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The bulk of the population in this, as in every moderately prosperous community in the western world is composed of creditors. The creditor class, in other words, contains the great body of the American people, and any legislation intended to enable debtors to cheat is aimed at nineteen-twentieths, at the very least, of American citizens. Any mail who remains very long in the position of a debtor simply, and acquires no footing as a creditor, disappears from the surface of society. Bankruptcy or the house of correction is pretty sure to overtake him. It would be well-nigh impossible in this large city or in any other to find a man who had no pecuniary claims on someone else. The humblest hod-carrier becomes a creditor every day after making his first ascent of the ladder, and remains so until Saturday night, and continually replaces himself in “the creditor class,” as long as life and health remain to him; and the same phenomenon presents itself in all fields of industry. Every sewing-girl and maid-servant is looking forward to a payment of earned money, and has the strongest interest in knowing for certain what its purchasing power will be.

All depositors in savings-banks, and their number in New York City is greater than that of the voters, belong to the creditor class; all holders of policies of insurances, all owners of government bonds and State and bank stocks, belong to it also. The Western farmers and house-owners who have borrowed money at the East on bond and mortgage, who probably make as near an approach to a debtor class as any other body or persons in the community, and whom Congressional demagogues probably hoped to serve by enabling them to outwit their creditors, even these are not simply or mainly debtors. Any man who is carrying on his business with borrowed money, on which he pays eight or ten per cent., must be every week putting other people in debt to him or he would speedily be ruined. The means of paying those who have trusted him is acquired by his trusting others. Either he is selling goods on credit, or entering into contracts, or rendering services which give him the position of a creditor, and make it of the last importance to him that the value of money and the state of the public mind about money should not be materially different six months hence from what they are now.

Of course there is more than one way of defining the term “self-interest.” There is one sense in which it is used by children, savages, and thieves, and which makes it mean immediate gratification, and this appears to be the sense in which it is used by the inflationists in Congress, in considering what is for the good of those Western men who owe money at the East. In that sense, it is a good thing for a man to lie, cheat, steal, and embezzle whenever it shall appear that by so doing he will satisfy his appetites or put money in his pockets. But civilized and commercial, to say nothing of Christian, society is founded on the theory that men look forward and expect to carry on business for several years, and to lay up money for their old age, and establish their children in life, and that they recognize the necessity of self-restraint and loyalty to engagements. The doctrines, on the other hand, which are preached in Congress about the best mode of dealing with debts–that is, with other people’s money–have never before been heard in a civilized legislature, or anywhere outside of a council of buccaneers, and, if acted on by the community, would produce anarchy. The fact that Morton and Butler, who preach them and get them embodied in forms of words called “acts,” are legislators, disguises, but ought not to disguise, the other fact, that these two men are simply playing the part of receivers or “fences.” There probably never was a more striking illustration of the immorality in which, as it was long ago remarked, any principle of government is sure to land people if pushed to its last extreme, than the theory which is now urged on our attention–that superiority of numbers will justify fraud; or, in other words, that if the number of those who borrow should happen to be greater than the number of those who lend, “a vote” is all that is needed to wipe out the debts, either openly or by payment in bits of paper or pebbles. Of course, the converse of this would also be true–that if the lenders were in a majority, they would be justified in reducing the debtors to slavery. If the question of humanity or brotherhood were raised as an objection, that, too, could be settled by a ballot. We laugh at the poor African who consults his wooden fetish before he takes any step in the business of his wretched and darkened life; but when a Caucasian demagogue tries to show us that the springs of justice and truth are to be found in a comparison of ten thousand bits of paper with nine thousand similar bits, we listen with gravity, and are half inclined to believe that there is something in it.