Nebraska palladium. [volume] (Bellevieu City, Neb.) 1854-1855, 1855-04-11
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the New York Independent
II is on old saying, that where there
is my great loss thee is always some
small gain" Wehave just passed through
commerce. difficulties, long p~rdraoisi
and unparalleled in the history Of the coun-
try. Less failures have occurred, II
true, than in 1867, owing probably 10
more extensive banking facilities, but more
real capital has been sunk the last sigh-
teen months, probably, than during the
previous twenty five years. In railroads
alone, at least one hundred million Of dol-
lars have been sacrificed.
Now we believe all our financial dih-
culties may he traced, directly, 10 the
abuse Of credit. We have borrowed
money to do a legitimate business, siA
wc have borrowed to speculate; we have
borrowed to build fine houses. and We
have borrowed to buy bonds we havs
borrowed TO by stocks, and we have bor-
rowcd to buy lands. We have borro wed
Of Peter 10 pay Paul; and when We cold
not pay Peter we got an cXtention."-
This we went on with our Cobb House
structure until lit all came tunblinE
down." like many a wiser juvenile per-
Torrance Of earlier dnys.
The gain 10 which VIC refer, notwi,h-
standing our great losses, may be summed
up in the following good lessons taught us
not soon, we hope to be forgotten (:
Ist. That ally credit system not only
ceases 10 be useful, becomes positively
injurious, when greatly extended.
y. That there can be no prosperity
where ihcro is a want OF punciuality, and
t hat any credit system which makes puno-
tuslity difficult should ut onco be Sbsn-
doned or reformed.
Sd. That no person should ask FOR, or
be permitted credit, who cannot clearly
demonstrate that under ordinary circum-
stances, he can promptly fulfil all his en-
~gagemenII.
All That no man is worthy Of credit,
whatever capital he may possess, who has
not an unspottcd moral character. II he
is as rich as Crn'uS, and yet isa drunk
ard, a debauchee-a VIGOROUSLY wicked
man, he should I've let slone-ssvsr-
ely.
9Th. That all persons who have the sbil-
ity. with a little sacrifice, 10 meet their
payments promptly, even in hard times,
and yet who avail themselves OF excuses
such as the "high rate Of exchange din
cult 10 make collections" 'wsiiing FOR
my produce 10 rise" etc, ETC., are totally
unworthy OF credit. Whcns pinch comes
the proinisee Of such men are not worth a
rush.
9Th. That those do no; mako the most
money who do the most business, ba, those
who most frequently realize the money on
all their transactions.
7h. That real soundness and prospsri-
~ does not consist in having large assets,
but having available assets.
9Th. Tint capital diverted from a rsgu-
lar business, TO invest in any''ou;sido OPP
eration,'' s. "sll moonsline," and is
usually followed by anxiety, disappoint-
ment, aud modification.
oh. That real happiness does no, eon-
Sisi in the abundance OF our earthly posses
siOns, but in honestly nppropria,ing Whist
we have TO ourselves and others, for tho
highest and noblest purposes.
lo'h. That there cannot be real prosperi-
~ without sound business principles, any
more than there can be real goodness Of
heart, without nctual moral principle.
We are very much mistaken il business
men throughout the country have not we'll
learned Of these lessons during the pas,
two years. II moi, any proyidential teach
ings would be in vain, and wo rse than
in vain.
How TO GET TO SLIEP.-The editor Of
the Green Mountain Freeman ssys:'' Lot
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