New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-08-31

have been plarly pointed out. We have imported
far more than have produced. In other words, we
are living On credit. And why do we import more
than we produce The plain answer TO this question
mutt be, because there too many capitahts, wno
produce nothing too many drones in the hive, such
usurers, stock-brokers, bankers, spectators Of ali
sots, men living upon the interest Of their money
gentlemen Of leisure, who deal in fancy stocks VINO
blow bubbles TO break in hands OF honest producers,
ard such like. Their name lie legion, and Their trahe
10 to eat out the substance Of the land without pro-
ducing one dollars worth Of real productive properly,
Can there be any other possible ree.on, we ask, why
we consume more than our industry yields
All men agree that when any general Pracace IN
business transactions is calculated to nJure the puonc
it should be prevented if possible by law. Accorulhs
y laws passed fixing rates OF interest. Law aso
n'erpcses its arm in favor Of CREDITOR thus regu-
latiIg both these systems to accord wnh whst Is
deemed ,afe for the community. Now, II Government
fix interest at six or seven per cent plainly nasa
right 10 place il at CIPHER, or abolish usury ato
geiher. And 60 too, of credit II may refuse TO 10.
terpose when men refuse TO pay DEBT; tnus IL
would annihilate the whole credit system. us sP
pears plain to matter OF rlght Is II, however
eIpedit MT Are there benefits than eVi result
ing from money letting and buying on credit 10
rightly undentaDd this, let Us examine Tue GROUNDS
upon which our present system OF credit ana usury
rest.
What il the value of any property? Why, plainly,
what men think it will produce. Cod, suVer, land,
manufactures professions, and al things upon Wmch
fix value are rated according to wha' they VIII
produce. Money, a. q medium OF transfer, mss no
more value however, than the farm or Jewel II pur-
chases 1t is representation of property, and its
value resides 10 the thing II is made 10 represent VI
itself as 1loncu it has no real value. 1t produces
nothing. II d, from the ring you wear or the farm
you til in the same respect, regarding as medium.
Why should il in fact theL render an interest whent
does not in nature' You can bestow no labor uPon
it. no, lie It Of any possible use except for what con
venietces or luXuIies it brings to your hand Men
have perverted its use, however and, violating ootb
the natural and divine law, either themselves reap
the visit them upon the heads OF community,
for avoiding the law Of labor.
The money lender takes profit where no labor rem
deed producing absolutely nothsg, while he fares
supiuously upon the fruits Of other nehs labofs He
is woIse than the beggar whose wetchedness he pties
or oftener cotenptuously iidicuIes lhey ooth pro-
duce nothing; but while one staryee ups miserable
pitsnce, tie other iattens upon the hald earnings o
industry.
The borrower 10 even more miserable, a. he is often
the victim and never sure of success. Under the
present arrangement it Is true man who gives credit
may, nsy, sometimes must, take II. But grant us
some enlargement that shall preclude the possibility
of another mans owing hin ANYTHING, and let him
hold in actual possession all he owns, and he need
peveI loan single dollar. 1t Is tar better and safer
to trade upon his own capital than that OF another
lich he cannot always control II he has none then
let him to Labor, the capital which Nature pro-
WOES him with and not endanger his own and the
welfare Of society by giving pledges TO fortune Men
who thus depend upon foreign capital really live upon
the charity Of their friends, however much they may
with to conceal their poverty from the world. We
call upon all such to come out Of their hidingplaces
and let the wOrlo brand them beggars as they really
are. Compel them by statute to choose between
honest labor and open beggary, and they would not
be long without means Of support.
OF the terrible disasters this system OF Usury and
rtdit brings upon the community, the past week has
given US fearful but onvinciDg example Long ago,
could have eeen by reference TO our imports, that
specuaiors builders, etc, having consumed the pro-
duciOns of cur own land, were sending their money
into foreign lands for nation like an indiyld-
uel, tlves beyond its income must come to 6eggary
Though VIC were wa:ned Of This by the faithful, our
slip has been crowdIg sail with ali its speed for the
brtakers. We may save ourselves for time, aud
postpone the final disaster, by foreign loans on bonds
or mortgages. Judging from what is past, very prob
ably we shall do this. But what shall We do when
psy day comes and il surely i'll, to tue utter
Oismsy of Wall street and its swarm of non.producers.
Would it rot be far better to strike at the root OF
this evil at once Here is great nation consuming
more than it produces Why not treat it as we would
indi, i0ual When man becou es insolvent 6y
living ond bis means all men know he must work,
b. e. It. al or starve We have begged "a soit nlsIg
enough; row, LET us ny honest labor. l.. o,,.o.
debt Then all who give or obtain credit must do 30
az their own risk. If men find the sense OF honor is
security enough, let them try it. We think very lev
abolish all rates of interest and let money only have
a representative value. These two expedients if re-
sorted to would utterly enniGiate all ron-produc;rs.
There wcuo be 10 banks for usuiy; no speculaters,
or they could get credit stock brokers' no capt.
talists virg upon the interest Of money. All men
would have some visible means of support, and every
man would live within his for he could not go
beyond il. TLis plan lie no visionary scheme, but
pian, practicable, cous utiona and reasonable. We
def, any man to show that it, adoption would produce
ANYTHING but good. Ia some future article, we may
show what wosd be its practical Influence upon trade
or business OF al kinds. a LABokER.
Neg York, Avg. %. 1871