The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1886-10-20
CREDIT.

emanating from the latter and owing
to it its very life. Without capital
there can be no credit, for the former
can be compared to the mighty motive
power of an immense public, giving its
powerful force, help or credit to move
the innumerable parts WHICH without
the aid of that leverage could never
have had any existence. The same
natural rules which govern labor, laws
and capital, also govern credit; that
is, like all things human it must have
q basis, or in other words a beginning
Credit being besides a component part
of the agricultural and commercial
economy of labor, laws and capital, il
is amenable to the same laws and il
either rises or falls with the rise or fall
of the community in which it has its
existence.
Speaking commercially and legally
if the community is sound in the re-
quirements on which depend the exis-
tcnce of labor, laws and capital, credit
following the healthy impulse of the
force from which it owes its being, will
lend it's hand to enhance the general
prosperity; neither can any one of the
integral parts of labor, laws, capital
and credit be separated, for being
bound together by one rule they either
live or fall, as unit, by that rule.
There are two kinds of credits, the
legitimate and the illeg;timate. The
legitimate credit is that, which based
on capital from which it derives its
strength, follows the rules of action by
which the existence of both can be
protected and continued being con-
sentative, moral and patriotic its aims
are both for the welfare of self and of
the community of which it forms a
part. Legitimate credit is peaceable
and Its requirements are moderate,
therefore it is not extortionate, but
knowing that its prosperity depends on
the prosperity of the whole, its efforts
tend towards making its surroundings
solvent and successful. Knowing also
that labor is the basis of all prosperi-
ty, and that the aims of labor is accu-
mutation or capital, legitimate credi-
fosters with paternal care the develop
ment Of all industries depending on it.
Legitimate credit is not selfish, it
lives in the broadcast daylight and in
vites all legitimate competition
Knowing that the capital from which
it comes is the fruit of labor properly
directed and protected, legitimate Gre
dit feels secure in its holdings from
the fact, that as long as all efforts run
in the legitimate channels which lead
labor to accumulation, SO long will the
community of which it forms part
prosper, thereby enhancing the value
of legitimate credit.
Illegitimate credit is the hundred
per cent. of the usurer; it is the can
ker of greed living on the very mar
row of all industries; it is the pound Of
flesh for the pound of gold of the ex-
tortioner; it is the stake of the gam
bier risking a unit to win a hundred;
it is the dark prowler of midnight
stunning the eyes of the law and weav-
ing around his victim his rapacious
nets. Illegitimate credit fattens and
grows bold on the tistresses of its
community. Like beast of prey
lording over a circuit of the barren
waste, it lures into its domain all help
less victims necessary for its support,
but attacks and drives off with rage
all competition. Around illegitimate
credit industries linger and die, while
labor squallid and helpless lives only
to pay tribute to the shylock who
owns it.
Earth half-tilled barely supports the
husbandman while his only shelter is
lettering howell. The lash of the
law ever at lis heels becomes from
constant usage the willing tool of the
extortioner; who, himself grown bold,
passes from section to section gather
ing all for his tribute and leaving
naught but waste and want. 1t fol-
lows, therefore that labor, laws, CAPT.
tai and credit form the structure of all
agricultural and commercial communi.
ties. Indivisible and inseparable they
alene, when directed in the channels
of right, can give to a community the
security nacaSsaru To accnfn,,lish Gun