Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1859-12-09
5eIetteo tflisfellanp.
[From the Mining pa Recorder]
\ Remedy for Hard Times Some
thing for Everybody to Read.


thing for Everybody to Read.
An old adage had it that Experience
is the best schoolmaster," and, like most
of these ancient sayings, there is much
truth in it. But sometimes the lessons
taught by experience are taught in vain,
and in nothing are they more UNDECIDED
than in financial matters. Almost every
American imagines that he has a natu-
raj talent for making money if he only
has chance and therefore he is ready
to embark in any undertaking., no matter
low unreasonable it may be. For a
time he may struggle against the laws of
fate and reason, but, sooner or later
ninety-nine out of every hundred are
overwhelmed with failures and are cast
upon the world as bankrupts. But I'M
til the final ruin comes-until every lot
and title of his property is swept away
from him-he ''hourishes like a green
bay tree" His wife and daughters are
Flora McFlimseys in elegance and fast
horses, fast sons, wines and dinners, 90
to dazzle the world as to his true position,
and induce the unwary to extend his
credit, while it is the only pulp left to
his financial fabric. The reason why
these evils are so common is the false
idea of honor which prevails in this coun-
try. Appearances here are everything.
If family can only keep up its ''res-
pectability" and position everything
goes on swimmingly. The daughters
and sons are "in society,"" the parents
are Sin the church, " and their neighbors
live in the halo of aristocratic fragrance.
But to keep up this responsibility how
many debts remain unpaid? how much
money is borrowed that is never return.
ed how many tradesmen and shop-keep-
ers are victimized? And when the grand
crash does come, and the creditors get
ten cents on the dollar of their claims,
who receives the most sympathy-the
bankrupt or his victims -?
1t needs no particular powers of mo-
rality to declare that such condition OF
things is entirely wrong, but how is it
to be rcmcdied ? We answer, by teach
ing the people that honesty is the best
policy" Our farmers, our merchants,
our manufacturers should learn to live
within their incomes, and to consider the
payment of debts moral duty. Our
churches should teach the doctrine that
reputation of debts when they can be
paid is but another name for robbery
If these things can be accomplished, we
will have remedy for "hard times,
and at the same time recipe for human
happiness.
In the money article of the Philadel-
phia Ledger of the 18th ult., we find
the following remarks on this theme,
which we commend to the attention OF
all
THE country, as everybody knows,
has been suffering severe depression for
the last two Or three years but it is very
generally felt to be improving in almost
all departments Of trade and business
There have been many spcculations as to
the cause of these reyulsions. OF late,
however, some Of tho wisest men have
come to the conclusion that the evil CEN
tres in our system of credits. Partially,
We agree with them. Long credits from
the manufacturer facilitate long credits
to the consumer, induce purchases that
otherwise would not be made, and so
help on the final catastrophe. But they
merely help. They are not the cause of
the effect, but only an auxiliary which
makes the effect sooner apparent. The
cause lies deeper. 1t is in the habits of
the people, who cat, drink, and wear
more than they have ready means to pay
for, and give drafts on futurity for the
remainder No curtailment of the credit
system can eradicate the cause. This
can only be done eifectually by a refor-
nation Of the habits Of consumers. Let
us look at one ss-farmers, for exam
pie. II is estimated that there are about
ono and half million Of farmers in the
Union, heads Of families. OF these IL is
safe to say that thirds arc constantly
in debt--constantly buying beyond their
present means, and giving drafts on their
next crops, to be renewed if those crops
fail BY supposing the average Of these
farmers debts to be two hundred dollars
each, We have the enormous aggregate
of teco hundred millions Of dollars ofcap-
ital lent to farmers, not for the purpose
Of improving their farms or increasing