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SOUTHERN RECORDER. VOL. II. MILLEDGEVILLE, TUESDAY, AUGUST 28, 1821. No. 29. PUBLISHED WEEKLY, (ON TUESDAYS) BY S. OR AMT LAM'D If R. M. ORME, iT THREE DOLLARS, IN ADVANCE, On FOUR DOLLARS AT THE EXPIRATION OT THE TEAR. gy Advertisement* conspicuously inserted at the customary rates. FROM THE PHILADELPHIA CltlOS. COMMERCIAL CREDIT. The advantages of Commercial Credit tnay be thus exemplified A. has capital which may be estimat ed us one. B. has strength or skill which also may be estimated as one. But A capital and B’s. strength or skill, when disconnected, areusotess. Unite them, and the profit may be estimated as one, which A. and B. should divide between them. Thus far commercial credit is advan tageous, but no further ; for, 7'rade it self, considered simply at a means of wealth, is serviceable sofar only us it pro motes industry. If this doctrine is true, and we believe it will bear examination, it must follow ns a necessary consequence that comm.r- cial credit has been extended in the Uni ted States far beyond what the good of society requires. Let us, however, take e single case, which will elucidate the facts, better than any general reasonings. A. imports a cargo from Europe on credit, in a ship obtained from B. on cre dit, who obtained it from the ship build- **r on credit, who obtained the materials from the lumber merchant, the smith, it the rope maker on credit, who obtained their stuff on credit from those who ob tained their woodlands and iron mines on credit, who, &c. When the cargo im- jiorted by A. is landed, first paying the duties with credit, he disposes of it to B, C, D, E, and F, large merchants in Philadelphia on credit, those dispose of their purchases to G, H, I, J, K, L, M, nnd N, secondary traders in the same town, on credit; these sell the goods to O, P. Q, R, S, T, U, V, W, X, Y, nnd Z, traders in evety part of the Union on credit ; who, in their turn, sell them to all the little letters of the alphabet, both Roman and Italic, on credit. Thus a man in Missouri wears out a garment for which he never paid the store-keeper in St. Louis, who never paid the mer chant ia Philadelphia, who never paid the ship owner, who never paid the ship Builder, who never paid the Lumber merchant, the smith, or the rope maker, svho never paid the land owner, the forge- tnan, or the hemp dresser, who never paid their labourers, who never paid for the food, which supported them while forming the first links of this immense chain. This is a pretty fair specimen of our ■conduct in private life. Our public af fairs are managed on the same principle Our currency consists principally of bank notes, which are nothing more than bills «f credit bearing no interest. Govern ment gives a credit for duties on imports, has till lately sold the public lands on credit, suffers its agents to retain the pub lic money on credit; if it makes public improvements, obtains the means on ere dit, finally, has to support the peace es tablishment on credit. A system which extends so far and so wide, deserves to be carefully examined. Its effects appear to us to be as follows : First, that it creates an artificial de pendence in society, so that a man's safe ty depends not only on his own conduct, but on that of fifty, a hundred, nr a thou- eand others, of some of whom he has not the most distant knowledge. Our peo pie under tli/e influence of the creditor- mania, resemble long rows of bricks, which children stand on end.— Touch tine end and they all tumble.—Thus let A. through folly or misfortune be ren dered unable to pay B. let his warehouse be burned, or his ship wrecked, let him be robbed by the villainy of others, or turn villain himself, nnd B. is unable to pay C. C. is unable to pay D. D. is una ble to pay E. and all are ruiued to the end of the alphabet. Secondly ; it renders fair trade, or an exchange of equal values for equal, im possible J a » f rom tfie ® terna * fluctuation of our mixed money and paper currency, we may be said to have a different men- lure of value every year, or perhaps with more propriety to have no measure at all. Some years ago, one hundred dolls, could be procured with half the difficulty that they can at present, and can be procured at present with half the difficulty, perhaps, that they will some •cars to come. By the depreciation of Ihe circulating medium the creditor los- . by its appreciation the debtor is in- iur’cd. For though a man receiving a hundred dollars in payment of a debt in- curred during the war, received no more in nomioal amount than his goods would then have brought in market; yet, os a hundred dollars will now procure two or three times the quantity of the neces- «ries oflife that they would have done then, the creditor receives two or three iimes the value he originally parted with and the debtor gives two or three times she value he originally received. (thirdly ; it promotes habit# o.f extra vagance, inducing people, if we may be allowed so bold a catachresis, to eat their crops before they are grown, or, in plain English, to anticipate their incomes.— Men arc fond of ease and splendour, and if the means can be obtained on credit, they will not scruple to employ them, thus sacrificing permament prosperity for temporary pleasure, nnd paying an advance on the cost of the commodities they consume ; equal or superior to the legal rate of interest, while they by this course render it impossible to accumu late the capital necessary to secure to themselves the produce ofthoir own in dustry. Fourthly: It encourages schemes of wild speculation. The road to compe tence through industry and economy is too long and wearisome for the majority of mankind. Most people desire a short cut to wealth ; and think to accomplish their pufpose by borrowing. A few suc ceed, but the greater number fail through want of knowledge or prudence, or through the absolute absurdity of tbeir plans, & failing, create a vortex in which themselves and hundreds of others go down together. Thus a man engages in “ a most lucrative enterprizc,” he borrows money from those who have it to lend, and obtains land, materials, and labour on credit. By the time he ex pects a return for his pains, he finds that his means were not suited to his ends, and projector, land owner, money len der, and labourer, are all most wofully disappointed. Fifthly ; It favours dishonesty. Ma ny complaints are made about our insol vent laws—Some think they are too se vere on the debtor, others that they are not rigid enough to secure the rights of the creditor. But the truth is, there are two descriptions of debtors, and one set of laws will not do for both. The first are honest and deserve to be pitied; the second are dishonest, nnd deserve to be punished—Those will pay (heir debts as far as they are able, these will not pay their debts even if they can, and it is impossible to resort to measures that will coerce dishonest debtors into the paths of justice, without inflicting infinite inju ry ou the upright and unfortunate. Do away the facility of running in debt, and you are delivered from the dilemma. Sixthly ; It gives the monied interest an ascendant over all others. When men buy on trust, they buy at an advance on cash price ; but where the greater part of the business of a country is con ducted on the credit system, the advance does not go to him who sells to the con sumer, nor to the importer, but to him who originally furnishes the capital.— Thus all other classes in society are pay ing tribute to one : till finally, unable to comply with their increasing demands, or contend with superior wealth, their lands are mortgaged, at first for a small amount, afterwards for their full value, their stock is seized and sold by the Sheriff, and they are ruined. These are the effects of a super-ex tended credit system. What Ims caused it to exist ;n the United States, and what may he done to prevent its evils becom ing perpetual, may be made the subject of future enquiries. From me KEW-roHK American, RIP VAN WINKLE. The following article was prepared several days ago, but owing to a press of other matter, has been deterred. The disposition manifested by Mr. Ir ving to soothe the irritation of Ameri cans, so justly exciteil by the misrepre sentation of British critics and reviewers, should b'.vc prevented, one would sup pose,every effort on their part to rob him of his well-earned laurels. And it is on that account that we notice an arti cle in Blackwood’s Magazine for May, which attempts to divest the celebrated story of Rip Van Winkle Of its claim to originality, and which represents the au thorofthc “Sketch Book” as being in debted for it to Diogenes Laertius. The. pretended germ is given by a Mr. Wm. Bainbrigge, in the following extract from that author. *■ Epimenidcs, being one day sent by Ins fattier into the fields to tend his flock, oppressed by the heat of the mid-day sun, quitted the high road, and retired into the shade of a cavern, where he slept for 57 years. Awaking from this sleep, be began to search for his sheep, but could not find them ; and on going out into the fields, be observed, that the face of all things was changed, and the lands now become the porperty of ano (her master. He returned home con founded nnd astonished. Arrived at his own house, he was asked by the occupi er of it, who lie was ; when at last, be ing recognized by his brother, who was then grown old, he was informed of the truth of what had happened.” Monte- partvriunt, itc. may be well applied to this profound discovery. “ God said, let there be light—and there was light," is a noble specimen of the true sublime ; yet with as much proprie ty may that passage be adduced to dis prove the originality and depreciate the value of Newton’s Theory ofOpticks.as the naked tele of Epimenidcs ia deroga tion of the wild, but luxuriant legend of Rip Van Winkle Were it even admitted that Mr. Trving had the story of Epimenides “ before him,” as Mr. Bainbrigge supposes, yet it detracts littlo from the merit of a man who converts a barren waste to a fruitful field, that the clods he enriches were not of his own creation. The palpable non seipsitur of this mo dern Douglass would not have deserved notice, but from the implied sanction it obtains from the editor’s silence ; in re gard to whom it may be noticed that the very first article in tho number of the magazine referred to, appears to be in debted for its leading incident and princi pal moral (if moral it has) to the self same tale of Rip Van Winkle ; and we now republish it for the purpose of show ing how much easier it is for a British critic to discover a mOte in another’s eye, than to discern a beam in his own, rather than for any peculiar merit it possesses, either in felicity of conception, diction, sentiment, or illustration. A very cursory examination will e- vince, that the hint of the latter might well have been borrowed from the for- Rip Van Winkle and Vander- decken are both Dutchmen. The one fails asleep for about half a century—so does the other. Van Winkle, on awa king, was unconscious of the lapse of time. Vanderdecken, contrary to those laws of consistency that are required e- ven in the works of fiction, was equally unconscious of its flight, although nei ther he nor his crew had been absorb ed in sleep. The former, on awaking, is surprised not to find his wife, his dog, his drowsy pot companions, and the little tavern. The latter is equally astonish ed to learn that hi« wife was probably dead—that Stuncken Yacht Quay had been pulled down more than GO years, k that a commercial house, against which lie had a note, had failed near half a con- tury before. The scene of Van Winkle is, indeed, upon Ihe land, that of Vanderdecken up on the water,—but were a man of any genius to borrow the leading incidents of his story, he would, doubtless, have retained fewer coincidences than are bore presented. VANDKRDECKFirrS MESS AGE HOME ; Or, The Teiiucity of Natural Affection. Our ship, after touching at the Cape, went out again, and soon losing sight of the Table Mountain, began to be assailed by impetuous attacks of the sea, which is well known to be more formidable there than in most parts of the known ocean. The day hail grown dull and ha zy, and the breeze which’ had formerly blown fresh, now sometimes subsided al most entirely, and then recovering its sirength for a short time, and changing its direction, blew with temporary vio lence, nnd died away again, as if exercis ing a melancholy caprice. A heavy swell began to come from the south-east.— Our sails flapped against the masts, and the ship rolled from side to side, as hea vily as if she had been water-logged.— There was so little wind that she would not steer. At two P. M. we had a squall, accom panied by thunder and rain. The sea men, growing restless, looked anxiously a-head. They said we would have a dir ty night of it, and that it would not be north while to turn into their hammocks. As (he second mate was describing a gale lie had encountered off Cape Race, New foundland, we were suddenly taken all aback, and the blast came upon us furi ously.—We continued to scud under a double reefed mainsail and foretopsail till dusk ; but, as the sea rail high, the captain thought it safest to bring her to, The watch on deck consisted of four men, one of whom was appointed to keep a look-out ahead, for the wea ther was so hazy, that we could not fee two cables’ length from the bows This man, whose, name was Tom V\ il- lis, went frequently to the bows, as if to observe something ; and when the others called to him, inquiring what he was looking at, he would give no definite answer. They therefore went ulso to the bows, nnd appeared startled, nnd at first said nothing. But presently one of them cried, “ William, go call the watch.” The seamen, having been asleep in their hammocks murmured, at this un seasonable summons, and called to know how it looked upon deck. To which Torn Willis replied, “ Come up and see. What we are minding is not on deck, but a-head.” On hearing this, they ran without put ting on their jackets, and when they came to the bows, there was a whisper - One of them asked “ Where is she ? I do not see her,” to which another re plied, “ The last flash of lightning shew ed there-was not a reef in one of her sails ; but we, who know her history, know that all her canvass will never car ry her into port.” By this time the talking of the seamen had brought some of the passengers on deck. They could sec nothing, howev er, for the ship was surrounded by thick darkness, and by the noise of the dashing waters, nnd the seamen evaded the ques» tions that were put to them : At this juncture the chaplain came on deck. Ho was a man of grave and mo dest demeanour, and was much liked a- mong the seamen, who called him Gentle George. He overheard one of the men asking another, “ If he had ever seen the Flying Dutchman before, and if he knew tho story about her ?” To which the other replied, “ I have heard of her bea ting about these seas. What is the rea son she never reached port ? The first speaker replied, '* They give different reasons for it, but my story is this : She was an Amsterdam vessel, and sailed from that port seventy years a- go. Her master’s name was Vender- decken. He was a staunch seaman, and would have his own way, in spite of the devil. For all that, nevera sailor under him had reason to complain ; though how it is on board with them now, nobody knows ; the story is this, that in doub ling the Cape, they were a long day try ing to weather the Table Bay, which we saw this morning. However, the wind headed them, and went against them more and more, and Vanderdecken walk ed the deck, swearing at the wind. Just after sunset, a vessel spoke him, asking if he did not mean to go into the Bay that night. Vanderdecken replied, “ May I be eternally d — —d if I do, though I should heat about here till the day of judgment!” And to be sure, Vander decken never did go into that bay ; far it is believed that he continues to beat n- bout in these seas still, and will do so long enough. This vessel is never seen but with foul weather along with her.” To which another replied, “ We must keep clear of her. They say that her captain mans his jolly boat, when a ves sel comes in sight, and tries hard to get along side, to put letters on board, but no good comes to them who have com munication with him.” Tom Willis said, ” There is such a tea between us at present, as should keep us safe from such a visit.” To which the other answered : ” Wc cannot trust to that, if Vanderdecken sends out his men.” Some of the conversation having been overheard by the passengers, there was a commotion among them. In the mean time, the noise of the waves against the vessel, could scarcely be distinguished from the sounds ofthe distant thunder.— The wind had extinguished the light in the binnacle, where the compass was, and no one could tell which way the ship’s head lay. The passengers were afraid to ask questions, lest they should augment the secret sensation of fear which chilled every heart, or learn any more than they already knew. For while they attributed their ngitatiou of mind to the state of the weather, it was sufficiently perceptible that their alarms also arose from a cause which they did not acknowledge. The lamp of the binnacle being re lighted, they perceived that the ship lay closer to the wind than she had hitherto done, and the spirits of the passengers were somewhat revived. Nevertheless, neither the tempestuous state ofthe atmosphere, nor the thunder had ceased ; and soon a vivid flush of lightning shewed the waves tumbling a* round us, and in the distance, the Flying Dutchman scudding furiously before the wind, under a press of canvass. The sight was hut momentary, but it was suffi cient to remove ull doubt from the minds of the passengers. Owe of them cried aloud, “ There she goes, top-gallants and all.” The chaplain bad bro’t up his prayer- book, in order that lie might draw from thence something to fortify and tranquil- ize the minds of the rest. Therefore, taking his seat near the binnacle, so that the light shone upon the white leaves of the book, he, in a solemn tone, read out the service for those distressed at sea. The sailors stood around with folded arms, and looked as though they thought it would be of little use. But this serv ed to occupy the attention of those on deck for a while. In the mean time, the flashes of light ning becoming less vivid, shewed no thing else, far or near, but the billows weltering round the vessel. The sailors seemed to think that they had not yet seen the worst, but confined their re marks and prognostications to tbeir own circle. At this time the captain, who had hitherto remained in his birth, came on deck, nnd, with a gay and unconcerned air, inquired what was the cause of the general dread. He said he thought they had already seen the worst of the wea ther, and wondered that his men had raised such a hubbub about a capful of wind. Mention being mado of the Fly ing Dutchman, the captain laughed. He said, “ he would like very much to see any vessel carrying top-gallant sails in such a night, for it would be a sight worth looking at.” The chaplain tak ing him by one ofthe buttons of bis coat, drew him aside, and appeared to enter into serious conversation with him While they were talking together, the captain was heard to say, “ Let us look to our ship nnd not mind such things ;’ and accordingly, he sent a man aloft, to see if all was right about the foretop-iail yard, which waa dialling the mast with a loud noise. It was Tort Willis who went up ; and when he came down, he said that dll was right, and (hat he hoped it would toon get clearer ; and that they would see no more of what they were most afraid of. The captain and first mate were heard laughing loudly together, while the chap- Inin Observed that it would be better to repress such unseasonable gaiety. The second mate, a native of Scotland, whose name was Duncan Saunderson, having attended one of the university classes at Aberdeen, thought himself too wise to believe all that the sailors said, and took part with the captaiu. He jestingly told Tom Willis to borrow his grundam’s spectacles the next time lie was sent to keep a look-out ahead. Torn walked sulkily away, muttering that he would nevertheless trust to bis own eyes till morning, and accordingly took bis station at the bow, and appeared to watch as attentively as before. The sound of talking soon ceased, for many returned to their births, uud we heard nothing but the clanking of the ropci upon the masts, and the bursting ofthe billows ahead,as the vessel suc cessively took the seas. But after a considerable interval of darkness, gleams of lightning began to reappear. Tom Willis suddenly called out, “ Vanderdecken, again ! Vander- decken, again ! I sen them letting down a boat.” All who were on deck ran to the bows. The next flash of lightning shone far& wide over the raging sea, and showed us not only the Flying Dutchman at a dis tance, but also a boat coming frQm her with four men. The boat was within two cables’ length of our ship’s side. The tnan who first saw her, ran to the captain, and asked whether they should hail her or not. The captain, walking about in great agitation, made no reply. The first mate cried, “ Who’s going to heave a rope to that boat ?" The men looked at each other without offering to do any thing. The boat hud come very near the chains, when Tom Willis called out " What do you want ? or what devil has blewn you here in such weather ?” A piercing voice from the boat replied in English, “ We want to speak with your captain," The captaio took no notice of this, and Vanderdecken’s boat having come close along side, one of the men came upon deck, and appeared like a fatigued and wealhefbeatfeu seaman, holding some letters in his hand. Oar sailors all drew back. The chap lain, however, looking steadfastly upon him, went forward e few steps, and ask- ed, “ What is the purpose of this visit ?” The stranger replied, “ We have long been kept Cere by foul weather, and Vanderdecken wishes to send*these let ters to his friends in Europe.” Our captain non came forward, itsaid, as firmly as he Could, ” I wish Vander decken would put his letters on board of any other vessel rather than mine ” The stranger replied, ” We have tri ed many a ship, but most of them refuse our letters.” Upon which, Tom Willis muttered, It will be best for us if we do the same, for, they say, there is sometimes a sink ing weight in your paper.” The stranger took no notice of this, but asked w here we were from. On be ing told that we were from Portsmouth, he said, as if with strong feeling, “ Would that you had rather been from Amster dam. Oh that we saw it again 1—We must see our friends again.” When he uttered these words, the men who were in the boat below wrung their hands, and cried, in u piercing tone, in' Dutch, “ Oh (hat we saw it again ! We have been long here heating about; but we must see our friends again.” The chaplain asked the stranger, “ How long have you been at sea ? He replied, “ We have lost our count; for our almannck was blown overboard. Our ship, you see, is still ; so why should you ask how long we have been at sea ; for Vanderdecken only wishes to write home and comfort his friends.” To which the chaplain replied, “Your letters, 1 fear, would be of no use in Am sterdam, even if they were delivered, for the persons to whom they are ad dressed are probably no longer to be found there, except under very ancient green turf in the churchyard.” The unwelcome stranger then wrung his hands, and appeared to weep, and re plied, “ It is impossible. We cannot believe you. We have been long driv ing about here, but country nor relations cannot be so easily forgotten. There is not a rain drop in the air but feels itself kindred with all the rest, and they fall back into the sea to meet with each oth er again. How then can kindred blood be made to forget where it came from Even our bodies are part of the ground of Holland; and Vanderdecken says, if be once were to come to Amsterdam, he would rather be changed into a atone post, well fixed into the ground, than leave it again ; if that were to die else where. But in the mean time, we only ask you to take these letters.” The chyplain, looking at him with ap-* tonishment, said, •• Thu is the inisnily of natural affection, which rebels agftingt all measures of time and distance." The stranger continued, *' Here ia a letter from our second mate, to his dear ami only remaining friend, his uncle, the merchant, who lives in the second house on Stuncken Yacht Quay." He held forth tho letter, bat no one would approach to take it. Tom Willis raised bis voice, end said. One of our men here says he was in Amsterdam last summer, and he knows for certain that the street called Stunck en Yacht Quay was pulled down sixty years ago, and now there is only a large church at that place." The man from the Flying Dutchman said, “ It is impossible ; we cannot be lieve you. H**re is another letter from myself, in tvlin.h I have sent a bank note to my dear sister, to bay some gal lant lace to make her a high head dress. Tom Wiilis hearing this, said, “ It if must likely that her head non lies un der a tomb-stone, which will outlast all the changes ofthe fashion. But on what house is your bank-uote ?” I he stranger replied, “ On the houses of V.ioiieibrucker and Company.” The man of whom Tom Willis hail spoken, said, “ I guess there will now lie some discount upon it, for that bank ing house was goi>. ‘ dos.i action forty years ago ; and Vanderbrucker was af terwards amusing. But to remember these things is like raking up the botKya of an old canal.” » The stranger called out passronately. It is impossible-—wc cannot believe it & It is cruel to say such filings to peoplo iu our condition. . .There it a letter fromi our captaiu himself to his much-beloved and faithful wife, whom he left at a plea sant summer dwelling on the border o£ the Hauriemer Mer. She promised to have the house beautifully (tainted and gilded before he came back, and to get ix new set of looking-glasses for the princi pal chamber, that she might see ns many images of Vanderdecken as if she had six husbands ut once ” The man replied, “ There has been time enough for her to have had six husbands since then : but were she aliva still, there is no fi-nr that Vanderdecken- would ever get borne to disturb her.” On hearing this, the stranger again shed tears, and said, if they would not take the letters, he would leave them ; and looking around, he offered the parcel to the captain, chaplain, and to the rest ofthe crew successively, hut each drew back as it was offered, and put his hands behind his hack. He then laid the let ters upon the deck, it, placed upon them a piece of iron which wav lying near,'to f iravent them from being blown away.— laving done this, he swung himself over the gangway, and went into Ihe boat. We heard the others speak to him, but the rise of a sudden squall prevented; ue from distinguishing his reply. The boat was seen to quit the ship’s side, and in vs few moments, there were no more tra ces of-her than if she had never been there. The sailors rubbed their eyes, as if doubting what they had witnessed, but tho parcel still lay upon deck, and proved the reality of all that had pass ed. Duncan Saunderson, the Scotch mate, asked the captain if he should take them up, and put them into the letter-bag ?— Receiving no reply, he would have lift ed them if it had not been for Tom Wil lis, who pulled him back, saying that no body should touch them. In the mean time, the captain went down to the cabin, and the chaplain, ha ring followed hitn, found him at bis bot tle-case, pouring out a large dram of brandy. The captain, although some what disconcerted, immediately offered- the glass to him, saying,” Here, Char ters, is what is good in a cold night.”— The chaplain declined drinking any thing, and the captain having swallowed the bumper, they both returned to the deck, where they found the seamen giving their opinions concerning what should be done with the letters. Tom Willi#', proposed to pick them up on a harpoon, and throw them overboard. Another speaker said, “ I havealway# heard it asserted that it is neither saf« to accept them voluntarily, nor, when they are left, to throw them out of the ship.” " Let no one touch them," quoth the carpenter. “ The way to do with that letters from the Flying Dutchman is to case them upon deck, by nailing board#' over them, so that, if he sends back for them, they are still there to give him.’*' The carpenter went to fetch hi# tool#. During his absence, the ship gave so violent a pitch, that the piece of iron slid off the letters, and they were whirl ed overboard by the wind, like birds of evil omen whirring through the air.— There was a cry of joy among the sai lors, and they ascribed the favorably change which soon took place ia tho weather to our having got quit of Vae- derdecken. We soon got under weigh again. The night watch being set, tho rest of the crew retired to theic bird*.