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let that money out to use: so that he that possesses any thing he has bought, pays interest for the use of it.
Yet, in buying goods, it is best to pay ready money, because he that sells upon credit, expects to lose five per cent. by bad debts; therefore he charges on all he sells upon credit, an advance that shall make up that deficiency.
Those who pay for what they buy upon credit, pay their share of this advance.
He that pays ready money, escapes, or may escape, that charge.
A penny saved is twopence clear;
ADVICE TO A YOUNG TRADESMAN.
Written anno 1748.
To my friend A, B. As you have desired it of me, I write the following hints,
which have been of service to me, and may, if observed,
be so to you. Remember that time is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away, five shillings besides.
Remember that credit is money. If a man lets his money lie in my hands after it is due, he gives me the interest, or so much as I can make of it, during that time. This amounts to a considerable
sum where a man has good and large credit, and makes good use of it.
Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six, turned again it is seven and threepence, and so on, till it becomes an hundred pounds. The inore there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow destroys all her offspring to the thousandth generation. He that murders a crown destroys all that it might have produced, even scores of pounds.
Remember that six pounds a year is but a groat a day. For this little sum (which may be daily wasted either in time or expense unperceived) a man of credit may, on his own security, have the constant possession and use of an hundred pounds. So much in stock, briskly turned by an industrious man, produces great advantage.
Remember this saying, “the good paymaster is lord of another man's purse.” He that is known to pay punctually and exactly to the time he promises, may, at any time, and on any occasion, raise all the money his friends can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world than punctuality and justice in all his dealings : therefore, never keep borrowed money an hour beyond the time you promised, lest a disappointment shut up your friend's purse for ever. · The most trifling actions that affect a man's credit are to be regarded. The sound of your hammer at five in the morning, or nine at night, heard by a
creditor, makes him easy six months longer : but if he sees you at a billiard table, or hears your voice at a tavern, when you should be at work, he sends for his money the next day-demands it before he can receive it in a lump.
It shows, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest man, and that still increases your credit.
Beware of thinking all your own that you possess, and of living accordingly. It is a mistake that many people who have credit fall into. To prevent this, keep an exact account, for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect : you will discover how wonderfully small trifling expenses mount up to large sums, and will discern what might have been, and may for the future be saved, without occasioning any great inconvenience.
In short, the way to wealth, if yon desire it, is as plain as the way to market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them every thing. He that gets all he can honestly, and saves all he gets (necessary ex. penses excepted), will certainly become rich-if that Being who governs the world, to whom all should look for a blessing on their honest endeavours, doth not, in his wise providence, otherwise determine.
AN OLD TRADESMAN.
THE WAY TO MAKE MONEY PLENTY IN
EVERY MAN'S POCKET. At this time, when the general complaint is that " money is scarce," it will be an act of kindness to inform the moneyless how they may reinforce their pockets. I will acquaint them with the true secret of money-catching, the certain way to fill empty purses, and how to keep them always full. Two simple rules, well observed, will do the business. · First, let honesty and industry be thy constant companions; and
Secondly, spend one penny less than thy clear gains. i Then shall thy lide-bound pocket soon begin to thrive, and will never again cry with the empty belly-ache : neither will creditors insult thee, nor want oppress, nor hunger bite, por nakedness freeze thee. The whole hemisphere will shine brighter, and pleasure spring up in every corner of thy heart. Now, therefore, embrace these rules and be happy, Banish the bleak winds of sorrow from thy mind, and live independent. Then shalt thou be a man, and not hide thy face at the approach of the rich, nor suffer the pain of feeling little when the sons of fortune walk at thy right hand: for independency, whether with little or much, is good fortune, and placeth thee on even ground with the proudest of the golden fleece. Oh, then, be wise, and let in. dustry walk with thee in the morning, and attend thee until thou reachest the evening hour for rest. Let honesty be as the breath of thy soul, and never forget to have a penny when all thy expenses are
epumerated and paid : then shalt thou reach the point of happiness, and independence shall be thy shield and buckler, thy helmet and crown; then shall thy soul walk upright, nor stoop to the silken wretch because he hath riches, nor pocket an abuse because the hand which offers it wears a ring set with diamonds.
NEW MODE OF LENDING MONEY.
Paris, April 22, 1784. I SEND you herewith a bill for ten louis d'ors. I do not pretend to give such a sum. I only lend it to you. When you shall return to your country, you cannot fail getting into some business, that will in time enable you to pay all your debts. In that case, when you meet with another honest man in similar distress, you must pay me by lending this sum to him, enjoining him to discharge the debt by a like operation, when he shall be able, and shall meet with such another opportunity. I hope it may thus go through many hands before it meet with a knave to stop its progress. This is a trick of mine for doing a good deal with a little money. I am not rich enough to afford much in good works, and so am obliged to be cunning and make the most of a little.