Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1891-12-02
AN EVIL PRACTICE.
Sentiment Against Dat
ing Bills Ahead.
IT SHOULD BE ABOLISHED.
Opinions of Shoe Manufacturers
Throughout the Country.

Boston, Dec AT a meeting OF the
New England Shoe and Leather associa-
ton, held on July Is last, committee Of
se&en was constituted, and afterward in
creased 10 thirty, relative TO the subject Of
dating bills after the time OF shipment. OF
this committee Edwin l.. Sprague was
made chairman. It's report is now In
print.
The committee sent a circular TO the
boot and shoe manufacturers and jobbers
throughout the country, putting these
questions:
First-In your opinion, do the evils attrfb-
uted TO the system OF dating bills after the
time OF shipment, as stated in the accompany
ing commuuica tion, exisn
second-ATr you disposed 10 unite In any
measures receiving the Endorsement OF the
trade which will DO away with or change tho
systemf
system OF dating bills whom goods are shipped,
70 be settled for within q reasonable time,
siiher by cash or notef
The Opinions.
To the first question 90 per cent. Of those
answering replied In the Affirmative, per
cent. In the negative, and 4 per cent. in
definitely: to the second, 93 per cent In the
affirmative, per cent. in the negative, and
8 per cent. indefinitely; to the third, 90 per
cent. in the Affirmative, 4 per cent. In the
negative, per cent indefinitely. These
replies lead the committee to report:
That II Is the almost unanimous opinion Of
the boot and shoe manufacturers and Jobbers
OF the country that the dating ahead syst EN-,
~ IL now exists, is great evil and should be
abolished OF largely modified; that the manu-
fscturers and Jobbers are disposed TO cooper
ate In any measures which may seem 10 them
practical for its abolition; and that they
e., sxs u
the date Of bills
Shall Re the Time of Shipment,
and settlement shall be made In a reasonable
time, either by cash note.
Having arrived at the above conclusion the
| questions which the committee were called
| upon 20 determine were-which OF the two
alternatives proposed, the abolition or modin-
cation Of the dating-shead system. Is the moro
! feasible, and which will better promote the
interests OF the trade. In answer to the hrst
1 inquiry they report that no general and salts
| factory modification OF the dating ahead sys-
| tenn Is, in the opinion OF the committee, possi-
| bic.
And In answer TO the second:
That not only would the interests of the
trade be best subserved by the abolition OF the
dating-ahead system, but It's welfare impera-
lively demands it.
The committee recommends the follow
Ing as
Basis of system
under which sales should be made:
First-That the date OF bills shall be that OF
the date OF shipment of goods.
Second-That settlement of bills shall be
made by notes OF cash within thirty days, or
within other reasonable time subsequent to
the date of bills.
Third-That the maximum time given BE-
such that ono seasons bills shall not overlap
the bills OF the succeeding season.
In commenting upon the past custom,
the committee says that the adoption OF
the dating-ahead system not only revolu-
tionized the general mercantile credit sys-
TEN, substituting one of longtime open
accounts for one of short-time &C
counts and notes having q merchan-
disc basis, but also revolutionized the
general system Of note issue, forcing in
place OF that which had a merchandise
basis the one at present existing, which
upon examination bears too close re-
semblancs to a system of fat money Issue
not TO be contemplated without feelings ol
insecurity and apprehension.