Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1857-01-17
ENDORSING NOTES.

There is a moral in the following well con-
sidered remarks, from the Philadelphia Ledger,
which should be often pondered. Wives, read
them to your husbands -" !; was well said,
by very shrewd observer, that there are some
things which every man has 10 learn for him
self 1t would seem as if ihe folly of endors-
ing what is called accommodation paper was
one of them. Tens Of thousands have been
ruined in this way yet tens OF thousands con-
tinue TO practice it, Many who endorse paper
with immunity for years, discover, at last, that
they also. in spite of their assertions that they
would never he losers by it, are brought to
bankruptcy by it. Sir Walter Scott, who had
gone on from year to year, adding acre TO acre,
/ farm to farm, woke one morning 10 find that he
was ruined through his endorsements on Con-
stable 5 paper; aud the rest of his lIie-a liie
/ shortened by excessive lsbor-Lad to be devot-
ed, not to carrying out the iayurIte dream OF his
ambition. but To liquidaling the debts thus con-
,racied. Even Barnum, whose name had oe-
come Synonymous with shrewdness fell before
this deusiye habit A calm observer is almost
/ led to believe that there is an iniatuaiion ac-
companyng the practice OF endorsing notes,
I ~nicn iuIIs sagacuy 10 sleep, cleo how ean we
account ior the fact that SO many able men
have. so TO speak, gamblcd away their fortunes
on this mercantile rouge Ct NOR. No man
ought ever to endorse an accommodation note.
The fnanciering which raises money IN this
way is radically wrong. Generally regarded
as the cheapest, ii is really the dearest methods;
for The friend who endorses for you is sure,
some time, to want an endorsement in turn
-. l,re G.ra thar
has put his fortune at the risk Of hundred
casualties, beyond his own control. 1t is a
game Of hazard, which, once commenced, hard
" ever can be stopped. Money can be got
50 readily by endorsing, that the temptation is
great 10 enter on specnlations that would never
otherwise be thought of, and hence II requires
the coolest of heads and the most prudent oI
operators 10 resist becoming too extended when
A habit of exchanging endorsements has beer
fallen into Nine men out of ten, sooner ol
A later, get beyond their depth Hard times
comes on, and then insolvency follows, as ;
= matter of course. il is always wiser to ras(
J money on bona tde securities; and if these can
not be had, then to curlail ones business a.
r fast as possible. Where two men are in III,
+ habit Of exchanging endorsements, they are re
, ally in partnership together; but a partnership
, only of risks-not of profits and worse yet,
: partnership in which neither can control ih
! other. So far, we have been speaking of case
o in which there was mutual consideration be
/ tween the partes-an exchange of endorse
menis but what shall we say of the man VIII
n endorses from motives Of private friendship
l. and not as a business affair al all Hundred
= of such men there are who endorse notes fo
Z social nlimates, to whom they would scarcel
l. sell bill of goods on credit simply becaus
D, they have not the moral courage TO say no.
j. would be wiser, in such instances, 10 give tb
?, applicant at once, whatever you can afford
h throw away-ior then you know where yo
= are; because if you endorse for him, he ma
i. involve you for larger amount than you ca
h. pay ; and be sure Of one thing-when you pa'
as most likely you will, it will be at tim
when the payment is especially inconvenien
,g No private friendship, hnwever close, justlh'
nd one man 10 asking another to endorse for hin
re lie who takes offence when refused an endors
ut ment, is unworthy TO be your friend; for he
to ignorant wherein tue friendship consists-th
as relation giving no man right to ruin ano,he
in Take adice in time, and don't give or exchanl
no endorsements, if you would escape sleeple
nights, or avert probable insolvency"