Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-07-29

"Nt'0 thN NAlNt NNiANuNNH ~ AhAfNtNh-
ness In n variety Of forms. But II is
not the paper purely, not the promise
10 pay, II ~ that confidence and aosur-
auce Of experience behind all this
which gives an Obligation value. II
the element Of uncertainty entered
into this far.reaching trade It's limits
would DO very much ouftailed. IL
notes and drafts were not In the main
promptly met, an immense volume Of
transactions now practicable would
have 20 be abandoned or paid for be-
fore delivery. Enormous sums Of
money or value are represented In this
simple and convenient yet effective
way; and while gold or silver Ia the
ultimate basis Of money, credit aud
iis concomilants represent fabulous
amounts far IN excess Of all the
precious metals OF the world. Transfer
and exchange is systematlzed through
banks and clearing houses, as they are
technically called. Balances are deter.
mined, closed or carried as Il wont,
and few moments clerical effort
settles the business Of a city, or ~ In
England all the railroad passenger
tuilio Of the island every day. In
umes Of depression or panic every
thing Is very closely sOrutlnizod; for a
day or two involving peculiarly test
ing financial conditions can bring
down the credit OF Old anu ovcrshadow.
Ing houses or Arms, and when they
fall, ruinous consequences mny have
w0ndr0ua scoue, as dependents are
with such multiplied almost without
llHliL Hence calastrophes Of this kind
never come alone, 70 interlinked aud
Intricate are the business relations %
mankind. In such tunes, assets las
has teen seen OF lAtel cut but a little
figure. A failure was poled within a
tow days, ~syr~- hoidsrN OF nonavan.
able property running u two OF three
millions had 10 ask tho protection OF
tho cOurtS, because few paltry
Thousands could not bo hai to tide the
firm over difficulty, which under
other circumstances would neither
have been thought nor heard Of.
IL Is not, however, with the compli.
cations OF giant firms, or the marvel.
Gus profits and liabilities OF those who
are kings Of finance that we have TO
deal, although "a humble subjects We
and tens Of thousands or millions may
be- affected by their manipulation Of
stocks or produce; Tor railroads aud
bread feel equally the electric touch OF
their hugeFp, anu the thermometer Of
values goes up OF down as they blow
hot or cold. But there l. "a credit sys.
tenor no syslem-among the masses,
which II demanding not only con.
alteration but reformation. To the
many, credit may at times be OF great
value. Whom II IL too easy or too
abundant as the result uf competitive
selling, when s9.called accommodation
is forced and On becomes chronic, It
IA an unmitigaleJ evil. The tempta-
tlon to solicit credit roHts heavily
enough upon some; but to have It
fosIered beyond all precedent has
been reserved for this business en-
tcrprise (?l Of the last few years. Stores
have multiplied because their owner8
could get credit; and they have had
buyer because thuso could get credit.
Every one has felt free, AID liabilities
have been created indiscrimlnatoly
first and last Easy come made "easy
60" until nearly every one Is and has
been living beyond their means, mort
gusing practically their future; and the
rude shock Of embarrassment from
denial Of credit seemed 10 be the only
thing which could awokon the "easy
going" to the impending situation.
Il cannot bo said that ono class Is
any better than another In this direc-
ton. The poor man, the man Of small |
wages Is behind with his rent; he owes |
a little 20 the storekceper, and to the |
butcher, and 80 closely IS he run that
the lack ui weeks employment or
sickness otsslt or family places him at
bis Wits end. but AFTER all this class
Of Indebtedness Ia proporuonately
small, and there Ia with such, gen.
orally enough sterling, Il rugged, hon
esty, which commands lenieucy
and sympathy, until timeH improve.
II he far otherwise with another section
%. deb,or, those Of the mistakenly
called respectable oiass, those to whom
the door OF society swing open almost
without q touch. THERE'S large In,
dub,odnrss due dealers from this
olomeut Every storokeeper OF the
oIdcr which supplies ani caters to
what would otherwise be q nice trade
Knows tho difficulty OF oven asking
Tor settlement of such acuount9.
Olcnae rs easily given, while to suh
pend that credit which IL but con.
yvuicuce and privilege at best Involves
preump'j0n ~ iusul; and probably
A..