The Dawson journal., 1883-12-06

twelve, and cattle and live stock
must be housed and fed nine OF
ten months out of the twelve,
where an acre OF, potatoes, cab
pages and turnips costs more than
double what we could grow them
do it. ~
Well, Messrs. Editors, this de-
pendent condition of the south
the south of ell countries the
most favored in most respects; the
south, that has made the United
State financially independent, and
that enriches all others, while she
continues of all the country the
poorest section-this dependent
condition of the south must be at.
tributed, in large degree, to the
mistaken policy Of our laws-our
state laws, I mean, enacted since
the war. But having already
written so much, [ will make my
suggestion as briefly and pointed
y as | can. 1t Is to this effect:
that all the state laws passed lust
after the war to fortify and
strengthen the credit of the plan
ters, have resulted badly. The
country was poor, everybody was
poor, and the idea vas that eyerv-
body needed to borrow means on
which to work to recover the lost
prosperity. Therefore, the legis-
iatures III all the Southern States
passed such laws as promised re-
lief. Planters were enabled to
mortgage taeir growing crops, to
give hens on crops not yet planted,
waive homestead exemptions. and
by all possible expedients were
put IN position 70 get credit, and
as soon as it was done with one
accord every man jumped, you
may say, to the end of his rope;
he got all the credit he could
And | respectfully submit that it
is this very credit that has kept
him poor and made him cling to
cotton as his only ready-money
crop and his only salvation. He
has lost money, too, in many
cases: All were getting worse off
together. Credit, that may be q
good thing aud valuable to a man
who is lich and who can command
credit, is only an evil when forced
by arthcial means~ii1to the hands
of the poor men. To work upon
borrowed money, and borrowed
corn and mules, and guano, re-
qaires business capacity that
every man has not got. He be-
comes trader, in the main sense
Of the word; and the sort of man
agement that makes successful
merchants and traders is requisite
to the profitable use of credit
We may sNe every day that un-
successful traders swamp them
selves and bankrupt their credi-
tors at the same time.
If this is true view, credit was
an evil that VAS abroad in the land
under these new so-callod relief
laws. 1t was e rops in the hand
i every man, AMI he who hal he
management and skill to naka q
better use Of it hung himself with
it, and bangles on it to this day.
Supposa the policy Of the laws
had been just the reverse of this,
and, instead OF extending facilities
for credit, there had been an effort
10 cQrta;l credit, AMI prevent peo-
pl who war. nos licensed tradera
from borrowing money; as, fo-
instance, suppose tie legislature
aa9 prohibited mortgages even Of
lands as well IS crops, If they
c0rld constitutlonsily do that
waicA don't discuss. for [ only
indicate the nature of he meas
ures suggested;1 on. - e. further,
suppose instead of creating n "
forms o. liens or securities N
winch 81 borrow, tmey hai abro-
g.,ed I'll pro cesses for the c3llac-
ion Of debts in the courts, and by
one blow cut off every security
except personal honor that a factor
or bank money lender could re-
ly upon to collect his money; and
left it SO that no man could bor
row money unless he had bonds or
actual tangible property, to pledge
for repayment. In some form or
shape, | imagine wise constitu-
tional lawyer could have devised
such law-one, | mean, that
would have left traders and deal
ers who move the produce of the
world with their legitimate facili-
ties, but cut off from the credit
those whose condition would make
it a hurt instead of a benefit to
them. The result would have
been reached after one or two
years ofgreat hardship, and much
actual suffering, perhaps too much
| cannot tell how much it would
have been. But it would have
been most glorious result, in the
personal independence of every
man who survived the ordeal
Every t~h would have stood on its
own bottom. Every farmer would
have become self-sustaining then
from necessity. If any could not
succeed, as for him he would quit