a substance,
not a substance; it is the sunshine, not the sun; the quickening
_something_, call it what you will, that gives life to trade, gives
being to the branches and moisture to the root; it is the oil of
the wheel, the marrow in the bones, the blood in the veins, and
the spirits in the heart of all the negoce, trade, cash, and commerce
in the world.'

'It is produced, and grows insensibly from fair and upright dealing,
punctual compliance, honorable performance of contracts and covenants;
in short, it is the offspring of universal probity.

'It is apparent even by its nature; it is no way dependent upon
persons, parliament, or any particular men or set of men, as such,
in the world, but upon their conduct and just behavior. Credit
never was chained to men's names, but to their actions; not to
families, clans, or collections of men; no, not to nations. It is
the honor, the justice, the fair dealing, and the equal conduct of
men, bodies of men, nations, and people, that raise the thing called
credit among them. Wheresoever this is found, credit will live
and thrive, grow and increase; where this is wanting, let all the
power and wit of man join together, they can neither give her being
nor preserve her life.

'Arts have been tried on various occasions in the world to raise
credit; art has been found able with more ease to destroy credit
than to raise it. The force of art, assisted by the punctual,
fair, and just dealing abovesaid, may have done much to form a
credit upon the face of things, but we find still the honor would
have done it without the art, but never the art without the honor.
Nor will money itself, which, Solomon says, answers all things,
purchase this thing called credit or restore it when lost. . . .

'Our credit in this case is a public thing. It is rightly called
by some of our writers _national credit_. The word denominates
its original. It is produced by the nation's probity, the honor
and exact performing national engagements.'

"And, sir, passing from considerations of public honor, there are
many reasons of _public policy_ which forbid the repeal of the act
of 1875. That act was generally regarded as the settlement of a
financial policy by which at least the party in power is bound,
and upon the faith of which business men have conducted their
affairs and made their contracts. Debts have been contracted and
paid with the expectation that at the time fixed the gold standard
w