The recorder, or, Lady's and gentleman's miscellany. [volume] (Richmond, Va.) 1801-1802, 1802-07-14

~ 'NN'i - - ~eNo.i, tAtOcisSll u uC III
h6e, proves nothing TO the purpo{c, |
= hole who urge it forget, that tho iaves |
conGicute fund for the payment OF I
debts, they fjlrnilt the scadieO means of
contracting them, and thae credit is ge-
1eraily propo1tioned to the aggregate
took OF properly which man may
poaais, without mitch regard 70 the
materials OF which it is competed.
) Thus the objections waich have been
6ronght forward Under this diviion Of
the inbjeet, having been anfwered, il
might appear unnecenary to proceed
farther. Ifit be juf thar lands l1ould Sc
7oldtor the payment Of dcbrs, the policy
and expedience of the rt1ealure ought
nor 70 be eRGuircd into. But ia rhc
preIenr inveftigation, considerations
founded on the fuppofed welfare of the
community having been brought for
ward, 1t IS neceiiarY 10 notice them.
Perhaps, no cafe caa occur, in which
duty and incereR are in more exact
coincidence.
To flew tic ine&pcdience of tic law,
Ii IS obierved, thar extenfivc credit has
been hureful TO the citizens OF this com
monwcaIlh, that hey are eternally IN
voIved IN deb, ana Narrated With law
i,iirs; and thar, therefore, i would be
inpoiuc t. increllc this evil, by {ub-
ic6tin. lands to iale BY execution. On
this point many ref tlteir oppoiiticn to
the law.
The idea thar extenfive credi. is ini,i-
rio'rs, has within 4 few years pair, acAe-
rally prevailed III this county. It has
been adoprcd by the Legislature, and can
be traced IN their proceedings, 60 the
year I73q. BY thc law now in force,
sl2-as On fore accounts, null be
brought within one year after the deiive-
" Of the articles, or the caute Of action
accrued: penalty is denounced acainiR
thole who poitdatc any item II an &C
count; ana verditt IS 70 DC given and
judgement pronounced, only for {uch ar
riclcs as were delivered within twelve
months before the commenccment oF che
FIST.
Thus the exifencc oF credir, and the
reality Of the evils reiulting from it, ale
ideas apparently 70 firmly impref5ed or
the public mind, that it may be difficult
10 remove them. TIE ear OF the PEG
pie, however, 5aing always open 70 the
reception oftruth, they will lilten TO the
argument which attempts TO prove,
I. That ctc4lc does not exit in this
Aare in a proper degree,
Z, That where It exits II the higheR
degree, it is rot an evil; and,
g.. Z Iat tte 1itchiefs @riiaag from the
prevailing Ef%em Of credit, can be re-
NEEDED only by policy direGtly cppo-
fife TO that hitherto ob{cfved. To
prove the fra petition, lizzie more IS
necei18ry than 70 define Ehe term, credir
Is confidence e2 ljting IN the mind Of the
teller or lender ola commodity, in the
ability and honeftY Of the purchafer or
borrower. When this confidence IS
complete, when the ieller or lender
knows shat lie viii receive payment ar
the appointed lime, unlefs fome urex-
petted calamity Details the purcbafer or
borrower, he viii be CONTEXT With pro
tt exactly propoHioncd 10 the inconve-
nterce which he futains, by parting for
: gwen time with portion Of his pro
Pcrty With this profit he 1luit be
coDtenf, becauie the man who pur-
cdales on credit, With the means and IN
tentoo 70 pa, with Punt1uality, will ne
yer give more for an article which he
may want, than the rsai value or price
oL that article, with reaionablc com
Pcrlation for the ulc of 1t, until the
price Is paid. II feems obvious that
lass confederation acme, mutt regulate
she difference between lalcs Tar CATH.