The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1870-09-23
The Man Who tried TO Borrow Himself
out Of Debt.

lnC MdH dnO tItCU ~ DUTTOH hluSClt
out Of Debt.
There are great many difficult, and
some inn ossible things; bit no matter
how difficult or impossible thing may
be, you will always find people i'm the
world ready to undertake its accom-
plishment, whether it be the discovery
of perpetual motion or the equally TO-
mantle attempt to get out of debt by
borrowing. s
OF all the hard work i'm the world, to
live by borrowing is the hardest, and of
all the mean work i'm the world that is
about the meanest. Pride, indepen-
dence and self respect, one after the
other, are sacrificed, until the man
sinks into contempt.
Peter Ogiethorpe was not a borrower
by profession. He had started in life
with a small patrimony, and worked
along independently until his fiftieth
year, when losses i'm trade deprived him
of the means of paying certain obliga-
tions, and he found himself suddenly
involved i'm trouble.
"Mr. Oglethorpe," said man who
came into his office one morning about
this time, 81 want you to settle that
account"
at is impossible to do SO now, Mr..
Spicer-whOlly impossible. You have
heard of my trouble?n Mr.. Oglethorpe
exhibited both distress and agitation.
"No; l have trouble enough of my
own, without looking after other peo-
pie" was rather gruffiy answered. He
had heard of the trouble however, and
oil 4. tr,c -
debt if possible. =. -
al have met heavy losses" said Mr..
Oglethorpe; CLOSES that cover more
than am worth. At time when l
expected to be easy and comfortable,
find myself suddenly thrown to. the
wall.n -... f-E glow
"What do you propose doing?" asked
Mr.. Spicer, abruptly.
"Doing JUSTLY" was answered with
some dignity of manner. .oL st
"No one doubts that" said the cred
itor, softening considerably. But
what are the steps you propose taking?'
MY trouble is so recent,n replied
Oglethorpe, that I remain undecided
as to the best course of action. But OF
one thing you may be certain-there
will be no preference of one creditor
over another; all will be treated alike"
"Then you mean to stop payment 81
"If l have lost the means of pay
ment, how am 1 to pay my obliga-
tions?"
"Iou are evidently putting the worst
face upon your affairs, Mr.. Oglethorpe."
The visitors manner underwent furth-
er change. Let me suggest differ
eut course of actionu
Say on" Mr.. Oglethorpe east his
eyes to the floor and bent his head i'll
silent attention.
"Don't think of giving up in this
way" The tone of Mr.. Spicer was in
sinuating.
But how am / to go forward ?" was
the debtors prompt interrogation
For instance, L owe you two hundred
dollars, and you want the money"
90 do"
Every well. Ard what next??"
Borrow -..
Borrow 70
"Yes. You have many friends who
will take pleasure in giving you tenn,
porary aid. This disaster may not
prove SO serious as you imagine, and
you NAV be able to struggle through
being cast on your good name. If you
suffer present obligations to be dishOn-
ored, remember that your reputation
must receive stain. This cannot be
avoided. There are men who have nc
word but dishonest with which JC
designate those who fail to pay them
what is DUE no matter what causes
produce the failure. Think of this, Mr.
,o.l, hn
sequences before you take the doubtful
step you have proposed to yourself
You have family, and for their sakes
do not permit this disgrace to come up,
Oh you and them"
Mr.. Oglethorpe was partially stun
ned by this. He had not thought OF
disgrace-only of misfortune. He sal
for some time like one stupefied.
"Don't giveu sir dom giveup!'
Mr.. Spicer laid his hand on the arm OF
Mr.. Oglethorpe and spoke cheerily
Never let it be said that you permit.
ted an obligation to remain uncancelled
Put ON a brave, cheerful face, and YOU
will go through. / can wait until to-
morrow for my money. That will give
you time to turn around. And when
ever you want aid or counsel, Temem
Der that jacob Spicer is your friend"
The creditors counsels prevailed
Mr.. OglethOrpe, instead of standing vi
brayely and meeting his trouble face Il
face, began the hopeless task of borrow
ing out of debt. He was invOlvet
beyond his means of payment abOu
five thousand dollars. His business
welded him little over twenty fiv,
hundred dollars year in net profits
1, 6, pE
ceeded fifteen hundred dollars, he wa
simply i'm a condition to pay up in full
at the end of five years. TO do this
however, 4 fair arrangement with al
his creditors was necessary, and al
would have to make concessions in hi
favor. Strict attention to business wa
also requisite. Such an arrangement
could have been made, and all woul'
have come out right in the end. Blu
unwise counsels prevailed.
On the day following Mr.. Spicer'
visit that gentleman received his tw
hundred dollars, which Mr.. Oglethorp
borrowed from friend, under promis
of repayment on the day after. Anoth
er friend furnished the money TO max
his loan good, and third supplied tn
means of taking up small note tina
fell due i'm the mean time. By the en-
of a week or two, Mr.. Oglethorpe wa
fairly indicted into the mysteries an
miseries of borrowing. His line of &C
commodation in this direction had al
ready reached the sum of two thousan
dollars, part of which had been re
ceived from professional lender, VIII
charged the moderate interest of ha
per cent. a day. To keep this large aC
emulation ahead of him was no cas-
task, and our borrower found but'littl
time on his hands for the ordipary du
ties i'm business. Steadily this accumu
Iation went on, until it reached the fu
sum of his losses, and steadily it il
creased by the addition of excessive il
terests, while the poor mans income
decreased in consequence of his neglet
of business.
Jacob Spicer.never loaned MIR. Oglt
thorpe a single dollar. His advice ha
been given selfishly and heartlessl!
To get the whole of a small claim, h
had been willing to lead an honest br
not a clear sighted man into wron
way that led to certain worldly ruiz
Many times, in cases of extremity, ma
MIR. Oglethorpe called upon Spicer, bl
always the same cold refusal met n
applications. The shrewd unscrupulol
man knew that the end must come
that sooner or later, Oglethorpe mu
be driven under, and lie was not goin
trifiinr risk Ion X