Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1860-03-03
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/ a N GA STE r.
Wisconsin Credit Abroad ard al
Eolnei

Wisconsin Credit "a broad and al
Hon1ei
Eastern papers speak ii no friendly
ltcnus Of Wisconsin collection laws, affirm
ing that claims against Wisconsin mer
/ hauts are scarcely worth looking after
land never wort, the expense Of collecting
under Wisconsin laws. Still, enough Wis
consin merchants can and do buy on credit
their semi-annual supplies Of merchandise
flo the Eastern markets; from all we can
lsee, The credit Of our regular merchants is
Just az good at THIS time assbefcre the
Ipfesent laws were enacted, alsfas to The
defective or spotted mercha q, they are
mot now and never ought 10 inlilled 10
any credit no laws could &c them
sound Or compel them to psy,scven tho
richly able. 1t is not in some men 10
pay; their property in any cqsntry under
any laws is an allurement, false show
Of responsibility, a Peter Funk sign he'd
out to insfto strangers to come in ard be
lsold. The very fact that well known,
prompt, honorable Wisconsin merchants
can go to New York and purchase stocks
| Of merchandise on credit is an irrefulable
argument that honor and we'll earned
character for uprightpess constitaie the
real foundation Of credit, and chat collec-
ton laws and property form just no basis
at all. The trouble in Wisconsin has not
been the defective collection laWg. but The
lover credit as consequence Of former
liberal laws; money commanded Is to so
per cent. interest, just because SO many
bankruPts and men on their way to bank
ruptcy can into the money market as
competitors against responsible and hon
orable men-thus, ruaning mp the demand
Tor money against any possible ability 10
ever meet demands, and compelling sound
men to bid up 70 ruinous rates or be sac
rifced at once. Wisconsin credit abroad,
most Of il predicated upon q false basis,
led TO the enactmen: Of tie presentliberal
laws as a defence against a ike recurrence
Ito over credit in the future. Henceforlh,
/ Wisconsin credit viii be sound, HATING its
ihasis in personal honor and character
Wisconsin credit viii be sufficient for All
wholesome uses, but not sufficient for
abuses; it never should have been open to
abuse through inducements Of stringent
;Ieollee'ion laws-it will be good enough,
even though every provision in our stat,
Iutes for collecting money by law sho'd be
repealed.
What we have said of Wisconsin
Icrcdis abroad applies equally well TO Wis
3consin credit at home; home credit was
too much founded upon the alIurements Of
property appearing il the hands ofdebtors: :
honor and character for uprightness were
too little looked after. The credit market
was thrown into competition Between poor
honest men and large property holding
irognes-the latter always oesrbiddiag aud
in tho end failing to pay-the former
always paying, YET, hasing to pay higher
for lands and merchandise than their 70.
Eguish competitors. Thus, lands were run
,Iup by roguish spectators beyond the
reach Of honest men, anl money com
manded such rates as sunk rogues and
honest men into bankruptcy. In the end
honorable, upright men, whether rich Of
poor, are this day the only mcu who pay
debts and the only mcn sailedresponsible
Ask the merchant, is Mr. A responsb e
lie replies, Mr. A has no property come
Iata-able but lie is honest--and habitually
Ipays his debts as per agreement" The
reply is enough; Mr.. A IS endorsed and
, his credit rises 100 per cent. above that
of Mr. =, who has plenty Of property Gov
erred up beneath the court records and
never pays debt till breed By law.
Who pays the Losses through bad debts
we answer, honest, working men pay then
indirectly sooner or latet. Never los.
but that loss was met somewhere and
made good; tie high prices We are daily
paying for what we consume goiin pat Il
offset the losses through over credit. The
man who trades never to lose can. sell biz
wares cheaper than the ole aho loses bal
bis profits. The merchant who is careful
whom he credits always sells cheaper thar
J THE reckless merchant, because lie can af
ford il. The shrewd' buyer deals viii
The careful merchant, expecting to buy
, cheaper, and knowing that if lie buys 0
the reckless merchant every pouad Of SUI
/, lgel, tea and calico is taxed with bad debts
which bad debts he must pay.
So soon as honor and character becom,
the foundation Of credit inssea1 Of prop
n..<.>8 =. 49,. .... 4