The Democrat. (Scotland Neck, Halifax Co., N.C.) 1884-1896, 1889-06-13

ieCIded tn1t 2 mortgage Ok = go"
% crop cannot operate IS charge
N corn in the crIb. even If Pro%eG
70 be prod1ct Of tie mor,gaged crop,
The decision rests on sound ano
leaIthv basis, winch rejects the i.:ea
Of predicating something on nothing
establishing debt upon an invisible
md uncreated consideration, that IS
possibly to be, but is not in exists
.nce. and is outside Of sound reasos
md good judgment.
Tue system Of predicatiag the pay
nent Of money borrowed upon th'
Uncertain outcome of labor TO be
lone and crops to be raised, deocnf-
mt upon the uncertainties Of seasons
md favorable weather, or the sue
cessful control of that labor, has
been the most damaging element in
-etarding the agricultural growth y
he South as well as the demOraiiza-
ton of its laboring population, estat-
fishing a false and ruinous credit
system. which is always detrimental
to the laborer.
Owing to this very system tie
spirit Of speculation has grown with
vgor and extended its Gbrcs into
the status of the hunblest field lab
orcr, who is 8educed from the honest
purpose Of earning his bread by the
sweat of his brow to earning so
much cotton at the end C the year,
the price Of which is to be turned in
10 such gewgaws and gImcracks as
his untutored fancy may desire.
This the credit system has done :
it has scduccd the ignorant l2ho: er
to cxpcnd his efforts in The acquire
mcot Of few dollars easily parted
with, which shonll have teen eAert>
ed in the production of substantial
and lifc-sustaininE food. and in the
production Of sta!lc wealth, which
ever Gnds a sure and certain market
able demand.
|: cannot be denied that theSouth
owing to the irresistible force of is
climate and soil. has made grea;
progress IN its agricultural dA~~ipl
meut, even under the weight Of its
retarding credit system, but how
much greater would that progress
have been under a different and
more independent cash system.
A retrospcction by almost any
agricultur'S will force the confession
that had not he been accommodated
with advances from year TO year by
which his il!usiye fancies and hopes
had been fattered, and had he co.'s
daed his operations to s. smaller and
more secure scale. producing the
staple foods, the r9suIt5 would have
been far more encouraging, and his
condition far more comfortable and
independent at present,
Credit in certain forms is good
ana necessary, but only where the
| consideration is equivalent, visible
and existent; teynd that the system
becomes the vcriest species of gam
bling, the essence Of the lottery, and
the certain damage to the pred:cator
Of that which Is 10 lie in the future
The hope and dream of produc
tion Is Got production, and the soon.
er the Southern people curb their
aspirations for the production Of the
great staple, to q relative production
of good stuG5, the more prosperous
Will the agriculturists become, the
more sure will be the MAGICAL de
velopment Of the country, and Tho
more solid the foundations Of Tux
commercial aud financial systems o
the community.
AS broad principle it IS unrea
sonable 10 expect of the laborer thai
zeal and energy Of purpose in The
performance Of any labor when TIE
value thereof is paid in advance
when the consideration is alread,
acquired, hence the noa-payment IL
labor is not only the loss to the ad
vanccr, tut Of the community a
large, il. the last general results.
Every blow such as that If thu
Kansas Court, which aims at thu
predIcation of debt on something
not yet produced is an aid AMI sup
porc to COOL, sound financial sys
tem.--We Matches Daily Democrat
NE GAN AM no