New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-27
NemVork DAILY Gribm,re
THE CREDIT SYSTEM.
To u. Edito, Of Ts.Y. Y T,5m.

To The Edito, Of Then. Y Tr1Tu.
SIR Some OF your remarks in regard to the Crsdit
system and indebtedness are what amusing, con.
sideriDg how deeply you are in debt and still seeking
further credit by soliciting subscribers to The TRIB
UsY. However, ! shall continue to trust YOU with a
dollar so long rs consider THE WEEKLY worth from
$50 TO 500 a year 10 me. | zee no other way but
that Credit must exist between u.s. for cannot 90 700
miles TO New-iork every week and pay you two cents
for The TRIBUNE, neither can you fetch Il TO me
without trusting some The fact is, anna farmer
and you printer; We reside some 1V miles apart
and, if we exchange our relative products az all,
credit trust must be given somewherei but were
our residence not more than seyen hundred feet apart
Icould always find some kind of farm produce 10 pay
you two cents worth in time for the produce Of your
press or / could procure two cents worth OF gold,
and we could exchange that each way once week
and give no credit.
You want the produce OF the farm | want the pro-
duce Of the press. The trouble il 10 make the ex.
change without a credit. The way we now make the
exchange IT, some honorable, Trustworthy man goes
to the bank, hires money comes 10 the West: sell
him dollar worth at farm produce, which he ships
to New-YoIk: ! receive a dollar bill which inclore
and send TO you you 90 10 the commission merchant,
pay the dollar tor produce and the exchange IL
made But here Is the condemned Credit System
First, the Bank trusts the rpe0uatori secondly, i
trust the Bank. knowing that | cannot get but one
third the amount if the Speculation fails to pay The
bank; thirdly, trust you, knowing that your hands
are all sick II the elements 50 derange your e-tsb-
-hment that your press would not produce the PRINT
should not receive my pay according 10 contract.
Now if we must have gold to carry our
change with no matter which first obtains the gold,
I must trust you with Il or not receive your paper.
IT, after being al the expense 10 Obtain the gold,
cannot make our exchange without a credit, Of what
Use il the gold
Surprising you should promise 10 receive a certain
piece e paper of your printing instead Of gold of
certain amount and should send such paper 20 some
agent in these parts to purchase farm produce, and
should sell your agent produce and receive your paper
promise and send II TO you. would be just certain
10 receive THT TRIBrsE If sent You the gold for
have 10 trust you either way Now let US have the
cheapest, easiest and safest way 20 exchange the pro-
duce Of our labor for neither you nor any other
or body Of men dare openly asd ayowedy place obsta
Giles IN the highway II exchange for the produce Of
laborer-, thereby causing q tax upon labor To tax
the promises made and gwen between lsbOrers In
changing the goods il a. direct tax upon labor a.
toI-gste would be through which the goods had to
pass.
Now, LEI all the merchants in New-York who have
debts due them at the West, combine and PRINT upon
paper the amount for which they will receive such
paper in discharge Of debit due them aud may add,
II they see proper in payment for gods farmers
produce. Such paper will be- equal 10 gold IN dis
charge Of debts for goods and II Newly Ork merchants
would send such paper throughout the couotry, where
debts are due with Instructions 10 pay out such paper
for nothing but farm produce, and ship immediately to
New-lork this mode would give Eastern merchant.
farm produce for their goods, which produce they
could convey on ~ favorable terms for producer. and
consumers a. any other class OF men.
Will. do not doubt that gold may be useful for
some thngs-such ornamenting the exterior II such
things as have not terror value and for children 10
playjwith-I certainly do not any possible adyan-
isge be in exchanging the prodacts of our labor.
Wn,seis Me<fna Co. Ohio