Jasper County Democrat, Volume 19, Number 77, Rensselaer, Jasper County, 23 December 1916 — WHEN’ MR. JONES WENT BROKE [ARTICLE]

WHEN’ MR. JONES WENT BROKE

Manager of Bank Angered Him by Refusing Loan. The hero of our tale does not, unhappily, present an unusual case. Indeed, it is not so certain that he isn’t typical of a large class—up to the moment of his awakening. The rest of his class mostly haven’t awakened yet. Merely to give him a name, call him Jones. He was the son of a man once widely known. He was assistant credit man in a large business house on a salary of 3150 a month. He had a wife but no children. They were free spenders—up to the liriiit of their income and beyond. That “beyond” is where the story comes in. Little by little Jones had fallen back until he was anywhere from six months to a year behind his income. Insidiously his expenditures had increased—-not, however, because of the cost of high living, though he often talked bitterly of the high cost of living. They had always lived up <to his income, and the prevalent credit system made it easy to go beyond. Month by month he fell behind. Finally he owed everybody he could owe. Ultimately he got so he paid nothing that he didn't have to pay. Creditors finally began to press. Patience in that case soon ceases to be a virtue, and long before the crisis in the case of Jones his creditors had lost patience. One night, talking it over, Jones and his- wife decided it would be a good plan to borrow some money to appease the more importunate creditors. That seemed a likely way out of the difficulty and that was as far as their thought went. So next day Jones went to the manager of a loan bank that deals humanely with small borrowers, and asked for a loan. His application was received, an investigation made, and the loan was rejected by the finance committee of the loan bank. When Jones came in to get his mohey and met this news, he was indignant. He hadn’t thought of such an outcome of his plan. “This is a the manager said. “We are here to lend money at interest, but not to give it away. You have gotten into a bad way. You owe everybody, and you are slow pay. Your credit is bad—too bad for us to take a risk on it unless you will turn over a new leaf, live within your income and pay your debts promptly.” Jones was still more indignant, and resented and denied the truth of this picture. “You owe so much to the Black Furniture company, and you have not paid' them a cent in three months: you owe so much to the So-and-so Grocery company, and you have only paid $lO In four months; you owe here, and you owe there, and you are increasing your debts wherever you can and gettfdg out of paying them as long as you can.’ That crushed Jones, for it was the truth. Humbly he asked the manager’s advice. The manager told him that he and his wife were spending too much on dress; that they were spending too much on idle pleasures; that they were, in short, living beyond their means in every direction. “Cut it short.” the manager said. “Shape your expenses to your income. Leave a margin for paying your debts, and pay them as fast as you can. Have a heart-to-heart talk with your wife and tell her the whole truth about where you have landed. Do this; get an indorser on your note; bring me your pledge and your wife’s pledge that you will do what you ought to do, and we will lend you the money.” Next day Jones came back, with his Indorser, with a report that he and his wife had talked it over and determined to do better, and with their joint pledge to that effect. He got the money. Moreover, he made good—or he and his wife made good. They lived on their Income, and they paid off their debts. Not very long after that they had not only cleared themselves of debt, but they had saved close to $2,000 for a

home. They are rated “good pay” by the credit agencies. And they are having just as good a time, and a far more satisfying good time, in their new way of living. They thought, the Joneses, that they could not save. When they had to they found they could. Maybe there are others who could learn something—if they would—from the experiences of the Joneses. —Exchange. ’ *