Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-12-01
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EXTENSIONS Extensions are tskirs, r1ooo
all over Of the country. They have bee s
q chronic disease. What is unavoidable i,
many cases, has been resorted to in many
others without necessity, out of the selfish
and dlsgraeeful principle Of turning this on
portunlty to profitable accounted forced en-
tensions from creditors, and employing their
funds IN the various ways now extremely re-.
munerative, from the great reduction which
has taken place in the cash prices of all com-
modities. The discredit attening extensione
seems to be lost sight of altogether. The
magnitude of evil now experienced in New
York from the nom payment of debts due. and
long past due from the interior, has been
much enhanced by the bad faith Of debtors.
They in the first piece hesitated at paving the
large premium on New York funds. which
the collapse of the exchanges had brought
about, and subsequently became so accus
TONED to the difficulty as to be supine about
!helr credit and then gradually fell into feel
ing that as suspensions had become common.
they might as wsll use their ready monev in
business, and get an extension on their old
debts The disgrace was untelt. because II
was covered by being shared with others, to
whom extension alone would allow of their
paying their debts at all. Extension was
the more readily resorted to by those who
were INDEBTED to houses that had suspended,
thlnElng that 1t was necessary to keen faith
with them, when they are more partieular
with those to whom they were indebted from
whom they hope to get credit in future The
want OF moral principle in all this is olarino
enough when brought to light. but the cir.
cumstances of the time are depended npon
TOR concealment of their laxity-their moral
principle being only for appearance. some
-. !.
moral tonic ls greatly needed Just now. to,in-
duce not only the debtor to do all that he can.
not avoiding sacrifices, to discharge his in
aeotedness, but also to induce the creditor to
De ienlent and forbearing to conscientious
debtors. 1t both debtor md creditor met in
single spirit OF mutual accommodation. doing
the best that circumstances permit, and with
out seeking to obtain preferences or unfairad-
vantages, the difficulties of the times would
be much mitigated. But creditors want to get
some advantage Overcome another, and endeay-
ortoinduce the creditor to grant them a special
preference, which would be unjust to other
creditors; and debtors want to save working
capital out OF their creditors forbearance. -
me result IS not only great difficulty in. eff
tectlng the best possible settlements, but great
burdens are imposed unnecessarily.
II IS the more to be regretted, this repug
nance to pay, where means can with a little
dlfhcqlty be obtained, because, until the out
standing debt which have been thus extend
ed are paid the trading community cannot
recover from its present depression, nor credit
ana confidence be renewed. The inability of
the many to pay up TO the time ought to in
duee a greater readiness on the part of those
WIN Whom no inability exists to pay up all
the more promptly, with a view to sustain the
general credit Of the community as far as pos
slble. Forwardness to pay IN those who are
able would so great way toward making nm
Tor the backwardness Of the unable. In truth
however, the remItlances from the country
Were to great extent needlessly kent back.
and the great mass of extensions in New York
was oeeasioned by the failure of remittances,
ana by the humiliation Of discount market.
Neso York Independent.