The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-09-22
ON AVOIDING DEBT


to all North Carolinians as a man OF Tar
seeing vision and ability, as man disth-
guished for integrity, common-sense anu
the homely virtues which, in times past
characterized all Carolinians who asplred
TO be known as good and useful citizens
and men of honor. When Angus MacLean
passed away he wrote into his Will some
advice for his children which The Char-
lotte Observer uses as text for edltoriai
comment. This is so impressive that Inc
Times-News is moved to pass it along to
our reader. Here it is: ..., ...
When the late Angus Dhu MacLean wrote into
his will advice to his children to avoid debt with
the explanation that mo better business practice
than this has come under my observation" he, no
doubt bespoke his peculiar Scotch convictions but
he also laid down fundamental truth in essen
TALLY sound personal economics that holds uniVer
sally good with reservations.
It would not be a tenable position to take to
advise, without exception, the rule of never going
in debt.
The best business men of America have gone in
debt
Ii is almost necessitous step to be taken by
those who expect to make the most of their OPP
portunities to call for borrowed capital at times
in order to accommodate themselves to their chance
in the world.
BY the proper and intelligent use of credit, not
only have vast private fortunes been developed,
but the greatest of American businesses and indus
tries have been brought into being.
Mr.. MacLean was not referring, of course, to
this type of sound and essential of credit
He was advising against the commonplace habit
nj hOrro for than
accommodate any and every passing desire to own
something which one is not economically able to
own.
In word, he admoniShng his children IN
self-denial-in paying as they go, in living within
their incomes and in saving themselves the embar-
raSsment and often the torment of liabilities in
CURED for no essential or wise purpose
America needs that lesson.
And especially Americas young people who, I'M
happily, we fear, are falling for the psychology OF
trying to get what they want no matter whether
they are financially able to underwrite the cost or
not.
In this respect, they are being given eminent
examples to emulate in the present-day philosophy
which seems to control the political leadership Of
the nation.
Our government in Washington has long been
proceeding, apparently, on the theory that 1t can
Dorrow the people OF TINS country INTO prosperity
that it can use its credit without limit to get for
today what tomorrow can pay back; that, no mat
ter whether the need is acute or the cause just,
going in debt is defensible policy.
1t is nothing of the kind-either for individuals
or for governments;
And America today stands in need of nothing
else quite seriously that it should look with
dsfavor upon this policy of profligate expenditures
that have other justification than that they hu-
NOR a momentary and largely imagined political
expediency. "...
Mr.. MacLean wise in his day and genera
ton in bequeathing to his children such distinctly
sound and wise advice.
Parents generally would do well to administer
similar admonitions by the simple daily process of
line upon line and precept upon precept.