4 MASSACHUSETTS AGRICULTURE. 



tion in truth, I cannot say, — that in a speech at Philadelphia, 

 on a festive occasion, when Pennsylvania was embarrassed and 

 her credit impaired, he insisted that her public debt must be 

 paid. Warmed by the occasion and subject, he said : "The 

 debt of Pennsylvania must be paid ; it shall be paid, if I pay 

 it myself;" and then, after a little delay, he added, "but as 

 to private indebtedness, that is a diiferent thing." 



Private indebtedness, gentlemen, under some circumstances, 

 is a different thing from a public debt. I do not speak of the 

 obligation, but of the Avisdow of delay, with the consent of 

 the creditor. Public debts usually represent the cost of wars, 

 of public buildings, of enterprises too vast for private under- 

 taking. There are no available assets except the private 

 property and the producing power of the people. Every de- 

 lay shifts something of the burden from accumulated wealth 

 to the wealth-producing classes. The interest on the public 

 debt of England can be wrung largely from the laboring 

 classes, but the principal could only be paid from the accu- 

 mulated wealth, or from the income of the accumulated 

 wealth of the country. The logic which forms the base 

 of British policy on this subject is clear. The wealthy men 

 of the country receive from the laboring classes interest 

 at three per cent, upon a debt which they themselves ought 

 to pay. Hence the policy of Great Britain, dictated by the 

 wealthy classes, — no surplus income, no payment of the pub- 

 lic debt. Her example teaches that public debts ought to be 

 paid, and paid with the least possible delay ; but private in- 

 debtedness, under some circumstances, is a different thing. 



If a farmer has half the sum of money necessary to buy a 

 farm suited to his tastes and plans, there can be no doubt of 

 the wisdom of the purchase. The debt is secure ; it is repre- 

 sented by real property. There is hardly any responsibility 

 attaching to the debtor. He enjoys the use of the land upon 

 the payment of a certain annual rent, subject only to the 

 chance of rise or fall in the value of the estate. Every im- 

 provement is for his benefit. The debt is an annual charge 

 to the extent of the interest ; nothing more. If the farmer 

 can use his annual gains in the development of his farm, in 

 the increase of his products, he adds to his wealth more rap- 

 idly than he w^ould by the payment of the debt. The debt is 



