Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-09-14
Poor Richards Reason for Buying United
Ctotoc Cenuritioc

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rests. just then Poor Richard came up,
and said that he had just bought some Of
Uncle Sam three years notes, paying sew
en- and three-tenths per cent. interest. My
rich friend exclaimed, "Youl I thought
you had no money to buy with" Yes, y
said Richard, II had a little laid up for you
know it is well to have something laid up
against wet day, and | have kept little
of my earnings by me. Now Poor Rich
ard is known to all the country round to be
a very prudent and industrious, and withal,
wise man; for Richard never learned any
thing he didn't know how to make use of,
and his wisdom and prudence had become
proverb. 81, when he took out his saw
ings and bought The notes, more than one
was surprised, and it was no wonder rich
Mr.. Smith asked why. So Poor Richard
in very quiet, humble way-for he never
assumed anything-replied, Il suppose,
Mr.. Smith, you know a great deal better
than do what to do with money and how
to invest it; for I never had much, and
what | got had to work hard for. But l
have looked round good deal upon my
neighbors, AMI seen what they did with
their money. and | will tell you some things
| saw and what thought of it. One very
rich man was always dealing in money, and
he made great deal, but he was never sat
isfed without high interest. So he lent all
of his money to some people who he thought
hiuh nd he
often told how much he got, till one day the
people he lent to went to smash. lie got
back about ten cents on a dollar of his mon
ey. | know another old gentleman who had
some bank stock and he went to the rank
to get ten per cent dividend. The Presi-
dent and eve' ybody said it was the best
stock in the country-paid ten per cent.
But what did the old man do but sell his
stock the next day! Why? why? said ev-
erybody. Because, it pays too much dtca-
dead. And in six months the bank went
to smash Now. that l know to be a fact.
Well, Mr.. Smith you say Railroad stocks
are best, because they pay high dividends !?
Can you tell how long they will pay them ?
L iihC ItdiiiodoS. bCipSd " poia OhS
and [ go in for useful things But | tell
you what | kaop about them. One-third
of the Railroads don't pay any dividend
and two thirds land some of th,m cracked
ment stocks. Now that brings me to the
Government securities, and | will tell you
why prefer them. | take it you will ad-
NIT, Mr. Smith, that in the long run of in
vestment which is best should have these
qualities: First, it should be perfectly Sc
cure; secondly, that the income should be
uniform and pcrnadnent-not up one year
and down the next; thirdly, that it should
be mnrketdble so when your wet day comes,
and you want your money, you can get it
back And think these notes or bonds
have got these qualities more than any 9th
er personal property you can pame. Try
it,
First, then, I have been looking into
that great book you call the Census Stats
tics | used to think it WASH worth much
but since began to study it. | tell you,
have found out great many things very
useful for me to know. / found by looking
at the crops, the factories. and the shipping,
&c, that we Il don mean the Rebel States
are making thousand millions of dollars a
year more than we spend. So you see that
tsince the increase of debt isn't half that
we are growing rich instead of poorer, as
John Bull and the croakers would have us
think. Then the debt will be paid, anyhow,
no matter how long the war is. Besides,
did you ever hear of Government that
broke before the people did? Look into
your big histories, Mr.. Smith, and you will
find the people break before the Govern
ments. Well, then, l call that stock per-
fectty secure.
Secondly, you want the income uniform
and permanent. Well, | want you to take
up "A list of banks, railroads, mines, insu-
rance mpanies-anything you choose
and tell me (honor bright now J how many
have paid mitorm income for ten or TWEEN
ty years. Not one in a hundred, Mr.. Smith,
and you know it.
Now here is the Government will pay
y,u without varying a title. Now | like
something that gives ME my income every
year.
Thirdly, you want something that is
marketable any day in the year. Now, If
YOU ask any bank President, he will tell you
that Government stocks are the only kind
of property that as alsoays sdteabte, because
they will sell anachere an the aeorld
Now, Mr. Smith, this is ,chy put my
little savings in Government stocks. con-