Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-06-29
Debt and Credit

| dislike the Wnolo maJtef OF QeOt
and credit-from my heart dislike it;
and think the man, who first invented
a leger, should be hung in effigy, with
his invention tied to his feet, that his
neck might support him and his works
together. My reason for thus sweep
ing the whole system is, not that be-
lieve it totally useless, but that | be-
lieve it does more mischief than good,
produces more trouble than accomoda-
ton, and destroys more fortunes than
it creates honestly.
These OPINIONS are not of a recent
date with me: they are those upon
which / set out in early life, and as |
grew older, l became more and more
confirmed in them: not that | changed
my practice, while | held fast my pro-
fession, and got my fingers burned at
last, by trusting my name in a day
book for l never did it because | saw
the evil effects of credit around me, in
every shape and form.
A visit, this morning, to my old
friend, Timothy Coulter, called the
subject up SO forcibly, that I concluded
to write you line upon it. His last
COW was sold this very morning, by the
constable, for six dollars, though she
cost him sixteen; and they have not
left an ear Of corn in his crib, or a
bushel Of rye in his barn, much less
any of his stock: it was what was call
ed the winding up of the concern and
he is now on hi good behaviour; for
heard one his creditors say, that, if
he did not go on very straight, he
would walk him off to the county pris-
on-ship Thus has ended Tim0thy's
game of debt and credit.
When he first commenced farming.
he was as industrious and promising a
young man as was to be found: he
worked day and night, counted the cost,
and pondered on the purchase of every
thing. For year or two, he kept out
OF debt, lived comfortably and happy,
and made money: every merchnt, that
that knew him, was ready to make a
polite bow each knew him is one Of
your cash men, and liked his custom.
The mechanic shook him by the hand
and begged his company to dinner,
hoping to get job from him; and ev-
en- the lawyer, i'll contemplation of his
high character, tipped his beaver as he
passed him, with a sign, rs much as
to say, "Tim, you have more sense
than half the world but that's no COR
ISOLATION to u.s."
By some fatality, Timothy found out,
however, that there was such thing
as credit. He began soon to have
many running accounts, and seldom
paid for what he got; it soon followed,
that the inquiry, ''Do I really want
this articles before he bought it,
was neglected; then the price was fire.
quently not asked; then he began to
be careless about payday; his &C
counts stood, he disputed them when
rendered, was sued, charged. with
costs, and. perhaps, slyly, with inter
est too; and he became money Dor
rover before long; but his friends, af-
ter lawsuit had brought them their
money, we've ready to trust him again.
and he was as ready to buy. The
same farce was played over and over,
until now the end OF these things has
come !; aud, poor fellow, he is turned
on, upon the wide world, without a
friend, save a wife and six miserable
babies.
/ asked the constable for a sight OF
the execution, and he showed it to me.
1T was issued by young Squire Bell
and | could not but recolect how diff
ferent was the history Of this man from
that Of Timothy. Young Bell was a
poor boy, and commenced life with bu,
his health and trade; but he adopted
as a sacred maxim, PAY rs you co.
and he frequently told me, he found
little difficulty in sticking to his text.
The neccessaries Of life are few, anC
industry secures them to every man
it is the elepancies of life that empty
the purse : the knick- knackS Of fashion
the qualification Of pride, and the indul
gence Of luxury, make a man poor
To guard against these, some resolu
ton is necessary; and the resolution
once formed, is much strengthened ant
guarded by the habit of paying for CIV
cry article we buy, at the time. If W.
do so, we shall seldom purchase wha
our circumstances will not afford
This was exactly the manner il
which Jack Bell proceeded. Habit
strengthened by long continuance, an'
supported by reason, became secon,
nature. His business prospered; hi
old purse became filed with Spanisl
dollars; all his purchases, being mad,
for cash, were favorable; and, by al
ways knowing how he stood with tn
world. he avoided all arrangement i
his affairs. He is now the squire of
little village, with good property,