The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1917-04-09
Good and Bad Debts.

The Young Mems Christian asso-
citation. which is boosting the thrift
campaign, in the following statement
discusses the difference between good
debts and bad debts. The good debt
idea is brought out in this illustra-
tration:
my boy" said the father, as he
placed his hand affectionately upon
the shoulder Of his sol about to
start for the distant city for a bust
ness career, don't get into debit" A
great merchant turned suddenly to
his private secretary, Young man,
have you any debts?" Somewhat
trembling and apprehensive, the sec
rotary faltered. "Why-why-no sir,
l have no debts" Get some" snap
ped his employer. as he handed the
surprised young man some stock in
a great corporation. You W ME
for these shares-save money and pay
for them as you can The paradox
is suggestive. Both the father and
the merchant were right.
Aristocracy is not naturally heredi-
tary. Without arbitrary destination
such a trust fund or the principle Of
entail, the evolution of the family Is
too often from "shirt sleeves to shirt
sleeves" But there is a vast differ
ence between the progress from shirt
sleeves to wealth and the downhill
trail from wealth to shirt sleeves.
The first requires thrift, education,
perseverance, manliness. 1t means
progress toward better things, Il
broad conception of life, its inter-
relations, its higher meetings. The
second means waste, inefficiency and
mental tpTpor. 1t means a loss Of
hold on life. a growing grip of tho
bad kind Of debt which ultimately
throttles it's victim.
The present owes a debt to the
past which it can pay and per-
haps because Of this the young man
is too apt to feel that the present
also owes him a share Of its wealth.
And he Is in a measure right. Bust
ness needs capital but it much more
needs brains and energy. A loan for
a continuing and productive enter
prise is as seed put into fertile soil.
A oar used for extravaganza, de-
veloping no means OF repayment, is
like seed rotting on the rocky places.
Borrowing money means borrowing
trouble, unless the loan has some
legitimate economic purpose. A
mortgage which aids a thrifty NAL
TO Duy q nome Hldy Ue IL DleSSluS- Inc
mortgage, when it means running be-
hind and is used for the payment Of
the debts of waste. may prove a
curse.
On the other hand, the most sue
cessful business men have usually
been the largest borrowers. But
bear his in mind-wise borrowers.
Not too much for their own capital
not with too great a masgin OF risk
not too much for the energy and
capacity so necessary to make the
borrowed capital bear fruit.
First learn to work; second, learn
to save. Only then may you wisely
use the wealth Of others and make
debt and thrift one
To live beyond ones income, TO
spend more than one earns, is an
easy temptation for a young man to
fall into. Once the habit is acquired
il Is hard to break. Make 1t a rule
to pay cash for everything you buy
or do not buy it. When I am asked
about a young mans credit by a
credit agency, when l know he has no
business to ask for credit, 1 find it
hard to be patient. Wear the old
coat a while longer and have the
shoes half-soled again; but don't go
into debt. Watch the bargain sale
and you will be surprised what you
can save in the course Of a year, and
dress well