The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1881-02-18
GOOD ADVICE.

Cooper, whose ninetieth birthday oc-
ours next Saturday, gives the following
as the rule of long and usefu life:
81 have made 1t the rule of my life
never to run in debt. When I began
business resolved that I would never
place myself at the mercy of the banks
and to my strict adherence to that
rule attribute my success, which has
been great, much greater than I ever
anticipated. To my people up In the
Institute-young men and young
women-T am continually saying,
never run In debt, pay as you CO."
ciple was enunciated by John Ran
dolph, of Roanoke, when he rose in
his place in the House of Representa-
tives and exclaimed, tsNIr. Speaker, L
have found the philosophers stone. I'll
is to pay as you CO."
There can be no doubt that much OIL
the financial distress and business do.
preston that have afflicted this couu.
try in the past has been due to the in
furious habit of going in debt. Mr..
Cooper notes that panics occur at the
rate of about one every ten years, aud
he attributes such cafamities chiefly to
the credit system in public and private
finauciering.
He might also have added with
great truth that one OF the most unfor.
tunate results of the credit system to
which he is opposed has been the pre-.
valence for awhile of Greenback doc.
trines in the West, which, being largo
ly indebted to the East aud North,
seemed for time to look with favor
on a scheme for depreciating the cur
rency and thereby paying its indebted
aASi1v Mr.
ever, is unfortunately Greenbaker
himself, the one mistake of life of
honor and usefulness.
Whatever are Mr.. Cooper's finan-
cial views, however, they do not
affect the wisdom of the advice he
gives. We of the South especially can
see plainly in tho light of experience
the evil effect of system of unlimited
credit. 1t has led to imprudent ven-
lures on the part of the recipiment of
credit, and often to heavy loss aud
sometimes financial ruin on the part of
the giver of 1t. It has hung the mill
stone OF debt around many necks, aud
swept away the fruits of toll and indus.
try from those who have been more
anxious to increase business than pru
dent In tho manner of doing SO. A
certain amount of credit cannot pro
badly be avoided by business men
but the unlimited credit system tina
prevailed in our section for many
years after tho war produced disus
trous results from which many hav,
not yet recovered.
1t is tc tho interest of every one II
much as possible to pay as they go
In that case they get only what they
need, are kept from extravaganza, nnt
consequently spend less money. There
is considerable difference between pay
ing the money down for an article
you buy and having it "chargcd,'
and you think twice in tho first case
when you would only think once IL
the last. But the inevitable day mus,
come when the bill is presented, and
the cumulative power of frequent char
ges becomea painfully apparent. A.
this is the first Of the month probably
many of our readers now realize this
fact.
1t cannot be denied that the South
, ern people have. been sadly deflcien
in thrift and carcfulness. Many O
them have been improvident in tn
past, looking only to the present an,
leaving the future to take care of it
self. The hard experience through
, which they have passed since the wa
has taught them, however, tho impor
+ tnncc Of economy as we'll rs OF indus
try, and that no man is freeman
when bound with tho shackles O
debt. One reason that our section Il
now advancing so rapidly is that mel
, are learning to dread debt as one O
the greatest of earthly evils, and tha
, those who have been bound by it ar
determined to be bound no more.
But not only at the South has tn
system of unlimited credit been injuri
, Gus. In other sections of the countr
+ it has led to extravaganza, to livin
, beyond ones means, to laying up nott
ing for "a rainy day, and TO want an
misery when the rainy day too ofte
t came. 1t has led to speculation by a
c fording the means for it, and h;
f caused many to forget that wealth
3. acquired not so much by what "
make as by what we save. IT has bee
S truly said that any tool can NAL
i money, but it takes a wise man
keep it. Peter Coopcr's words tho
G should not fall on needless ears an,
), where. All through this land me
e will do we'll to avoid debt and to pa
s. AS they go.