The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-09-14
Poor Richards Reasons for
Buying United states Secu-
rites.

The other day we heard rich neigh
Dor say Le had rather have railroad stocks
than the U. S. stocks for they paid high
er interest. just then Poor Richard
came up, and said that he Just bought
some Of Uncle Sans three years notes.
paying seven and tEree-tenths Der cent.
interest. My rich friend exclaimed, "Youl
thought you had no money to buy with,
"Yes, said Richard, | had little laid
up, for you know it is we'll to have some
thing laid up against wet day, and I
have kept little Of my earnings by me.n
Now Poor Richard is known to all the
country round to be very prudent and
industrious, aud withal, wise man for
. Richard never learned nything he didn't
know how to make use of, and his wis
dom and prudence had become proverb.
So, when he took out his savings aud
bought the notes, more than one was sur
Z prised and it was no wonder rich Mr..
} Smith asked why. So Poor Richard, in
very quiet humble way-sor he never
assumed anything-replied, 81 suppose,
Il Mr. Smith, you know a great deal better
: than do with money, and how to invest;
'' for never had much, and all l got had
to work hard for But have looked
> round good deal upon my neighbors,
3 and seen what they did with their money
:, and will tell you some things / saw and
u what thought of it. One very rich
man was always dealing in money, and he
e made great deal, but was never satisfied
without high interest. So he lent most
10 of his money to some people who he
'e thought were very rich, at very high
ha fta,, has
"a TIL one day the people. he lent to went to
ID smash. He got back about ten cents
le on dollar OK his money. l know an
D. other old gentleman, who had some bank
20 stock and he went to the bank and got
G. ten per cent. dividend. The President
and everybody said it was the best stock
2 in the counry-paid ten per cent. But
what did the old man do but sell his stock
the next day Why? why said every
body Because, it pays too much dividend.
And in six months the bank went to
smash. Now, that | know to be fact.
Well, Mr.. Smith, you say railroad stocks
are best, because they pay high dividends2
Can you tell how long they will pay
them? | like railroads. l helped to
build one, and / go 10 for useful things.
But tell you what know about them.
One third of the railroads don't pay any
dividend, and thirds (and some OF
them cracked up too, do not pay as much
as government stocks. Now that brings
me to the government securities, and L
he will tell you why prefer them. l take
re- it you will admit Mr. Smith, that in the
ck long run the investment which is best
IN should have these qualities: irst, it
Id. should be peaiectly secure secondly,
nj nan he Sh ha AN Al
permanent-not up one year and down
the next; and thirdly, that it should be
10. mark eta ole, so when your wet day comes,
and you want your money, you can get it
back. And | think those notes or bonds
IS have got these qualities more than any
other kind of personal property you can
FOL name. Try it.
cts. First, then, l have been looking into
} that book you call the Census Statistics.
, l used to think it WASH worth much; but
, since begau to study it, tell you, /
found out great many things very USE
} tui for me to know l found ont, by
D looking at the crops, and ihe factories and
) shipping, &c, that We I don't mean the
n Rebel otates) are making thousand mil
= lion OF dollars more than we spend. So
you see that (sInce the. increase OF debt
ISM half that) we are growing rich in
0 stead of poorer. as John Bull and the
: CT akers would have US think. Then
: the debt will be paid, anyhow. no matter
how long the war is. Besides, did you
the ever hear Of Government that broke be-
fore the people did? Look into your big
histories, Mr.. Smith, and you will hnd the
people break before the Governments
Well, then, call that stock perfectly Sc
bate cure. Hn
un Secondly, you want the income uni
a"y' form and permanent. Well, | want you
i'' to take up list of banks, railraads
mines, insurance mpanies--any thing
you choose-and tell me (honor bright
lua lu now , how many have paid uniform in
1,ns 1,p come for ten or twenty years. Not ous
0 In a hundred, MIR. Smith, and you know
vas, it.
ana "Now here is the government will pay
you without varying title. Now like
one something that gives me my income every
rest year.
rae Thirdly you want something which is
, marketable any day in the year. Now, il
you will ask any bank President, he will
tell you that Government SOCKS are the
only kind of property that is always sale
able, because they will sell anywhere in
the world.
nnd ,urs Now, Mr. Smith, this is why 1 put my
!. Of little savings in Government stocks.
|, at confess, too, that | wanted to help that
dear old country, which is.my nome and
my country" II confess" said Mr.
ID Jmith, 81 hadn't thought of all this
EN- There is good deal Of sense in what you
say, and l will go so far as to put two OF
'uth three thousand dollars in United States
ship stocks 1t can do no harm"
SIX We left Mr.. Smith going towards the
.,ar bank, and poor Richard returning home
ntv- with that calm and placid air which indi-
am Gated the serenity of his disposition anc
the consciousness of doing right towards
one his country and his fellow man.
rest t
sat.