THE CREDIT SYSTEM.

Mount Ida Chronicle, Volume II, Issue 101, 20 January 1871, Page 3

THE CREDIT SYSTEM.

(To the Editor of ike Mount Ida Chronicle.) Sir, —I noticed in a late issue a " wanted " advertisement >vhich, although somewhat eliptical, discloses a | glimpse of a cancer well know to exist to thoughtful residents on the Gold- ' fields, and often feelingly deplored by too trustful or thoughtless storekeepers. It is quite unaccountable how storekeepers of any experience can be so foolish as to give unlimited credit, or credit at all, to that class of men infesting the Goldfields who, while assuming the garb of the miner, are evidently most in their element when swaggering before the bar or in the billiard room of a public house, or "tripping it on the li;<ht fantastic toe" in, some place of public amusement. The class referred to seldom have, any property, or if they have they are never at a loss in even the smallest community to find a friend ready to buy it from them sub row, or to help them otherwise to place it beyond the reach of a threatening creditor. Should the ereditor proceed beyond threats he usually has the pleasure of paying his inpney and looking pleasant if he can, and when the- time of hearing arrives finds hi,s creditor non est, and his property nil, besides the additional satisfaction of finding himself regarded by the K.M. or. the J.P.'s as u. perfect Shylock, or something worse. In: the--'ittre--rrf s ~-all : "this,' and many other reasons which might be ui'ged against giving credit to such, it is really surprising that thebusinessmeu should be willing voluntarily to place themselves in such a doubtful and humiliating position, and can only be accounted for by the lax njatmer in which business is conducted, and the tyranny of the credit system, which has so thoroughly established itself on the G-oldfields,.

Credit, although legitimate enough in the case of honest, struggling, enterprising, sober men, who may have embarked in an enterprise requiring more capital or longer labor than they calculated upon, is as grea.fc a- curse to the parties receiving as it usually is also to those giving it—when extended, to the wages man, who is in receipt of regular, weekly wages; to the periodical spree-er, who begins every new washing in debt, because of his spreeing propensities; to the regular lushington, who is only sober when he cannot help it; or to any of the too numerous class who spend all their ready money in gratifying their pampered or depraved appetites, but never can find any to pay their debts. The sooner the respectable portion of the mining community support the respectable portion of the business community by leaving the mob indicated to ; herd only by themselves the sooner will a feeling of mutual confidence and respect displace, one of jealousy and suspicion, and the interchange of good which U sure to follow the growth-of kindly friendly feeling, will result ixj such united action being brought to bear on any and every matter affecting.the prosperity of the district as cannot fail to ensure its accom: plishment.—l am, &c, Z.