ations I am
willing, and always shall be willing, I trust, to give full weight. But
I cannot, in conscience, say that the power so clearly conferred on
Congress by the Constitution, as a power to be exercised, like others,
at its own discretion, is immediately taken away again by an implied
faith that it shall not be exercised at all.

THE CREDIT SYSTEM AND THE LABOR OF THE UNITED STATES.

FROM THE SECOND SPEECH ON THE SUB-TREASURY, DELIVERED IN THE SENATE OF
THE UNITED STATES, ON THE 12th OF MARCH, 1838.

Now, Mr. President, what I understand by the credit system is, that
which thus connects labor and capital, by giving to labor the use of
capital. In other words, intelligence, good character, and good morals
bestow on those who have not capital a power, a trust, a confidence,
which enables them to obtain it, and to employ it usefully for
themselves and others. These active men of business build their hopes of
success on their attentiveness, their economy, and their integrity. A
wider theatre for useful activity is under their feet, and around them,
than was ever open to the young and enterprising generations of men, on
any other spot enlightened by the sun. Before them is the ocean. Every
thing in that direction invites them to efforts of enterprise and
industry in the pursuits of commerce and the fisheries. Around them, on
all hands, are thriving and prosperous manufactures, an improving
agriculture, and the daily presentation of new objects of internal
improvement; while behind them is almost half a continent of the richest
land, at the cheapest prices, under healthful climates, and washed by
the most magnificent rivers that on any part of the globe pay their
homage to the sea. In the midst of all these glowing and glorious
prospects, they are neither restrained by ignorance, nor smitten down by
the penury of personal circumstances. They are not compelled to
contemplate, in hopelessness and despair, all the advantages thus
bestowed on their condition by Providence. Capital they may have little
or none, but CREDIT supplies its place; not as the refuge of the
prodigal and the reckless; not as gratifying present wants with the
certainty of future absolute ruin; but as the genius of honorable trust
and confidence; as the blessing voluntarily offered to good character
and to good conduct as the beneficent agent, which assists honesty and
enterprise in obtaining comfort and independence.

Mr. President, take a