their acceptances for thirty per cent, of the purchase money.
This alarmed people. The price of stock began to fall; and, long before
the three-years' paper became due, ewes that had cost the buyers 3l. per
head, could be got for 7s. 6d.

Thus, many a poor fellow, after labouring hard for three years to keep
his flocks and their increase together, had to part with the whole, and
still had not enough wherewith to satisfy his original creditors.
Hundreds of instances of this kind might be specified, did I feel at
liberty to publish names.

As to the operation of the third main cause of the distress, the system
that obtained, of giving long credit to purchasers of stock, the evils
arising from this practice have been partly exposed in the foregoing
remarks; but I will proceed to point out a few other evil consequences,
as they occur to me. To begin with one that more than once came under my
own notice; many persons of property, trusting to the long prices
obtainable for stock of every description when sold on credit, and
forgetting that there was absolutely no _cash price_ at the time, deemed
themselves much richer men than they were in reality. Giving to their
overseers the charge of their country residences, they took and
furnished houses in Sydney for their families, set up their carriages,
and commenced a style of living far beyond their means. This fact (the
want of cash) came upon them the moment the first half-year's bills for
rent, household supplies, &c., became due: these proved to the deluded
settler, that, though he had flocks and herds, he had no money, nor
could any be got, except at a sacrifice. To a man, they had to sell off
and return to their estates, where dire necessity has since compelled
them to remain, and where, I hope, renewed prosperity and common sense
will induce them to stay.

Another evil caused by the long-credit system, was its inducing many
persons to purchase stock for the purpose of raising money upon it. This
practice was carried to a ruinous extent, and caused immense distress in
this way. A hundred head of cattle might be parted with to day, by a
needy settler, say, at 3l. per head, six months' credit; the seller took
the buyer's note of hand for the purchase money, 300l., which was
immediately taken to the bank, and discounted; and the settler returned
to his farm, satisfied that he had made a good sale of his beasts. The
buyer, having no use for the cattle, re-sold them, taking the