By incurring a debt there seems to promise the opening up of opportunities that have been denied, and a possible field for the successful exertion of his pent up energies.
The present intended use of the loan, too, seems so attractive and profitable, and the buoyant, hopeful spirit does not doubt that the loan can be easily and promptly repaid.
The temptations to debt do not come to the vicious and idle and worthless, but to the most worthy, industrious, talented, reliable and enterprising, those who will be the most productive in their fields of effort. Its very approach is flattering and therefore so hard to resist.
A bright, intelligent, noble young man with high aims and worthy purposes yearns for an education, but the opportunities seem to be denied him; but there is a fund at low interest at his service.
A lively, energetic young man, with industrious and economical habits, is anxious to engage in business; his youth, character and energy bring the loan to his feet.
The young man with pure yearning for domestic life and a home, with a reputation that is above reproach and of commendable energy and thrift, has a home pressed upon him, to be paid for in long-time payments. He can fill it with furniture "on the installment plan." With intellectual taste, he can fill his library with just the books he desires "on the installment plan." Is he musical in his taste, he can fill his parlor with musical instruments "on the installment plan." His needs and tastes can all be gratified at once by incurring debt. To avoid debt there must be a determined and unremitted effort to resist. Few have been able to escape. The aggregate of private indebtedness can not be told.
Few manufacturing plants are free from debt. They are usually carrying all the load their credit enables them to secure. Railroads and other corporations are under bonded debts that tax their trade to the utmost to sustain.
Counties and municipalities have caught the contagious habit. Bonds are issued to build school houses, town halls, viaducts, water-works, and pave streets.
There lies on this table a list of all the cities in this great land, the United States, with their number of inhabitants and their bonded debts. There are but six small cities in the long list without debt. In some the amount is enormous, the city debt in cases running up to one hundred and one hundred and fifty, and two hundred dollars per inhabitant. That is, there is a city debt on each man, woman and child of two hundred dollars. On this amount interest must be paid, twelve dollars per year, one dollar per month for every man, woman and child.
There lies also on the table a report of the financial condition of the nearest great city. It is rendered in a cheerful mood and declares the city's credit "tip top." The indebtedness is eight millions, but the assessed valuation of the city is so high that two million more bonds can be issued before the limit of indebtedness is reached as established by the general law. This is regarded as a most favorable showing and the assurance is given that all the contemplated public improvements can be pushed without interruption. There is no thought of stopping until the extreme limit is reached.