Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-12-12


He applies to some landholder to rent farm for the
a credit and obtains il he purchases horse
and necessary farming utensils credit even his food
and clothing purchased credit, and his expected
harvest regarded the security for the payment Of
the whole His harvest is at length gathered and sold
his debts paid and he has still surplus left which well
rewards him for his labor BY two three years OPP
eratiOns like this, he acquires surplus oil means-pur-
chascs farm by part payment and credit Tor the bal
ance, which is paid off and he stands ndepend
en lreeholder. In like manner all classes OF society
accumulate property through the benefcien action OF
the credit system Ask the laborer, the farmer the
mechanic, the physician, the merchant, who has
qured property. what would have been his condition
without the credit system and he will almost invariably
answcr-poverty. But now, sir, let MS suppose that
this homestead principle adopted. What doyou think
would be the of the landhoder, and those who
credit to the farmer boy upon like application!
They would inquire, "can YOU give any security"
"Nov g Have Won no friend that will assure Of our
payment" "No." "Nothing to pledge mortgage"
"Nothing." "We my young friend, YOU are not yet
known in society, You have never yet had the man.
agement of your oaiis your character has new
er vet been tested for honesty and the homestead law
exempts more than you acquire in the next five
wears. we cannot trust You" That poor young man
has rot TO exist he is compelled make subsistence
and let me ask you, SIR how will do itl I'll tell you
with thousands thus driven from independent labor Tor
themselves they will be compelled toll for their
fortunate and wealthy ghbors And thus there being
an over amount of hirabe labor in the market, the
within the power Of the rich. cannot sanction any law
which would have the least tendency produce that
happy result
But am met here by the advocates Of these home
stead provisions and told that credit is not based upon
property but upon honor. Let investigate this posi-
ton think. with all respect to other mems opinions
that that position is wholly untenabe. Suppose man
of unblemiShed character OF the highest o honor
poor, destitute, feeble and in the last stages of
sumption lettering it the very brink of
the grave should apply to you for the loan Of five hun
dred dollars for the term Of a year. What would be
your reply! You could not say to him ''you devoid
of honor and cannot trust YOU. for that would he
lasehood; but YOU would be compelled to say, II doubt
your means Of payment but not your honor"
The most desirable debtor is he who combines both
honor and the Of payment. Honor so far as ac
tual payment is concerned is bot empty sound the
other is more substantial
1t may be thought by some that have now placed my
poor boy in bad situation, if the basis Of credit is what
have Just named Not That young mans bones
sinews aud muscles with energy. industry. and
my. constitute of the surest "means Of payment"
Yes sir they n mine, far produce wealth, if
rightly managed than the gold-gitterng sands OF Cali
forna.
In the next place, Let us inquire what will be the ef
feet Of such law upon the energy and intellect Of the
people. know, sir, that tie acquisition of gold has
been cursed from the first down the last of the poets
"Gold gold, in all AGES the mankind.
Thy letters forged for the soul and the mnd.'
Such Is the language of poetry, but not of truth
What it that in few short years peopled this
intelligent ireemeni The love of gain What is il that
whitens every sea with the sails of commerce? Gold
What is that hrighens the poor boys eye in his log
cabin in the Wilderness, when hy the midnight lamp he
pores old musty work of history of science
What is il, sir, but the hope of glory Of gainl
Strike from the affections Of man the love property
and you will Parayze the intellectual progress of the
world.
And now let me ask, If You adopt this homestead
principle what stimulus will the man have who is deep
~ Indebted, To ACQUIRE anything above his home
stead! None! He will settle down and refuse
else either body mind for the acquisition oil property
But there is another argument alluded to y lhe gen.
tie from ST. Joseph (AIr Collax and sometimes urged
with considerable plausbiiy by thcrends of the home
stead principle. Ii this. that unless some law shall be
prevent the accumulation of lands in the hands
Of the few, landed arstocracy will spring up which
will entirely overshadow the poor. And he cites the
condition Of England q warning.
Now, sir, we have only to look hack at the history
Of this country convince ourselves that all these fears
are Idle. The States of New York and Delaware were
owned in fee simple by manihe Duke OF York.
The whole Of Pennsylvania by William Penn, and all
that part Of States between the 10th and 18th
degrees Of North latitude, ''lrom sea-" pat
enied 10 the Duke Of Lenox, and about forty others
Remember, also the large grants 10 Fernando Gorgcs,
John Pearee. and others The thirteen colonies were
in the hands of not exceeding hundred men.
What the condition of those States now! Why, sir,
divided ihto mil lions of separate interests. The old landed
arstoc ats almost forgotten, and it is with difficulty
that the farmer there can mOnOpolZe enough laad
to make respectable farm.
And, now the inquiry naturally suggest itself, what
has produced this great change IN so short tmel Ma
nv things bat among the most powerful that has con-
SpIred to that result little law early adopted by
fore fathers. law that comments itself to every
lover of Justice and freedom-a law assuring to the
citizen and his children certain equality than all
the charters granted by the kings of England to her
down-trodden subjects mean, sir the law of descent
and disribution-hat law which divides the property oil
the ancestor equally among all his children, male and
female So long as that law exists, concentration OF
Il - 4 - t,ofta
not take place In ENGLAND, the contrary, the law
OF pTmOgenure prevails by which, on the death Of the
ancestor all his real estate deScens and vests in his old
est male child Without that law the arstocracv Of
England would he reduced their proper level aud
and with such law in this country there is not virtue
enough in the whole Of free institutions to prevent
most powerful aristocracy.
Gentlemen who seem so fearful Of the great land
monopoles had better look closely the provisions Of
the amendment. What would be the effect of that part
which permits the owner TO mortgage his homestead
Ny opinion is that nearly every who would become
insOlyent under provision of that kind would be tied
down with mortgages the keen shrewd business men
of country Credit with such could not be procured
without securitya mortgage would follow to the mer-
chant-while the mass. the farmer, mechanic, and la
borer, would credit the upon honor and when
the mortgage should he orecloSed they would have the
consolation of knowing that honor is payment. In
this the tendency would he TO throw the lands OF
the poorer and failing classes Of society into the hands
Of the wealthy.
Now sir the view have taken Of this subject NAV be
wrong. make pretensons to perfection in anything
and admit that L am least liable to those
who the opposite side of the question But ask
gentlemen if it is good policy engrat and untred
principles into the organic law of STATED Would it
be better leave such things the action Of the
Legislature! That body change, modify and repeal
as the voice of the people may demand, hut adopt
principle in the the Constitution and is locked up
for the next quarter of century The gentle
man from St Joseph (Ar Colfax) has stated that
States have embraced the homestead principle in
their Constitutions. In that statement am certain he
IS mistaken There may be three that have taken that
hnt hat n rrcras In the otlers he hns