Orange County observer. [volume] (Hillsborough, N.C.) 1880-1918, 1883-09-01
Borrowing Capital.

Ine ,faciace OF going iIto o-=,less en-
borrowed capital ard peyirg an eEor nous
rate Of interest, Is Or that has caased more
shipwrecks on the sea Of commerce an
any Other single agency [ nder oy3cary
With others for success 10 trade must pos
sess equal advantages. CT he i very Yearly
sure 10 get stranded II /. nan starts on
b3rio~td money and be to compete "ith
the strength o. capital, and cont Ct With
business 'sagacity equal to his own there
are very lew chances Of his succeeding.
Nevertheless the business b story ci es 4,
year Is marhe ed y numerous instances o.
/ reckl So embark ineut a erterpr. .ses o: such
! q character Money is gotten st any rate
1 OF interest the voracioGs bill hroker ch ,ose 5
/ to ask 1t Goesn't matter how much the
hapless victim Of his own to'ly pledged
/ himself to pay. BE only looks at the n
! ey he gets aud not at what the lender will
| demand from him in tie future Ills ex,rav
a1ant dreams OF success blind him by their
glitter II all prac ical lessons drawn from
the experience OF others. Once in the
Vortex be is drawn on by the necessities of
his case until he is lo1nd at last running
abour the street with care-w worn brow. offer
ing his paper a. any price it will bring to
raise the means of stavine off disaster q
little longer An incident now going the
rounds of tie press, illustrates very ap1'y
the true nature OF this practice OF borgow>
ing
The late Peter Cooper once offered to q 5
count merchants note fo- three years al
the rate three per cent month Ehich he
was paying brokers FOR SIX months accom-
modation. The merchant was ove'j oyet
and agreed
Very well sa;d Mr. Cooper Just sisr
this note for so goo, payable in three ears
and give ne y2ur eek for $500, and ;h'
transaction is complete
: But where is the money ftr me ashet
the astonished merchant.
y on 90 not ct apy" the reply
Your interest foc thirty six months a
three per cant per month amounts to 10
yer cent or >l0 500 therefore, your checl
o for $500 jIst makes US even
! 1t is singular that there ere 50 many bus
ress men WI never realize the simple fac
how interest eats up capital, especially 6
instances Of the rain and distress wrou "a
are constsntly being brought before tn
4 eyes Of business nleE The fac. tia. one
craft ever he breakers AM deposit It i
smooth waters leads hope on, despite K
wrecks that line the shore. Only few M
! have ever succeed, d in this way The roa
!. to success les in any business through l31
years of experience and act umulation
capital; in thorough knowledge Of detai
and the possession of means to Apply IL
: knowledge Without these, the chances
:. success; are as small as those of the ma
who throws dice with q professional thre
card monte nan. Il is a dire Hlisfortur
Ior young man possessed Of energy, i
dusty ard applications to place upoa Ii
brow slch g crown Of thorns as is Ct rta
IS to be placed there By going into b:>ire
D. on borrowed money Even in tie rare il
o. sstances of success the way lies threngh
e path Of care and anxie:: that WI! sur
e crush the bueyancy OF h.s spirits and NJ
. him premaurely Cd, ard it, as j. nc
6 probable, be sinks beneath the aeiEht
IL carr;as ha is laodicao;,rd i for lie WY h u
d odiun o. ia ;u-e These tacts should
we'll po, dered By men who have i IN mi'
y to eu,er upon business career, f9r pr
8 dence, Cation ard foresigh; are qua III
&c necessary 10 continued success, even wht
~ success Is doubly imp5rtart a. n. out5fa
al when he future is problem vt 10
ae IL, wax,a