Alexandria Gazette

The value of the Credit System illustrated.-About ten years ago a poor and plodding, but hard working and honest son of Erin, bought a small tract of land with a small house upon it, for which he contracted to pay four hundred and fifty dollars, and gave his Bond and Mortgage for the money. For the first year or two it seemed to go hard with him. He did not pay the interest even-and some fear was entertained that his time and his money were not well laid out. Upon a little urging and the encouragement of long forbearance of the principal, at the end of the third year, he paid up all the interest. He appeared then to have new life, and was resolved upon greater exertions, and concluded if he could put off the payment of the principal, he would repair his house, and add to it a little, and manure his land.

He then, accordingly went to work, determined to accomplish his purpose. From this time, he was pretty regular in his annual payments not only of interest, but on account of the principal, and this Spring he discharged the whole balance of demand against him, and has now a house as big again as the one he purchased, and land worth twice as much money as it was, from clearing and cultivation; and is out of debt. In the meantime, too, his family has increased to some five or six children, all of whom have been very well taken care of, in their plain coarse way of living.- And this is the effect and the value of the credit system, If that poor man-a day laborer only--had not found a friend to trust him for a house and lot, for a home for his family, he would probably never have saved a penny, not only because he could not have lived so cheaply in any other way, but especially because he would not have had the powerful inducement to labor and economize, which his obligation created, and which the preservation of his house and lot require.

He never turned his back, at any time, upon a glass of good whiskey; and, but for the stimulants of another kind, might easily have yielded to that. He is now in comparatively comfortable circumstances, and is grateful to his friend, not only for the confidence he reposed in him but for the motives he placed before him to industry, economy and perseverance.

This is a case within our personal knowledge; and it is only a class of thousands and tens of thousands of cases which our country affords, and which demonstrate the creative power and immense value of that credit system which so many foolish men now a-days are doing their best to break down.-N.J. Fredonian.