The object for which the National Association of Credit Men stands has been summed up as fol .
lows: 1. The organization of individual credit men and of associations of credit men into one central body.
2. A more uniform and firmer basis for granting credit in every branch of commercial enterprise.
3. Reforms in the laws that are unfavorable to honest debtors and creditors.
4. Adoption of new laws beneficial to commerce.
5. Improvement in the methods of gathering and dis seminating credit information.
6. Amending business customs for the benefit of all commercial interests.
7. Providing a fund for the protection of members against injustice and fraud.
These objects have been pursued with much zeal. Considerable success has attended the association's effort to spread information relating to sound credit practice. Both in its defense of the National Bank ruptcy Law against the attacks of those who have sought its overthrow, and in its successful efforts to ward obtaining constructive legislation—state and na tional—the association has proved its worth to the American business world.
The membership of the association has increased rapidly until, today, the growing influence of its work is felt thruout the land. Some of the local branches have a membership of more than one thousand.
At the annual meetings of the association, subjects pertaining to the education of business men, not only in the department of credit but also in other branches of commercial activity, are freely discussed. As an educational center for credit men, the association is doing good work, not only by means of liberal distri bution of instructive literature, but—and especially— by its efforts to establish, under the direction of capa ble instructors, classes for the study of sound credit principles and approved credit practice.
In keeping with its avowed purpose to seek the enactment of laws favorable to honest debtors and creditors, the association has taken an active part in the promotion and defense of national bankruptcy legislation. Tho not universally indorsed—in fact actively opposed by some—the National Bankruptcy Act appears after all, to be one of decided advantage to American business.
Also in other legislative efforts has the National As sociation taken a leading part. Thus in promoting
the enactment of bulk sales laws in the various states, the association has done valuable service in the protec tion of creditors against fraudulent debtors. The modification of unfair exemption laws and the vigor ous prosecution of commercial fraud are among the ob jects actively sought by the association.
6. Association the "canons" of commercial ethics adopted by the National Associa tion of Credit Men are the following, which suffi ciently indicate the high moral and altruistic plane upon which the association conducts its work: In times of trouble the unfortunate business man has a right to appeal to his fellow business-men for advice and assistance. Selfish interest must be subordinated in such a case, and all must cooperate to help. If the debtor's as sets are to be administered, all creditors must join in co operating. To fail in such a case is to fall below the best standards of commercial and association ethics.
Terms of sale as a part of a contract touching both net and discount maturity, are for buyer and seller alike bind ing and mutual, unless modified by previous or concurrent mutual agreement. No business gentleman may, in the per formance of his contracts, seek small or petty advantages or throw the burden of a mistake in judgment upon another, but must keep his word as good as his bond, and when enter ing into a contract of sale, faithfully observe the terms and thus redeem the assumed promise.
7. Adjustment bureaus. —A considerable share of the association's activities has been given in late years to the organization and operation of adjustment bureaus among the local associations, the object be ing to use the forces of the Association in the interest of a conservation of the assets of insolvent merchants and the prevention of bankruptcy proceedings. That for lack of proper and friendly supervision many a business failure has been precipitated is beyond dis pute, just as for the same reason many a bankrupt's estate has been so loaded with settlement expenses that but little of it remained for distribution among the creditors.