
vantage 10 what constitutes the true wealth of a
nation, our money, which, though a convenient and
hshy valuable article, IN its place, is now
liable TO rapid and sudden transfers, both from in
div'duals and nations. IL would relieve the coun.
try OF all false and fictitious currences; whether
these DC put forth under Bank charters on indi-
vIdual responsibility. IL would greatly increase
(by giving a different turn to the spirit Of enter
prse) the real wealth. prosperity, mo atty and hap
pineSs OF the nation. L. would accomplish revO-
lu,lon and many notifications in foreign commerce.
IL would, under this head, work well with the
american System" a coadutor in the more
speedy and perfect attainment Of true national indie
pendence. This plan would have the effect of pac.
ing the productions OF labor entirely above the
troll OF what may be properly denominaied the
monied aristoerscy, chartered and unchsrtered, Of
this country. IL would no longer be within the
power of designing men, rob honest industry
OF ITS reward. Prices would, as they ever ought,
turn on the amount produced, and the current de
mand, always being paid in money, ever the same
n byh ar fort oF
value. A man would then know when calling was
over done, and 10 what other employment re might d.
rect his energies with reasonable confidence Ii would
exhibit the enormity and injustice Of the interest
system, which IS tending rapidly to the revolution
or deeper distress Of every interest paying nation.
Look at the case Of England, whose annual interest
amounts TO more than two hundred and twenty mil
lions dollars. What protective tarf, tax, excise
and duty are there imposed for the benefit OF the
moneyed aristocracy the interest-payers OF that
great nation. We, too, have a tariff, tax &c 10th.
ing IS more offensive 10 multitude Of our country
men than the idea OF tariff; but what is this in
comparison with the legal imposition OF interest
IN behalf of the money lenders, the money per.
verters of this country-in behalf of those, who,
OF all other classes among US, divert and turn the
current OF circulation Of money from its proper
channels of commerce. The man who grinds
his fellow men with now and then, an honorable
except on by way OF Accommodation, To such rs are
above board) ~ every direction, for miles around
him, with capital OF one hundred thousand dollars
a. hl9 tomuhhhut pays one collar or TWO IN support
OF the Government--is here to-day and gone TO
morrow. This man, | say, is entitled, by low. to
receive from the necessltous in cases. of their
hard earnings, the onnpal amount OF six thousand
dollars IN the shape Of interest," legal interest Such
eOur-e ~ utterly at variance vi the true spirit Of
Republicanism Every thing which tends in this
country a concentration VI undue power in the
hands Of the few over the many is to be carefully
and zsalously deprecated. Monopo Of moneye ed
power. IS one OF the most gigantic Of oil human at
tainwenis for the overthrow Of liberty. Let us
W tch It with jealous eye. Let not talk Of Ia
riffs while this discriminating system cnntl' ues.
have probably said en- ugh-fir more thnn |
designed ut first. Many objections mry he urged to
the Dian p opposed ! should be happy, ind ed,
could forss'ali them. believe that every otiec
zion which can be urged. may be answered.
seems TO he a question of usuTy Il s not the
nb-'rsct ieson of the fnOra.ity immortality Of
usury which am nresentiny; hDt thu question: whe
Their he original right and moral use of money ma
tonay and pnlitica ly considered, will prevent
oil future monetary distress in th's country The
wrong use Of money, toge her with wrong or bad
money, rough bad government, have Brought US
into diffcutes-the right use Of good money will
get Ne out Of them, and keep so. II will be OBJ
jecied to the scheme proposed lint money is 10 he
regarded as other property, upon which, hire or
rent may be itwiUly and morally ex1cted. But
this conclusion is faulty for the premises from which
u IS detuced are not parallel. When one rents out
his land, 10 expects il 10 yield up is Substance 10
the crops which may be grown upon it-buildings
decay, 1nd are expensive TO keep in order-hcrses