The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1919-04-11
KILLING THE GOOSE.

CTeulC is the IOuHudIloH vi oil puo-
mess endeavor and enterprise. Any
thing that tends to destroy credit; that
threatens the structure that has been
builded upon mans faith in the writ
ten or plighted word of man, and that |
in fine is credit, should be discourag-
ed. The marvellous development of
the resources of this country has been
due to sound credit. Our county has
prospered and waxed rich in recent
years largely because its people have
enjoyed an abundance of credit. With
out credit the necessary stocks of cat
tie and hogs and sheep could moi, have
been purchased for our farms. III
Four farmers and producers were de-
MED the medium of credit they would !
have little opportunity to improve their
farming or to advance their financial
interests. If this county goes more
and more to live stock farming, as it
must if it would not imperil its flu
ture productivity, it is going to require
more and more credit. @ tfd
No one will deny that the banks of
Columbia and to an equal degree the
other banks of the county, due allow
ance being made for facilities and OPP
portunities, have followed a wise poll
cy in making credit easy for the live
stock farmers. It is true that they
have profited by so doing, but it is
especially true that the business inter-
ests of the county have profited enor-
mously also. Money should pay its
part of the expenses of the govern
ment. No one will contend otherwise,
but it would be an exceedingly unfor
tunate and disastrous policy to over
tax credit. To levy such burden of
taxation upon promises to pay, evil
dences of faith. between man and man
as to make it improbable to furnish
credit, would in the end he ruinous,
it would ultimately destroy the entire
business fabric and there would ensue
stagnation and finally death to all en-
terprise.
There is pending in the legislature
at this time, with the cordial support
of the governor, so it, is rumored, a
bill that ought to, be entitled "An act
to destroy credit For that is just
what the passage of this Todd tax
bill would mean, if enforced. Under
this act every evidence OF prosperity,
every promise to pay, must be submit
ted to and stamped by the assessor
otherwise it becomes void and uncol-
lectable. This bill would tax all notes
the bills receivable on January 10 at
their face value, placing burden
upon evidences of debt that would
make it so Improbable for those who
furnish credit that they must newt
ably withdraw and seek other fields
for investment. One can hardly con-
ceive of the disaster, the loss, the
stagnation that would follow in Maury
county If suddenly all credit were
abolished and no man, no matter how
honest, how thrifty, or how capable
he might be, could borrow a single
dollar. Financially such. a policy
would entail a greater loss than a war
Yet there are ignorant men, misguid-
ed men and demagogues in Tonnes
see who propose a measure that
would, If carried to logical conclu-
sion, have just exactly this result
If credit we're seriously impaired in
this state property values would fall
to such level that rate double that
now imposed would not get half the
revenue the state collected last year.
Values of Maury county lands are
largely what they are because credit
is easy, because those who have con-
Ltrolled the medium of credit have pur-
Issued wise and far seeing policy. 1t
Is familiar old axiom that you can't
kill the goose that lays the golden egg