Rensselaer Union and Jasper Republican, Volume 8, Number 33, Rensselaer, Jasper County, 4 May 1876 — Out of Debt. [ARTICLE]

Out of Debt.

We do not propose to write an essay on credit, or to spe&k of credit as an instrument of commercial transactions, or as a substitute for money; we simply want to talk to farmers about the false policy of getting into debt. Credit, though au indispensable element in the business of commerce and exchange, has been abused by all classes of men, and, as a consequence, industry and the cry of “hard times” is heard everywhere. Men went into debt when they might have kept out of the whirlpool, and among this class of unfortunates there are thou* sands of farmers, the very men who should have been the last to have encountered its perils, annoyances and losses. Why do fanners involve themselves in the meshes of debt ? We venture to say that if they consulted the rules of a sound business policy they would not incur debt once where they now rush into it with rapid strides every year. A fanner, before he Ventures a promise to pay on paper, or draws every week on his merchant's stock of goods, with the tacit understanding that a pay-day will come once in three months at farthest, ought to know tor a surety how he is going to meet these obligations. If he has grain or hay instore, if he has fat animals, or any* thing else which he can put upon the market any day and realize the cash, then he may teei safe in going into debt. Bat in such cases there is no need of running the hazard of debt. Far better is It to sell and buy for cash. A known cash-paying customer can always save to himself ten per cent, in baring his merchandise, because the ready pay is worth that to the tradesman, or merchant. N® farmer can safely run up a debt at the store, or buy isnds, tools or teams on the expectations of the growing wheat crop, the next hay crop, or on the hopes which his imagination may build based on the coating year’s operations. All these are too aneertoio, too unstable for the foundation at business ir-msac-tions. The season may be very unfavorable and blight the brightest faith and trust Sickness may come, which added to thp weight of debts and the clamor of creditors, make life a wretched dreariness and the opening days a dread. There are

tome men who can control their ambition, who are wise enough to clear the way before them as they climb higher around life’s great dome, and thus make every advance step secure. They keep out of debt. There U always money chQ|igk In circulation for such men ; ana they never are heard to complain of hard times. They are easy; no one disturbs their sleep with clamors for his dues, no pressing demands prevent them from pursuing their regular business profitably. They are out of debt; nod no matter bow often money panics occur, or, how wide, spread their Influence, they come through them safely and without loss of money or business character. Indeed, during poney panics a man who Is tree from debt is In the way to make money, to accumulate capital, for hia ready means are all his own, and he is ablo to employ them to the beat possible advantage. We know ft 1b often said by farmers to excuse fbr Incurring debtß that their wheat crop did not turn out as they had expected ft would, or that they did not realize as much per pound for their wool as was calculated, or they were sick and business got behind hand; but all these excuses show that they have not discovered the true system of doing business. That humble German neighbor is a better financier, for he makes no calculations, involves himself In no expenditures until he known by actual count what his available means and resources are. When he gets his cash in hand lie can tell how much he can do. He knows what his current expenses are, and he provides for them, At least, he never exceeds his immediate and available means, and dispenses with those things he cannot pay for. A life burdened and harassed with debt is half worthless. All truly great men have kept clear of it's entanglements, except in rare instances. The farmer who adopts the policy of paying as he goes, oi living within his resources entirely, and who lays by a small sum each year for those accidents to which all are liable, will very soon reach a position where the blandishments qf credit will leave him, and whdte the rise of gold or stocks will not affect him. —Detroit Tribune.