Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1873-06-21
The Credit svstem.

The credit system, which is so uni
versal in this country, is, in its praeti-
cal workings, a great stimulant to ex-
travagance. 1t is based on two hypo-
thetieal assumptions-ability and dis
position to pay. Mistakes, deceptions
and the absence of one or both of
these conditions, have led to financial
difficulties, bankruptcies and iitiga-
ton in thousand forms
In view of the various consequent
ces inseparable from the credit system
corrective has been sought, and radi-
cal minds years ago leaped to the con-
clusiOn that all law for the collection
of debt should be abolished. This
idea, be it remembered, was exten-
sively mooted as the only summary
and efectual method of putting an end
to the evil complained Of
1t is curious to observe how the
march of political events and station
airy enaetments was anticipated in this
instance. Society is evidently advane-
ing 10 the point, originally regarded
as desirable by the speculative theo-
rists, who held that no debts should
exist but debts of honor, no laws for
their collection but those of eonsci-
ence, and no tribunals to enforce col
leetions but public sentiment.
The homestead laws and kindred
acts which exists In many of our States,
the passage Of an act by the Legisla-
ture exempting two thousand dollars
worth of property from seizure and
sales, and the prevailing custom of
lOaning money only ON eOllaterals, all
tend in the same direction. They are
indirect agencies In accomplishing the
abolition of the credit system, and of
establishing in its stead the stability
of values.
When Imprisonment for debt was
done away with, step in the right di-
reetion was undoubtedly taken. But
the distinction between meritoriOus
worth and fraudulent ability will never
be properly marked, till assured merit
becomes the test of trust. and honest
integrity the sole measure of credit.
We think that were all laws for the
collection of private debts stricken
from our statute books, many loafer
who now relies on the chances of cred
it in a corner grocery, would be forced
to adopt habits of industry, so as act
ually to earn his bread by the sweat of
his brow. Do away with the absurd
credit system, and the goods now
marked up to cover losses arising from
bad debts, would at once be placed at
more reasonable figures, and honest
purchasers would not be saddled in
advance with the prospective failures
of the fraudulent.
Another marked effect of such a
change would be seen in a decrease of
litigation. Petty courts, petty con-
stables and pettyfoggers constitute now
a pitiless trinity of demoralizing agents
from one end of this country to the
other. A large element of non-pro-
ducing dead-weights on the industry of
the community would be forced to be-
come self-sustaining in some reason
able fashion and industry, honor and
morality would thereby be advanced.
The luxury of honest Independence
and manly worth would come into
higher prominence.
The desire of humanity Is to ad-
vance; but advancement can never be
attained while thriftless-
ness is encouraged through CONNER
cial, legal and judicial machinery. We
must make honesty the best policy If
we wish to have a really progressive
Were honor and integ-
rity the sole passports to aecOmmoda-
ton, and the public ban the chief pun
isher of the unfaithful, society would
be relieved of an immense litigiOus
tax, and all It's higher interests would
be materially advanced.-ErchGHge.