The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-10-15
Changes I'm business.
FronI The N. Y. IIfbune.

Thirty or forty years ago, most COM
modities were sold on credit. Nine
tentbs of all the dry goods that LETT The
seaboard cities were sold ION time"-so
they said; though the time often glided
into eternity. In 1887, very large pro-
portion of our importers and jobbers
failed. simply because their customers
did not. and generally could not, pay
them. 1t was partially sol in 1884, and
at later periods-notably in '54 and '57.
Ordinarily, the retailer paid part each
year-often. after it had run twice as
long as was stipulated-but bought
"on time" more than he paid up; so
that the debt WAS steadily accumula-
ting, like IA rolling snow-ball, until
there occurred a "panic" or "revul-
sion" when it was wiped out and the
thus ruined, with good share of the
importers; but new men stepped in to
I'LL their places, and all went on as be-
fore-till the next "panic."
a great change has since been
silently wrought, in part through the
to buy on credit, because they were so
generally in debt; it is otherwise now.
You may say that the mortgages on
their several farms have been converted
into one general mortgage, known as
the national debt, still the fact remains
that nearly all our thrifty farmers have
money at command, and can pay for
what they buy when they buy II. They
know that merchants can afford to sell
their goods ten per cent. cheaper for
cash than ION time" and they choose to
save the ten per cent. They do not
sell their produce ION time;" they re-
quire the cash for 1t: SO they are able TO
20 ytyINa ha hot
ter class of country merchants are thus
enabled to pay cash when they buy; so
trade is far healthier and sounder: and,
were our currency restored to "a specie
basis, we should have little fear.!of fu.
ture revulsiOns.
The decrease OF credits is paralleled
by the expansion OF advertising. Firms
bad debts now pay that amountinstead
for advertising, and do a far larger as
well as safer business than of old; sell
ling far more goods at smaller profits,
and never losing sleep through fear
that they will be driven into bankrupt
cy by the failure of their customers.
Five per cent. profit on cash business
is far better than fifteen per cent. on II
credit business, beside enabling the re-
taller TO sell twenty per cent. lower
than be formerly did. He who has
aught to sell cheap that is really worth
buying can always sell 1t by efficient
advertising. And every day increases
the proportion of those who prefer to
keep their wares until, by advertising
thew can find customers willing to pay
cash down for them.
Expresses and increased mail faciH-
ties have given great impulse to cash
trade. Goods properly advertised find
purchasers by letter at points thou
sand miles away. He who digs and
blasts In the Rocky Mountains will
send his order and his cash to New
York for whatever he wants that is not
ut hand, provided he knows that he Will
be fairly dealt with. Thus character
for probity and honor becomes q pro
ductive capital, and perpetual incite-
ment to scrupulous rectitude in all
things. The Trade Reform based on
Cash Payment, Small Profits, and
BoundIesS Advertising, is still imma-
ture; but it already promises results of
signal and pervading beniticeuce.
The Advertisement, the Mall, and
the Express form the perfect circle of
communication between the manufac-
turer or seller and the consumer or pur-
chaser. BY judicious advertising, all
who need are informed where they can
best obtain what they want at almost
| first cost. and by the mail or express
| the manufacturer or the dealer can de-
| liver his goods to the purchaser. The
mail enables the customer to forward
| his remittances without loss, by use OF
the post office order, and in many
cases he can receive his purchases
through the post-oftice at u merely
nominal charge. It is difficult to over
estimate the advantages to the country
at large arising from the rapid and
economical transportation through
mails of light articles of utility, orna-
ment, or necessity. as 1t practically
carries all the centers OF trade and
manufacture to the remotest home.