Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-01-24
From the Globe of 10th Jan.
RELIEF TO THE INDEBTED.

RELIEF TO THE INDEBTED.
The whole world now perfectly compre-
bends the process by which the States and
mutitudes of individuals have been over
whelmed in debt. The paper-money sys-
tenn has produced the same result, in all
aso.and ,ll countries 3, wheneverand where
ever tried. China made the experiment,
and va. Frustrated by it several countries
ago, as her population have recently been
By the opium in which they INDUCED. The
United States we're more thoroughly palsl-
ed by the effectssof the paper money which
flooded the continent during the Revolu-
ton, than by the invasion and violence Of
the foreign msrcenaries which Great
Britain sent is to ravage and Destroy
France visited upon her population, in the
distress, ruin, famine, which the paper
money system she adopted during her revo-
luton brought down on the Industrious la
boring classes, more misery, vastly, than
the terrific guilotine produced by the blows
it struck upon soclcty. The catastrophe
Of the British paper system has not yet
come, bu. i. will COM. lis baneful infu-
ence is, however, already felt in the gall
Ing oppression which the pampered aris-
tocracy it has b!osted up inficts on the
hard worked, vorn-down, half-famished
people it has subject to their yoke. The
commercial conqucsts Of Great Britain,
and the constant infusion Of the preci Gus
metals, which her successful trade with all
the richest regions Of the globe pours into
the veins of her tagging credit system, will
L - .lar
al var occurs. But even now, the onor-
NOUS dobt--ths monstrous otf,pring Of It's
credit and peper-money system-tixes
yoke on a people whose political insttu-
:ions are to great degree free, Far more
oppressive and CALLING 10 the classes that
bear it, than that Of the west despotism that
ever numbered the earth. The Turks arc
at ease, and happy undor the weight Of
their de5potic Sulsan's throne, compared
with tho toilng millions who are wor1 out,
generation after generation, like machine
~, ia bearing the burden Of EngIand's ma
.lonal debt.
The same paper-money and credit sys-
teri-vhich reared this pyramid ofopprcs-
sion, frying The people under'its base, a:d
forming those steps Of onaristocracy which
slope the anccnt 20 a throno-ha. al
ready laid pretty broad Foundation in this
country, and one which begins to show
very distinctly above the surface. The
people. too, now began very sensibly TO feel
the weight Of it, Its first effects were like
the first effects Of intoZics.ion-a universal
stimulation. burlness, plecsure,-every-
:hing was stimulated to extrayagance.-
The spirit Of nr rovemont ran mad
There was nothing that paper could net
accomplish, that any maa could projec, on
paper. Confidence was absolute. Banks,
it wca though, could not break; no mat
ter how much they owned or how little
they had TO pay with. The man vas ioos-
ed uoon as sinplcton V no would take one
Of the pretty pictured engravings of bank
to exchange it for a lump Of metal; and
Why should bank keep such cumbrous
mate rials for money, when nobody would
use il, and everybody would have paper!
The States pursued the example of the
banks, and converted their credit into pa
per obligations, and they were turned into
banh-paper money. And SO the credit OF
men, and corporations, and States, made
up a paper circulation which tanlshed the
reel standard Of valLe-the coin OF the
Constitution, and the value Of everything
became as ideal as the currency by which
it was measured But, 10 sooner did the
nation recover itself from this delirun, and
get the use o. its senses, to ascertain the
real state Of things, than it found that there
was nothing substantial to sustain this
credit system; and the confidence which
buoycd Up the paper money flying Oft. like
gases from balloon, has brought it down
to ths-earth. The counterfeit Of money
having filed the channel, of circulation,
ead banished the spccic, end true knowl-
edge Of The nothinSness Of paper money
having destroyed its character rs curren-
cy, the C.ates, corporations; and lndi'ldu-
ais that made contracts during the period
Of the credit end paper mania now End the
country destitute Of the means Of redemp-
ton.
The Federal party now propose TO in
fate the same paper system acein;to create
a still greater quantity of paper currency,
through a national bank, is substitute for
all the exploded banks; and, through ma
tional issue Of scrip on the credit Of the
national domain. to supply the exhausted
credit Of the States. But these attempts to
give vitality to paper in any form, as mon
ey, without being cble to command the
money itself, must prove unaTailing. A
bank oftho United States, and paper fund
ing on the credit Of the States or of the IN
ion, are all alike obsolete ideas. They are
so, because public confidence in all such
contrieances become an obsolete idea, and
must remain so until the debts are paid un-
der which the credit Of the nation. of the
States, of individuals, is weighed down.
Reduction Of Letter Postage. Post
Office Department proposes to adopt the
following change in relation to the rates of
postage and the franking privilege
nAll letters sent by heads Of depart.