The Delta independent., 1907-04-19
F.VlI OF CREDIT SYSTEM.
IIr I'll,.rt Hubbard.

By Elbrrt Hubbard.
The Armstrong Committee in its Off
cial report declared the tontine plan Of
insurance to be Immoral in that it
often induces people to buy insurance
beyond their means; and the fact that
they lose all that they have put in, If
they default in their payments OCCASION
ally, leads to great disappointment and
much mental suffering. The object of
insurance, if it is anything, is to give a
sense of security and "a peace of mind.
and any form of insurance that causes
people to expect to get more than they
pay for, because other people lose thru
inability to keep up their payments, is
speculative and unsafe.
The above Is pretty plain language,
and it is time some one stated the truth
therein contained.
But there is another economic evil
grown up about US which wise men full
ly understand, yet which fourshes and
grows fat. nobody caring to tell the
truth about it because it is controlled
by respectable people whose ill-will it
is not desirable to incur.
The evil to which refer is the Easy
Payment" plan the syren song which
lures US on to buying things VIC do not
need. OF all the snares to entrap NOR.
tails on their little journey from the
cradle to the grave, do not know of
any that causes more tears and heart
aches than the lnstallment Plan.
A Credit Account is the most insidi-
GUS form of borrowing money. When
you don't pay the merchant at once for
the goods you buy from him, you are
borrowing money from him, and dis
guised in the price is much more than
the legal rate of interest. Better to
borrow the actual cash and know how
much you have to pay for the accom-
mediation; but it is better still to prac-
tice self.denial and go without the
thing you want till you have the cash
to pay for it.
can understand how one might buy
food on credit, because food is neces-
sary to sustain life, but the fact that
people buy pianos, carpets, furniture
and books on the Instalment Plan is
only proof of their gullibility. Debt is
a rope to your foot, cockle-burrs in
your hair. and clothespin on your
tongue. The man in debt for things he
could have done without is in a contin-
ual ducking stool of disgrace. The fact
that if you should get sick or some ac-
cident should befall one of your family
SO you could not keep up your payments
on your piano; the deputy sheriff could
come with dray and carry the piano
away, takes all the sweet music out Of
the instrument. A piano bought on the
Instalment Plan gives off nothing but
discord-it is always out Of tune.
The entire idea of asceticism is
founded on the fact that there is fine
joy in self-denial. There is a gratifca-
tion in going without things. To secure
things by going in debt for them is to
ihoA " o6S yoot pCoSC VI duu put
your head into moose.
Have you ever been in a private libra
ry and seen the subscription books which
you knew we're talked on to the man by
willy book agent? Certainly you have,
and we behold few such books on our
own shelves! And how they do accuse
US Of weakness!
Buy books, of course, but buy one at
time and buy the book because you
cannot get along without it, and have
money to pay for it, then it will yield
up 10 you benefit.
Borrowed finery has its sure effect
upon character, and always and forever
proclaims itself to the wearer's disad.
vantage.
Aside from the bad psychological et-
fects of borrowing and running in debt
and they are the same thing there
remains the fact that you always pay
more than the thing is worth.
All the losses of the merchants who
give credit are made good by the people
| VINO pay.
1t is the unfailing law of trade and of
nature that nothing is ever given away
You pay for everything you get, and
when you borrow you pay big for the
privilege, not only in peace of mind but
in money.
The merchant who gives credit is not
in business for his health any more than
the paWnbrOker is | wonder if one car
afford to soak" his seif-respect any
more than he can his watch?
Everything must be paid for! Those
worthy 'one-pricc merchants" who
give ten per cent off to clergymen'
, charge the rest of US about ten, ne,
cent more than the goods are worth.
Merchants who give credit. arrange