796
AMERICAN HISTORICAL ASSOCIATION
annul all laws, (avoiding unjust retroactive effects) for the coersive collection of debts all landed or personal securities, all imprison- ment or process against the person or property for debts. Under the present system the enquiry that is made when a person applies for credit is what is he worth or who is his security¥ Under the new basis it would be what is his character for good faith, hon- esty, and industry. The monied mania seems to be inherent in man or perhaps I should say in civilized man it belongs to his nature and never can be distroyed. It is and always will be the general moving principle to all his actions. I speak in the general for there are no doubt some exceptions. If then our social systems were so organised that the never tireing propensities of this mania could only be gratified by establishing a solid character for morality, good faith, industry, and honesty would it not have a powerful and regenerating influence on society? A young man begins the world poor, and wishes to get rich-to do so he must establish a cha1·acter for industry, and virtue this gives him credit, and constitutes his capital-during the first years of his exertions his interest keeps his bad passions in check for fear of injuring his credit-it finally becomes habitual for him to watch and restrain himself and to be honest. :?\fan is supposed by many to be the perfect creature of habit. If so we have a guarantee for the good conduct of the same person after he has made a fortune-the guarantee of habit-to this also may be added that which naturally proceeds from the love of virtue and a belief in religion, this latter I think is absolutely indispensable for the well being, and sound organization of all societies. I am well aware that the total abolition of the credit system as it now exists will to a certain extent cramp the progress of improve- ment for a time. It would not only be impracticable in a country that did not abound in natural resources or that depended princi- pally on commerce but this would not apply to Texas. It has become a matter of very solicitous inquiry with me to know bow far this system is practicable. What would be its probable effect upon the advancement of the country, and upon the morals harmony and character of the people. It would evidently be a very bold and perhaps a dangerous experiment it would effect more or less all the relations of society. :My greatest doubt arises from the fear that men who were injured by misplaced confidence would en- deavor to seek redress by personal, violence-in fact this fear has sometimes caused me to abandon the idea as visionary and hopeless. Some of my friends however in Texas have full faith in its pra~ti- cability and utility-they are very sanguine on the subject and wish to see the experiment made. They think it cannot cnuse as many
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