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

debts, and barring actions or fore &C.
counts OF more than twelve months
Handing, put him entirely at the mercy
OF bis debtor, ne acts abiurdly indeed, if
he fruits out his money, or his property,
without being paid for the riik that he
The debtor too, in fuch
fate of affairs, is tempted 10 buy more
than ne really wants, to promife more
than he can pun2uaily perform, and to
allow higher price rhan he can afford
to pay He is not obliged to make
nice calculations. He IS ienGble Of the
apparent advantage afforded him bv the
laws, buys what his fancy approves,
means honefly, at the time, to pay if he
can, bur ithe cannoc, foreiees thar the
inconvenience falls or ri1e creditor
alone
Lcc us conpare rhis theory with facts.
lii she ordinary rraniaGeions ofthis coun-
rry, there IS difference of nearly tx
per cent. between fales for cath and
ialca on twelve months credit. ap
peal for the truth OF This ailertioD, 10 cir
curn1tances within the knowledge ofall.
70 what caufc is this difference to be
aftri5ed' To The majority Of men,
even money is not worrh more than e.
ven and hall per cent. Property is
worth It'll jcts. The rcGduc, therefore,
rhat is Icvcncecn and an half per cenr, OF
couric are paid for nothing. This fact
Cannot lni1ead. Credit never can exit
on right footing in any country, where
70 eXorbitaa5 premium is paid in order
70 obtain It.
That comfortable difference IS
made by merchants, between the cath.
and the credit price of articles, is a flEt
OF nniyerial nocoriety, This difference
IS liable rc great Gu6uarion, and DC
ponds on various circumstances but a
man who viii deal during one year en-
fireiy for cani, and during another en-
eirely on credit, viii probably find il
well worthy OF his attention,
The want Of confidence which pro-
duces this difference, has an effect no
letS icnfbic on all pecunia1y tranfaetions
In fact, it IS a n5trerof great difficulty
to procure ni:oneV on any terms. Mer-
chants have occalicn for all that thew
pollefs, and thoi3 who acquire il by
their indtjlffy and labor, are afraid to
lend IT, The Farmers and planners
know, if their money gets out of their
hands, that they cannot command If
again. They, therefore, fuGer & 70
lie uieltfs in theif cheff$,untd chey can
realize it.
IfhoweHer, they engage in Z neg9cia.
ton of thls kind, they take care "a re-
ceive an enormous premium. Idtead
OF transferring fpccie, thcy fell tobacco
toI q or S. ii the hundred, alloy. the
current price. Thus d large luanrity
Of capital, either lies unemployed, Of is
brought ioto operation only on terms
ruinous 10 the holder.
The rate of iurereG in every counrrv
depend; on the Inconvenience of parr,ne..
with money, aud the hazard Of not ger
ring irAgain. It appears thar il Yirei-
MIA, this Inconvenience and hazard are
et}imttcd by law at s per cent. but
by the people four or i've times as high
Perhaps there cannot be more me
quivocal fynprom Of the adverra Stu
ation OF our doneitic affairs. The rare
OF intere6 is laid &c be the true barome-
ter Of fate, and It's Iowncls is ION.
almof infallibfe, Of the aourifhing on
dirion' ola people.
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