The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1886-02-12
FoH TiR crARIoN,l
Credit-The States Example.

While the merchants lien lew, bAuk
charters, rate Of interest, and kindred
subjects are under consideration by the
general assembly, an opportune word
respecting unnecessary credit and the
remedy, may furnish food for the
thoughtful.
The public schools OF Mississippi are
largely run upon credit basis. War
rants are issued to the teachers for their
services. There is no money in the
treasury OF the county 10 pay them. The
poor teachers cannot wait six months for
the cash. Dire necessity urges hiln to
sell his warrant TO saloon men, Eler-
chants, or to any one of the hslf.dozen
moneyed men ia every county, whose
business ii is TO speculate ON the
necessities Of the people. For this grave
necessity the Legislature Of the State is
responsible. The State is poor in the
supply Of money. II needs money to
quicken the dormant energies Of it,
people. "Trade--the calm health of
nations" runs IN muddy currents.
These warrants sell for seventy.five
cents and eighty cents on the dollar
They sell tor even less than the lowest
figures, and sometimes for more than the
highest hgures, Eighty cents may be
taken ms the average price. At this
price, twenty dollar warrant brings
sixteen dollars cash. The purchaser
makes four dollars on his investment of
sixteen dollars and this is twenty-five
per centum on money which the tax.
payer must pay TO the money lender,
skillfully arranged by Law, and We are
poor people and the supply OF money is
not large in State winch has thus far
stood in need of Merchants Lien Law,
the conscience voucher for honesty. Ia
every county of the State, there are
some moneyed men who trade In war
rants. This is a part of their business
They are the County Brokers. A far
mer cannot get a penny, no matter what
his assets may be, wnen the State fur
nishes such splendid chance for max
ing twenty-five per centum, instead Of
ten per centum. In this way the tax
payers in the seyenty-four counties of
Mississippi, pay annually not less than
two hundred aud fifty thousand dallars
interest to the money-leuders.
This estimate is not far from accurate
The effect of this wretched arrangement
by which the State pays its servants, is
anything else than inspiring to the
people. An analysis does not improve
the dreary background of the picture
The $3.50 600 acts as n sinking fund-as
dead capital, not dollar of which oper-
ates IS productive capital. 1t is not a
lever-it does not help to add one grain
of corn to the wealth of the State.
Change the credit basis to cash
basis. Tue S25O,O0O will be in circula.
ton. The million dollars invested In
warrants will seek investment with those
having assets and will be productive
force Many farmer will be placed in a
condition to utilize his land. A million
and nalf dollars would be added to
the money in circulation, and this would
be worth vast deal in promoting
energy, hope and life.
How can this be done? II will require
severe economy for few years. But
specially, let The law provide that no
public school shall be opened unless
there is money in the Treasury 10 pay
the same.
/ may outline plan by which the
public schools can be placed upon u
cash basis, without failure.
JUNIUs