The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-15

same time prevent another man
"A from framing promise to pay In
:, any form is becoming one Of tho
e e professions of the day, just as
it is one Of the newest.
The modern credit man Of the bust
ness world is one Of it's most potent
factors, commanding position In tho
salaried world in every way to be en-
We'd and yet distinctly with a pros
pect Of further prominence and COM
pensation as the intricacies Of modern
III 1nfo aRd pteEm d5a Of II.
oldest of the old style in functions to
day at Memphis, Tenn, national ASSOC
citation Of credit men, having mem
bership Of more than 5000 credit ex-
perts in the United States, went into
convention and discussed ways and
means by which safely still greater
might find still greater lati-
tudes in the granting Of credit to thou
sands more individuals in need Of con-
venience and courtesy.
There are debts and debts. There are
credits and credits. A man may be
on the rocks of ruin in his small way
with debt Of 800 hanging ever him.
Another with his property mortgaged
for 800 900 may be Just beginning to
see the rising sun Of his fortunes. Com
sidered from either side Of the PROPOSE
ton, the vital question for debtor and
creditor alike is, For what purpose was
this obligation assumed9
IF all at once in night the whole
intricate system OF credits in tho world
were wiped out and civilization attempt
ed to carry on its business on an un-
compromising cash basis the whole pres
ent structure Of civilization would fall.
Let me see the color Of your money, :,
n II Gle oh Law 40
will-look at the money that is in your
own pursel
Every cent Of it, save the chance gold
piece that so rarely is In circulation east
Of the Rockies, will be- found to be
based on credit. Save for the credit
Of the national government every other
dollar in your possession would sink M9
to almost hopeless worthlessness. The
silver would bring about half its face
value in the world Is markets; the paper
would be worthless. whether It. be ma
tional bank note, greenback, silver Ger
tiicate, coin certificate, or gold Ger
tifcate.
But, putting these credit moneys
aside, the credit papers OF the banks.
commercial firms, and individuals, prob:
ernment, and yet with the credit ele..
ment in them vastly emphasized and
uncertain.
For an individual or firm Of standing
and reputation debt may be Cancelled
by plain check upon bank. This
check will be subject first to the credit
Of the person drawing it, ana sec
which It is drawn. The individual hav-
ing paid cash OF it's credit equivalents
to a bank and receiving bank draft,
uses it without his OWN personal TASK,
leaving that credit doubt between tho
bank chat draws it and the bank on
which it calls for currency. A promls-
dered for payment at thirty, Sixty OF
ninety days. =, 80.
Here It is that the credit man Of tho
Individual house in commercial centerS
first found his professional field. Some
body had to be charged with the sole
duty Of keeping track Of the customer
never been such thing as a cash quo
tation. The credit man Of one house
discovered that the credit man of an
other house was mutually profitable
acquaintance. and the two Of them con-
sidered the taking Of all the other ex-
perts in the line into local organlza'
ton Of these local bodies was inev.
liable.
"A Udu uOU W1tulu GnO SAASAo VI CAAAo
really new profession cannot realize
such an organization into the customs
and laws Of state. When q credit
paper of a credit house may be used
to wipe out the debt in favor Of the
creditor the position of the credit man
is apparent.
Today, for instance, one of the great
stumbling stones Of the credit man Is
the questionable and Inadequate inSur-
ance policies Of the country at large.
Whether the credit be established by
the individual retail customer or by
the retail house with, the ;iobber, this
question of whether there be adequate
Insurance upon realty and personal
property is of first Importance. In .
like manner the application of the ma.
tional bankruptcy law in the case Of
. failures is Of great import, especially
as Bradstreet 8 for 1904 reports 10,417
failures in the United States. due to
tho three causes-lack of character,
capital, and ability to conduct busi-
ness. John A. Rowland