, 1860-03-16
yyfsconsln Credit Abroad and at
Home.
s1ha i /

YyfAconsln Credit Abroad and at
Home.
tFtcu, the Lancaster lWk.} 1Isra.d,l
Eastern pHpets speak iu no ffieudly terms Of
Wisconsin COLLECTION laws, affirming that claims
against Wisconsin merchants are search worth
looking after. and never worth tie expense OF
collecting uuder Wisconsin laws. Still, enough
Wisconsin merchants can and do buy on credit
their sem1-anuual supplies Of merchandise i'll
the Eastern markets; trcm eli VIC can rec, the
credit Of our regular merchants is just as good
1t this tine as before the present laws WIRE
enacted, ard as to the defective or spotted mer-
clapts, ther ire not now and never ought to he
entitled to my credit. No laws cuuld make
them sound or compel them to pay, even though
richly able II is not in sone men to pay.
is IN allurement. false show Of responsibility,
Peter Funk sign held out to iuyi.e strangers
to came iu and lie sold. The vers fact that ell
Known, prompt, honorable Wisconsin mer-
chants can 20 10 New York aud purchase stocks
on credit, Is an irrefutablc argument that honcr
and = well earned character for uprlehtness
constitute the real foundation OF credit, and that
collection laws and properly form Just ro basis
t a. all. Tho trouble in Wisconsin, has not been
the defective collection laws but the over credit
as consequence ot former liberal laws; mouey
commanded g to 50 per cent. interest, just be-
| cause 50 many bankr'irts and men on their way
! tu bankruptcy came iuto the money market as
| competitors against responsible ind honorable
| meu--lhus running up the demand for money
agaiust any possible ability to ever meet de-
| mands, aud compelling sound men to bid up to
| ruinous rates OF he sacrificed at once. Niecon-
sin credit abroad, most Of it predicated upon
false hasiS. led to tue enactment Of the present
| liberal laws as defence a2ainst like recur.
| renee to over credit in the tutu1c. 1lencefurth,
| WISCONSIN credit will be sound, having its ba-
sis in personal honor and character: Wisconsin
credit will he sufficient for afl wholesome uses
but not sufficient 1or abuses; it never should
hare been open 10 abuse through Inducements
OF stringent collection laws-it will le good
enough, even though every provision in Cur
statute. for collecting money BY law should be
repealed.
applies equally well to Wisconsin credit nj home;
home credit was too much founded upon the
altureuents of property appearing in the hands
OF debtors; honor and character for upright
ness were too little looked after. The credit
market MAS thrown into competition between
poor honest men and large property holding
rogues-the latter always overbidaing aud II
ing, ret, huvlpg to pay higher for lands and
merchandise tlau their 1oguish competitors
Thus, lands were run up by Fsguish sp. culAtorx
beyopd the reach Of honest men into bankrupt
cy. In the end, honorable. upright men,
whether rich or poor, ate this day the oily neu
| who pay debts and tue only men called respon
|
He replies. "Mr. i. has no property come-at-n
BILE bu, he is fonest-and habttualIy pays his
debts as per a.reement. The reply II enough
3fr. 4, is endorsed and his credit rises 100 pei
cent, aboye that Of 2lr. h., who has plenty o
property covered up beneath the court records
| ind never pays debt til! forced By law.
Who pays The losses through bad debtse VI
answer, honest, working men pay them iudi
| rect4y, sooner or later Never . loss bcs thai
!oas was net Somewhere and made good; the
high prices we are daily paying for what W
consume 70 IN part to Offset the losses through
over credit. The nau Who trades never to lose
| can sell bis wares cheaper than the oce Whe
loses half his profits. The merchant who i
/ careful whom be credits, always sells chsape,
shaa the reckless merchant, be:ause he can at
ford it. The shrewd buyer deals With the care
ful merchant, expecting to buy cheaper, ant
| knowing tha. ii he buys Of the reckless mer
chant e1ery pound oi sugar, tea and calico j.
taxed with bad dabts, which bad debts he mus
pay.
| foundation Of credit instead Of property, the1
will even rogues turn round and build up fo'
themselves . character fur honor and honesty
nIomptness and fairness. This is inevitable
so long as property ard collection laws remai1
the basis OF credit, go long will roGues struggl
more for property an4 less for M honorable
character and name. This Is also inevitable
We arc for reversing the order OF things, th
sooner the better, SO as to put character abos
property snd induce roaucs to practice honora
BE deeds, Such rogues is fail to change thei
pyuc,ice would soon be compelled to emigrut
Or seek an asylum in the penitenliar5 or else
: where. 49,