The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-06-03

times requires considerable sclf-dcninl
and much exertiun To follow the above
rule. But, my yuung ftitlu8s unless
you should be afilio<ed With more sick
ness and disaster thar corim6nly falls
TO the lot of every hunl>a heinz, you
can pay as YOU go. !Althrgghyou may
not be able to follow 81; ii;;,e new fash
ions, yet You can live cbfhforta5ly, and
can move about in A0ciety VIII mind
and conscience at ease; yvf, c,tn walk
the streets and enjoy The beauties of
nature and art, without ialhng TO
meet an old creditor Nhom spi should
have paidlong ago. thay scpetimes
be good policy for 3 yVniiG faimcr to
buy u farm, partiallyg Or eyen wholly
on credit, provided ls'can derive an in
come from it sufficielit 10 phy the in
terest on the debt aiiftstHse offhe prin-
cipal each year; bud II u eannot do
this, or if he can only pay the iIsterest,
the sooner he sells the farnif The better.
It would be far sf:for him 4 work
out as a common day Ialbfef than to
make a slave of himself oil his life
merely to pay somel,os}y his Interest
money. l3ilR saia
2 Never buy anyfkS0g usless you
need it; and not evetl's ken unless you
can pay for it at the f{,es ii l.,osc that
you can very soon. Vsy ss.ssssAt reason
why so many are in debt, is Because
they buy things Which they do not
need; and this is often tpNe for the
sake of keeping up faslii0hahte APP
pearance. The poor sstrise tts keep
pace with the rich I'M osit6idt show, and
they soon find Themselves aeeply in
debt. How much more worthy of re-
spect is the man who wears the coars-
est cloth, drives q slow horse, and rides
in an old wagon, which have all been
paid for, and are his own, than the
man who dresses in the finest broad
cloth, drives II splendid pair of horses,
and rides in an elegant carriage, but
who owes almost every man he meets
on the street Allow me here to ex-
press my adherence of certain law
which is upon our statute book, and a
disgrace to the community. 1t is
called the "chancerv law" No matter
how much a man owes, by paying q
small sum to certain high officials, he
is forever freed from his obligations to
others There might be a case, once
in a great while, when such law
would benefit both debtor and credi-
tor, but such cases are very rare. This
law is productive of good only when it
enables an honest man to commence
business anew, and 90 on until he has
made money enough to pay all his old
creditors. On the other hand, what
IN Opportunity it gives to dishonest
men to run in debt as they can, and
then defraud, cheat, steal, by "goin z
through chancery y How many thou
sand times has this been donel And
how many have been drawn into this
whirlpool of temptation, and robbed
their creditors, who, but for this infa-
nous law, would have remained honest,
and kept out of debt
Make the determination that il
You have anything to do with interest
money it shall be paid into your pocket
instead of being paid out of it. Inter
est HIS OltSli Detu pau Oh HOlSS illll,
added together, the sum amounted to
more than the principal Now this is
a losing business with the debtor, un-
less the borrowed money is made to
pay a greater per cent. than he pays
for the use of it; but this the farmer
or mechanic cannot do. This contin-
ual payment of interest money is what
keeps SO many hard working men poor.
They have not sufficient skill or energy
to pay any of the principal, and so the
interest money takes away all the prof
it of the farm or shop. But in ninety
nine cases out of hundred, if they
had started right at the commencement
of business, they would not now be in
such miserable condition.
If you want to acquire property,
enjoy life, and at the same time be the
possessor of a clear conscience, be hon
est, industrious, and pay your debts
Perhaps you will not be able, at first
to live in as fine style as some of youi
neighbors, but that is mere trife
compared to being in debt, and living
on the property of others.