The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-06-11
The Credit System.

universal in this country, IS, In It's
practical workings, a great slim
ulant to extravaganza. 1t is based
on two hypothetical assumptions
ability and disposition to pay. Mis-.
takes, receptions and the absence OF
one or both of these conditions, have
led to financial difficulties, bankrupt.
cies and litigation IN a thousand
forms. ........- .--.....
In view of the various consequen.
ces inseparable from the credit sys.
TEN, a corrective has been sought,
and radical minds years ago leap
ed to the conclusion that all law for
the collection Of a debt should be
abolished. This idea, be it remem-
bered. was extensively mooted as the
only summary and efectual method
Of putting an end to the evil COM
planned of.
1t is curious to observe how the
march Of political events and station
airy enactments was anticipated in
this instance. Society is evidently
advancing to the point, originally re-
garded as desirable by the specula-
tive theorists who held that no debts
should exist but debts of honor, no
laws for their collection but those of
conscience, and no tribunals to en-
force collections but public senti-
ment.
The homestead laws and kindred
acts which exists in many Of our
States, the passage of an act by the
Legislature exempting two thous-
and dollars worth Of property from
seizure and sale, and the prevailing
custom Of loaning money only on
collaterals. all tend in the same di-
rection. 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, a step in the right
direction was undoubtedly taken.
But the distinction between meritori-
Gus worth and fraudulent ability will
never be properly marked, till as
sured merit becomes the test Of trust,
and honest integrity the sole meas
ure Of credit.
We think that were all laws for
the collection of private debts strick-
en- from our statute books, many a
loafer who now relies on the chances
Of credit in a corner grocery would
be forced to adopt habits of indus.
try, so as actually 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 reasona-
BILE 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
constables and pettifogers constitute
nov pitiless trinity of demoraliz
ing agents from one end of this
country to the other. A large ele-
ment of non-producing dead weights
on the industry of the community
would be forced to become selfsus-
tanning in some reasonable 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 as to adj
vancement can never be satisfactory
ly attained while thriftlessness is en-
couraged through commercial, legal
and judicial machinery. We must
make honesty the best policy if we
wish to have areally progressive COM
munity. Were honor and integrity
the sole passports to accommodation,
and the public has the chief punisher
of the unfaithful, society would be
relieved Of an immense Iitigious tax,
and all its higher interests would be
materially advanced.