The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-19
THE DAILY GAZETTE.
MONDAY, OCTOBER, 10.


We commend the following commando.
ton, which we found in the Louisville Jour
nal, to the business men Of our city:
A gentleman told me yesterday Of the iol-
lowing case: A friend of his came to him
and wanted to make al assignment Of all
his property for the benefit Of his creditors
He owned about $4,000 worth OF property
N the city, had shipped produce to New
| York and Baltimore to the amount vi about
$1,000, and had drawn bills on New York
10 be paid out oi the proceeds Of that pro-
duce (Which were endorsed by his friends J.
| amounting to about $4,000. lie owed
bank debts in the city amounting To some
5000, and this was the full exhibit Of his
Affairs. lie was very much distressed AMI
| alarmed, and 50 were his cndorsers. They
thought that he could do nothing but assign.
But the legal friend Ia whom he applied, a.
ter viewing his condition, advised him In 90
70 New York and Baltimore and dispose Of
his produce, at q sacrifice IL necessary, and
meet n many Of the bills rs lac could, and
then come back and arrange the balance
with his thirty Thousand dollars worth 81
property. lie did 20, and Adyicss from him
now, for several weeks past, state that lac is
selling his produce as fast ~ his bills fall
due, and he may make profit enough TO pay
what he owes here
II be had made an assignment, his proper
~ here would have been sacrificed the bills
IN New York would have been protested. tie
property there sacrificed, and in all probs-
Lilit, lac would have had nothing left after
the assignment was wound up. But now
lac Is likely to come out with hls $4,000
worth VI property here and clear IL debt
There are many instances oi this kind,
where timid men, alarmed by their friends
ar their endorscrs or persons who want TO
make large lee as trustee under the as
signnent, are ruined. Too many assign
menfs are made. Nothing is made by them,
and nothing is saved BY them. The expcn-
sos attending such . course are larger
than the expenses attendant upon suits Tor
debt, and property is put under the hammer,
particularly groceries and merchandise, and
especially in the present panic, which bring
comparatively nothing. What is the rem
edy ! We think that it 10 plain Go ON in
your business IT your notes Gall due and
YOU have to 60 to protest, console yourself
with the reflection that il is better 70 be
protested and saved when you know time
Will bring you out, than To give up in des-
up by expenses in long and tedious settle
n,snt, by q hungry trustee. Let suits be
brought and the sheriff sell your property.
IL will cost sou no more than for the assign
go to sell it, and then you may b able, es-
peciaily Il you rrplevy, tn collect what Is
due YOU, and come our a solvent man, with
property left
There Is great mistake pervading the
community ia this respect II man fails
TO meet note be must assign. This might
do in State where q man can prefer his
friends in an assignment OF, in flush times,
a man whn has any come out in him can al
ways save "a protest fee. But hea and ao,s,
il should nat lose a man his credit because
he is unable to meet his debts promptly,
and his friends cannot complain that be will
not prefer them, because he cannot the
law will not allow IL.
But even il man il in business, and is
satisfied that be- cannot meet his engage
ments, II Is better To 90 On in business, and
make his profits, than toput up his proper
~ uisicr the as-igncc's hammer, anu let
him knock oil the profits out 81 il, with cost
AMI carriage besides.
Many man u ruined for life, pccuniarily,
by his timidity. Keep up energy and per-
severe in indn,try, hattie with adversity
and look the ghost Of ruin Ia tho iacc flor Il
may be only the ghost of ruin 81 last j, and
many Of You that now despair will yet come
out, without the Intervention Of an assign
ment. Good men, wealthy men, men who
will yet be rich, must be sned occasionally
in the present monetary condition Of the
country, because tine fountains from which
they draw their sustenancc are dried up