Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1873-10-11
Boutwell, on Farmers; Debts.

In his address at the Worcester Coun-
ty, Mass, Agricultural Fair, Senator
Boutwell, said do not imagine that
Massachusetts, farmers are generally in
debt, but 1 am quite sure that some of
them have applied their annual earn
ings to the payment of mortgages, when
the money could have been more profit
ably used for the improvement of the
farms. 1t may seem strange that I
should suggest that it is not wise al
ways, and under all circumstances, to
pay debts. 1t is told of Mr.. Webster
but whether with any foundation in
truth, cannot say-that in speech
at Philadelphia, on festive occasion,
when Pennsylvania was embarrassed
and her credit impaired, he insisted
that her public debt must be paid.
Warmed by the occasion and subject,
he said "The debt of Pennsylvania
must be paid 1t shall be paid-if I pay
it myself" b" And then, after little de-
lay; he added, "but as to private in
debtedness, that is different thing"
Private Indebtedness, gentlemen, under
some circumstances is a different thing
from from a public debt. 1 do not
speak of the obligation, but of the wis
dom of delay with the consent of the
creditor Public debts usually repre-
sent the cost of wars, of public build
ings, of enterprises too vast for private
undertaking. There are no available
assets except the private property and
the producing power of the people.
Every delay shifts something of the
burden from accumulated wealth to the
wealth-producing classes The interest
on the public debt of England can be
wrung largely from the laboring classes,
but the principal could only be paid
from the accumulated wealth or from the
income of the accumulated wealth of
the country. The logic which forms
the base of British policy on this sub
ject is clear. The wealthy men of the
country receive from the laboring classes
interest at three per cent. upon q debt
which they themselves ought to pay.
Hence the policy of Great Britain, die
tated by the wealthy classes-no sur
plus income, no payment of the public
debt. Her example teaches that public
debts ought to be paid, and paid with
the least possible delay; but private
indebtedness, under some circum-
stances, is different thing. If far
mer has half the sum of money neces-
sary to buy farm suited to his tastes
and plans, there can be no doubt of the
wisdom of the purchase. The debt is
secure it is represented by real prop
erty. There is hardly any personal re-
sponsibility attaching to the debtor.
He enjoys the use of the land upon the
payment of a certain annual rent, sub
iect only to the chance of rise or fall in
the value of the estate. Every i'm
provement is for his benefit The debt
is an annual charge to the extent of the
Understanding more. Ii the farmer
can use his annual gains in the develop
ment of his farm, in the increase of his
products, he adds to his wealth more
rapidly than he would by the payment
of the debt. The debt is fixed sum
the increase in the value of his farm
shows his gains. 1t is certainly wiser
to add to the value of the estate than
to diminish the incumbrance while the
owner has not all the means in his bus
mess that he desires.