, 1880-07-18

| EliSl dependence upon lllaG SupeT10ftCy. AL
the former Indifference, and at one time
actual hostility, of the Times to this country
| can be overlooked and forgiven in view OF
this handsome retraction and apology. We
are glad that the Times is glad, and glad thai
it selected the Fourth of July us the time to
show its gladness.
HOW BUSINESS FAILURES AFFECT MEN.
! In our last Sundays Issue we sernonized
a little upon a text drawn from Mr.. Edward
! Kings "Egotist," book which is having q
| large circulation, and which is calculated to
convey to the reader very peculiar and in
deed gloomy ideas Of life, as it is written
| from generally pessimistic standpoint. To-
| day we choose another text from its pages,
which may be briefly stated as the effect of
business failures upon mans future stand
ing. Upon this question, rs upon all others,
Mr., King discourses as gloomi1y and hope
lcsly as it Is possible to do. Before replying
to lis jeremiad, we will Try and sketch the
substance Of it. Hefinds that man who fails
i'll business is afterward surprised when
others refuse to trust him, and that he
wonders that men who formerly were so anx-
ious to sell him goods now fight shy of him
and demand ready money, where formerly
his word WIS good. lie has been advised by
friends that bankruptcyisa is a light matter, and
that he can fail and prosper; butin reality he
finds that he is still the old debtor; that lie
has lost moral power; and that lie no longer
holds position in church, society," or business.
Arguing from such premise as this, the
writer. says: ..:..'., :, =. -
have heard it asserted that the most SUCCESS
full business men have failed at ono period in
thoir career; but that is not true. blen who
fall almost without an exception, In the end SO
down. Men who hold success to the end OF life
are men who have never failed; men who have
never compromised or made settlement with
their creditors. They are the men who have
their lives; their word h,.s never bccu brokcn;
their promises have always beon kept Tho
lnnn who has fafled can never feel full man
Of him. It makes him timid or reckless, nccnrd-
ing. to the disposition of the man. Failure
Hs.kcs unrelcnting, unforgiving enemies.
This is sufficiently gloomy, but he con-
tinues in the same hopeless, dcspairing
strain. The bankrupt finds that " lie is smit-
ten with financial leprosy," for no one will
trust him; his word is treated as thing Of
naught; and he is Stunned by every one
Speaking Of spending money, he says:
Some men think it IS to thcir credit that they
M they f. 4na h is the
that the money has been used in good works?
that they have fed the poor, or that even they
families: No. Thcy % mean @ % fhas they T haye &c spent
itin low riot; in debasing self-indulgence; iu
corruptfng themselves and others. It has gone
to the tavern. and not to tho home or to the
church. This is to spend money. ! say men are
angry when the they lose their money. And tho
debtor feels that they nre; and he knows they
cnsh after he has fulled not TO the men who
have lost by him, but to strangers to his former
dealings
After such gloomy views of business life
as the above, and many others which might
be quoted, he closes his mournful screed
with the following advice, which Is very
good for those who can follow it,:
II you wish men to respect you, pay them. II
whom you owe. and cannot ply, will love you. /
cannot too strongly urge upon the young man
who happens to read this paragraph tho necos-
sity Of keeping his name free from the stain Of
debt,-from the stain OF broken promises. And
be careful how you associ,te it with older names.
bee b % 70 y Fesp oe aoaf 6e ali ar
down your fresh name Let your name mean
just what It imports that Of a free man: When
your word Is once broken, your name Is no
longer free.
The trouble with the *sEgotist's" state
ments is that they are too sweeping. Like
many another weeping philosopher, like the
whole race Of pessimists in fact, he closes
his eyes to everything that is cheerful and
hopeful, and is determined to see only what
is cheerless and hopeless, which is the
easiest thing in the world to do. He pro-
ceeds upon the assumption that all failures
are dishonorable, which would unquestion-
ably be true if all misfortunes were crimes.
There is line which creditors always draw
in case of failures, and it is the line which
runs between honesty and dishonesty. To
say that all creditors ostracise and isolate
all debtors from future trust or regard them
as financial lepcrs is statement that ut least
IS very wide Of the mark, and shows only
superficial knowledge Of business PRACTICES
II mans transactions have been honest;
if he has made no Misrepresentation Of his
condition; if he has not obtained
goods from his creditors upon false
pretenses; if he has not concealed his bust
ness status; if his habits have been good and I
his living prudent and economical; creditors
are always lenient with him. II he can show
that his failure was not due to carelesness,
dissipation, or wanton misuse and waste of
money, but was inevitable, growing out Of
panic, or fire, or failure of others, they would
not only be very hard-hearted but very fool |
ish creditors who would not grant extension,
or help establish new credit, and thus assist |
in setting the debtor on his feet again. Such |
a debtor, assuming him to be an honest, con-
scientious man, after having made compost
tlon at 50 OF Is cents on the dollar and recoy-
cred his financial standing, will go back to
his creditors and pay up the remainder.
hnts
OF this honorable style OF conduct, which of |
themselves alone refute the sweeping whole |
sale charges Of the t'Egotist.''
There are cases Oh the other hand which |