Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-02-21
.r.,a r.AnRoyy OF DEBT.
-. t,r,e,cy ba, a horror Of iadivilus

.~..e EsARROyy OF DEBT.
tg,r,ee Greeley has horror Of Individual
,5.h.eapess and in his ''Rscohecsions Of &
asv life.n nov being published IN ihc Now
-erk Lsdger. he eloqusnsly urges young
,en As shey value peace OF mind, 'ntseE
IN in asbt-,o avoid pecraisry obligation
: you wcuid pes,icace or famfne." HIS
4rise upon this point cont.ins - much
IA, IS practical aud valuable that We re-
,roduce II for its moral both in public AMI
,rivs,e affairs:
III II be suggested that my whole ia
iebteaness WAS at no time more than from
F. 900 TO 1000. have only 10 say that
tvsn 81 900 Of debt is suin to him who
kesnly feels his obligation to ful6il every
engagement, yet is utterly without .ne
means of no doing, and who finds n'ns."
dragged each week n little deeper in.o ~
less insolvency. To be hungry, rsss'a
penniic.s IL not pleasant; bur ~ ~ no'ns
10 the horror or bankruptcy az '"o
wealth. of the Rothschilds wouiu De poc'
recompense for five years struggle with 'hs
consciousness that you had taken the money
or property Of trusting friends, promising
10 return or pay ior 1t WHOM required, and
had betrayed their confidence through IN
solvcncy.
IL dwell upon this point, for would De
ter others from entering that place OF tor
meuls Half the young men N tho coun
try, with many old enough TO know better,
would Ego into business" is, into
dsbt--;o- morrow. il they could. Aostpoor
nsen are so ignorant as 20 envy he meIchin,
OF the MANUFACTURED, whose life IN an lnces-
san; struggle with pecunlary dilicu'tes ,
who is driven 10 constant shining, ana
who. from month 20 month, barely svades
insolvency, which sooner or later overtsAss
no.i men in business, 81 that 1t has been
computed that but one in twenty oil them
achieve pecuniary success. FOR my own
part--and ! speak from cxperence-i
would rather be convict in State PRISON,
q slave in a rice swamp, than to pass
through llfe under the harrow Of debt. Lei
no young man nisjudge himself uaior'
tanate OF truly poor SO long A. he has th'
use Of hi, limbs aud faculties, and IS sub
stAntisiIy free from debt.
" Hunger. cold, rage, hard work, con
tempt. suspicion, unjust reproach. are disa
greeAblc debt IL infinitely worse thar
them all. And IL it bad pleased God t
spare either or oil of my sons. 10 be III,
support aud solscs Of my declining years
the lesson which should have most earn
sa,y sought TO impress upon them 10 this
Never 20 into debt! Avoid pecuniarv obi
CATION - you would psstilcncc or famine
IL you have but fifty cents, and can get ~
more for week. buv q peck Of corn, psrcl
IL aud live on il, rather than TO owe man
dollar or course, knos that some mel
must do business that involves risks, end
mu.t often give usses and other obi -;atons
but I do not consider him really in debt
who can Icy his hands directly on thu
means Of paying. at soms little sacrifice al
he owes spsak Of roAl debt-thst which
involves either risk or sacrifice on the on,
side oh igAtion or dependence on the other
AMI say. from all such let every youth
humbly pray God to preserve him ever
moro"
We think that Mr. Greeley has Otter
written that national experience IN tho con.
dact of public affairs. is but the aggregate
OF individual experience, aud that a govern
mcnt should DO ADMINISTERED upon I'll,
same principles that govern IN the success
conduct Of private affairs. The philoso
phc- Of the Tribune almost cxhaus,s TIL
vocabulary to express his horror Of debt
ilessys il ia worse I, an hunger, cold
rRrs, hard work. contempt, suspicion All,
uniastrcproach" Tic Expresses himssl
even stronger than this, in saying that til
lesson which he would impress upon hi
own sons ore earnestly than any otter
would be, 80 avoid pscuniary obligation a
You would pcstiience or famine II in
iodiv.dual indebtedness should 10 thu
shunned, ought not public indeb,nos,
TO be avoided FOR the same consider
a,ionss But Mr.. Greeley makes
distinction between public and private il
dsbtedness. While regarding the latter a
horror that makes convict life in Stat,
priscn preferable, he seems to regard Tia
former in the light Of a public blessing
Would Mr.. Greeley regard it as manly for
father TO accumulate an Indebtedness
watch be says should DO avoided as ",
would pes,llence or famine, to entail, upor
ais children Yet no argues in favor o
faadlng our enormous national indebted
u.s. and transmitting the burden to ON
rfsierity. low can he Justify such poi
&C with the advice 10 tho young 10 kee,
from entering tha; place Of ,orncn.s-in
dehtedneSsY Ii the barrow Of debt is 80
TERRIBLE TO TO borne, would i, not cyince ga
g,ety aud wisdom 10 get rid Of tho evil as
soon Ns possible Aud what jus,ice in one
generation villa; RICH, in iac,-to cpntrac,
ths enormous indebtedness for another zen.
Grafton 10 payr II troubles arise which
cause an enormous expenditure CT publ,
money, should he hold postsrty responsi
h's for the evils We brought upon our
selvcsy IL the lessons cf Mr.. Greeley upon
the evils Of debt 80 FAR as individuals AZ,
concerned are correct in theory, they will
apply with equal force to public indebted
hess, and those who accept his theory in the
nrss case only display cowardice, the spiri,
Of Reputation We may say. in nortgaging
the industry Of another generation to pay
the deb.s created by the present.