The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1873-06-14
THE CREDIT SYSTEM.
Nom the n. Y. Times.

IRON tHe ". 4. 1SHses. q
One of the greatest curses which mas
hung over the farming community is
the fact that the ownership Of land gave
them credit, and thereby tradesmen
were induced to persuade them to go in
debt. 1t is said that one of the princi-
pal objects aimed at by the Patrons of
,Husbandry is to abolish this custom of
bnvine> on credit. We know nothing
at an of the organization, but we do
know that if it succeeds in accomplish
ing the end above stated. that its pro-
juctors will have entitled themselves to
eternal gratitude. This system of
giving and receiving credits is the bane
of prosperity. 1t causes men to buy
hundreds of things they do not need,
or rather, which they could easily do
without, and engenders a general ex-
travagauce which ends in failure, in a
want of confidence between man and
man, and a looseness of morals. AT
the same time, there are numerous in
stances where it has been of great ben
eft to men struggling for fortune, and
has enabled many deserving men to be-
come owners of farms: yet measure
its good against the evil which has
been done, and we find that the latter
has far the greater proportion. No
man can tell what day may bring
forth, and when the farmer or planter
buys goods on credit with expecta-
ton of paying for the same from the
proceeds of a crop not made, often not
planted, then he is really gambling, for
gambling is nothing but betting on
chances, and what does the farmer do
but Law himself liable for a sum of
money which he is to pay in certain
time on the chance of his crop being
good. In fact it is worse than betting.
We might say it is on the principle of
the thimble rigger: "heads | win; tails
YOU lose :" for good or bad crops he
still must pay, and with large interest.
No policy ever adopted by any set
of men could more certainly make or
keep them poor than this we have in
dicated, which is almost universal at
the South, and is becoming prevalent
at the West. There is not single
article to be used on the farm or about
the household which person can af-
ford to buy on credit If machinery,
unforeseen accidents may not suit them,
they render no return for their in
vestment But when the money has
been paid and the mind clear from the
harrassing expectancy, from the anxiety
whence must come the means for pay
ing the debt, then, even if no adequate
profit is made, there is at least no anX-
iety for the future The heaviest bur-
den farmer ever carried is a note
of hand, with interest from date. We
advise every Young man starting out
in life to avoid it as he would avoid a
rattlesnake in August, and in this
Spring time Of the year, when the
temptation is SO great for all our farm
ers to buy what they are not actually
obliged to have, because crop prospects
are fine and there is every probability
that money will be made, we would
earnestly enforce upon them the dam
gers of contracting debts. What you
cannot pay for, do without. We admit
that there have been many fortunes
made by persons who bought land or
material on a credit: but there has
been far more misery generated, and
ten times as many failures caused.
Hundreds of lives have been forever
crushed out of energy and usefulness
by this baleful cloud, which, in mo-
ment of infatuated hope, they We're
induced to place over themselves. The
great Dickens never put forth truer
or more worthy axiom than that he
places in the mouth of the versatile
Micawber; my boy, income $50, ex-
penditure i19 lOs.-happiness; income
ego, expenditure f2O Os. 6d.-misery"