The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1883-12-20
The Credit System.


has hung over the farming commu-
nifty is the fact that the ownership
of land gave them credit, and there
by tradesmen were induced to per-
suade them to go in debt. This
system of giving and receiving
credits is the bane of prosperity.
1t causes men to buy hundreds of
things which they do not need, or
rather, which they could easily do
without. and engenders a general
extravaganza which ends in fall
ure, in want of confidence between
man and man, and a looseness of
morals. At the same time, there
are numerous instances where it
has been of great benefit to men
struggling for fortune, and has en-
abled 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 lat
ter has far the greater proportion.
No man can tell what a day may
bring forth, and when the farmer or
planter buvs goods on credit with
the expectation of paying for 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 lay
himself liable for a sum of money
which he is to pay at certain time
one the chance OF his crop beng
good. In tact it is worse than bet
ting. We might say it is on the
principle of the thimble rigger:
Heads 1 win. Tails you lose;"
for good or bad crops he still must
pay, and with large interest. No
policy every adopted by any set of
men could more certainly make or
keep them poor than this we have
indicated, which is almost univer-
sal at the south, and is becoming
preva lent at the west. There is not
a single article to be used on the
farm or about the household VIII ich
a person can afford to buy on a
credit. If machinery, unforeseen
accidents may render it useless; if
fertilizers, seasons may not suit
them, and they render no return
for their investment. But when
the money has been paid and the
mind clear from the harassing ex-
pectancy, from the anxiety whence
must come the means for paying
the debt, then, even if no adequate
profit is made, there is at least no
anxiety for the future. The heavi-
est burden a farmer ever carried is
note of hand, with interest from
date. We advise every young man
starting out in life to avoid it as he
would rattlesnake in August, and
in this time of the year, when the
temptation is so great for all our
farmers to buy what they are not
actually obliged to have, because
crop prospect are fine and there is
every probability that money will
be made, we would earnestly en-
force upon them the dangers of
contracting debts. What you can
not pay, do without. We admit
that there have been many fortunes
made by persons who bought land
or material on credit but there has
been far more misery generated, and
ten times as many failures caused.
Hundreds of lives have been forev-
er crushed out of energy and use
fitness by this baleful cloud, which
in a moment of infatuated hope
they were induced to place over
themselves. Dickens never put
forth truer or worthier axiom than
that he places in the mouth of the
versatile Micawber: MY boy, in
come ego, expenditures f19 los
happiness; income EGO, expendi-
lures ego 0s. 6d-misery." South
arn Industries