Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-04
STATE DEMOCRAT.
0hostontng Crodits.

Shortening Ctoo1eA
The leading merchants in al the
vsrions branches Il trade sre now dis
cusaing the propriety Of shutting the
barn door after the horse hes been sto-
lem" 10 regard 70 shortening credits.-
By reference to the files Of newspaper
pablished during the 'crisis' in 1887, it
will be found tEat the same theme then
occupied public attention. Many wise
resolutions adopted 1t that time we're
soon forgotten. There can be no
doubt Whatever, that our whole credit
system should b revised, but we have
not much faith in trade combinations
to promote that Object. Such spasm-
odic efforts seldom have much inf1u-
ence. A single prosperous business
season wipes out the remembrance Of
past blunders. All il forgotten until
another storm comes, and thunder
storm skaters again the very found
atoms of our boasted strength and
greatness. Our merchants and business
men by hundreds and Thousands are
now mourning over their folly. They
have granted credits from Dan to Bsr-
sheba, aud have scarcely taken prom
ises" in return. Six month"; Within
definite privileges" have been freely
given in al quarter. The merchant
who has made his collections in an Az
crage of eight or nine months, with
only moderate losses," has had the
credit Of doing things on "sound bust
ness principles" The question is now
propounded on every side, what shall
be donei Talking about short credits
is at present very popular. Every man
however wants his neighbor to make
the fret move of reform, 20 that he,
by holding back little may not be
the loser. Now,::it is a. fact we'll under
stood, that those houses, great or sLall
which have adhered most nearly to the
cash principle, have been the most in
dependent during all the recent finan-
cial difficulties. Whence, then, all
this necessity for combination, or this
holdining back from what plainly is
the interest Of every man to do Is
speedily - possiblel We believe that
not another dollar Of merchandise
should ever be credited to the country
by the city jobber on . longer tune,
under amy circumstances, than four or
six months and that in all cases
notes payable At bank, with the cur
rent rates Of exchange" should be re-
quired. Those who will not buy on
these terms should be refused. We
also believe that no retailer, anywhere
in city or country, should ever attempt
to do business except for ready pay
Cash down, or equivalent in produce
or other marketable products, should
be the only condition of rale. No
other system is worth moments con-
sideration, and We advise every retailer
in the country to adopt this measure
of reform At once. An abundant har
vest Of prosperity will be the result
Every man should consider for himself
how the risks OF his business can be
diminished. 1t will not do for him to
make his plans:. after::the patterns adopt
ed by others. He must command his
own ship, with wise and constant
reference to the means he possesses to
make safe voyage. If he has but
small capital, lie should not attempt
to do what great wealth alone can do.
He should not attempt to do what he
knows others are attempting very fool
ishly to do. In other words, every
man should mark out his oacn path,
seeking all the light and wisdom he
can gather from every quarter, and
then firmly resolve, that in regard to
credits and every other movement he
will adhere strictly to the sober con-
viction Of what is right, proper and
safe.