The news and herald. (Winnsboro, S.C.) 1877-1900, 1881-08-02

atts literally Rscriptutai system AND
law that taketh from him that hath
not and givcth tc him that hath in
great abundance.
Credit sppposcs sarplns capital.
Capital wide Cooper) is the result Of
accumulated labor. At first ono pro-
dnceta more than supplied his living
wants. The surplus was exchanged
for other commodities or for cash,
their commercial representative, which
become capital. Civilization acknowl-
edges aud protects the possessor or
generator Of this accumulated labor or
capital in possession of its owner, and
st is equitable that the law should 90
protect him in keeping and using his
own as seeneth 10 t,im fit and proper.
But equally just is st that law sh0uld
60 restrict him that his capital, if ex-
cessive, siioald not be means Of OPP
preston to tho weaker part Of his fol-
low men. It Is seldom necessary to
devise laws for the protection of capi-
talists, IA IN q vcnal country like ours
carital ia generally powerful, and cun-
ming on: ugh to devise ways and
means to protect Itself. Nor is 1t wise
to enaet laws specially to profit the
poor at the expense of the rich. &Mch
are ngrarian at best and damnable.
a friend reminds us that 10 laws
should be cnacted to interfere with
private contracts. Very true; but on
the ether hand we remark that tho law
which enables one man to make Il
"snap .wdghenr' c0ntract with anoth-
er is unwise at best and class legisla.
ssive accumulations Of capital
nc place in new countries.
, II raccuniulations are generally
the ..enlt Of successive ages Of indus
try aud good government. Hence in
a country new as ours, much of the
business of the country has always
been on credit. Indeed our accumu-
lated capital has never been sufficient
tor our business wants. Hence tho
necessity Of borrowing. Yet, admit
ting such to be the fact, it does not
prove the wisdom Of our credit svs-
tenn. or does it show that there be not
great evils In the same.
Debts may be contracted for real
estate. Here the debtor has at least
the security Of the property behind
him ami is safe if he has not given an
over-price, or real estate does not
dcpreciate in value. Or they may be
contracted by him for personally, as
implements OF labor, stock for the
farni. &c. If he has not promised all
over -pricc he IL safe in this to within
thirttS-thrce per cent. of the price to be
Debts may also be contracted for
bread, meat. food, fornYc. groceries,
IuXuries, Sunday clothes. These
when used are consumed. and while
SO using and consuming he must pro-
duce surplus crops enough to pay for
them; or, at the end OF the year, fall
back OH his capital otherwise invested
to pay out, or be delinquent. or he
may invest in drinks, seeing the circus
or the tiger.
Or he ulay be unfortunate ard in
vest in doctors bills or luwyer,' fees.
Or, as II matter Of conscience, III the
church.
Or IN charity.
The investment in realty is sensible.
In personally, ns implements OF lu-
Dor, stock, &C., proper enough.
In food supplies (savc one year to
begin with) foolish, and the result Of
bad farming.
In drinks, circus and tiger, crimi-
nal.
In the doctor and lawyer, unfortu-
nate and to be piticd.
In the church, commcndahlc.
In charity, the means of covering
multitude Of sins.
G""n,n"n n~y o"ntro.L ,lcDts uB
named before. or they may borrow
cash. For cash 90 brrowed since the
war they have paid all the way from
zen to thirty per cent. and that, too,
sometimes compounded inonthly, with
now and then 6oHus or brokerage
Tor the loan.
The farmer should invest,
lst. In land, as purchase money or
as rent.
2nd. In live etock and implemcnts
IF husbandry.
3rd. In q years supply Of food aud
feed.
4th. He should have cash to pay the
LABOR, wages, &c, until crops are
mntured and marketed.
Now. II he had all Of the above, and
especially If his cash capital was ample
10 enable him to hold his crops of
rom depressed markets, and with
manly Independence. demand for the
same the cost OF production and
" pIolts HS "Ollu DC lilIc.
pendent. But in nearly all cases the
farmer il not 80 situated--hence he
must 60 OH credit.
Must buy at such rates rs the seller
demands.
Must move forward crops, regard.
less Of price, in a hurried manner to
meet his obligations.
Must. IN case Of failure, fall back on
the savings Of former years.
Must be always craniped and unable
to improve his farm.
Must live from hand to mouth, and
hc such u farmer as will neither add to
his own or the general wealth of the
c,untry.
If we take all the industries of any
civilized country the average net
profit arising from them is not over
three to four per cent. Farming in
New Jersey does not pay over one to
two per cent. on capital invested. 1t
is hard TO say what it pays with us.
We have alluded to the rates of IN.
tcrcRt on cash borrowed II 10 hora