The Coconino sun., 1927-02-11

the most so-called successful time
payment sellers admit that. And the
risk must be safeguarded by a PEN
atty which the consumer must pay.
And the great trouble is that the
average human being, tempted by
the lure of easy terms, does little or
no reckoning. When he contracts for
the car in the summer, he thinks not
of the coal, clothing or other season
able expenses Of next winter, which
are not apparent in the summer.
And when he has indulged himself
beyond car into a dozen or more
other items, bought on the install
ment plan and has mortgaged him
self up to the last penny of income,
and sometimes more, for these things
each month, what, pray you, IS to
happen in the event of unexpected ill
ness, another mouth to feed, or other
contingencies Ito say nothing OF
possible unemployment.
Under those conditions, the b T.
den becomes heart breaking and IN
escapable debt, stalking darkly in
to the family every 30 days and lay
ing its clammy hand OF demand on
the harrassed household, breaks the
moral fibre and tends to make cheats
and irresponsible of otherwise sta
bic citizens.
For he must needs rob Peter to
pay Paul, and pride of itself will
tend to prolong the final day of reck-
oning when one or more of the erst-
while treasures that came IN with a
glow of pleasure, must be parted
with because it is no longer possible
to keep up the payments.
The time is coming, and not Tar
off, if the present high pressure IS
maintained, when the burden may
make itself felt in an unconsciously
exerted buyers strike. No more OBJ
LEGATIONS can be taken on and the
ones now at hand will be so pressing
and so all-consuming that ordinary
necessities may not be purchased.
1t is not mere theory, but rather
cold fact. It is already happening. a
great increase is noted In the Dusl-
ness of repair shops especially on
children's shoes. Grocers- butchers
and milk men report delinquency on
the part Of many customers, former
" prompt pay.
Evidences of dishonesty are crop
ping up in unexpected places-all
fracable to an overtaxed income be-
cause of the purchase of items the
consumer could i'll afford, and yet
contracted for, because of easy terms
and a ridiculously low down pay
nsant And because there is no in
vestigation on the part of any sell
er as to the total amount OF oDhga-
tions existing at the time OF ms
particular so-called sale.
It's a case of going back to flrst
principles, establishing the amount OF
individual credit to be extended and
refusing to permit an individual 70
obligate himself beyond his means,
needs or ability to pay.
Extend credit judiciously, having
IN mind the normal family needs ana
reasonable creature comforts ana
let the other things come after Chat.
Let the first down payment be sup
stantial and the monthly terms con-
fined to not more than IL months.
If not--and if this present riot Is
kent up, the day of reckoning WIN
be speeded. Unless a halt IS called
and credit scrutinized the cold bold
fact that present production is ana
has been speculative will be reveal
ed.
For the time payment plan has
not vet been subjected to the test OF
business depression, but rather
hoe enioved it's vogue during the
rast -four. wears. which have been
ausnicious. No one wants to see
business depression, Of course, but
that Is d thing that would show on
what a frail structure this so-called
nroduction. entirely distributed Dy
installment selling, is builded.
So why not everybody, bankers,
u oanufactrrers. iobbers, retailers and
consumers realize the errors and fall
acies-calI gradual halt on the
present situation, get down to eartn
and protect each and every agency
against calamity which might come
and In so doing put our prosperity on
sound basis of facts rather tnan
theory. u,
It is generally conceded that the
safeguarding Of today's prosperity ls
too thoroughly dependent upon the
anticipation of the future and that
savors Of gambling and gamblers too
frequently take long chance.
But granted that, within reason,
installment buying ana seiing
sound, and you must take the Woru
of experts for that, It was never
contemplated that it should have
reached the point Of volume with