ECONOMY AND CREDIT. 185 



who safely can, and most probably does, avail himself to 

 a large extent of credit throughout his career. The 

 merchant's goods are — thanks to insurances — not liable 

 to destruction as far as he is concerned. He has two 

 dangers only to apprehend : that of the inability of his 

 customers to pay him, and of a fall in produce. But 

 the farmer is much more affected by a fall in produce, 

 as it lowers the value of his whole stock, which is, 

 besides, subject at all times to be decimated by diseases, 

 droughts, floods, and even possibly total destruction 

 by some murrain. Consequently, he cannot insure his 

 stock ; could he do so, he might safely avail himself of 

 credit to a large extent. Directly he ceases to be 

 merely a farmer by becoming a land-owner as well, 

 he finds the means, as the merchant does, of using 

 credit on all sides of him. Why ? Because that part 

 of his capital which is invested in land is to a great 

 extent perfectly safe. 



