The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1878-01-30
FRAGMENTS OF THE EARLY HISTORY
OF OHIO COUNTY.
ny u. D. TAYLOR.
CHAPTER XXXVIlI


CHAPTER XXXVIlI
Communities are 80 prone to follow in
the ruts and grooves OF custom. that
nothing but necessity will compel an
abandonment of announcement or unproti>
table modes of business. II we compare
the advantages of the cash. over the
credit system, it will I've seen that the
cash system has every advantage. First
NJ 10 the merchant, he is secure from all
loss from insolvency or bankruptcy Of his
debtors he can invest the cash sales of
to>day IN a fresh stock tomorrow and
in all staple articles which are in con-
slant demand, he can afford TO sell at one
per cent profit, aud realize greater
profit than the merchant who sells on
credit, a, fifty or one hundred per cent.
profit; just from the simple facts that
the cash man has no losses from insol-
vency can re-invest or turn over his
capital fifty or one hundred times a year,
and hy buyIng frequently. and small
stocks at a time, can avoid having large
remnants of unsuitable goods left over,
TO We condemned a. useless bv the freaks
OF fashion Bes;des all these, the cash
merchant has no fears OF psnies and
money pressures; he has no creditors to
rrumble at his dull sales, and send the
sheriff TO hasten business by sales at
auction. II his sales are stopped from
hard times. il Is more comfortable TO cry
over his goods. with the hope Of better
tunes. and the assurance that people
must and will have the necessaries Of
life by barter or some other means, than
to cry after his goods which have gone on
credit, with the melancholy expectation
of being paid of by notices in bank
ruplcy
ii possible, the cash system Is the
most profitable to the purchaser, not only
because they constitute the larger class,
and are less accustomed to habits of
close calculation and keeping the run OF
their Indebtedness, but It teaches them
habits Of economy aud self-control, that
are TOO often lost sight OF when they
resort to buyIng on credit.
From long observation aud personal
experience, the writer thinks he hszards
nothing in saying that a very large por>
ton of young men involve themselves in
early life, by INDUCING in the credit sys>
tenn; run hopelessly in debt, aud by the
long habit Of Sinking and evaiing the
payment of their just debts, lose all sense
of manhood. and become demoralized
and degraded. and disreputable members
Of society and perhaps train up fam>
lily Of children IN that oft-expressed sen,
timent. THE ,corId Ol0es me living, and
which obligation OF society sometimes is.
aud more generally ought to be, die
charged, legally, with a few feet of rope.
But even the ordinarily prudent, gem
orally find their Indebtedness at the end
Of the year far greater than their expec>
tstions; even if they have dealt entirely
with honest men; waving the risk of
having extortiooate. dishonest and erro>
neous charges made against them and
the heavy per cent they have to pay for
credit Add to all this bad crop year
and a low market, and the credit man is
left short of means to meet the demands
against him and is left TO the mercy OF
his creditors.
Let US next compare the condition OF
the man who buys of the cash merchant;
in the first place he gets. or should get,
his goods from twenty-five to fifty per
cent. lower than on credit; is safe from
any over-chsrges or mistakes seldom
buys except snch things that be actually
needs; pays no interest; il scarce OF
money, raises or saves such little arti-
Giles of barter as would have been entirely
overlooked on the credit system. aud ac-
quires habits Of economy and prudence,
the only sure guarantees OF success in
life; can hold on to his produce until the
market rises, and laugh at money panics
and pressures, because his paper is not
out in the storm.
Credit, il used at all, should. like fire,
be used with the utmost care-fire, when
used in its proper place and on proper
occasions, adds greatly to the comforts
Of life; but If thrown and scattered in
every direction, inevitably leads to ruin
and destruction so. if either the buyer
or seller use credit Unfortunately, it
leads TO equally disastrous results.
To young teachers, mechanics and new
beginners 10 life. credit is often great
boon, aud should always Re given to a
reasonable extent, when their industrious
habits and good moral characters will
justify the hope that it will be properly
used and appreciated.
The credit system is the great Pando-
ra's box from which all monetary and
economical ills arise. Nations have
sliced upon it to contract debts, 10 be
paid by future generations, and which
they will be as little bound to pay as the
writer would feel bound to pay the gam
bling debt of his great, great grandfather,