River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-11-08
HARD TIMES.

| Living beyond ones means and con.
sequent debt is one of the things that
ails the people of the United States.
From careful observation we are con-
strained to attribute the stringency OF
the times in great measure to the
depressing effect of debt. The flush
times incident to vigorous prosecu-
ton of the war tended to augment the
expenses of individuals, families and
corporations; then, army contractors
became wealthy, the farmer. mechanic
and artisan received ample remunera-
ton for his products and the laborer
was well paid for his work; money
was plenty and layishly expended, each
trying to Guido his neighbor in his
manner and style of living. But this
could not last always, and in 1873 the
reaction came; for this, none were
prepared and with their reckless ex-
travagance many were found deeply in
debt for the luxuries as we'll as the
neeessaries of life, and so accustomed
had they become to ''fast living"
which their income could not afford
that they could lily accommodate
themselves to the results of the crash
and continued to live in a manner not
at all III accordance with their means;
hence, they have as yet been unable
to extricate themselves from debt
The farmer. as well as the manufactur.
er, mechanic, merchant and laborer-
is in debt, and as the basis of all bust
ness transactions is founded upon the
product of the soil, when the farmer
fails to meet his obligations the bal
ance of the list must necessarily post
pone payment. If the farmer is
prompt in fulfilling his promises fl
nancially, those to whom he is indebt
ed can in turn meet their bills and
thus the money started by the farmer
flows on liquidating debts until finally
it reaches our large commercial GEN.
bSAo AOeANJ w again pOAAh bnO
try in buying another years products
of the agricultural class. The bare in
terest money paid by many would sup
port their families in comfort if not
luxury, and if they would put forth
every effort in their power to Iiquidate
debts upon which interest is paid the
amount of interest thus saved would
be 80 much added to their worldly pos
sessions; then, there ale others who
owe small debts, each small in itself
though aggregating perhaps three or
four hundred dollars upon which no
interest is paid, and il these debts
were paid we venture that in nine
cases out of ten those to whom they
were paid could stop interest on an
equal amount they had borrowed and
upon which they pay interest to help
themselves along while accommodate
ing their neighbor who pays no in
terest and of whom if interest were
exacted accusations of ''littleness''
would be expressed. To illustrate: A
man has $500 due him in small sums
upon which no interest is received,
and by the force of circumstances
finds himself in debt which he borrows
money to liquidate paying interest
thereon at the rate of ten per cent per
annum, making $50 year which he
would save if those who owe him the
$500 would pay him what belongs co
him, and this neglect on the part of
those owing him really costs him the
$50 in interest paid out. Those who
owe small bills here and there to those
who have accommodated them from
year to year little realize the force of
the problem we have just suggested
and cannot appreciate the real wrong
done in Withholding payment of the
same else they would strive more in
dustriously to pay up. Radical econ
omy in the mode of living and a de.
termined effort on the part of every
one to pay his debts, coupled with
favorable crops, will do more to bring
about "easy times" than all other
agencies combined. Many say, eff I
WAS only out of debt | would be all
right could make a living" OF
course you could; well, let all practice
economy, and Industriously pursue
some useful avocation till they extri-
cate themselves from debt and the cry