Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1921-08-11
new SYSTEM
SEPTEMBER |
COUNTY MERCHANTS
WILL PUT NEW CREDIT SYS-
TEN INTO EFFECT
ALL MUST SETTLE IN 80 DAYS
Final Organization Meeting Is To Be
Held on August 10.

A largely attended meeting of the
members of the Boundary Credit Asso-
citation was held at Reids Department
Store on Tuesday evening to formulate
plans for carrying out the program of
this new institution. The final organ
ization meeting of the association will
be held on Friday evening, August
10th, at which time the directors will
be elected and the bylaws adopted.
The meeting on Tuesday was held to
consider and adopt the plans proposed
by the committees appointed to inves-
tigate local credit conditions and map
out new system to be followed
The system adopted, and which the
members of the association expect to
put into operation here on September
1st, will provide that all sales and
transactions of members. except cash
transactions, shall be on a basis of
80 day credit, unless a different term
is definitely arranged for in advance.
In other words, that all sales made,
say, in the month of September shall
be payable on October 1st, and that
the purchaser who fails to pay his ac-
count by October 18th, or fails by that
date to make arrangements for pay
ment satisfactory to the seller, will be
deemed delinquent and will automati-
cally be placed on an absolute cash
basis as to all future transactions by
every member of the association until
the delinquent buyer has settled such
past due account Various provisions
were adopted so that no undue hard
ships should be inflicted upon willing
debtors who recognize their liabilities
and attempt in good faith to settle or
adjust them, but as to all others the
rules of the association will be alb
solute and all members will be bound
under heavy obligations to carry out
these rules without making exceptions.
The step taken by the local business
men is in line with modern and pro-
gressive business methods. The ten
dency today throughout the country
is towards getting on cash basis.
The local merchants and business men
feel that to put the business of this
community on an actual cash basis
would be to work hardship in many
instances; hence the adoption of the
system outlined above, which it is felt
should not be onerous on the buyer
but which will relieve the merchant
of the heavy burden he has been carry
ing in attempting to finance those who
deal with MN but who fail to meet
the obligation of payment with prompt
ness.
There is doubtless need of a little
practical education of some of our
people in Tie matter of credit Many
persons have through carelessness fall
len into the habit of expecting almost
unlimited time of credit from their
merchants. This is entirely opposed
to modern methods of doing business.
which requires a merchant to turn
over his capital frequently if he ex-
poets to meet competitive prices in the
open market. The plan which the
newly-formed association has adopted
will bring home this economic truth
to those who have been in the habit
of letting the merchant carry their fl
nancial burdens, and will in the long
run work to the benefit of both buyer
and seller.
AS it is expected that almost with
out exception the business houses and
merchants of Bonners Ferry will be
members of the association when the
new plan of credits is put into op-
Grafton on September 1st, it will be-
hoove the man who has been negligent
in the past in the matter of settling
his accounts to wake up to the new
order of things, or he will find that
he has suddenly been put on a abso-
lutely cash basis by the merchants Of
the community.