The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-02-06
on GOING IN DEBT.

Should a man go in debt? We be.
lieve it was the apostle Paul who said:
'Owe no man anything" and many
people given to literal Interpretation
regardless Of contex, have maintained
that to incur a financial obligation is
6 sin. and have quoted Paul to prove
Il. Without going into the theological
p religious aspects Of the case, if
IL has any. we may assume that the
apostle was a nan Of sense, conversant
with the things about him. and about
as apt as q Of the rest Of US to give
friendly advice to an acquaintance
concerning the management Of his
health or his finances without ever
thinking that what he said would be
understood by anyone as Al indexble
rule to apply to all people, IN ell times
and under all circumstances.
There are people who take pride in
the fact that they have never owed
for anything. that they buy always
for spot cash, and II they have not the
cash they do not buy. These persons
are doubtless on safe ground. They
are not likely to go very fast or ver..
FAR. but they are in little danger of
Slipping back.
It makes a vast difference for what
g. debt Is incurred. II the individuals
desires for personal comfort and pleas
1re are greater than can be gratifed
on the income which he is making,
and indebtedness is incurred to meet
Tho gap between income ana expendi-
ture. then tho practice is a bad one.
One Of the first n most important
lessons that the young man can learn
IS that of self-denial, n the lesson
is important both for its influence on
personal character and for its infu-
cnce on personal finance. The man
who cannot resist the temptation to
buy the things that he desires, wheth.
er he has any reasonable prospect Of
paying for them OF not, is likely to
have a long and tiresome race with the
sheriff, with the chances greatly in ia
vor Of the sheriff.
A debt incurred in the prosecution
Of a legitimate business enterprise is a
different thing. Much Of the soundest.
safest, most profitable and most legiti-
mate business Of the world is trans
acted on credit. Big business men
are quite usually big borrowers. 1t
pay them to borrow, for they are
able to make the borrowed capital pay
interest on itself. and also to carr di-
Hidends with which to pay off the
principal. What is true in the great
world Of business is true in the hand
ling Of the relatively small financial
affairs Of the individual. 1t pays to
borrow-provided the borrowing has
81 legitimate object, ana the indebted
ness is kept we'll within the ability
of the borrower to pay.
Take the case OF the young man
starting to make q home for himself.
Shall he rent a house or buy one?
rf course there are thousands Of cases
where the conditions Of occupation are
such that the ownership Of a home
would not be a wise or practicable
thing. But for the young man who
has a reasonable certainty Of remain.
ing in n place for q considerable
length Of time. and in whose case there
are no specially peculiar conditions,
jndebtedness incurred in the purchase
of a home is n good thing. The young
man going into business for himself
also can often borrow to very good
advantage. In all cases there must be
81 proper balance struck between pros
pcctive earnings and indebtedness in.
Cured. The young man with a small
salary cannot afford to buy an expen-
sive house. and the young man who
is running a little fruit stand cannot
afford. without other capital Of his
own. TO borrow enough to start a four
story business. There must be reason
in all things. But. as a practical
proposition. a good many thousands
Of people have found that for them
the very best way to ave money is to
buy something Of real marketable val.
Tic on credit. n then be obliged to