_Short credits vs. hard times._—More important than legal enactments are the business habits of a community, and these can be cultivated by business men. Farmers, of all classes of people, can foster such customs of careful inspection of business standing and frequent settlement of accounts and careful loaning as will make a panic less possible. They need, however, a wider acquaintance with the machinery of business and a firmer faith in the advantage to all concerned of cash payments and absolute promptness in all settlements. The moral power of such a body, amounting to one-half the population, most of whom are solid owners of property, would, if well informed and united in principle, check most of the extravagances in expenditure and investment which waste the capital of the country. _Bankruptcy._—In closing the discussion of hard times, it is proper to mention a device for removing in part the discouragement of debts where ability to pay is entirely wanting. Of course, a settlement between debtor and creditors, in which the property of the debtor is divided among his creditors, is always available, leaving both at liberty to begin business anew with a knowledge of the worst that can happen. It seems possible to contrive bankruptcy laws in such shape as to secure a fair settlement of insolvent business whenever the business is evidently failing. If discovery of fraud or misrepresentation could cause immediate intervention in a bankruptcy court, the surest possible check would be brought to bear upon improper credits. It is certainly to the interest of all honest creditors and debtors that a fair settlement should be reached as early after insolvency as possible. Such bankrupt laws should be as wide reaching in their uniformity as government permits. If a national bankrupt law is not sufficient, the states should combine to establish in each the same general system. Chapter XIII. Technical Division Of Labor.