The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-10-05

this generation In the United States
It was the Law to imprison for debt,
about half Of the American people
doubtless would be in jail, for the
personal indebtedness Of the people
Of this country probably Is greater
than that Of any nation in the
world.
Personal indebtedness. - a mat
ter Of course, 10 something new and
quite typically American. It 10 only
in modern times that it has been
possible for the rank and file Of
the people to be constantly in debt
and keep out Of trouble. In fact.
only a little while ago, and to this
day In many countries. to be in
debt Is to be In trouble.
American business has popular
lied indebtedness and has made the
owing Of money a matter Of routine
rather than q badge of disgrace.
1t is estimated that the personal
Indebtedness Of the American peo-
pie Is in excess of $50, 000, 600, O00
This is approximately $3.50 for each
man, woman and child in the na-
ton. II you add to this the ma
tional debt, that is each individuals
share Of the debt Of the federal
government the figure is increased
to $764 per capita, or $76,425,623.-
900 in the aggregate.
In all probability the figures
which it is at all possible to esti-
mate fall far below the actual sums
owed by Americans. So vast and
intricate is the network of Ameri-
can life that it is out Of the ques-
ton to attempt any exact state
nent.
One or two groups are ascertain
able. For instance, the figures
show definitely that the American
people owe to the banks of the
country for cash loans the huge
sum OF $27, 666, 1923, 900. This is
about equal TON fact, little in
excess of-the national debt. OF
this $1,977,614,000 is owed to the
national banks and the remaining
SIC, 689, 209, 900 to state banks, trust
companies, mutual savings banks
and private banks.
A New Line of Credit.
The most difficult to estimate is
the group of debts of a personal
character, and it is this group
which has introduced personal in
debtedness in the United States on
such large scale. This. refers to
the store credit, particularly to the
installment plan Of store credit by
which/the purchaser can obtain a
commodity and have a long period
in which to pay for it.
1t was only in the last generation
that this sort of credit was prac-
tically unheard of. 1t, is a usual
thing now for a housewife to en-
ter store, make a purchase, glibly
say: Charge it," and go home Sc
cure in the knowledge that, in all
probability, the purchase will be
delivered before she herself ar
rives home. Not long ago no mer-
chant would dream Of such a
transaction unless the purchaser
was 4 friend or an old and highly
valued customer.
This works both ways, this in
crease of confidence in retail trade.
A housewife goes into store,
and makes a purchase and
pays cash for it. She tells the
clerk to have the goods delivered
and then walks out of the store.
She has parted with her cash and
has nothing TO show for it. 1t is
within the memory of our fathers,
or at least our grandfathers, when
no one in his right mind would do
anything of this sort. With one
hand the purchaser would offer the
money and with the other grasp his
purchase. One who paid his money
without obtaining physical poses
sion Of the goods would be regard
ed as gullible simpleton.
| "A. r. Stewart, the great New
York merchant, probably was the
first to introduce the system Of de-
livery. At its beginning, people
were certain there was some trick
in 1t and would not trust the store
to make the delivery. mo sir
That clerk will just put my money
in his pocket and I'll never see il
again, or never see the goods
bought" That was the attitude OF
the public and it took years to edu-
cate the purchasers that delivery
would be made honestly without
substitution or fraud.
| The Dollar Down Plan.
The next step in merchandising