Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-10-11
THE REPORT ON The CREDIT sYs-
TENS OF THE WORLD.

one Of the most important, certainly one
OF the most interesting, volumes that has
come from the Government Printing Office
in many years is that just out, embracing
the reports of 12i Consuls of the United
States, in answer to circular from the
Department Of State The book has nearly
600 close pages, and comprises a library of
concise information drawn by our repre-
sentatives abroad from official resources
concerning the extent, character and re-
suits of tie credit systems IT England. Ire
land, Scotland, Wales, Germany, Belgium,
Holland, France, Switzerland, Italy, Portu-
gal, Spain. Austria Hungary, Denmark,
Sweden, Russia, Canada, Mexico Central
America, all the Governments and depend
euc;es in South America the West Indies,
ali the Governments Of Asia. and all the
Governments OF the Continent of Africa
and Polynesia.
Il will he seen tliat such multitude of
reports and tabulated statistics all in re-
spouse to sixteen brief questions relating
to credit debt. sumptuary laws concerning
credits, proportion OF credit TO the volume
of business, extent of losses incidental Ia
business. effect OF credit upon laborers and
artisans, the advantages TO cash buyers,
conspicuous evils of the credit system.
bankruptcy relief, readily made and lost
fortunes, etc. must be of interest to all who
study the economic phases of trade and
commercial venture, rs well as to students
Of civilization seeking to fathom the causes
OF pauperism and the problems Of the
labor question.
Its, Of course impossible 10 give any
accurate idea of the burden of the reports
in an ordinary newspaper article. The
work should be possessed by every leading
merchant and large dealer and manulact-
urer and read with deliberation. Such pc
rasal would result in disseminating vast
dcal Of useful information and serve 10
c,r-cct erroneous and confirm sound ideas
relative to the present status OF the system
and 4 great number of cognatc subjects
Bat we may say that in the great minority
Of cases the testimony is that credit Ger
tainly stimulates trade; that the people OF
tie world are not aversc 10 contracting
debts; that there are few sumptuary law.
concerning credits; that cash buyers have
decided advantage in direct discounts and
in safe business; that retail credit is alike
injurious to creditor and dealer; that a
large amount of pauperism is in part due
to the retail credit system that a vast
amount OF human misery and improvi-
dence is fostered by the same system
tha, a credit system among large dealers
and jobbers is a necessity and not weighted
with serious ills, and that without il
commerce could not be carried ON between
foreign countries or between producers.
jobhers and retailers in most countries.
But Nil these opinions and proofs are
modified and trimmed and guarded BY a
thousand exceptions, qualifications and cx-
plantations. five take the report of Consul
Shaw, from Manchester, as an example,
we find that his collection of testimonies
declares that credit stimulates trade. the in
crease Of the latter being proportioned to
the extent of the former. But the diff
Guilty is in limiting credit within safe
lines-the difference, as one puts it,
between credit and creduliiy. There
is no aversion TO contracting debt
but there is Il growing caution on the part
OF both buyers and borrowers sellers and
lenders, to act with more aud more of eau
ton. The wholesale merchants have come
10 the conclusion that long credits are uni
wise; the willingness to run in debt con-
tinues, however, to be greater than The de-
sire to sell on credit Sumptuary laws