Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-03-07
THE CREDIT SYSTEM.

IF our present condition teaches us any lesson
more prominently than others, it is the fatal con-
sequences that flow from the credit system, which
was once so universally in use among us. The
real weight that presses upon our people is not the
loss sustained by them in the war, but the load Of
debt which encumbers them as alegacy from better
days The destruction of property has certainly
been great 4, 600 900 of slaves have ceased to be
property at our expense, for one item and land
has greatly deprecated in value, for another; not
to mention the thousand minor misfortunes which
have made us an impoverished people. But pov-
erty could be borne cheerfuly for time, and soon
overcome, if it were the only obstacle to be con-
quered. With the natural resources of the South
and the talent Of her sons, she would not demand
a long period, in which to recover from the shock
of war and rebuild her prosperity. Unfortunately,
our people have another adversary to face against
which they are poweress, and which holds their
energies in check by spell that they would, but
cannot break This monster, which sits upon our
souls like fearful nightmare threatening us with
danger which we are helpless to avert, is DEBT.
In most cases, the Indebtedness of our people
dates back before the war, to period when they
were possessed Of abundant means to provide them
selves with the necessaries and conveniences of life
Whoever paid for his purchases at the time he
bought them, is now a free man, and comparative
y rich for though he may not be the owner of one
dollars worth of property, he owns HIMSELF and is
at liberty to use his time and talents for himself
and not for another. Whatever he makes is his
own, and no man can disturb him in the enjoyment
of it. Unhappiy, but few of our people are in this
independent position. A large majority, accus-
toned, under the credit system, to buy anything
they desired, whether they could at the time COM
mand the means of payment or not, now find them
selves stripped of the property thus purchased and
cursed by the debts thus created. The credit sys-
tenn gave them titles to property which was not
strictly theirs, as it could this day be taken from
them, if it were still in their possession That sys-
tenn, with its deceptive benefits, has passed away
its evils survive it, and are likely to prove as inju
rious legacy as the shirt of Nessus, which brought
disease upon the person that wore it.
The old debts of our people are curses in more
senses than one. The strong chains which fette1
the debtor keep him from rising above his trouble
for in these times, he is fortunate who can pay in
terest as it accumulates, without paying dollar
towards the principal While the debtor remains
in this condition, heis really working as servant
his CREDITOR with his load of debt undiminished
This state of things has a tendency to demoralize
the debtor, and leads to doubts of the justice Of
payment 1t produces discomfort, deadens the
sense Of moral obligation, destroys energy, causes
indifference to the welfare of the country, and Gre
ates desire for change, Of any kind, in the gov