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Excerpts from Souvenir Submitted by David M. Waid |
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MONEY,
A DEFENSE. For wisdom is a defense, and money is a defense: but the excellency of knowledge is, that wisdom giveth life to them that have it.--Eccl. vii: 12. Believe not them much that seem to
despise riches, for they despise them that despair of them.
Bacon.
Thirty-five years’ experience have taught me not a little in
money matters--earning, saving, loaning, etc., as well as care and thrift
on the farm. If I had not
combined economy with industry on the farm, and taken care of it, the farm
would never have given us a living, let alone a profit.
By my taking care of the farm, it has taken care of me, besides
yielding a profit every year, so it can be very readily understood what
farming will do, and what it has done for me.
When asked the question if farming will pay, my answer is simply:
"Yes, it pays to farm."
This is one of the reasons I love my chosen vocation so well.
But I fear I am digressing from my subject, "Money, a
Defense," a title suggested to me by the words of Solomon which I
have selected as one of the poems to my subject.
But before giving my pen further latitude, I wish to give the Lord
credit in this connection, as well as for anything else He has done for
me. The Bible is (or should
be) a sine qua non in every occupation of life, and I would choose none in
which I could not daily consult it as my text book.
Among the manifold things taught in Holy Writ is that money is a
defense, and the reader will derive both pleasure and profit by turning to
the eleventh and twelfth verses of the seventh chapter of the Book of
Ecclesiastes: Wisdom is good
with an inheritance; and by it there is profit to them that see the sun.
For wisdom is a defense, and money is a defense:
but the excellency of knowledge is, that wisdom giveth life to them
that have it.
It is this "defense" I more particularly desire to draw
the reader's attention to, although there is something better in the
latter part of the verse, MONEY IS A DEFENSE.
Will the reader tell me of anyone living who does not want money,
or who will refuse it if he can come honestly by it?
Is it any wonder I should want money?
I wanted it, you may be sure, or I would not have sought after it.
To anyone's mind this must be as evident as to my own; but, dear
reader, allow me tell you what else I wanted with it, a something I have
prayed for--the fear of the Lord, for it is "the beginning of
wisdom." And in getting
this money, or "defense," I required better security than what
my fellow-man could give. I
found it in trusting in the Lord, and with David I may say:
The Lord is my defense, of whom shall I be afraid?
Well, at that time I felt another want, and that was to Do GOOD,
with not only money but with whatever the Lord might be pleased to give
me. This good desire, this
sincere wish, so deeply implanted in my heart, I have cherished and fondly
cultivated (I humbly trust in the name of the Lord) until now.
And it is one of the uppermost thoughts in my mind how, Oh Lord, I
may but please Thee with the remainder of my life, and what Thou hast
given me. There are people
who never reason on what they should do, but on what they have done. Of that class I do not desire to be a member; and perhaps I
can in no better way summarize my wishes, my prayers, than by simply
saying I want to do His will, keep life, friends, property and all else on
the altar consecrated to Him, and at his disposal.
Now, my dear reader, if this is a digression from my subject, it is
one, you will allow, in the right direction, for I wish to tell you that I
gave my heart to the Lord before I ever owned a dollar in money; and what
I now call mine belongs to Him. It
has been said that "lowliness is young ambition's ladder," an
adage equally applicable to trusting in the Lord.
A minor is subject to his parents in all respects, and whatever he
may own is subject to their disposal according to law.
So I am trusting all in the hands of my Heavenly Father, at the
same time seeking diligently to do what I consider my part or duty as a
child of His.
Neither in money loaning nor in any other of my business affairs
have I ever had to force a collection by law in order to get my due.
It is a satisfaction for me to know that my customers (and I here
refer to myself as a "money loaner"), during my thirty-five
years experience in money loaning, have, with but few exceptions, dealt
honorably and fairly with me. And
this with pleasure I say to their credit, knowing that it is a compliment
they well merit.
My first S0UVENIR, at page 103, tells of the first money, $50, how
and to whom loaned by me in 1854. From
that beginning (and it was the first money I earned after I became of age)
money lending by me has been going on and increasing year by year, like my
farming, till the present time. Now,
if I speak of these matters in somewhat plain terms, I hope I am not
subjecting myself to the charge of being boastful or pretentious, for in
truth, my intention or motive is the very antithesis, the aim I have being
to do good to others. The
experience of anyone is worth something to the world, if it be ever so
limited. Men may dispute our
word or question our honor, but they can not "go back" on our
lives. Our several acts are
like so many bricks or stones in a building; they are there to remain, and
posterity will review our lives and discuss our character after we are
gone, and mayhap in no very charitable mood. "Men's evil manners live in brass, their virtues we
write in water," says England's greatest poet.
"It is human to err," but I believe if it were possible
for a man to be laid in the grave absolutely faultless and without sin,
there would spring up from among the living some one to say of his
departed brother that he had not virtue enough to be capable of committing
sin!
But this is not all. Allow
me to tell you what I think character is like.
You have given some one advice; now that advice you have given
away, yet still retain it. It
is not like a dollar that passes from one hand to another.
But character is something you can not part with in this world--it
will accompany you into the next. "If you do not wish to become
poor quickly, do not hurry to become rich."
Meander.
My assessment notice for 1889 (It was left with me November 11,
1889.--F. C. Waid.) reads in part as follows:
"Money at interest, $40,000."
Now this sum of money did not come into my possession in a single
day, but has taken nearly as many years as there are thousands of dollars.
I consider it a blessing sent me by a kind Providence in
return--no, I would rather say loaned to me--to do good with, in the same
manner as the talents were given, as we read in Scripture.
I realize accountability, and I know what on my own part it took to
accumulate this money, with the assistance of a life partner and kind
children. Years of patient
toil, steady industry and persevering effort on our part, with a judicious
exercise of economy have brought about this condition of comfortable
affluence. With what pleasure
I look back on those years! What
pleasant retrospective thoughts come to me of the happy days we had!
How strong the family ties that held us together so long to work in
peaceful harmony for one another!
The amount of money I have out on loan stands at present (November
18, 1889) as follows: In
Kansas, $3,000; in New York State, $12,000; in Pennsylvania $25,000; of
which sum $5,000 yet remain in Crawford County bonds.
The largest sum loaned by me to any one party is $10,000.
As many persons already know my method of loaning, there will be no
harm in here saying a few words on the subject.
I have very seldom loaned to strangers, as my comparative limited
means have always found a home market, which I prefer.
Yet I do not think I ever lost any money by loaning to an unknown
person; and this is more than I can say of some of those with whom I was
acquainted, who have borrowed money of me.
But I have this consolation, only a very little of the money I have
loaned out has not been repaid by the borrower.
As I have always done business on my own individual credit, and
began poor, standing at the foot of the ladder which I wished to climb
with the knowledge that "a man must stand erect, not be kept erect by
others," so I learned to help myself, to become independent and to
know how to earn a dollar before using it, which I have found to be a good
method. I recommend it to
others, and especially to the young man anxious to make a fortune.
The way to "paddle your own canoe" in the direction of
fortune's El Dorado is to make your way, foot by foot, sure, as far as you
do go; and if you do not find yourself a Croesus, you may at least become
well off. You will have
attained the object of your search as far as you did go, and you need
never retreat in order to begin again; you have saved yourself the
mortification of having to navigate yourself a second time along the
troubled stream of experience.
I do not remember of ever selling a note or obligation.
I always collect my own notes, whereby I save the percentage, and I
find it gives better satisfaction to my customers, and often prevents
trouble. I usually loan money
for six months or one year at a time, as may best suit parties, with the
understanding that time be extended, if so desired by my client or
clients, on giving me notice before such obligation falls due, and paying
the interest when due.
In money loaning, as in other business relationships, one has many
opportunities to confer favors, or be indulgent, and is often asked to do
so. While, of course, we can
not afford to grant all the favors asked of us, yet it is only proper that
some consideration should be given to such requests.
It is to our interest to grant favors in many cases when we can.
My experience, not only in money loaning, but also in all the
affairs in which I have been engaged in my lifetime, has taught me this. But aside from our interest, financially, the doing of a kind
act of indulgence brings a pleasure into our life which we might not
otherwise enjoy. Therefore
let us do as many kind acts as we can, and remember the time-honored
maxim, "To be good is to be happy."
I prefer a client to give his own security, if he can, than to have
a third party bail him. In
fact I think it better and healthier for all parties concerned in the long
run. I also think that the person who gets the benefit of the
money loaned should be the responsible party; and when he fully realizes
that he has the entire responsibility of the indebtedness, he will use his
best efforts to pay it. Your
friend then, whose friendship you so fondly cherish, will last longer if
you never take advantage of him, or ask him to go your security.
Money loaned in small amounts I have found sometimes quite
difficult to collect, yet on the whole I consider I have been very
fortunate. I have loaned
money in sums of from $1,000 to $10,000, at six per cent interest per
annum, and I have found that some parties who borrow the maximum amounts
prefer paying the interest semi-annually, which I fully appreciate.
This sensible departure from the usual rule (as far as it was
carried out) was brought about by the suggestion of a prominent business
man, who remarked that he preferred paying his interest in that way.
In fact, he maintains it is better for both parties, and nearly all
interest on large amounts is paid semi-annually, others since have
followed his example, which I approve, and they tell me they are
satisfied. The notes or
obligations are generally renewed from year to year, as may be desired and
agreed to by the contracting parties, and for aught I know, as far as I
and my own business are concerned, such arrangement works most
satisfactorily.
To engage in the business of money loaning, without keeping a book
account, would be as unsafe as to carry on farming without economy.
I know but little about book-keeping, yet I am thankful for even
that limited knowledge, and the putting of it in practice has been, and
is, of great value to me. I
advise every one to keep a book account.
It is only another branch of economy, and belongs to all
occupations of life; it is a something that is called into use daily, and
is as necessary in any business that is to be carried on successfully as
the driving wheel is to a locomotive.
Book-keeping is to be more relied on than a true friend, for it
will often help you when your friend cannot.
My first transaction in money loaning I find was recorded in my
note book under date 1854, but I can not give the exact date when I
commenced keeping regular book accounts.
It was in my school-boy days, however, early in life, and I have
never regretted it, for it has brought me both pleasure and profit.
I have just mentioned that a minute or memorandum was made of the
first money loaned by me, and the same has been done of the last similar
transaction, the date being November 16, 1889.
I merely record these two acts, in order to show that I have been
consistent and regular in my book account keeping.
Perhaps some one may ask what is the use of my keeping a record of
a transaction in money loaning when I have the note, and my reply is
simply another question: "What
is the use of the registering in our courts of valuable documents?"
Because we want to preserve them.
If a note should happen to be lost, a copy of same would be found
very necessary and useful. Sometimes
in connection with a note a verbal argreement [sic] may be made, or a
special condition asked by either or both of the contracting parties, and
it is very important that such verbal arrangements should be remembered in
in the interests of all concerned. And
how better can you do than writing it down at the time, giving day and
date, and all other particulars. It is written: A good man will guide his affairs with discretion, and that the Lord layeth up sound wisdom for the righteous. Such wise sayings, covering, as they do, advice and promises, with which the Bible abounds, have aided me greatly in my business transactions. Here is a reason given for wanting to be a good man, for we are told what a good man will do-- he will guide his affairs with discretion; and if the Lord layeth up sound wisdom for the righteous, I want to be righteous. I am not sorry I have put Scripture in the web of my life, and that my lot is with the righteous.
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