I shall not soon forget the family of Israel Day, who lived neighbor
to my father when I was a boy. Mr. Day was working out as a laborer,
and as he had a large family dependent upon his earnings for support,
and sometimes it was difficult in our neighborhood to find employment,
the family was poor, and the strictest economy had to be practiced to
furnish the bare necessities of life.
I often wondered how it happened that such a man as Mr. Day should be
so poor. He had no intemperate or extravagant habits, and was a man of
more than common education, and there was an air of intelligence and
refinement about the entire family that commanded the respect of their
neighbors. Mr. Day was industrious, but always seemed to me a man who
had no ambition in life, and who expected and desired no more than a
mere subsistence for his family. No one in the neighborhood knew
anything of his history. The family had come from another State a few
years previous, and while polite and friendly, they were very
uncommunicative as to their former life, and there was something about
them that forbade inquisitiveness.
I was at this time sixteen years old, and on very intimate terms with
Mr. Day's family. At the time of my story he was helping my father on
the farm for a few days and boarding with us. One day when we came in
from our forenoon work, we found 'Squire Black was to take dinner with
us, and as he was reputed to be the wealthiest man in the township, we
felt quite honored. He was a very genial man and an excellent talker,
and had an adroit way of flattering and making every one feel easy in
his company.
On this occasion he made himself very agreeable; he praised the neat
appearance of the farm and buildings, complimented mother on her good
cooking, called me a fine, manly fellow, gave some small change to the
children, and by the time dinner was over had gained the good will of
the entire family.
After dinner Mr. Black asked to see the stock and examine the
arrangement of the barn and outbuildings, and as father took pride in
having good, well-fed stock and one of the most conveniently arranged
barns in the county, he was glad to show him around, and was much
pleased with the hearty commendation which Mr. Black bestowed upon
them.
He finally made known the object of his visit; he had found a piece of
very desirable property for sale, low, so that there was no question
that within less than a year he could clear several thousand dollars
on it, but he must pay all cash down and he lacked two thousand
dollars of having enough money to pay for it. He wished father to
become security for him for one year, as he had found a party who was
willing to lend him the amount if his signature could be had to the
note.
He did not give father time to think or scarcely to answer his
questions, but took out his pocketbook and handed him a paper,
supposing it to be the note which he had drawn up, and signed by
himself, all ready for father's signature. I verily believe that if
the paper had been what Squire Black thought it to be, father could
not have refused to sign it; but it so happened that he had made a
mistake and left the note at home and had substituted for it another
paper.
A shade of vexation passed over the 'Squire's face when he discovered
the mistake, but he at once recovered his good humor and said, "Never
mind; I will call again this evening," and hastily mounted his horse
and rode away.
Father looked troubled, and turning to me, said, "I do not like to
indorse for any one, but 'Squire Black will be insulted if I refuse,
and as he is rich I suppose there can be no risk about it. It is only
complying with a legal form, and I suppose I shall be obliged to do
it; but I wish he had not asked me to do so."
Before I could reply, the barn door opened and Mr. Day came out; he
was pale and deeply agitated, and when he spoke I should not have
recognized his voice. Calling my father by name, he said, "I believe
that you are in danger, and if you will listen to me I will give you a
chapter from my own history that I had never intended should be known
to any in this neighborhood."
Father motioned for me to leave, thinking that Mr. Day wished to speak
to him alone. He noticed it, however, and said, "No, let him stay, for
one cannot learn too soon the lesson that my experience teaches. I
would be willing that it should be published to the world if thereby
some could be saved from my bitter experience. I overheard, as you
know, what 'Squire Black said to you. Listen to my story and then
decide as to whether you will put your name on his note."
[Illustration: Paul at Athens]
"Fifteen years ago, when I was married, I was not the poor man that
you now know me to be. My father gave me as my share of his property
two thousand dollars, which I had increased to three, and my wife
received as her wedding portion one thousand dollars. We were both
strong and willing to work, and ambitious to succeed in the world, and
we bought a good farm, running in debt a few hundred dollars. For
several years we were greatly prospered. We had good health, and the
seasons were favorable, so that we grew heavy crops and obtained fair
prices for them.
"At the end of five years we had paid off our debt and had nearly one
thousand dollars in the bank, and we felt that it would be safe to
build a new house, although we expected to put more than the amount of
money on hand into it.
"In the meantime there had come into the neighborhood one of the most
companionable men I ever met. He was familiarly known as Capt. Cole.
He had been a lawyer, but had been appointed by the General Government
to a lucrative office which he held for some years, and had the
reputation of being very wealthy. He lived in good style, and was a
general favorite in all the community.
"When my house was finished I found myself in debt seven hundred
dollars, and as I had given the contract to a carpenter, he to furnish
everything, he needed all his money. I went to the bank to borrow the
amount until I could find some one who would let me have it for one or
two years, and not being accustomed to borrow money, it did not occur
to me that an indorser would be necessary, until the cashier of the
bank informed me that it was their invariable custom to require
security. Capt. Cole, who happened to be in at the time, overheard the
conversation and came forward with a pleasant 'Good morning,' saying,
'I shall be only too happy to indorse for my friend, Mr. Day.' I felt
both grateful and flattered, and when a few months later I happened to
be in the bank when he wanted an indorser, I was glad to return the
favor.
"We had two years of prosperity, and I paid the debt on my house. I
now determined to build a fine barn, and as I had always paid my debts
easily and could not well get along with my old barn until I had saved
the money to build the new one, I determined to borrow one thousand
dollars, and happening to meet Capt. Cole, I asked him if he knew
where I could get that amount for three years. He told me he did, and
offered to become my security. The money was borrowed and my barn
begun.
"A few weeks later Capt. Cole called to see me. Like 'Squire Black
to-day, he seemed delighted with everything he saw. His flattery put
me in the best possible humor, and when he asked me to indorse a note
of $5,000 for sixty days, and assured me that he could meet it (or
even twice as much) promptly, to the day, I consented against my
better judgment, and affixed my signature to the note. That act ruined
me. Before the sixty days expired I learned that he was bankrupt. My
farm was sold at a sacrifice, under the hammer, and when I paid the
thousand dollars which I had borrowed to build the barn with, I was
left penniless.
"With my history in your possession, do you wonder that I was alarmed
to-day when I saw you about to fall into the same trap? I tell you I
have a right to feel deeply on this subject. Would that I could make
my voice heard by every young man in the land. I would say to him,
shun as you would a serpent this evil which has brought ruin to so
many families. I realize fully what it means to put my name on another
man's paper, and it is just this--that I assume all the risks of his
business, without any voice in its management or any possible chance
of profit if he is successful; but with a fearful certainty that if
from any cause he makes a failure, my earnings must make it good, even
though it reduces my family to beggary. Since my own misfortune I have
made this a matter of study, and I find that a very large per cent. of
the business failures, of the country (and nearly all among farmers)
are due to this practice."
The remainder of my story is soon told. My father was deeply impressed
by Mr. Day's story, and before night I was dispatched to 'Squire
Black's with a note from father stating that after carefully
considering the matter he had decided not to sign the note. In less
than a year after this 'Squire Black was declared a bankrupt, and in
the final settlement of his business it did not pay ten cents on the
dollar.
Father felt that he owed a debt of gratitude to Mr. Day, and he
presented him with a good team and helped him to rent a farm. This
encouraged him, and he worked so industriously and managed so
prudently that in a few years he was able to buy a small farm and has
since been able to support his family comfortably.
Many years have passed since these events occurred, and I am now past
middle life, but I have never ceased to be thankful for the lesson
taught me by Mr. Day, and in fulfilling his wish I would repeat the
lesson which the story teaches--never indorse.