CREDIT
[To the Editor of the SPECTATOR.] SIR,—It cannot be said that the economic condition of this country is good at present. Being one of those people who live on a small fixed income, I know in my small way a large number of people who have much less to spend yet they seem to me to be able to do things and enjoy things for a time that are beyond my ample purse. One can only come to the conclusion that they live on credit. For a number of years past I have made up my mind that this system of credit is at the root of Britain's bad economic condition amongst all classes, and, therefore, I think if everyone paid as I do, twenty shillings in-the £, not lagging behind a year in their payments, I feel convinced it is the only sure means whereby the bad economic conditions will pass away. To me it is amazing how some people get credit. From the humblest in our land to the highest this credit system has taken them out of their financial depths,; _whilst people who pay go on paying the highest prices and I suppose the debts of those who will never pay. It would be very interesting to hear your readers', views on this credit SYstem.7--I am, Sir, &c., F. F.
[Our correspondent raises a very large question, when he suggests that credit should be curtailed instead of being extended still further, as most traders and manufacturers would desire. It may be that private persons have taken undue advantage of the instalment system, yet experience has shown both in. America and England that those who sell on this plan have profited greatly and have incurred very few bad debtst, For trade and industry as a whole it is difficult to see Tow Viere could be a reversion, after many centuries, to cash payments._ The credit system doubtless originated with the farmer, who has to live and pay his men while his crops are growing. It has been gradually extended through the ages to every form of production.—En. Spectator.]
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