The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1862-10-30
PACIFIC
Commercial Advertiser.
Cash and Credit COniraSted.
THE dKEDfT system

taSh II Credit tOfliTaSied'
THE CREDIT SYSTEM
/. The credit System puts a fictitious price upon
all pruperty-it takes from the wages Of the
labOrer and adds ii the price Of what he buys.
BY means Of paper issues il has driven up prices
ten times higher than they ought to be-there l.
neither labor, value nor money TO represent these
prices.
. The credit system destroys the healthy diyi-
sion Of labor.
3. The credit System is u great barrier to use
ful industry-men who will not 20 labor, in the
desire to escape the effects Of the sentence 10 earn
their bread by the sweat Of their brOws, enter
business by this door,
4. The credit system opens a wide door for
rOgues and swindlers-a fertile field for schemers
and all who play fast and loose with the interests
Of their fellow men.
3. The credit system is supported entirely by
the labOrer, for there Is no value without labor.
BY means of usury, 1t robs the labOrer and gives
nothing IN return-by means of paper money, 1t
Jumpers with his wages, putting into his hands 4
worthless currency, liable at any moment TO be
dishonOred.
G.. The credit system cannot establish, in n
single instance, the plea of necessity for a course
OF borrowing-it is 4 system impOlitic to the
community, cruel TO the poor, antagOnistic to the
quiet and peace Of its. own followers.
Z. The credit system is one of unmitigated
severity to the laborer, bringing to him not one
meliOrating influence to soften his lot. Every
dollar lent on interest Is just an additional weight
on the back of labor.
8. The credit system, is one of commercial feu-
dalism, exceeding in intensity of bondage, the
serfdOm ana slavery of the dark ages, for there
are not even now the provisions which selfinter-
est on the part of the barons and lords threw
around the condition Of their serfs and retainers.
1t has, in the middle Of the 10Th century, loaded
the AnSlo-Saxon race especially, with a bondage
rs hard, and Il slavery'as cruel as that of Egypt.
9. The credit system is a yagrant system-it
s,oops lower than the ragged beggar on the street.
Is it not u pitiable sight to see Il man, whether
possessed Of one THOUSAND, ten thousand, OF
twenty thousand pounds, bowling before a fellow
mortal for the loan technically called discount
ing a TIN of a little more money just that he
may gain a HIIe more gOLd?
10. The credit system Is the grand enemy Of
LABoE-it is n complicated, a disingenuous, a
secret system.
IL The credit system gives rise to all "panics."
II. The credit system introduces a delusiye
medium of exchange: \ promise to pay, how
ever good, can no moro discharge 4 debt or recon-
pense Il sale, than n good resolution can do so.
True, goods are exchanged by this medium, but
all the while it acts Just as u counterfeit would
do, and the moment credit Is gone Tor rather
money wanted the paper money is found to De
as bad rs pewter or lead OF something worse, and
those vaults which imagination filled with un-
numbered wealth are discovered to be as empty
rs the skull Of YOrick,
THE CASH SYSTEM.
1. The cash system keeps all property at it's
real value-it gives tho labOrer the fuH value of
his work, and he buys his commodities at their
true worth. By preventing paper issues, it Sc
cures at once a favorable rate of exchange and
keeps our gold amongst us.
=. The cash system secures the healthy division
Of labor by Withdrawing all fictitious and artif-
cial support, by closing the field, in large meas
ure, against SPECTATORS, by compelling all able
bodied men to labor with and for their own
means, and by preserving trade from the influ-
enees of undue competition.
3. The cash system is the friend Of INDUSTRY
by driving all iders To tie field, it greatly in
creases prOduction-plenty asounds, low prices
prevail, the resources of the poor are augmented
and their condition greatly improved.
T. The cash system is an honest system, under
which rOgues and swinders would speedily re-
quire to decamp to parts unknown.
B. The cash system is the e~fectual safeguard
of the rights Of labor By its means, every
laborer tehO adds TO the aCedhh Of the community
would receive as good rs two dollars where he
now only receives one. Labor is now worse off
than it was 500 years ago. (See Hallam's His
tory of the Middle Ages.)
o. The cash system adds greatly to the peace,
and social happiness of the community.
= The cash system is the friend of LABOR, and
is the only one which can ever yield to it n true
position, or accord to it a Just reward.
s. The cash system secures the true freedom of
Ii destroys the dangerous and despotic powers
Of mOnied corpOrGtiOns-its tendency is to pro-
mote 4 true equalIty-it raises our poor from the
condition of retainers and tenants to that of free
men and freehOlders.
9. The cash system is one truly independent
pays its own way, and spurns the dolings out of
commercial charity.
10. The cash system, is a simple, open, and
system.
IL. The cash system is an ~efectual barrier
against all IS panics."
Il. The cash system introduces n metallic me-
dunn of exchange, the worth of which resides in
Its own essence, and which bears in its nature the
source and stamp of it's genuinencss and authen-
ITCHY.