Year: 1879

willing to sell goods on this security to a


who are solvent and have established rel


utation for honesty and prudent manage


ment. No others deserve credit; and


they deserve it they have no right to ca


for the perpetuation of system which de


stroys the community, 30 that few men


unworthy of credit by all business tests


may have it on equal terms with the best


In this way credit will be restored to it


old condition, and the unfortunate farme


will have the beneht of the competition re


sultlng from all the merchants in his mar


ket town having an equal chance and secu


rity for his pay.


10 prevent race of speed between tn,


different merchants in getting prior Sc


curity by the first levy, it should be pro


vided that all levies made within a shor


time, to be named in the law, should have
| equality in liens. have heard it urged
that there were old judgment liens on per.
| sons which would tako their crops as soon as
gathered, and which would prevent their
application to recent debts created for sup
plies. 1t is said the lien law gets in ahead
of these old judgments and thus enables
the farmer to get supplies. do not know
the extent of the grounds for this objection.
1t would seem that most of those who are
hopelessly insolvent had gotten relief from
the bankrupt law, now repealed. But if
there be many in this condition yet, it
might be provided that Judgments render
ed prior to the passage of this lien law
should cease to be liens after months and
that no crops or agricultural produce should
bo subject to levy under execution emanat-
ing from such judgments until they were
gathered and actually prepared for market.


And a State insolvent law might be
framed by which debtors could be relieved
from their debts when the creditor resides
in this State; or living beyond it partici-
pates in distribution of the assets of the
debtors.


This law might be made SO simple and
inexpensive that the whole cost of the ad-
ministration of such an insolvent estate
ueed not exceed from $50 to 800.


With such laws, credit would be cheapen-
ed, competition restored, and the prospect
afforded that with economy and thrift there
would soon be an entire emancipation of
the farmers from debt and return, in no
long time, to the old time way of ''paying |
as we CO."


1t would be beneficial enactment that |
N sales of live stock on a credit, as horses
mules and cattle, there should be vendors
len for the purchase money, enforceable |
against all but bona fde purchasers, with
out notice, for value then advanced. A
penalty imposed by law for the sale of
stock with the vendors lien on it, similar
% the law now protecting mortgaged prop
rty, would prevent frauds under the opera
ion of the law, and at the same time in
rease the value of the security. In this
ray farmers who, by misfortunes, may
ave lost their work stock, would be en-
bled to replace it without the payment of
ne large prices now demanded.
In this way enormous fees for the prepa>
alton and registration of mortgages and
ems would be saved.


That careful study and comparing of :
leas by different minds would improve
lis system here sketched is not doubted. !
Iy object is not to furnish complete
gsteni, but rather to point in the direction


which complete system can be found. -