Newspapers / The North-Carolina Star (Raleigh, … / Sept. 16, 1840, edition 1 / Page 1
Part of The North-Carolina Star (Raleigh, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
01 I Ml ) ibcn Inn 11: mi sir- y."f. EttTS. tttjrk WW' u a Hi' Ihi , t, a M l.n IdiW : i 3D) it- ths Jim iteJ T4I0MAS J, LKMAY, PUOPRIETOR. Srcili, rtrt ooiwri r - m advance. quired ta J U WBom - HATES OF ADVERTISING. ...ni f ik t tr'i lull . Vm every are ,,,e) Grtt iaHTlloa, oat doIlr( cms MWieqwai jatertioa, twen)-fifeeeli. Vt The aJeniieU f!Ulert m vrnmrmm tc enargea xi pep eem. ni:rj - 3.1 per eenL will bmde from Iht rtgtltt prt- ni lor idiertitert kv lh jrP. 27 Letters lo I he EJitori pit part-paid. The Crisis, of le Country. by jrtrxirs. I IIC t'KEDIT SYSTEM AND THE . NO CREDIT SYSTEM. lc the Credit System affects the Poor. The poor man's family is sick, and he tin.. .1 i I want! a uocior. i nc uuciur cuurra, atiu ails till the poor man can pay. J te wants medicine at the apothecary's, and the apoth ecary does him the same favor. Suppose Ii rim never pay. The- doctor and the a .Krthecary can botli aflibrd to forgive him the debt; they consented to the risk; distress has bren relieved; and society is benefitted by a voluntary tax on those who could afford it. Besides, the man may be able to pay; and in nine rases out of ten, or in nineteen out id' twenty, lie will. tto'w the no credU system affects ike tame case. The doctor don't borne; the apothecary iIhj family may live; but more likely will ,lie. There is distress aggravated; there is iirrliapsloss of l'fe; on one part, there is a ttt'lise Of iiuiviiiuiu-ps, unu ii wain iji iiuijiaiii- iv, ('t'spair, death; on the other is hardness of lic:irt, a consciousness of wrong, at least . r r l : io humanity; society is injured; nobody is lienelitted. r the credit system affects a young man setting up tn life. Vc will suppose he has earned a good rharactet is rcsjx;eted, esteeined, and in all rpspecti qualified for this, that, or the other kind of business; but he has nothing to be jin with no capital. He has friends, how ever, who are able and willing to supply his wants, and wait till his success in business may enable him to refund. The parties who h;lp him know then is some risk, but they -an anortl it, anu tney nave a gooa teeimg, a LTjtification in the matter. 'It they lose all, ihcy are not embarrassed by it; whetlier they 1,mm or notT they are better in heart; they are twwioim having1 done a good thingr aiid oViety 'is benefitted. It is in no way injur ii!, hecauso the property is somewhere in use, though it may not come back to them. Hut iiLiiost cast's if, this kind Ui& young Bus own, can o tlie siuno tavor toothers, i ,vill be disposed toTt from gratitude, is res-iw-lcd, honored, blessed. He is also ena- ImI to do a great deal of good in the various Nations, and for the most important purpo ses of life, because he has the means, i lie nay be honored with public trusts, and dis liarge them for public good. He is a made ii;in, and made by credit; a blessing to him- tol, to his family, to society. !fo:p the no credit system affects the same case. t, The money lent by these kind friends to this worthy young man, would perhaps oth- rwise have been hoarueu up as dead capital, to !o nobody any gootU At least it would have been retained for selfish ends, instead of be ing appropriated for generous objects. The feelings" of these parties', who have come to ilie aid of so worthy gtmH XJL. AtnlffioiltlliHffyt Wefiit,' lliiappy man, would in the case of no credit system, hare fiiled of this high Trratification, and been lioiuid up in selfishness. This young man woul:! have been downed to remain where kwasi to look tliis way and that way for lulp, finding notic. He would have failed io get into the business of tha case supposed, which belongs to the credit system; he would li.'ive rnco'.intcrcd hard-hcartedncss all around him, grown selllsh himself, perhaps discour- I ne chances are many that he would never have come to anv importance in ocie- y, that he would have got into low pursuits, 3tul a low condition, perhaps been abandon ed to vice, or ended his days in crime. What proportion of young men in wir hist, ara so favored as to inherit capital! hrTlv.suiL one. in. ji hundred. Will thev iwt, "itf.'iie iu -favor of ue croJii system? Wittirat jhei-WH coucera on the sons to whom they can leave ,m......-..,,..--,. How the credit stistem affects the mechanics. Take for example a journeyman printer of (fHi cnaracter, who is oliered a chance, with pod prospects, of placing lumself at the uraj ot an establishment in his line of busi ness aspropriebr; turtle has not sufficient in, and enables him to conclude a purchase. Me rises at once to importance, with every prospect of doing well. The credit system hss given him a place and advantages in" one nay, which, it is possible, he could not have acquired in all his lifetime under the no cred it '"tem, and nobody is injured by iu They who have accommodated him were perhaps m willing to do it for dieir own interest, as las waa , accept it for hia.i ,; v , u - f(,. Plus may illustrate die case of ten diou and more probably, of a hundred thousand Mechanics m Our citV s.nfl mnnm K deeply Interested m die credit system, as ie liidividual here supposed, f he same "v be said of voting men and others en m agriculture, i in manufactures, in Me, in any calling of life, requiring some IMal to Legiff-with. On die no Credit sys- mwvot tnem inignt give up aU hope of "-"5 a-.ie io cstawisn tnemselves, w ithin a Ttfnuhte period, jn a respectable and advan ijSmiis position for die business they have elioen,' "'.'. v .M'.i nu t n, u-' - "tirthe credit system affect those who are MJ 0 -.1. 1: . l t P . .' ; y rl H "" "na are h i, ' "' 7 , , :.- waiUj.i them to enlarge' dirir pLns on a 4 I North Carolina Powerful in moral, in intellectual, and in physical VOL. XXXI prudent basis, as they may judge best; to at tempt and accomplish many tilings which active minds prompt to, which are essential to happiness; possibly to the greatest use fulness. It is a right which they have earn ed by their probity, by their good conduct, by their diligence in business, and which is conceded to them by the respect and good esteem in which they are held. Their good name is as much capital as their money; in acquiring the last honestly they have acquir ed the first, and with the same pains. They are, therefore, as fairly entitled to trade upon one, as upon the other. . How the no credit system affects the same cases. It is a lilel on good character; it is a libel on society; it is a quenching of the spirit of noble and generous confidence; it is cramping the expanwivc powers of sound and noble morality; it prevents the accomplishment of great good; it checks activity and limits use ful enterprise; it curtails individual and public yeamu antima UiousajWt wavs; rtf jsgjfj ol benflitsand advantages it would otherwise realize. Hour the credit system affects a poor young man of promising abilities, who has lost his health that he cannot work; and wants to get a liberal education. His friends tak him bv the hand, and help him with the understanding, if he should he able, that he should remunerate them. The young man gets his education by this assist ance, enters his profession, is successful, and returns to his benefactor to redeem his pledge. Possibly they may be in circumstances not to want it, or so gratified with the good they' have done, as to say " Ho you are welcome," and offer to cancel the obligation.' Still, he may iusLst upon re-payment. Who will deny that is a great blessing to all the parties, and to society? - , . But suppose the young man dies in the course of his education, or is unsuccessful, his benefactors always had this contingency in prospect, can generally afford the loss, and there is no complaint. Who is injured? How the no credit system affects the same i case. The unfortunate young man is cut off ii f 11 . a hearted "and nerfish; kindrieif and niorality are so much the less; and it is possible, that society is deprived of one pt its brightest or nament, of a more 'useAd public cliaraeter, and the country of one of ila most illustrious men. - v How the credit system affects the honest and strong, though poor man, who goes . with no estate but his axe and rifle on his shoulder into the western wilderness. it is possible that even his rifle and axe were furnished by a kind neighbor, who said, " pay for. it if you prosper; if not, you are welcome." In the first place, on We hauls of the credit system, he may avail himself of the privileges of a squatter if he chooses. . That is cre'dit, and his creditor is the Go vernment of lus country. He has no money, but he has a strong arm and a sound and Jtaurageou hearts Th trees, foil -before him; a "log cabin" is soon erected; he gets food by his nlte. Uur pioneer of the wilderness, having cleared away his patch made " an opening," asthev say iu the West and built his cabin,, takes down his rifle, makes his way through the forest to the nearest of one of the older settlers, who had begun in like manner, but has now large openings, a bam filled with grain, cattle, pigs, poultry, &c. He negotiates with his neighbour, who perhaps he had never seen before, for seed, pigs, fowls, a cow, perhaps a yoke of oxen all on credit for still he has no money. The look and bearing of the man arc suffi cient recommendation, the barglan is closed, with no other security than the common, generous faith of the West, Pay when you can.'Y 0t CVen 8 8mI) Palier 13 demand ed. The obligation is written on the heart, ilie-iiesf'oT'suf-aftroritfa "il God bless" "'you nei'glibor," says the gener ous creditor, who knows how to sympathize can;" and Uiey part. .Our pioneer takes care to assert the pre-emption . right of a squatter, has booked to him at the Govern , ment land office as much land as the terms of sale will allow, or as he may want. He works away upon credit,- nays for his seed menis at uio land ollicc, alter two, three, or four years, is well off, though still in debt, still living and prospering on credit. Ho re visits his native place, marries the daughter of theldnd neighbour who gave him die. axe and rifle, who welcomes his return with all the generous feelings of a benefactor. Ve 1hayf have supposed our pioneers to have tquatte:! on the prarios of the West, and by adapting the scene to the ciretjinstan ces, the result would be the game.' ... -: ;l In succcsiiion of events, this man, long before he dies, first a justice of tha peace over a surroundinpopulatiim; whose r histo ry corresponds w uh his own: next, perhaps, a member of Congress; and finally, it mat be, is Governor of a new Western State- He haa rtsen from nothing to wealth, to con sequence in society, to dignity, to happiness;" an onine oasis oi tne credit system. , rbia brief story u not fiction but fact. It is a true copy of the history vf our " Great Wesu" it is exactly in szcordance with Uie whole history of our countrj;. Nearly cl our best ciuzcnj and greatest men began life wi uu nouungstarted on credtu Credit has . r- - - ueen the spring of our cntcrprize, the na.se ol our pr"FVity, the cause of our f-reaV nes. " . . ' - ' . RALEIGH X. C W EDNESDAY, SEPTEMBER IG, IS40. How the no credit system would affect the ' them through. What could have been done! the shock occasioned by die government at same case. JwiUioutitt Dismay would have covered cv' tempt to alMilish credit was felt, the bonds of Clearly Uiis noble-hearted man would nev- er have gone West, for he had not the means : to get, there and cut down the trees. Nor could the .government have allowed him to souat, on the no credit system. Neither could, he have obtained his pre-emption right. Not one of the results of Una interesting nar rativewhich would annlv eouallv well to a thousand, to ten thousand ca?s of fact, to the whole history of our western world would have transpired without the credit system. Widiout this, the Western States would have remained a wilderness to this day-. The prosperity and greatness of that teeming, active, go-ahead portion of the A merienn Union, are founded on the creative, nrolitiie principle of credit. The prosperi ty and greaUiess of our whole country, of ttu lpuhl- founded, upon &Jta Jsj. mbmc a few of these cases, we write the scribing history of this nation, so far as respects the causes of our unprecedented growth and im- How the credit system affected the early his tory of the North American Colomes. Our ancestors came here poor, just as our pioneer of the West, alove descrilied, went into the wilderness. It is true they had some patronage from government, and from other quarters, but patronage is one of die forms of credit, m the same manner as our pioneer had the patronage of the good old man, who af terwards became his father-in-law. Our an cestors had almost nodiing to begin with. The whole enterprise of setding diis western world was a credit enterprise, not only in re spect to the hopes entertained, but also in re spect to the foundation on which it was based.- The discovery of America was effected on the credit system. Was not Columbus a beggar for credit at the Courts of Europe, through the whole history of his great, sub lime and glorious undertakings f Are not die whole of his achievements to be ascribed to the effectiveness of that principle 1 . Undeni- are executed, are ordinarily done on die ba sis of credit. This we'shall find to lie true in every department of history, whether we rpjer" to.. those, who have acted only on the most fit'for the prudent calculations of dub! ness; and next, because they who are already i possessed ot wealth and independence have no motive, are too sluggish to entertain great enterprises. " It was the poverty of our ancestors, and other social inconveniences, which drove them to this new world. Some of diem may have had a little wealth. But what was it all compared with die greatness of the un dertaking! It was credit on which they started, in hope of future income; it was cred it on which they worked nnd traded, fought and died, the inheritance of which theyhe queadied to their children; it was credit on which they achieved all that gives difiurhon our in our esteem, respect among mankind, renown in history. Our ancestors were al ways in debt to the mother country as indi- ,vidnj8,jini.M a&Ojdopiss., JJiwottlie chief.. causes of the war of the IteVWulion, were the difficulties raised in the nfanatrement of these accounts. How the no credit kyslem would have af fected the early history of this country. In the first place, America could not have been discovered. But passing that, these United States would never have had an ex istence, because the Colonies would not have been planted, or if planted, could not have been reared widiout credit. Both private and public credit was used on a large scale, uur- 1112 die whole of our colonial history. The Colonies, were bsgun, carried forward, and raised to all dieir importance, such as it was, by that means;"'" How the credit4yUem affected the attain tu. - i. .u. n. Li.'.: . ' ' Lr ment of our independence. fer inhd m stibBtsW commercial: Credit, nnd the claims of royal reimy was assenca as a creuu account.. 1 Ins nght as to the manner in which it op erated, was denied and resisted. Hence die war, and hence the result. . The latter we regard as a blessing', and owe it to this quar ral about credit. i But how uU w havinaln'.Huieil that stnrgjrleroT-gomra single stetr tfftrrlffiimT a national credit! A low feeble setlieinenU, ' havin? always been in a state. of denendence. ' . imiuu. immc unu uiuuuy lit iiculi niuwut y . " . . . . J arms, and Widiout troops, without ehiiw oil: tv n.;,!,,,, .t.. .,;,,t,. i. . rnnu i4 n;, "kf ...... l! gains! one of die oldest, liest provided, and J ,,cvon,t,f hvers tho oak. It is pun most powerful empires in die world! But' ;hm tb fiole naUon for the .. ofalew credit, diat snrinir of enterprise in peace, d.at ! U u l.,ke ? k wh?t 1,Shu".f UP" 8 con , - i - - - rt i i i "t k ued bilia of credit of our own t enl ahase- less paper currency for our domestic uses, which answered all die purpose at die dine, though it proved to be good for nodiing af terwards, : Perhaps it would be true to say. that wa owe our independence to the credit of that baseless Continental imner. What could we have. cone witnout it, at sucii an iiour: It is true, it was never redeemed, but die peo ple were redeemed,, and bore, with patience diis tax to their country's deliverance. . They who paid a hundred dollars for, a breakfast, poor tis Uiey w'ew, could point to a nation's independence purchased by the sacrifice... In the . enjoyment 'of die blessings of freedom, they. soon. forget their losses. Credit, was ;h:' eh.inii, -t': potent nenev th:il carried soul and sinew of war, came to our aid' ,,u" 7 tf!TMW,m Funds, shiiw, armies, flew to our relief. - WeJ"wk,63rrh" waDtof1!k,U'but forCM ...... ' - - . - :nnwa Inn lhnalirm-rii 1 mm rnni,n resources the land of our sires, and the ery counteuance in Ui outset, anu uie worijj would have pronounced our lathers madmen, liut it was the generous latin ot inanKuiq, credit, Uiat saved us. " ih, L,nt -;,r with (Itntt llrilmn. w- i. ; - .k.i iK.il war cost the nation 200,000,000, if we io- elude nil sacrifices, public and private, and left us involved to the amount of some $120 000,000, more or less. . We had nothing but debt to begin with; we sustained the bur Jen i acquitted ourselves with honour and in a bout twenty years after the peacer cancelled the debt; all on the basis of credit. . Widi out this, we could have done nothing; w ith out this, a nation might now insult us with - "jy VviiZc wewt "iitf'wSi ji Ac" jfw"" . ? ft imnnnitv. f eminent of the United States. It can obtain money whenever it wants, How the no credit system wotild affect' the government of the Uiutea Mates. It could not have issued its 95,000,000 of Treasury notes, in the spring of (his year. (1840) nor its 910,000,000 or 1830. The wheels of government would have been stop ped. I here would have been a revolution succeeded by anarchy, or some new state of things we know not what. A government without credit, is no government at ail. It is dissolved in the event The event itself is die instrument of its dissolution, and no odier could be formed, except on die basis of credit. Can it indeed, be true, that a government seeking to abolish the Credit system, is itself at the same time asking and realizing all its advantages, by the issue of its own paper, widiout a dollar of specie to base it upon? That it is issuing diis paper by millions, one year after anodier? W e know it is good, but we ask for consistency, for the proofs of sin cerity. Or is this government prepared to f ay io tliepeoplev w you shall not have cred it, but tee will!" Will they say it is good for public, national purposes, but baa for nvimnf tint, t ltnt"lflA irrtvprnmAnt im mm. pelled to use erediUhejfct .And matitnofeWJ ,' -umpire. For a quarter of a century, that Govern ment was ante, by tne mere loves oT her crca it, to stand aiftmst the most Powerful com bination for the destruction of her nianuCic turcs, her trade, and die throne itself, which was ever formed against ant nation, and was victor ia !w end. Still she holds on her way, dotting die face of die globe with her colo nies, absorbing old empires, and erecting new ones, covering all seas with herrfavy and her commerce, creating new worUa in tins little world of ours ; all on die basis of her credit. The sun never sets upon her dominions, and her morning drum keeps pace with each of the twenty-lour hours, How the no credit system would affect the Hriiisn umpire-, It could not exist a day, but would fall to ,tU4iUkMi..itt, tim-tlMisaHd: fmimnt pre renting a scene of social devastation, such as die world never saw. How the attempt to introduce the nciP cred it system has Jorced the government to resort to credit. Nothing but bad government can kcepthe American people down. If diey are not up soon after the revulsion of over-action, it is only because iho government will not let diem get up ; if they are not going ahead, it is only because the government has knocked them on the head. The, no credit system will not only destroy a goverdinent, but it will destroy a people. Carried out, it is die dissolution of society. 'This is its true deftv nition, as well as its effect. An attempt to introduce it, dierefore, from the highest de partment of society, from the government, is ' . . t i .i ' , . . .... lust knocking the people on the head..Thev is destroying tat th, morality;' the boml of the social state. ' - usl M th? people khdw'that'tTiis is wTiat the government are atiout, and hat is enough. They feel the blow, nnd reel under it. The body politic shakes, trembles, and quivers through all its parts, to its extremities,. Men are frightened; confidence takes flight; ru mor with her thousand tongues stalks abroad; -pl4Mw?i"ty-pTfwcntr -twemTof "confusion, jwiuV disaster following quwk upon the heel i of disaster. - '-'., ' - Whon a government, instead of endeavor- i . , . i . a tnir til niniifr anrl iur,fi tn .h.iL' nn Mmt it, strikes another and more tremendous blow ., ' 1 " " '6V" v"" by telling the people, "since you will "edit, you ehan t have it," it is like a bolt :...::. j,?. ... . Gown tne inrootoi evenr well man, woman and child, a drug which kills them all, under pretence tliat it is to save them from tliecon tagion. ' .' 'i - No - wonder such a mode of treatment re- "i V' gmcirt, ana uiey mid ! neiiw in a lew snort months, fallen from a surplus to a deficient and raimllv- ftuhnir revenue. No wonder they are compelled to resort to credit to save themselves, as they have destroyed credit in tho ranks of the peo ple by the threat of doing it. , How the Slute debts art effected by thin a . farm orcaniond by the action of the gov ernment. . . Take for example the debt of die I Pennsylvania, whieli is ?3G,000,000. State of Befre home of our affections, I xo. the Coinmonwcath of Pennsylvania were worth, in the marker of the world, 91 13 on every SlttO. The last sales were ?70 on tne par value of $100, since winch there Has been demand Suppose, however, that '-the ibonds of Pennsylvania are now June I 1810,1 worth W5 on 9100. They cannot f w0"n more ma" tni- ,l'lu ,ouow' ine enure uepriTinuun inun no rr rrm. w 75 percent, on a debt of 930,000,000, is 913,- 680,000 ! Is not this a truly amazing effect T Is it not a mortifying position to a sovereign Commonwealth, to be obliged toobscrre such a falling off in her own lair lamer How the In'tepertdent Treasury is a Gov- eminent Ham, am how a Uovtrnrntnt Jlank differs from a National Bank The ImpPiidiNi aenostlc lor the revenue ol the country--! that is certain. No one will deny this. If it be called a place of deposit, the change of quesuon is, whether it is a batik m the proper sense of die term. What, then, is a bank ? Is the privilege ond flics of discount essen tial to a bank! No one will pretend itis. What, then, remains as essential to die proper character of such an institution? Simply and manifestly, the two faculties of deposi'e and issue, bodi of which belong lo die Independ ent Treasury, and are essential elements of .the bill of organization. The Treasurer of the United States is empowered by this bill to issue drafts on the several branches or pla ces of deppsite, at his discretion, widiout any restriction as to amount or form. I lers.'dien, is a bank a bank of deposite, and a bank of issue oil that is essential to a bank. More over, diese drafts will lie an actual currency, so long as diey ara out; a currency that will bo preferred Ju LBUj0th;i9!Lp.ds't: i pra miuni. , ....... . .... , It remains to observe how this Independ ent Treasury is a Government Batik iu dis tinction from a National Batu,-.It is uuder dlO:oiu of iorito die legislative branch of the government; whereas," in tho case of the Independent iivjuurj , u i u we uuuer uie soveroign,cou- Uie.JliKCaieraLpQ.wera-01-.PrcstdenV.eole Director and Cashier of die institution, all which , 'he can use at pAcasurcLbyproxv w otherwise! Is not tli.s a Government Bank with a witness? . ' How the Constitutional prerogative rf the respective uiaies io control inetr pirn monetary capital may be, and is likely le be, usurped by this Gorernment Hank. It is true, that the right of the States to charter banks, if they choose so to do, will remain. But of what use is the right, so long as diis Government Bank has optrol o- ver tne specie ol the country, and is able to draw all great monetary transactions within the circle of its influence? Whenever this institution shall choose to exert its powers, in these particulars, to tho full extent of its pos sible sway, the constitutional control of the exist omy in name, ah mat power will oe wrested from their hands. We need not say that the sovereignty of a State will not be worth a penny, when this vital clement of her political existence is taken away, " What is a political body without the control of a mon etary capital ? A more cypher. How the operation of this government bank teiO work a revolution in a ruinous de- preciationpf the prices of property and laaour. ,.t , , , .. .., tr ..;-t It is an uncontroverted maxim, dwt the E rices of property and labor are graduated y die amount of die circulating medium. It is also obvious that die scheme of the In dependent Treasury is to reduce and confine die currency of the country to hard money; and ,this is likely to lie die effect of its full oeratiori. Study,': says Mr. Benton, of the. ii niied btauw sw-nato, : w ih finaniHul his tary 4iL 4 1 (Jlandfe Fiwictw' CHiba Fbnbw 1 dieir xamnlc4njtate.v iii7yv u iu uu uiv uoi-inuc in our iiSMOliai Administration. v . , 'I'he average prices of Libor in some few hard money countries are as follows: In F ranee, 5 shillings add 8 poneo sterling per woett. iiotirs oi laiHir ' 'lm iJic .dav, ot 72 for the week. In Switzerland, .4 shiHinirs and 5-pence-per week.""' Time, br'work H'2 hours, ,-. In Austria, 4 shillings jer . wcuk, H.ours, 76. In Tyrol, 3 shillings aiid Opcnee per week. Hours fS. In Saxony, 3 shil lings ond 0 pence per week Hours 72. .In Boon, on die Rhine, 2 shillings pud 6 pence per week. Hours 81, In Fgypt, 3 to 3j pence pc;r day. The average price for die above named European countries, is 3 shil lings and 1 1 pence ami 3 farthings per week; and die avenge number of hours 79. This average price of labor per week, amounts to about 97 cents of our currency, - . r , -7 In England, dr prices of labor per week, range trout 15 u.'uliigs stciliitg, 03,) to 30 shillings, 7 2(1 cntiu.) .Averace 95 43 cents. .. In die United States, the pii- ces oi lauor nave nerctotore r unged Ironi 3 to 90 per week. Averaire, 94 50 cenut. This comparison will show, the difference between the prices of labor ill hard mnnnv countries and mixed currency countries. uiuui unuiiii anu hib unuea KlaUa are known to have been .jlio-most irotqierous countries in the would.',,. The cause it to.be found in the high prices of pronertv and la bor. It may he laid duwn as a maxim of u- niversiu trutii, that tho highest statc of pros penty m any country, is that .condition of things which maintains ns a permanency the highest prices of property and labor: more KEN,'.". ) .i:MAy,5 h1 '.THOMAS -J.' I PITORS. especially of labor; and that the state mosf. ; t remote from prosperity, is that which redu- HUGH McQUEKX, res the prices ot property and laixjr to tha- ' lowest point. In aU the world, "-and in all'."', asrrs, this w ill be found true, other thfngs.be- ing eo,uiuTlie-.towMt-pri- of r.rpiy f ond labour will be bund under absolute, and . despotic emernments, and in a state of bar- ' j'bansm, where also will be.' found the great- est poverty and most misery. , . It is not sufficient to say that die depress ion of these nominal prices does not depress v prosperity, when other things are equal, be cuiisH other tilings are never equal, as w shall see in what follows. . , ; c, lt us, dien, proceed to consider how die i operation of this Government Bank acheuut will affect the property and labor of die roun- i try. The amount of a sound mixed eurren- i cy of a country is at least three dollars to one c of a hard money ; currency. . This ie the smallest difference, which we are en tided to assume a giving the greatest advantage to v bur opponents. By this rule die following ' calculations are made for die purposes of i- ; lustration, die principle of w hich may be oc coit.tnodiitcd to any siippesahle or prtual s slato of things.1 It will lie seen ; diat tle" standard we assume is perfectly immaterial to the argument. In the assumption of ony s other, to suit parties or persons, the grand rfsW would lie the same for all our purposes. Consequendy, by Uie principle aiddown- Avlutiu will iuit fc tuniroverttJr viat-that Uie-'- amount of -currency graduates die prices of nronertr and lalwr. it will follow thai the in-i - trcmuction-an l full operation of the. gavern- , ftirnfiriiulicV'n.p property and bibor at hnst two thirds. How much die reduction will excee l'diis fi-action ; i . may be guessed at by a review cf the cam ?: paralive prices cf labor in diffsrant countries, ':?.-.. given above. : ' '." ' '"' . . ".'.... m- i-,-. . ' Let us, then, csdmale the amazing change, t The working man who, under" tha old sys- T iem, received his dollar, a day for w'ages, - would find diem reduced to 33 cents under 1 . tho newt The dollar and a half per day of. the journeyman carpenter, mason, tailor, jew- ellar, cabinetmaker, printer,' Imokbinder, and ' of numerous other trades which it would fill a page to mention, would be reduced to fifty cents. The sixpence of die milkman wlw- .4 makes his daily round-dirough tho streets of our cities, would bo reduced to two-j)enco. In the samo proportion would the market ' peoje euffar whtr-supply di tables t)f onr' ' r towns and cities from tho surrounding coun- try, J Joel, instead ot nine cants a HeeiV instead otnine cants would be threes oouitocs would fall from- 30r to 1 0 cunts a bushel ;-conr rom tip tenTy-fi VB r toTWtfnty-fiveT wheat "and flour in the samT : proportion ) and so of all kinds of moats, all f " kinds of broad stuflVand all kinds of vegcta- 1 - j blea. Th saddl.ir'a ,918 Would d win Jlo 'j., . . j only9100, or50 insteaaof 9150, or 925 instead of 975. : Th3 farm worth Ql30(f on I' der dHHold, would be -worth only 950Q un- " der tho new. In dre same manner arird in tha ' ' same proportioii will everv species of pro(-w erty be depressed ; lands, farms, houses ani tonamests, city and country estates, horses, , " catdo, sheep, wool, , the products of tho soil and of hbor, labor itself, serried of every de scription, ani in every capacity of common life, in town and country; every thing, indeed, J except the salary of the President of the V- -: , nited States and those of the officers and ft- S. gents of Government, amounting perhaps to : fifteen diousan J; all of which would bs raised , in value in proportion to tha increas-jd valun , ' of money (fbe it more or less. Th(Jy i ', 1 . - .T. - - ' ' m L two-tliirus. - Ul course, the President sala ry would bo worth 975,000, and those of other officers and agents of the government in proportion, io uioir nominal amount. ilutdtbtora, who probably constituted nine, tenths of the population, would be the great- ' est sufferers of all, inar inucli as they would not only Equally suffer in did depression of. Uicir property, ii tliev liavo any, but in the sains proportion for all that diey owe. In ma ny cases a debtor who was actually rich under the old system, may be reduced to nothing by .die substitution of the new. Nay, he .' will be as much worse than nodiing, as his debts exceed one-third of hla property. ? For example: if a man's property was worth 900,000 and his debts were 930,000, lie will be910,000 worse than nothing by the change, A farmer possessed of on estate worth 9 1 ,500. and being in defit 9750'Kvuld find himself 9350 worse than nodiing by the change. A farmer who could pay a debt of 9300 with ' three hundred bushals of wheat under the old -.jJWWfritlCOa bushelsto pay it mhjtttew hidew ' of dironervtu-of - his farm, if ; ho'to b-"" ' bliged or wishes to sell it. In the same two fold proportion would nil debtors having property, suffer by the change, j V , It lias been said by high-authority with how much truth we know not :hat the ag gregate of private debts in every commercial " eountry Lke. ours, u ordinarily equal to, all iq property ofdiat country; in which case as will be seen, such a revolution as will ne- ' cessarily he brought about by reducing the circulating medium of diis country to a hard money., level, would increase this indebted- ' ness of individuals to three dines die value of all the property to be found in tho whole country ' . . . ." . Taking the assessment list of the State of , New York aa a standard of the valuation of its property whiqh, as it is well known in in all such cases, is much below die true val ue and adding to diat her public works and Other species of , property not taxed, all of which must suffer alike in die general wreck of this revolution and it would probably bo a moderate estimate to rato hcrjosses in pas sing from dio old to die hard money system, on die principle cstabliahod, at 9300,000,003. For our present purpose it may be sufliciutly accurate to assuui? that all our , States and Tcrritoriea would suffer in die eame propor tion to New York, as is tho proportion of their rcspcctivQ rcpfiSftht-itioDJ in die Ilouae of t Kepfescntativca in Congress which would, show an apgrezate loss to the whole United States of $2,500,000,000! Besides all diis, by withdrawals tho circu- dating mediun, we wididraw two-tliin!s cf the active capital of the country, or which is the eame thing, two-thirds of the. mean of rtrjrjma twa .rrv.iKiWtit
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 16, 1840, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75