The Irish standard., 1906-01-27
''LlFE AND MONEY
Instructive and Thoughtful Ar
ticle From the Pen Of
Rev. DR.. ". j. Kerby on a Phase
Of American Life.

Va n040x4S0A
The Rev. DR.. William ]. Kerby has
an instructive article in the current
issue of The Catholic World entitled
Life and Money" from which the fol-
lowing is extracted:
No one denies nowadays that, in the
United States, wants frequently ex-
ceed income. The circle of wants has,
under the action Of many forces, ex-
panded far beyond what actual in
come warrants, or prospective income
promises for the vast majority. There
are few in that great number who
do not ardently wish for greater in
come; few who do not plan and hope
for a day when it will come. Millions,
particularly laborers, are organized
and working for that as their great
purpose. Under such circumstances,
it is not strange that men have con-
trived to escape, in measure, the
restrictions of income, and have Ella
borated methods of getting more pres
ent pleasure from life than means
at hand permit. This is accomplished
by the credit system; by counting on
future income in the present; by pay
/ ing for money borrowed on income
not yet earned, but to be earned.
Credit for business or investment pur-
poses is not meant-rather credit for
consumption; credit for necessaries,
conveniences, or luxures, which are
presently consumed and offer no pros
pect of producing as credit for in
vestment does.
Profit is the motive of business.
Merchants find that it pays to give
credit to customers; hence credit is
easily obtained. Those whose wants,
habits Of life, and standards of taste
are beyond actual income-many of
them, at least-will resort to credit
schemes, and thus evade the disci-
pline that income offers. The pass
book, wherein open account is carried,
and payment is made in part, as the
customers may have the money; the
installment plan, whereby manner OF
payment is SO arranged as to cause
little present inconvenience, and series
of payments in small amounts are
arranged; borrowing money from loan
agents, in order to pay cash, are means
employed to consumer to escape dis
cipline. Were business thrown back
to a strictly cash basis, it would re-
volutionize conditions everywhere.
Conspicuous advertisements in our
papers invite US ito open an account
with A." "Everybodys credit is good"
PAY when you WISH" A daily paper
at hand contains fourteen ADVERTISE
ments of loan companies which offer
money in small amounts for only
s1.33 or $1.66 per month" rates vary
ing from 80 to 40 per cent on the
amounts borrowed. Secrecy, dispatch
convenience, are promised, no ques-
tions asked. If one might estimate
the amount of unpaid debts in the
country, one would surely be appalled,
at the disproportion between income
and expenditure. The Secretary of the
Treasury recently issued a circular to
all employees in his department ask
ing many questions, among them these:
How much are you in debt IN excess
of the value of your property
Does your condition compel you oc-
casionally to borrow money at exor-
bitant rates Of INTEREST,""
/ Recent dispatches tell of trusted
clerk in Chicago who embezzled a large
amount in order to pay five loan
agencies who were threatening him.
Il A by-product of this situation
!. which any thoughtful reader will real
ize in moments reflection--is the
loss of horror for debt. Living II
| debt is so ordinary a fact now, tina
, rClaClNely lew SIIAIlh 1ioll ~
' Given then a condition Of want, as
piration and life, in excess of income
exerting pressure on the restraints O.
moral and civil law, and on the ideals
which Christianity presents; giving
our natural reluctance to diminish
: our wants, which is looked upon a.
. diminishing life itself; given habi
: of pleasure seeking, self-indulgenc'
: and a spirit which resents discipline
a what is the effect on moral and spirit
ual life and standards?
i The falling off in the marriage rate
the decreasing birth rate, are phase
Y of the relations of life and money
Certain girls will not marry certai
young men, because the latter haven
money enough; young men will no
marry because wives "cost too muc
to keep" To a great extent, the ev
> lives of many unfortunates are du
to a love of dress and pleasure whic
:, = their means do not warrant, but 81
= and shame did. Gambling, embez
cling, stealing, cheating. are, In
measure. due to this same dispropor
o~H uonfo An