St. Landry democrat., 1878-05-04
One of the Causes of Hard
Times.
detroit Free Press, !

If the time ever comes when an Amer.
ican pays cash for what he gets there is
a certain Detroit blacksmith who wants
to be alive and see the phenomenon
His business history is, perhaps, the
business history of hundreds of others
| He rents the shop. The landlord wants
his rent the day it is due. He has to
pay cash down for his iron, his coal
and whateves else he uses in the shop.
Up to day or two ago he ran two
forges. His men have families, and
must have their wages every Saturday
The patronage of the shop is what is
called first-class." That is, men of
wealth send their horses there to be
paired. Pass the shop any hour in the
day and you will see from four to a
dozen vehicles there to be overhauled
and the shoeing shop full of horses.
The income of the shop is often 5000
per week. Not one patron out OF a
dozen has paid cash down for his work k.
They have sent it there without the
least idea of paying anything until the
bill was sent in. Along about Friday
the blacksmith gets into buggy and
drives around to collect. He has ac-
counts footing up two, three or four
thousand dollars, some year old, all
against good men," as the phrase goes,
and the amounts ranging from seventy
five cents to $35. He calls ON A, and A
ia kes the bill, looks it over and says:
Come in agaiu," or I" | can't pay it to-
day." or he has some other excuse. He
may have had his horse shod three
months before. He knows that the
smith has had to keep up his rent, pay
his men and put down cash for stock.
Tho r,i4}, ic ,,nnr vrhi1a bo ic rinh VIC.
he hands the bill back without thought
or care of how the smith IS to get along.
B does the same, c. is not in, D is off on
a trip, and E, perhaps, pays a little on
the bill and says: "Come in the first
of the month";"
This particular blacksmith carried
around with him last Friday and Satur-
day over $4,000 worth Of accounts, called
on forty seven good men" yet did not
collect one shilling. He had to pay out
that week $3.50 for rent, stock and labor,
and was thus $120 worse off than the
week before. When asked why he did
insist on cash down he answered:
Let me make such a rule and my
shop would be deserted. Men WORTH
100000 would take it as an insult, yet
here is a bill Of S. against man worth
twice 100000, which he has avoided
paying lOF tuc last SIX IuOuJDS.
The other day one forge was hauled
off. Thirteen vehicles needing repairs
stood at the door, but one of the work
men was allowed to go because money
to pay him could not be raised. On the
accounts representing $4,000 the smith
had paid out over $4,000 in cash for
labor, stock and so forth. Each debtor
is reputed to be worth at least $1,000,
and some are known to be worth $780,
900, but the accounts can be bought for
fifty cents ON the dollar.
There is a general cry that business
is fiat, and men are wondering when it
will revive. Perhaps the way to revive
business is for men to pay their debts. |
Perhaps a still better way would be to
pay cash down. Firms representing
from $4,000 to 100000 capital can
carry" few debtors, but the 500 small |
who have to turn their capital
over each week must have ready pay or
go under. People who can pay, shirk
payment. They will carry full wallets,
rush their work in ahead of all others,
demand the very best, and yet throw"
a bill of twelve shilling until the credi- |
tor gets discouraged and cancels the
account.