Year: 1859

We know how little ayails mere expostula-
tion against fixed habits or modes of transact
ing business, so long as no gigantic and pal
pable evil induced by such habits or modes is
pressing on the public attention. Still, as
every voice, however lonely or feeble, has
some share in making up or modifying the
imposing aggregate known as public opinion
AS by the continual dropping of gentlest rill
the hardest rock is ultimately dissolved and
worn away--so may our unwearied remon-
STRANGE against the present character and ex
tent of mercantile credits prove intimately of
some avail. AT all events, our convictions in
the premises shall be faithfully obeyed.


That the present system of selling goods on
credit from the city to the country, and
from the great centres of importation to the
lesser emporiums of state or other region,
as well as from the retailer to his customers,
is deplorably loose, expensive and unstable,
need hardly be reiterated. That it has been
somewhat modified and restricted within the
last ten years is freely admitted. Still, the
expensive and cumbrous hachinery whereby
our merchants seek to secure themselves, i'm
perfectly at best, against losses by the insol
vency of their customers the frequency Of
calamitous failures, even in times of general
prosperity; the necessary enhancement Of
the cost of all articles thus made the basis oi
hazardous speculation and the inevitable
tendency and temptation to overtrading and
reckless eXpenditure-these and many more
considerations forcibly urge the abandonment
of our system of mercantile credits. II must
be evident that the one hundred and odd mil.
lions of dollars worth of foreign wares and
fabrics, with the probably at least and equa
aggregate Of domestic goods, exchanged
through the agency of mercantile dealing fol
the products of the soil, can only be afforded
to the consumers under the prevailing system
of credits at much larger average price than
they would cost if the goods produced in
any year were exchanged for the agricultural
staples of that year instead Of the next
Precisely how much is the excess paid we will
not attempt to say but that it must amour,
to many millions per annum no man who re.
fleets can doubt. And who is seriously, per
manently benefited by this


There never was time when the desired
change could be effected so easily as now
Owing to the universal scarcity in Europe,
and the presumed diminution of the cotton
crop here, the staple products of our national
industry have commanded and still command
extraordinary prices. The increased market
value thus given to the staples of our agri-
culture cannot fall below one hundred mill
lions of dollars. Now, as our farmers have
hitherto been the indebted class, the purcha-
sers OF most Of the goods consumed on credit,
why should they not come to general reso-
luton to use the surplus proceeds of their late
crop in getting out of debt TO the merchants,
and thereafter keep out Would not this
greatly diminish the cost OF their wares and
fabrics henceforth Would it not benefit ali
classes, except; perhaps, sherins and Their
deputies, officers Of courts, and class oil
lawyers who could serve the public more Of
fcctually in some other vocationi


We know well that any reform which may
be effected in this department must be ths
work of time and struggle, and in part of bit
ter experience. Now, when the requisite
change could be most easily effbcted, the larger