Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-01-05
A NEW YEARS WARNING.

me following eultOrlal from tne pen
Of President Joseph Il. Smith appears
in the current number Of the Improve
ment Era. 1t is timely and important,
and we reproduce 1t for the benefit Of
the general public, as well as for the
Latter-day Saints both young and
old:
In these prosperous times, when
money is easily obtained, people be-
come reckless In It's expenditure. Lux
uries are INDUCED in. Expenses that
would appal a man In times OF de-
preston arc now met with little con-
slderation. Almost any scheme APP
peals to individuals as one safe to
invest dollars in. Money is borrowed
without thought Of how II is to be re-
paid. Mortgages are carelessly execut-
ed. Many things are purchased which
might almost as well be dispensed with.
Enterprises are established and car
ried on, with nothing but prospects and
credit to back them. Money is easily
made and more easily spent When
men who are now in debt obtain means,
they are not satisfied to spend 1t In
canceling their obligations, but use
their money, and ae much more as
they can borrow, to invest In Bpecula-
tive enterprises, believing they can
see splendid returns, And so one might
enumerate thousand ways In which
the good times which we now enjoy,
blind mems eyes with their gllttering
allurements of prospective wealth.
In all this action, word OF caution
to the young men. and to the Saints in
general. is not out of place. Many re-
member the crash that followed the In
flation of 1908, for there are quite a
number Of gray-haired men In our COM
munity who have constantly borne
heavy burdens since then because Of 1t.
That experience should be lesson
now. What should 1t teach? In the first
place, II should be a lesson to us not to
build enterprises without solid support.
II should teach us to pay our debts
while money Is easy to obtain; to DO
careful and economical In our expendi-
lures TO reach out in new speculations
only so far as we can see our way
clear TO pay and let go, In case OF
storm. II we can get along with the
old house. for another year. perhaps If
the good times continue, we may then
be able to pay cash for the new one,
and thus make large discount; on the
other hand. II we build II now, the
highest price must be paid for all the
material. and we must borrow money
on mortgage, and run the risk OF los
ing the whole. should an unexpected
money stringency suddenly appear, Re
member that a thousand dollars worth
Of property now, may go for a hundred
when the storm comes. And then. If
there should be no storm. we are still
safe, and viii make more money by
waiting.
What Is said Of the house, applies
with equal force TO other things that
you wish TO purchase or invest in. 1t
applies TO the farmers with their old
wagons, machines. and farm imple-
ments; 10 the clerks who contemplate
investing Ia real estate, and a thou
sand and one other objects on the In
stallment plan; II applies to the me-
chouic. artisan, and merchant, who are
reaching out TO expand and enlarge
their trade facilities and businesses;
and to the Bishops and authorities OF
The Church, In their public affairs and
undertakings Not that energy and en-
terprise should be discouraged, but that
caution should be exercised. and care
taken that the bounds Of the possible
are not overstepped.
Nationally and locally, business is
whlrling at fearful speed, and much
Is being done on credit, without solid
backing. Railroads and combinations
OF all kinds, are reaching out with what
appears needless recklessness, and spe-
culation is rife IN everything and
everywhere. Some day the money
kings will wake up alarmed and begin
70 pull the relns ON the steeds of specu-
Iation; 1t Is then the borrower viii
first feel the check. We owe 1t to our
selves, to be so situated that the Bit
shall not iniure us too much. Let us
abide where we can safely get out
from thunder" Our safety lies in hav-
ing the money to uphold our projects;
and in being out OF debt as far as pos
slble.
May the new year bring peace, bless
ings, and prosperity to the Saints, and
TO the honest in heart, the world overt"
JOSEPH r. SMITH.