The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-30
Boutwell, on Farmers, Debts.

BOutWeil on Farmers DeDtSs
In his address at the Worcester county.
Mass, Agricultural Fair, last week, sena.
tor Boutwell, said: lido not imagine that
Massachusetts, farmers are generally In
debt, bat am quite sure that some Of
them have applied their annual earnings
to'the payment OF mortgages, when the
money could have been more probably
used Tor the Improvement OF the farms. It
may seem strange that I should suggest
that It Is not wise always, and under all
circumstances, to pay debts. 1t is told OF
Mr.. Webster-but whether with any
foundation in truth, cannot say-that IN
q speech at Philadelphia, on festive oc-
casion, when Pennsylvania was embar-
rassed and her credit impaired, he In
sisted that her public debt must
subject, he said "The debt Of Pennsyl.
vsnia must be paid; 1t shall be paid-ii j
psy 1t myself And then, after q little
delay, be added, "but as 10 private indebt.
'edness, that Is q different thing. Private
Indebtedness, gentlemen, under some cir.
cumstances, Ia q different thing from
public debt. ! do not speak ot tho
obligation, but of the wisdom Of delay
with the consent Of the creditor. Public
debts Usually represent the cost Of wars,
Of public buildings, OF enterprises too vast
for private undertaking, There are no
available assets except the private prop
erty and the producing power OF the peo.
pie. Every delay shifts something Of the
burden from accumulated wealth to the
wealth producing classes. The inter.
est on the public debt Of England
can be wrung largely from the labor.
ing 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
subject 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 opay.
Hence the policy OF Great Britain, die
tated by the wealthy classes-no surplus
income, no payment oi the public debt.
Her example teaches that public debts
ought 10 be paid, and paid with the
least possible delay; but private In.
debtedness, under some circumstances,
10 different thing. II farmer has
half the sum OF money necessary
to buy a iarm suited TO his tastes
and plans, there can be no doubt
Of the wisdom of the purchase. The
debt Is secure; 1t Is represented by real
property. There Is hardly any personal
issponsibility attaching TO the debtor. Hc
enjoys the use Of the land upon the pay
msnt Of q certain annual rent, subject only
| TO the chance Of rise or fall In the value Of
the estate. Every improvement 10 for bis
benefit The debt is an annual charge to
the extent Of the Understanding more.
II the farmer can use his annual gains In
the development Of his form, In the In.
crease Of his products, he adds 70 his
wealth more rapidly than lie would BY the
payment Of the debt The debt Is liked
sum; the increase In the value oi bis farm
shows his gains. 1t Is certainly wiser 70
add to the value Of the estate than to di-
minish the lncumbrance while the owner
has not all the means In bis business that
be desires. l-----