Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-05
THEFT No WORSE
THAN DODG|NG
YOUR DEBTS
Line Between Mine and Thine
Too Badly Blurred at Pres
ent, Says Forbes.
BY 3. c. FORBES.

wine and nine, Many tnoINio-
uaIs, not a few companies and few
States and municipalities need to be
reminded of this simple fact. Lax
notions are prevalent on the subject
A debt is debt. All debts are
ocbts of honor and should be hon
ored. In these days of unthinking
extravagance too many debts are
light heartedly incurred and not
paid. The habit of getting into debt,
like most bad habits, is aIIurins at
first, but, also, like most bad habits
undo their victims in the end.
The phrase falling Into debt"
is apt. The descent is easy enough,
but the climb back is usuaIIypainfuI.
This dissertation is inspired by the
frequency of late with which corpo-
rations have failed to pay off obIiga-
tions falling due. Instead of walking
UP to the counter and handing over
one hundred cents on the dollar in
hard cash, as was stipulated when
the debt was incurred, borrowers
have too frequently resorted to make
shifts, to temporizins, to compromis-
ing, such as Offering. in lieu of cash,
a new obligation for the old, with an
intimation that if this be not ae-
cepted the lender will fare much
worse.
The most brazen instance of such
Atchison, Kans. An issue of some.
1857 GOO bonds of this city fell due
Tuesday. Did the lenders promptly
receive their money as they were en-
titled to? Oh, no. In Atchison, Kan,
a debt is not a debt of honor, some
thing that must be discharged. Just
read what the Mayor has the effron-
terry to tell the holders, who, of
course, have counted upon receiving
their money-money which could be
used at high rate of interest to day:
Atchison will have $266,95O per
cent thirty-year bonds issued in 1888,
due July l. In the past, it seems to
have been their judgment that a sink
ing fund was not necessary.
I have inherited a debit would
not repudiate it, but will defer il by
offering a renewal fully as good as
the one ycu hold
| realize the opportunity of money
at present but as a representative of
the taxpayers ] can not increase their
obligation on account Of a temporary
stringency in the money market.
A new bond for the old one, with
the same rate that has satisfied for
thirty years, ought to be acceptable
under the adverse circumstances.
I regret that it is the best I have
to offer
Regrets" don't pay bill. The
holders of Atchison's bonds care
nothing about the Mayors sympa-
thes; they want and are absolutely
entitled to receive their money, every
penny of it, the moment it fell due.
One debt unpaid often causes
whole chain of debts to be dishon-
ored. 40 and So hasn't paid me and
! can not pay you" is an excuse often
given.
In America debts are run up with
shameful alacrity by people who
know full we'll they will not be able
70 meet them-run up, too, not al
ways for necessities, but often for
luxuries, for things that could be
done without, for baubIes or pleas
ures,
Not to pay a debt is akin to steal
Nsyh Ill -
other And by so acting you may
force your victim to become deIn-
quent.
The fortunes that ought to visit
debtors sit lightly on many people.
To borrow money on false state
nnents is considered clever rather
than scoundreIlY Some of our bic
corporations, railroad, industrial and
mercantile, have stopped to such
deception. When the time for re-
payment came and there was no mon
ey for the purpose-oh, we'll, try to ar
range a compromise or let the con-
Germ fail.
The time is coming when those
who are responsible for enterprises
that become bankrupt, entaiIing
losses upon innocent investors and
OIiCTSs VIII nave 10 paw Ine penalty
TODAY McCrum Howell, U. S. Motor
and similar scandals can be perpe-
trated without anyone going t. jail. It
will not be always so.
To dishonor d debt is tantamount
to stealing. Stealing is a criminal
offense. The sooner corporations. cit
les and individuals realize this naked
truth the better. A wholesome law
that will open prison doors to those
who wheede money or its equivalent
out of others ana do not make good"
is net far distant.
The line between milne" and
Thine" is at the moment badly
blurred.
Many persons have good tenants
moving into their property to-day
merely because Yesterday they had an
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