The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-12-30
SHORTENING CREDITS.

The commercial editor OF the New York |
Independent offers the following remarks on
the subject Of shortening credits. They
win be read with Interest:
The leading merchants in all the various
branches of trade are now discussing the |
propriety of 'shuttng the barn door after
the horse has been stolen," in regard to
shortening credits. BY reference 70 the
files of newspapers published during the
crisis in 1851, il will be found that tn.
same then occupied public attention. Ma
ny wise resolutions adopted at that time
were soon forgotten. There can be no doubt
whatever that our whole credit system should
be revised, but we have not much faith in
trade combinations to promote that object.
Such spasmodic efforts seldom have much
influence. \ single. prosperous Business
season wipes ut even the remembrance of
past blunders. All is forgotten until anoth-
er storm comes, and a thunderstroke shat
ters again the very foundations of our boast
ed strength and greatness. Our merchants
and business men by hu.-dreds and thous
ands are now mourning over their folly.
| They have granted credits from Dan to Beer
sheba, and have taken scarcely promises"
in return. Six months with ''indefnile
privileges have been freely given in all
| quarters. The merchant who has made his
collections In an average of eight or nine
months, with only moderate losses" has
had the credit Of doing things on sound
business principles The question is now
propounded, on every side, what shall be
donei Talking about shors credits Is at pre-
sent very popular. Every man, however,
wants his neighbor to make the first move
of reform, so that he, by holding back a
little, may not be the loser. Now, it is a
TACT well understood, that those houses, large
or small, which have adhered most nearly
10 the cash principle. have been the most in
dependent during all the recent financial
difficulties. Whence, then, all this necessity
for combination, or this holding back from
doing what plainly is tor the interest of cv-
cry man to do, as speedily as possiblel We
believe that not another dollar of merchan-
disc should ever be credited to the country
) by the city jobber on longer time. under
, any circumstances, than four or SIX months
and that in all cases note payable at bank
with the current ratio OF exchange, shonlC
, be required. Those who viii not buy OF
Il those terms should be refused. We also be
lieve that no retailer, anywhere, in city o
: country, should ever attempt to do bushes
, except TOR ready pay. Cash down, or IL
: equivalent in produce or other marketable
: products. should be the only, condition OF
sale. No other system is worth moment
IL tOHcitcfs~lDl, Nnn VIC uutico tNtil itlaiic
c Fin the country to adopt this measure Of re
i. form at once. An abundant harvest Q
prosperity wall be the result. Every ma
Q should consider for himself how the risks 9
his business can be diminished. 1t will nc
= do for him to make his plans after the pat
J. tern adopted by Others. lie must comman
n his own ship, with wise and constant rel
: erencc to the means he possesses to make, 4
)f any rate, a safe voyage. Ii he has tut
- small capital, he. should not attempt TO
what great wealth alone can do. lie shout
J. not attempt TO do what he knows others al
attempting very foolishly TO do. In 9th,
words. every man should mark out his pat
,r seeking all the light and wisdom he ca
y gather from every quarter, and then frml
. resolve, that in regard to credits and ever
Re other movement he will adhere strictly
n the sober conviction OF what is right, Pi9I
" err, and safe.