1% ! !|ii'Iiii''tim!!!li!l!ii!ii! iilijlL mmm f ^" ■ UNIVERSITY OF CALIFORNIA AT LOS ANGELES A PRACTICAL TREATISE ON BUSINESS. "There is a tide in the affairs of men, Which, taken at the flood. leads on to fortune ; Omitted, all the voyage of their life Is bound in shallows and in miseries." A PRACTICAL TREATISE ON BUSINESS: OR now TO GET, SAVE, SPEND, GIYE, LEND, AND BEQUEATH MONEY: EsTQUlRY INTO THE CHANCES OF SUCCESS AND CAUSES OF FAILURE IN BUSINESS. BY EDWIN T. FKEEDLEY. ALSO, PRIZE ESSAYS, STATISTICS, MISCELLANIES. AXD NUMEROUS PRIVATE LETTERS FROM SUCCESSFUL AND DISTINGUISHED BUSINESS MEN. ®rocntn-5cconb (?Ll)ouoaub. CHICAGO: D. B. COOKE & CO., PUBLISHERS. 18 5 3. Entered according to Act of Congress, in the year 1852, hy EDWIN T. FREEDLEY, In the Clerk's OfSce of tJio District Court of the United States, in and for the Eastern District of Pennsylvania. PUILADKUnilA : 8TEUE0TYPi:r) i.Y cF.oKui: ciiari.es. PEINTEB BV T. K. 4 P. G COI.UNS. PEEFACE. " The wisdom touching negotiation, or business, hath not been hitherto collected into writing, to the great derogation of learning and the profes- sors of learning. * • For if books were written of this, as the other, I doubt not but learned men, luith m,ean experience, would far excel men of long experience without learning, and outshoot them with their own bow." — Bacon's Adv. of Learning. It needs no long experience, I think, to convince any one that men engaged in active business need all the information they can get to manage their concerns with success ; nor does it require a world-wide observation to discover that not a few purchase their knowledge at the price of their fortune and reputation. Impressed with this conviction, I determined, some months ago, to take advan- tage of the leisure accidentally afforded me to see what landmarks had been set up, and to know how much could be learned respect- ing a matter so important as business, by means less costly and more jleasant than the severe teachings of experience. On look- ^ ing through the records within my reach, I found a good deal that ^ I considered valuable, and which I was satisfied that all who are ^ engaged in business do not know, though doubtless many know the ^ whole of it and much more. It seemed to me that, by separating vs that which was useful and practical from the mass of irrelevant ^ matter with which it was mixed up, and arranging it in an inte- ' resting and instructive shape, with the addition of some facts *! entirely within my own possession, I could do some service to ^ those for whom I entertain a higher respect than for any othe" ^ class of met in the world — I mean the active, intelligent business ^ men of the country — and especially to those who are fitting them- selves for business pursuits. Whether the attempt is a happy one, 1* fb) 4035S4 6 PREFACE I cannot say. It is a hazardous undertaking for an unpractised hand to attempt authorship at any time; and on subjects like this, it is doubly hazardous. My claims to the indulgent consideration of those whose atten- tion I necessarily solicit by the act of publication rest mainly on the fact that the number of books on the principles of money- making is few — none to serve as models — and that more are wanted ; and upon the fact that I honestly entertain the opinion, however mistaken it may be, that those who favor this humble treatise with a candid and an unprejudiced perusal will not find that their time and money have been totally thrown away. The value of books of this kind does not consist solely in what they state, but also in what they may suggest, so that a wide-awake man stands a chance of having an idea suddenly darted into his mind by which he may materially and essentially improve his fortune, or increase his hap- piness. What is called Tact, which makes so large a figure in the conversation of the world, and which i\ certainly a powerfial instrument of success, is nothing more it an quickness of per- ception, united to promptitude of action. It is the result of pos- sessing a variety of practical ideas, and confidence in their cor- rectness. The sources whence these ideas may be obtained are, first, a fertile brain : secondly, actual personal experience in the affairs of life : and, thirdly, the experience and views of others, analysed and made our own by study. " In the outset, then, we apprise the reader," to use the language (which is especially true of this work) of the author of the chapter on speculation, " that, inasmuch as one man's wisdom or experience would be a very insufficient guide in this great search for truth, WHICH HAS A BIG BAG OF MONEY AT THE END, WC have not undertaken to rely on our own acquired skill in money-making, but have made free with the knowledge of others. The principles, the facts, the maxims, and the judgments we design to set forth are partly original, and partly compiled. Few men have written books without saying something wise on the subject of moaey -getting, and what we have learned from divers sources respecting this matter" may be found in the following pages. This work embraces, besides what is ori(jinnl, and besides numerous extracts and into- PREFACE. 7 resting letters to the author from Hon. John Freedley, Hon. Horace Greeley, J. "W. Scott, P. T. Barnum, and others, a most excellent and interesting prize essay on farm management, by J. J. Thomas, which will give to those who read only to increase their stock of general knowledge more information on the best mode of managing a farm than many farmers possess; an excellent original essay, the True Man of Business, by Hon. Horace Greeley, written for this work : How to Get Bich by Speculation, by a merchant of Boston, originally written for the Boston Courier ; the most valuable part of Taylor's celebrated essay of Money, never before repub- lished in this country ; and some valuable statistics and miscella- nies, for a part of which I am indebted to Mr, Hunt, proprietor of Hunts 3IercJiants' Magazine, which is the most valuable periodical for the business man ever published in any country. Hoping that this treatise, though humble, contains some hints that will be of value to those for whom it has been prepared, and that those of its friends who believe that it will do good, notwith- standing its faults, will take some interest in its circulation, I leave it in the hands of a generous public. Philadelphia, June 14, 1852. CONTENTS. CHAPTER I. BUSINESS — INTRODUCTOKY. Importance of money — What is business ? — Human nature — Body and mind contrasted — The end of business — The world's search after happiness — The failure of the old philosophy — Success of the new — Remarks of spe- culative men on business — Bethune's remark — Why these remarks are to be regretted — Idleness evei-y where condemned — Spanish proverb — Idle- ness impracticable — What substitute would they have — Religion a source of happiness — Not the only source — Anecdote of a religious recluse — How knowledge is a source of happiness — Knowledge must be applied to use- fulness — The miseries of a man intellectually cultivated, who cannot act, described — A wise disposition of time — Business pursuits not incompati- ble with moral and intellectual culture — Studious men — Webster — Busi- ness a test of character — " Any fool can getmoney," considered — Business a trial of virtue — Practical religion — Practical knowledge — the steam- engine a reformer — Will abolish slavery — How — Will better the condi- tion of the poor — The best plan of reform — Relationship between business virtue, and knowledge — Commerce a foe to war — Benefits of commerce — Wealth a blessing — Wealth vincertain — No one can say " he made his own money" — Wealth compared to certain birds — What is the first step in life — What can be done towai-ds acquiring wealth — How far can books aid — What is the first requisite — The object of this treatise. . . 21-30 CHAPTER II. BUSINESS EDUCVTION — CHOICE OF A BUSINESS. Aaoison'a remark — Danger of a mistake in the choice — A change of busi- ness — The best temperament — Forcible quotation — The sanguine man — The desponding man^ — The best education — The object of education — The cultivation of the senses — The discipline of the mind — Instinct and reason contrasted — The most useful studies — Dr. Borrow's remark — Bonaparte- Edward Everett — The most successful lawyers — Importance of chemistry (ix) X CONTENTS. — Anecdote — Gunpowder — The most useful languages — Geraian emigra- tion — California — No excellence -without toil — Self-cultivation — John Freedley — An excellent extract from his letter — The value of schools — An important thing to be remembered — A college education considered — John Freedley's letter on diplomas — Ewing — Corwin — Jesuits' plan of education — A countiug-house education— Ililliard's comparison of two youths — What a youth leai'ns at college — AVhat he learns at a counting- house — A counting-house education for farmers — Mechanics — Lawyers — • John Freedley's observation, who succeeds best in obtaining practice — Law schools for merchants — The choice of a profession — What shall I do ? — Em- barrassing — First hint — Who is independent — How to obtain independ- ence — Franklin — Jews — Sparta law — All useful employments equally re- spectable — How to make men equal — Second hint — Fancy — Judgment — ■ Third hint — The cardinal powers of business — What qualities a farmer must possess — A butcher — A bookbinder — A tailor — A brushmaker — A machinist — A carpenter — A jeweller — A stone mason — A cabinet-maker — A chemist — A storekeeper — An auctioneer — A surgeon — A merchant — A professional man, &c. — The average wages in mechanical employments ■ — Capital required — The professions — Professional men poorly paid — Lawyers' fees — Divines' advantages — The only worthy motive in choosing a profession — Collyer's remark — A regret 31-45 CHAPTER III HABITS OF BUSINESS. Two important questions — What are habits of business ? — Include six quali- ties — Importance of — Industry: Indian's maxim — Clarendon's remark — How to acquire the habit — Arrangernent: A perfectly methodical man — • Jeremiah Evarts — How to acquire the habit — Calculation: Advantages of a readiness in calculation — How to become a ready calculator without slate and pencils. Dr. Alcott's plan — True and false economy — Calcula- tion proves that a rogue is a fool — Prudence defined — Rules of Prudence — Chestei-field — Plutarch — Result of judgment — Judgment defined — Part- nership a subject for the exercise of judgment — In what cases is it prudent to form a partnership ? — In what not ? — Taking clerks into partnership — Questions to be asked in choosing a partner — A distinguished commer- cial lawyer's opinion — Marriage a test of judgment — Paul's opinion of marriage — What should be especially avoided in the choice of a wife — • K picture of a model wife — Proper age for comraencingbusiness considered — Experience overrated — Knowledge the one thing needful — The greatest exploits performed at an early age — Hannibal — Alexander — Byron — Bo- naparte — Montaigne's observation — Girard — Rothschild — Astor — Asser- tion of medical men — When the frame Jiardens — Example of our Saviour CONTENTS. , X\ — Good situation not to be abandoned — Punctuality : Why we like punc- tual men — Why Tve dislike unpunctual men — The want of it a proof of what ? — Unpunctuality considered a mark of consequence by little great men — Blackstone's opinion — Lord Brougham — Punctuality not always possible — What is possible ? — How are promises to pay money understood ? — What will a punctual man do when he has not the money ? — A clown — Perseverance defined : Burgh's merchant — No employment so trifling as not to aiford a subsistence — AVilliam Wirt's observation — The weather- cock an example of steadiness — Habits of business necessary to all — ■ What may a dull man hope to do — Necessary to a genius. . 46-57 CHAPTER IV. GETTING MONEY. Burns — to get money a religious duty, proved — Why should a man not limit his exertions by his wants ? — " To get all we can, and keep all we get," considered — Limitations to the right of getting all we can — The good old plan — Origin of law — Of moral law — Honor — The laws of the land defined — Every law has two branches — Two ways of obeying a law — Their imperfection — Moral lp,w, how learned — A question to be asked — God has designed man's happiness, proved — How to determine whether an action bo right or wrong — Why am I obliged to keep my word ? — How are pro- mises to be measured ? — The rule governing the construction of contracts ■ — Two other important rules — To conceal faults as bad as cheating — The two main causes of cheating — Bad buyers — Off-handed men — Whom should they buy from ? — Exceptions to the rule — Beating down price — Shopping — • One-price system — Market price a fair price — Paley's remark — Interest- ing question in casuistry — The com merchant — Dr. Dewey answered — To make use of superior information, honest — Is a man morally bound to pay his old debts when able to do so ? — On what does the moral obliga- tion to pay debts rest ? — Promises may be released in conscience — The moral duties of the seller — Of the buyer — With whom does credit origi- nate ? — Agency and ci'edit — A man must consult his own conscience — The meaning of conscience — Impolicy of many strict rules — Honor — Its laws not written in a code — The seat of honor — Its power manifested — Chal- mers' splendid observation — Importance of honor in business men — AVhen a man violates the laws of honor — Instances — An appeal — Bm-ns — How to get money — The first^step — Illustrations — The first rule — What kinds of business are the safest — Second rule — Investments in land considered — h gi-eat fact — Third rule — The ti'ue principles of business. . . 68-71 Xll CONTENTS. CHAPTER V. GETTING MONEY BY FARMING. Fmnklin — Agriculture needs no eulogy — Anew theory — Is farming profita- ble ? — What is a good business ? — A profitable business ? — Joshua Tap- pan — A. T. Perkins — J. G. Chadsey — Estimate of practical men — Why business men succeed best at farming — Value of books and agricultural papers — What are practical works likely to eifect ? — Two farms — Amount of profits — Why is a garden richer than a field ? — Much land a drawback — Anecdote — Calhoun's remark — Farm management — Excellent prize es- say — The perfection of farming — Capital — A great mistake — Debt — • Farming in England — Doing every thing at the right season, illustrated — Capital required to start a farm of one hundred acres — List and cost of live stock — Do. of implements — Do. of Seeds — Number of laborers re- quired — Maintenance of animals — Recapitulation — First year of farming expensive and uncertain — Proper size of farms — Difi^erence in the yield of the corn crop — Difference in the profits — A friend's assertion — Large farms — An example — Cost of bringing land to such fertility — Laying out farms — This department neglected — A great error — How to save fencing — Lanes — Convenience for watering cattle — A farm road — A specimen of laying out a farm given — How to lay out a farm of irregular shape — Fences — Cedar stakes — Stone walls — Hedges — Burnap's astounding as- sertion of the cost of fences — Gates — Self-shutting and self-fastening — • Numbering fields — Bars and gates compared — Which the cheapest — Buildings — How to be situated — The dwelling, where to be situated — The size of barns and out-buildings — How to save one-third of the fodder — • The wood-house — A small cheap movable horse-power — Root cellar — Ob- jection to ruta-bagas and beets removed — How to exclude water and rats from cellars — Choice of implements — The best only to be procured — How a laborermay save one week's labor in four — Choice of animals — The best — Qualities of good cows, oxen, sheep, swine — Soils and their management — Kinds of soils — Heavy soils — How to distinguish them from light — Sandy and gravelly loams, how distinguished — What succeed besi upon them — How are peaty soils made ? — Why liable to frosts — Com of early varieties — How to improve heavy soils — Sandy soils — Subsoil ploughing — Manures — Importance — Why manures possess different degrees of power — The great art of saving manure — Thousandsof dollars lost by want of this know- ledge every year — A good story — Humphrey Davy — TJnfermented manures superior — How to treat fresh manure to make its influence like magic — Swamp muck — When peat or muck is pre-eminently valuable — Neat and profitable farming — The Flanders mode — How to increase the aggregate products by millions — Rotation of crops — The best mode of rotation- -How CONTENTS. Xlii to do tilings at the right time — A small book — A review — A great truth — Young farmers — When need we not fear for their success — Agriculture the art of x^eace — Beautiful conclusion 71-94 CHAPTER VI. QETTINO MONET BY MERCHANDISING. Who are merchants ? — Parker's curious definition — Man the only trading animal — Oi'igin of exchanges — The amount of exchanges expands with civilization — Annual increase of exchanges and population — The profits of exchanges diminishing — It matters little to the producers whether prices he high or low, proved — Traders, as a class, do not do worse than formerly — Commerce is not prostrate because overdone — The future of the mercantile pi'ofession — What must the merchant of the next age be ? — The practical choice of the mercantile class — Small advances on cost do not imply small profits — Interesting calculation — The essential bases of a pi'ofitable and safe trade in the future — What must the merchant then do ? — The division of the subject — Knowledge of the business — Two departments — What is science ? — How to acquire a knowledge of the theory of a profession — Books on business valuable — An analogy between Tarious pursuits — A business library — How to become master of the art — Apprentice fees — Judgment of the value of goods — Its importance — Where it can be best acquired? — How to acquire it — " A patch to try" — Bookkeeping, business correspondence — Technical terms — A laugh- able mistake — When can a man be said to understand a business tho- roughly — Importing hoiises — A lamentable deficiency — Causes of panics — Their cure — The laws that regulate supply and demand — Di-y goods business — How to judge of its present state and future prospects — The means for a perfect analysis of the whole trade — Bacon — General ac- quaintance with aU business — Capital — Amount of capital — A statement — Trusting to accommodations dangerous — How far it is prudent to extend purchases beyond capital, considered — The safe rule in banking — The rule in business — Horace Greeley's letter — How should a surplus capital be invested ? — What is a good mercantile security ? — Mistakes — Fixed and floating capital defined — Cash — An important matter/or produce and com- mission merchants to know — Making advances — Probable sales — An interest- ing and instructive story, showing what calculations a man should make be- fore embarking in the dry-goods trade — Profits of jobbers — Store — Proper location for a retail store — Opposition the life of trade — An interesting story of secret partnership — Hat business — A lease — Fine stores condemned — A pastry cook's shop in Loudon — Light and dark stores — Bookkeeper's desk — Ventilation — Injurious effects of bad air to health and commodities — The situation of a residence — Opinions of physicians — Lemnius — Ar ■ 2 xiv CONTENTS. rangemcnt of goods — Amodel dry-goods store described — Clerks — The chief qualifications to be sought after in clerks — How to ascertain the honesty of clerks — Parentage — Wisdom and goodness — Politeness — An anecdote — How to judge whether a clerk is good-tempered — Fat and lean men — Faithfulness in clerks — What is meant by faithfulness — A practice in some houses condemned — Store libraries advocated — Libraries introduced in the London banks — Salaries of clerks — A commission on sales — A rule for the graduation of salaries — Gratuities commended — A faithful clerk is a tried friend — A man who forgets those who have contributed to his prosperity — Girard — What the Bible says on the subject. 95-122 CHAPTER VII. GETTING MONEY BY MERCHANDISING — Continued. Buying and selling : A striking description of the tricks of buyers and sel- lers — The consequences — Lying considered — A good buyer described — His mode of proceeding — The qualifications of an expert salesman — His great point — A lady's letter, scoring some Philadelphia clerks, and their principals — An expert salesman's creed — Useful rules to be borne in mind — Discounts on merchandise — An instance of the disastrous conse- quences of a mistake — The best plan — Long and short credits considered — A striking calculation, showing how one man may make only $1,728 out of a $1000 in six years, while another may make $26,000 in the same time at the same per centage of profit — How to obtain information of the standing of customers — The mercantile agency shown up — The Southern mode — An old banker's remark — How to improve the credit system — Boring — Mode of proceeding — The Imos governing sales and contracts: A knowledge of the law — The choice of a confidential adviser — Lawyers — Contracts of two kinds — The legal requisites of a contract — Who can make a contract ? — The sale of stolen property — The thing sold must have an actual or potential existence — Instances where the contract is void — Consideration necessary — Exceptions — What is a valuable consideration ? Mutual consent requisite— A negotiation by letter when complete — When does the risk of accident vest in the buyer ? — Goods sold on a credit Stoppage in transitu — The legal duty of the seller — Of the buyer — The meaning of an approved bill — Is a seller bound to furnish change ? — The warranty of title — When the seller is manufacturer, what is the implied warranty — Express warranties defined — A hint for buyers — The rule of caveat emptor — The rule relating to secret defects — A horsejockey not bound to disclose that the horse is blind— The seller of a ship— Fraud- Statute of frauds— Reducing contracts to writing— An important rule on the subject to be remembered— The meauingof words— Implied contracts —Many important instances given where the law implies a contract CONTENTS. XV though both parties have not assented to it — Commission Merchants — Transportation companies — Bacon's invaluable observations on negotiat- ing — When it is better to treat by letter ; when in person — The choice of agents — The fittest persons to deal with — How to work a man — How to deal with cunning persons — Patience — Insurance : The morality of insur- ance — A dishonest speculation — Causes of neglect — Girard — Longworth — The selection of an office — The great fault of insurance oflEices — Benton — Life insurance : First life-insurance company — A banker's objections to life-insurance — Savings-banks — Advantages of each — Three kinds of life- insurance companies — The joint stock described — The mixed — The mu- tual — Selection of an office — Advice — A dangerous provision — The best offices — A short rule for ascertaining the expectation of life. 123-144 CHAPTER VIII. now TO GET CUSTOMERS. Different ideas on the subject — Plan in the seventeenth centvtry — Signs — Fancy signs — The present era — How to draw customers — To satisfy them — To induce them to buy — Advantages of advertising — The cost no im- pediment — What a man can do by advertising — How to advertise — Changes in the power of the press — How to build up a new business — Golden op- portunities — The definition of politeness — Politeness a private mark — • Men in cities — Boors — No trifles in business — Day and Martin — Sketch of Day's history — Embrace opportunity — Changes in business relations — Shylock — A reason why the Jews are so successful in money-getting — A striking statement— Firmness — Clarendon's remark — Mistake of profes- sors of religion — Sharp's observation — Our Saviour a polite man — Coun- tei-feits of politeness — Manners — Chesterfield's failure — The main thing — How to acquire the habit of politeness — Wicked men impolite — Gloomy, melancholy men — A hunting party — Friendship — How to make business pleasant — The deficiencies in politeness — Pi'ofessional men not polite — Literary men — Why both are generally poor — Anecdote — The prime wis- dom 145-155 CHAPTER IX. THE TRUE MAN OF BUSINESS. Original Essay by Horace Greeley — The temptations of a trader — Honesty the best policy, considered — The corner-stone of the true business man's character — Who is the richer man? — What is a mei-chant? — Advantages of commerce — The merchant who dishonors his vocation — The qualities and capabilities that should distinguish a merchant — Performance of pro- mises — Truth no trifle — How should a merchant separate his customers — Credit : who is entitled to credit, and who is not — The main cfAise of ex • XVI CONTENTS. travagance, over-trading, and insolvency — The philosopher's stone — John Randolph — Selling liquors and implements of gaming — A merchant's du- ties in regard to agricultural and mechanical improvement — Education, &c. — Buying rare books — Country merchants — IIow country merchants may make themselves and their neighborhood wealthier — Religion and morality necessary to the welfare of a community — Why an atheist or a sensualist should inculcate their truths — Why a merchant should patron- ize the press in his locality — The proper mode of doing it — How a mer- chant may aid his customers to pay for their goods — The consumption of Massachusetts, compared with North Carolina or Tennessee — The reason of the diflerence — Concluding remarks. .... 156-16i CHAPTER X. HOW TO GET RICH BT SPECULATION. A profound speculator rarer than a great poet or general — Laws of specu lation not understood — The first rule — Timothy Dexter — Distinction be- tween speculation and trade — Failures — Retailer's plan — The rise and fall of pi'ices — Speculation universal — Three things essential to a successful speculator — The best time for entering on trade ; on speculation — What should you not speculate in — The proper objects of speculation — The ne- cessary means to make a fortune — Statistics — How to use them — How to manage when the depreciation of price continues — Anecdote of a cele- brated Englishman — Hope — Cotton — Carolina and Georgia newspapers — The two qualities that fit a commodity for speculation — Comparative su- periority of trade and speculation — Usefulness of speculation — How to make speculation a regular and safe business — The division of capital — No difference whether prices I'ise or fall — His only difficulty — Difference between wholesale trade and speculation — When must he buy ? — When must he sell ? — Acting contrary to appearances — Speculating in high prices — How to be safe in these cases — Who is the dupe ? — Secrets — Spurzheim — An American trading vessel — Japan — Anecdote — Valuable hint. 165-171 CHAPTER XI. GETTING MONET — Continued. INTEREST, BANKING, PRIVATE BANKING. What is interest ? — On what does the rate of interest depend ? — Net profit of Capital — ^Who will own the property of the country ? — An astonishing fact — The only certain ways of making money — Secrets — The policy of busi- ness men — The repeal of the usury laws considered — The first usury law — Aristotle — Calvin — Bentham — A letter — Squatters — Land sales in the West — Indiana — AVisconsin — The office of a banker — Banks : two kinds — CONTENTS. Xvii Paper money — Six ways to make money by means of bank charters — The uninitiated instructed in the secrets of bank operations — Voltaire — Private banks — Their mode of doing business — The private banks of London, of Scotland — Pi-ivate banking in the Western States — Their pro- fits — Private bankers the pillars of the State — A remarkable fact — Private banking in Cincinnati — Interests on deposits — Kates of discount — Indors- ing — A business recommended by "which fortunes can rapidly be made — The principles of banking — T. S. Goodman & Co. . . 172-180 CHAPTER XII. GETTING MONET BY INVENTIONS, PATENT MEDICINES. Patent oflBce report — The number of patents compared with applications — Bitter disappointment — The spirit of invention — Impossibility of knowing what has been done — What time should be employed in experiments — Piracy — Improvements — New fields of invention — Plough — Motors — Wants and agencies to supply them — A word of warning — Invention a passion with some men — Patent Medicine Business — The prevalent feeling — Quackery — A history of the prince of quacks — The remedies that are good, and those that are valueless — How to distinguish them — Only one specific known — Designed for country consumption — Mode of manage- ment — A hint for the regulars — Dr. Rush's opinion — The present state of the business — Capital required — Townsend — Advertisements — No easy matter to introduce a new curative — Druggists — Dr. Brandreth — The* talent engaged in the business — Dr. Morrison's mode of proceeding — Brandreth— Failure 181-188 CHAPTER XIII. HOW TO BECOME MILLIONAIRES — OPINIONS OF MILLIONAIRES Opinions — Rothschild's advice — His great rules — Three profits — Unlucky men and places — ^^Vhat it requires in his opinion to make a great fortune — The secrets of the success of Rothschild's banking-house — The five brothers — Their two fundamental maxims — David Ricardo — A sketch of his life — His three golden rules — Stephen Girard — His life — Anecdotes — His opinion — John J. Astor — P. T. Barnum's opinion of the cause of his success — Two valuable rules adopted by a merchant of Boston — N. Long- worth, of Cincinnati — John Freedley's opinion — An extract from his private letter — John Grigg, of Philadelphia — John McDonogh's great opinion — A sketch of his life given by himself — A New Orleans lawyer s opinion of it — Remarks on it — Bacon — McDonogh's first rule explained and defended — The first clause applicable to all — Independence explained -—Instances of fictitious independence— The cause of much harsh feeling, 2* XVUl CONTENTS. and conflict between classes — As we make our beds, so we must lie — The second rule explained — The reason why so many capable clerks are out of employment — A business man's bureau — Self-conceit — Advantages of association with learned and talented men — Men who are incapable of managing a business for themselves — How capitalists may share the pro- fits of a dozen concerns, and yet be great benefactors — The changes that will be effected by adoption of this rule — The third rule — A splen- did extract — Efficacy of prayer to attain success — Conclusion of getting money — An excellent quotation. ...... 189-207 CHAPTER XIV. LOSING MONET — CHANCES OF SUCCESS — CAUSES OF FAILURE. The custom of Napoleon — A painful duty — Lessons to be learned — Chances of success in Boston — Dearborn's startling statement — A merchant's remarks — Evidence on the subject — Chances of success in Philadelphia and New York — An interesting letter — Statistics of bankruptcy — Chances in Cin- cinnati — Statistics of 400 business firms — Thoughts — Need of farther sta- tistics — Causes of failures — Evidence of official assignees — The causes va- rious — Anecdote of the most eminent literary man in the country — The causes enumerated — Accidents — Bad legislation — Unstable legislation — Its injurious effects — The remedy — Turner's evidence in the parliamentary committee — The prominent attribute of a good legislator — Ability in dis- , cussion an objection — The characteristics of the House of Commons — Bad habits — Intemperance —Regular business — Changing plans — Subdivision of employments favorable — The dry-goods trade — A good story — Import- ing and jobbing — Resident partners in Europe — Anecdote of Zadock Pratt — Extravagance in expenditures — How to account for it difficult — Statistics of Providence — Personal expenses of some merchants — What may young men expect to do — The meaning of economy — A proper expenditure — • Credit — Dr. Johnson's remark — The effects of the credit system — A great change — Bills of exchange — How easily a man may become a foreign mer- chant — Buying wild lands — Disappointment of creditors — Imprudent spe- culations — Mercantile securities — The cause of the failure of Palmer & Co., Ferguson & Co., and other great houses in London — Over-trading defined — A fact — Failure of a marble-mason in Philadelphia — A prediction — • The remedy is of two kinds — The leading cause of all the failures we have noticed — Its remedy — Bacon's observation — What course must we pursue — Advice to be rejected — Anxieties of an embarrassed man — Hon. Thomas G. Cary's remarks — How men may become rich without deep anxiety— The path that leads speedily to wealth — What can parents do — V/hcn should a man fail, considered — The duties of a man who finds himself embarrassed — Hon. Jolm Sergeant's remarks — Tlic treatment of debtors CONTENTS. XIX Wliat creditors should remember — The distinction to be made between fraudulent and unfortunate failures — Burns. . . • 204-233 CHAPTER XV. SATING, SrENDING, GIVING, LENDING, AND BEQUEATHING MONET. Remarks — Saving money, should be intelligent of a purpose beyond — The danger — Justifiable saying — Parents saving for their children — Less danger if a parent be saving for several children than only one — Two kinds of saving — Spending money — The art of living easily — Pleasui-e and expenditure — To feel a want before you provide against it — Too much leisure — A thoroughly conscientious mode of expenditure laborious — Rich men blamed for looking to differences of cost — A mistake of young men — • Prodigality a vice of a weak nature — Giving money : All giving not gene- rous — Spurious views — Gertrude — Anecdote — Cheerful self-denial — The Choice of gifts — Anecdote — Gifts from public bodies — Generosity in ac- cepting gifts — False practices of the present time — Decayed gentlewomen — Selling pictures and poetry — What should a woman do who is in want ? — Delicacy a strong virtue — Charity balls, charity dinners, charity bazaars condemned — For what purpose does God send misfortune into the world, considered — Another modern mode — Careless giving — An important riilo that is often overlooked — Borroiving and lending : Lending to friends — The refusal that is least apt to give offence — Debtors and prodigals always consider themselves injured men — Poor men deserted by their friends — The cause of this — The ordinary course of things in embarrassment — Castaways — Bequeathing: To make* a will, a duty — The moral right to inherit, considered — Custom — When custom should be followed — When disregarded — Sudden accessions of wealth — What should a testator con- sider ? — A good rule — The way of the world in bequeathing. Conclusion. . . 284-252 LETTERS AND MISCELLANIES. Several letters from Hon. John Freedley, and an extract from his address, embracing his views on the Tariff question. . 255-268 Interesting letter from J. W. Scott — Good locations for invest- ment in the West 268-272 Tables showing how many years it has taken for each of the principal towns in the United States to double its population within the last sixty years, being most valuable for those de- siring to invest in real estate, or of changing their location. . 273-279 zx CONTENTS. A list of cities and towns in the U. S. whose population, by the census of 1850, is 10,000 and upwards .... 283-285 Getting and losing money by stock-jobbing — Rothschild . 285-294 Mercantile transactions in Scotland 294-296 A Hamburg merchant in his counting-house .... 296-302 P. T. Barnum's great rules for success in business, written by himself for this book 303-309 A request to the reader 309-310 LEGAL ADVICE AND USEFUL SUGGESTIONS FOR THE PURCHASERS OF THIS BOOK. Agency ....,,... 313-315 Bills of exchange and promissory notes 316-321 Guarantee and suretyship 321-323 Letters of credit 323-325 Law of partnership 825-329 Law of interest ........ 329-330 Miscellaneous advice ....... 330-332 Fundamental legal principles ....*, 332 k PRACTICAL TREATISE ON BUSINESS. CHAPTER I. BUSINESS— INTRODUCTORY. "The philosophy which affects to teach us a contempt of money does not run very deep ; for, indeed, it ought to be still more clear to the phi- losopher than it is to the ordinary man, that there are few things of greater importance. And so manifold are the bearings of money upon the lives and character of mankind, that an insight which would search out the life of a man in his pecuniary relations would penetrate into almost every cranny of his nature. He who knows, like St. Paul, both how to spare and to abound, has a great knowledge ; for, if we take account of all the virtues with which money is mixed up — honesty, justice, generosity, charity, frugality, fore- thought, self-sacrifice, and of their correlative vices, it is a knowledge which goes near to cover the length and breadth of humanity, and a right measure and manner in getting, saving, spending, giving, taking, lending, bor- roiving, and bequeathing, would almost argue a perfect man." — Taylor's Notes from Life. Our subject is Business, and our first inquiry is, What is Busi- ness ? Business, in one sense, means employment or serious engagement, in distinction from trivial transactions. In its ordinary acceptation, it implies employment, in some useful affairs, for the purpose of profit or improvement. It is also a general term for all the occupa- tions that engage the daily time, attention, and labor of mankind ; but, in strictness, it should be confined to those which require skill and attention more than physical labor. It is a word that is derived from the German, and, in its primary sense, it signifies " seeing or (21) 22 A TRACTICAL TREATISE closely inspecting." In the Latin, it denotes self-denial of ease — nego otium, ncyotium — I deny myself all pleasure and self-indul- gence for the sake of business. Man is a compound of body and mind. His nature is a com- plexity of the animal and the spiritual; of the physical and the intel- lectual. The gratification of his material wants is the object of business ; science and literature aid his intellectual growth. The business man cultivates, manufactures, gathers together, and dis- tributes those things by which the body is cherished or adorned ; the scholar originates, collects, and furnishes food for the mind. Whether the office of the latter be more important to society than the former is an inquiry as useless as whether the mind is supe- rior to the body, both being essential to the existence of a human being. A body, without a mind, is the definition of a corpse ; a spirit, without a body, is a frightful spectre. In determining a man's conduct and destiny, too, the body has frequently as much influence as the mind, and he who aspires to be master of his ac- tions must pay a due attention to the regulation of both. " Fal- staff would have been as abstemious at the banquet as a hermit, and as firm in the battle as a hero, if he could have but gained over the consent of his belly in the one case, and of his legs in the other. He that strives for the mastery must join a well disciplined body to a well-regulated mind ; for with mind and body, as with man and wife, it often happens that the stronger vessel is ruled by the weaker, although, in moral as in domestic economy, mat- ters are best conducted where neither party is unreasonable, and where hoih are agreed." What is the end of Business? We answer, happiness. The ac- quisition of property is subordinate to this end. Money is value- less, except as it will satisfy wants. Business is a source of hap- piness in several ways. Its pursuit engages, invigorates, and en- larges the mind j its usefulness promotes self-respect ; its results, if successful, increase the power of doing what the head conceives and the heart desires. The history of our race is the record of a long, fruitless chase after happiness. Men have traversed the whole cycle of imaginary good in search of it; they have sought it in glory, ambition, fana- ON BUSINESS. 23 tioisra, pleasure^ action, repose, science, philosophy, at the bloody shrines of paganism j on the sands of Asia, beneath the banners of the Cross ; in the lap of luxurious indulgence ; in the cloisters of monks ; at the confessional of the Jesuit ; yea, they have invoked the Seven Spirits to teach them happiness ; but, like the remorse- stricken hunter of the Alps, have been answered, " It is not in our essence — in our skill." Philosophy was summoned, at an early day, to point out the way. For more than a thousand years, she preached to men to elevate their minds above all physical comforts ; to contemn all useful improvements j to seek their happiness in the study of abstract science and metaphysical speculation ; but,-alas ! it was impossible to " solve insoluble enigmas," or attain unattain- able frames of mind. About the sixteenth century, a different doctrine was promulgated. The multiplication of human enjoy- ments, and the mitigation of human suffering, were held up as the only aim worthy of philosophy ; and the invention of things useful, as the highest exercise of intellect. In less than two centuries, results have been realized that have outstripped human belief, as they have surpassed human experience. The progress of the age is a term as familiar in the lonely cabins of the West, as in the Academy of Sciences. And, in so far as happiness depends on the^ earnest, energetic engagement of the mind in any pursuit; on per- sonal freedom; on good laws; on increased duration of life; on the mitigation of pain ; on improvements in the healing art; on facilities of locomotion and correspondence ; on the comforts and conveniences of life, this new philosophy has contributed greatly to the happiness of mankind. -^ It is a matter of deep regret that so many of those who are fitted by nature and education to be profitable instructors of mankind have so often seen proper to speak disparagingly of those employ- ments which are embraced in the term business. Sordid, low, base, selfish, grovelling, are the mildest epithets they have used when speaking of industrial pursuits ; and a harsh necessity, from which men should escape as speedily as possible, is the best apology they can make for them. " A mere merchant ! a mere man of business ! who would be content with such a designation ? What respect can one feel for such a character?" says a distinguished divine, who makes 24 A PRACTICAL TREATISE ^3500 per annum out of his moral and religious sentiments This is the spirit of that old philosophy which, like those " Roman ma- trons who swallowed abortives in order to preserve their shapes, took pains to be barren for fear of being homely." It is to be re- gretted, because it tends to lower the character of business pursuits in the public estimation; and many who engage in them will think of nothing but accommodating themselves to the course of conduct pointed out, and laying the blame of their selfishness and miscon- duct on the business, when injustice it should fall upon themselves. Why should business pursuits be stigmatized as low? In the lite- rature of all countries and of all ages, idleness has been held up as the parent of vice. "A busy man," says a Turkish proverb, ''is trou- bled with but one devil, an idle man with a thousand." " Men are usually tempted by the devil," runs a Spanish proverb ; " but an idle man positively tempts the devil." But if idleness were a virtue, it is impracticable. Mind cannot exist inactively ; it must be engaged in something good or evil, while the body is awake. The body, too, is framed for action, and, without it, sinks speedily into decay. In what, then, caa body and mind be better engaged than in some one of those employments which, while they afford both an agree- able exercise, at the same time cure the ground of the curse which fell upon it, and cause the earth to " breathe and bloom again with the flowers and fruits of Paradise ?" What will more contribute to general or individual happiness ? Is it religion or knowledge ? Religion is an essential element of happiness. Without it, a man cannot enjoy any real happiness, though he may have the intellect" of a Milton, and the wealth of a Croesus. The happiness of an irreligious man who, nevertheless, believes in the existence of a Great First Cause — in the immortality of the soul — in the truth of the Christian revelation — is that of the criminal under sentence of execution, or of him who stands totteringly on the edge of an abyss into which a breath of wind may plunge him. He feels the weight of an impending doom — he has no resource ia affliction — no consolation in adversity. But religion, though indispensable, is • not all-sufficient for happiness in this life. Man was not created to epend his whole time in fasting and prayer. A recluse, it is said, living in the early ages of Christianity, betook himself to a cave in ON BUSINESS. 25 Upper Egypt, wliicb, ia the time of the Pharaohs, had been a depository of the mummies, and there lived to pray, to converse with the spirits of the dead, to mortify himself, eating only dates, and drinking only the vrater of the Nile. At length, becoming weary of life, he prayed one day more fervently than ever, and then, sinking exhausted into a profound sleep, there appeared to him a vision of an angel in a dream, commanding him to rise, and cut down a neighboring palm-tree and make a rope of its fibres, after which the angel promised to appear to him again. Upon awaking, the hermit instantly resolved to obey the vision, and, travelling for many days from place to place, in search of an axe, he found himself happier than he had been for many years. His prayers, though shorter and fewer than those he had been accus- tomed to offer, out-measured them in fervor and effect. Having returned with the axe, he cut down the tree, and with much labor and assiduity for a long time prepared the fibres to make the rope, and, by daily occupation, after some weeks he had completed the command. According to promise, the celestial visitor that night appeared again, and said: "Dominico, thou art now no longer weary of life, but happy. Know, then, that man was made for labor as well as for prayer, the one being not less essential to his welfare than the other. Arise in the morning, take the cord, gird up thy loins, go forth into the world, and let it be a memorial to thee that God expects from man, if he would be happy, a course duly ad justed both to his animal and to his spiritual nature." Knowledge is a source of happiness. Every advance in intelli- gence that brings man in closer communion with the source of all true knowledge — every new faculty discovered or called into wil ling activity — every idea that gives a clearer comprehension of the mysteries of the visible world, or the still greater mysteries of the human mind — is an increase of happiness. But knowledge, with- out purity of heart, is a snare; and knowledge that cannot be applied to usefulness promotes wretchedness and temptation. " A man intellectually cultivated must be either a patient saint, or a gloomy misanthrope, if placed by the selfishness of society, or his own will, in such a position that he cannot profitably or happily apply his knowledge. He may be able to interpret the eloquence 3 26 A PRACTICAL TREATISE of nature, and look out amongst the stars v/itli a feeling of the infinite glories of heaven, but yet he lies buried in the earth with all his burning thoughts. He feels the darkness, the usclessness and rottenness of death, because he lives in the consciousness ol all that might have been for him, and ought to have been for him but that, although awakened into earnestness by the urgencies ol bis own nature, and by the affected officiousness of artificial teach ers, he is still left to shift for himself, though imprisoned in pov crty, as if in cold iron, stone, and gloom. Such is the lot ot many a classic mind, to whom ' the ploughman whistling o'er tht lea' is a prince. And the reason of this misery is in the fact that the knowledge which has nothing to do with daily employments, induces pride, false or unnatural taste, and makes the world a wil- derness, because the heathen gods have been banished, and the vale of Tempo requires tillage, that its inhabitants may eat. And all kinds of education are equally maddening that do not give vigor and liberty to human sympathies, or induce a disposition to laJ)or, and make demand for it. There is no happiness without ^/iction : and he who, from the state of his mind or the style of his ideas, or the mismanagement of monopolists, cannot get to work, might as well be palsied, or in the penitentiary. Nothing but the strong hold on the right hand of God, as the vindicator of the op- pressed, and the omnipotent opener of prisons and graves, can comfort the man who knows and wills, and cannot act."* A man who desires to make a wise disposition of his time, should so regulate it as to give each of these great sources of happiness — religion, knowledge, and business — its proportionate share of his attention, and not allow his mind to become absorbed in any one of them to the exclusion of the others. It is a union that is emi- nently practicable, and the result will be happiness. The idea that an energetic devotion to business in its time and place is in- compatible with a high degree of moral culture or intellectual ability, is entirely erroneous. On the contrary, a man must pos- sess great strength of moral principle and an enlarged intellect to carry on an extended business with a reasonable hope oiLsucccss. * Moore's "Man aud his Motives." ON BCSINESS 27 Business is, in truth, a test of virtue, a Sery furnace to principle. He who passes his days ia studious ease, holding converse with the p;:)irits of the great dead, or meditating on abstract truths, and sees life only through the windows of his study, knows nothing of trial, or danger, or temptation. He may be a swindler, or a forger, or a murderer like Webster, and never suspect it. But no man can spend many years in business without developing his character to his own conscience at least, if not to the knowledge of the world. If he is a man of weak wit, he will become an habitual liar ; if a man of las moral principle, he will become a rogue, and conse- quently a bankrupt. If his conscience tells him that he is still a man of moral uprightness, he need fear no other trial. Let him who desires to test the strength of his principles, or improve his moral nature by wholesome discipline, embark in trade. Let him who considers himself a skilful arbitrator or adjudicator of nice questions in morals or metaphysics, place himself in a position where, every day of his life, he must adjust those in which he himself is an interested party. Let him who thinks himself a proficient in moral or mental arithmetic, try calculating a problem in which his liberty, his home, his fortune, are involved. Let him who is firmly convinced from study and reflection, that business does not call for intellectual ability, that " any fool can get money," embark his all in some credit business ; and if he does not pray, before the fourth of November, that whole hecatombs of dead au- thors may bury him from the sight of living men, we will recon- sider our opinion. That trade is a severe trial to virtue — too severe for the endurance of all men — is no proof that it is unfavor- able to moral growth. Life is a probation, and business may be \y designed as a means of perfecting the moral nature. But it is a proof that science and religion should come down from their ''starry heights," and aid the poor sons of toil in their daily trials — that wisdom should make known not general principles merely, but rules that will be applicable to individual cases as they arise. It in a proof that preachers should preach a practical religion, and teachers teach a practical knowledge. The social progress of mankind and physical improvement of the world, are entirely dependent on the accurate discovery and 28 A PRACTICAL TREATISE universal dissemination of tliose principles that make industry productive and business successful. The steam-engine has been called a democrat. We would call it a radical reformer. It is destined to achieve as grand results in the moral and political world as it has in the material — to annihilate evils, as it has annihilated distance.* There is no great social evil, that I can think of, that will not disappear when the laws that make in- dustry most productive are understood and applied to practice. The condition of the poor in our large cities, none can reflect upon without sorrow. But are there not millions of acres of un- cultivated land in the globe ? Are there not hundreds of thou- sands of farmers who would be richer men if they employed more labor ? Circulate, then, a knowledge of the true principles of business ; convince farmers that labor will and must pay, and soon the demand for labor will be greater than the supply. There will be agents in all the large cities, whose business it will be to procure laborers for the country. One tenth of the additional income that men might have, if they were wise in Bieir * Extract from Cisfs Cincinnati in 1851. — "The time consumed in seed- ing, tending, and harvesting the cereal crops, embraces about one-half the year : if not in idleness, then, during the remainder of it, the laborer has to seek other employments than on the land. The grain crop is sown and gathered during the months of April, May, June, July, August, September, and part of October ; this includes corn. The cotton crop is seeded in the spring, and gathered during the late fall and winter months. Now, let the gi-eat reduction take place'which I predict in the cost of locomotion ; let the passage between this city and Charleston come down, as I predict it will, to five dollars, and to intermediate points in the same proportion ; and let the time consumed in the ti-ip be within my estimate, say thirtj'-six hours to Charleston, who will gather the cotton crop ? What becomes of slavery and slave labor, when these northern hordes shall descend upon the fair fields of the sunny South? No conflict, no interference with Southern institutions need be apprehended ; the unemployed northern laborer will simply underwork the slave during the winter months, and, when the crop is gathered, return to his home. It is known that the labor required to gather the cotton crop, as compared with that to plant and tend, is as about four to one ; that is, one man can plant and tend as much as four can gather." " The English Harvest is gathered by Irish laborers, many hundreds and thousands of whom cross the Channel every year for that purpose." ON BUSINESS. 29 business pursuits, would support all the unfortunate poor in the United States, and perhaps the world. Our main reliance, in the moral progress of mankind, is found > in those means which aim at the elevation of the business charac- ""^ ter. When men discover the great truth that no man is wise or safe but he that is honest ; when they perceive clearly that virtue and knowledge will improve their chances of success in this life, and promote their present as well as future happiness, they will not neglect the acquisition of knowledge, nor delay the practice of virtue. There is an identity of interest, a mutual dependence, an intimate relationship between all things that are good, and busi- ness prepares the way for the favorable reception of truth — as Truth, Virtue, and Knowledge are the best friends of business. Idleness is a foe to virtue, and business conquers idleness. Poverty is an evil : but, in the house of the industrious man, '' want may look in, but dares not enter." Charity is a virtue, and business gives the means as well as the disposition to be charitable. Public spirit is a virtue, and it flourishes best where trade is most respected. Honesty is a virtue, and the more nations are commercial, the more honest they are in their dealings. Patriotism is a virtue, and it exists in its purest vigor where men are free to get property, and where laws protect property. War is an evil ; — it is the same " man-slaying, blood-polluted, city-smiting god" now as in the days of Homer J and we believe the genius of Commerce alone can effectually stay the ravages of the sword. Commerce, an important branch of business, extends civilization, equalizes the comforts of life in all parts of the globe, circulates valuable discoveries in the arts and sciences, and stimulates invention. It is favorable to es- tablishments of learning and religion, and every where it is identi- fied with improvement — improvement in mind and manners — " improvement in arts and letters — improvement in knowledge, iu morals, in legislation, in laws, in liberty ; and in all improvement it has led more than it has followed ; it has been the pioneer much more than the fellow and companion of human advancement and civilization." But it is needless to defend industrial pursuits from the attacks of the censorious, or enlarge upon the benefits they have conferred upon society. We have full faith in the truth of the populai 3* 30 A PRACTICAL TREATISE. notion tliat poverty is an evil, and wealth a Llessing; but, at the same time, we hold that individual wealth is a reward too uncer- tain of attainment to be made an object of primary consideration. j No one who has become very rich can say, in strict truth, that he j "made his own money;" for no other man, by doing exactly as he did, will arrive at the same goal. Wealth may be compared to those birds that smell the hunter afar off, and fly from his ap- proach, while sometimes an ordinary traveller may knock them down with his cane. The first great step in life is to form rational ideas of happiness — ideas worthy of immortal beings. We have the lamp of the world's experience and the Book of Wisdom to guide us, and we need not err. Independence is certainly attain- able by adhering to the laws of trade ; a reasonable degree of hap- piness is attainable by the right management of business j out all that can be done by any one towards acquiring wealth is to place himself in the way of favorable junctures, and make himself ready for their approach ; to descry opportunities at a distance, and keep his eye steadily upon them — watch all the motions that make towards them-?— and when the time comes, to lay fast hold, and never let go/ and, secondly, not to turn aside the favorable train of circumstances that may have been laid for him, by his own wil- fulness, imprudence, or unskilfulness. All that can be done by books, and it is all that need be done, is to aid the judgment in distinguishing appearances, and to collect together those principles which have generally resulted in good fortune, and those which have led to ruin. A moderate desire of gain is indispensable to the coolness of judgment which can decide upon the probability of events or appreciate principles. And he who thus consults his true happiness will find favor in the sight of his Creator, who delights in the happiness of his creatures ; will be preserved from many dangers and temptations ; and will probably find that those means which he has taken to promote or secure bis happiness have at the same time contributed to his worldly prosperity. It is the design of this humble treatise to open the field of busi- ness to the view of those who have only a general notion of it ; and, if possible, to contribute something that will make men more successful in the attainment of happiness, and, so far as it depends upon themselves, in the acquisition of wealth. ON BUSINESS. 31 CHAPTER II. BUSINESS EDUCATION— CHOICE OF A BUSINESS. " It is tlie great advantage of a trading nation that there are few in it so dull and heavy, who may not be placed iu stations of life which may give them an opportunity of making their fortune/' says Addison, truly : but, while any one may be a man of business, who is legally competent to make a contract, and while all can find in a flourishing community stations suited to their talents and disposi- tion ; to carry on an extended business successfully, requires powers of thought, and capabilities of endurance, and a vigor of constitution that few possess. Business is a " death potion" to many ; and a more unhappy situation than the incongruity between the business and the capacity, can scarcely be imagined. It is a life-long tor- ment, for which there is hardly a remedy, as a change of business or profession seldom succeeds. The world argues that he who has failed in his first profession, to which he had devoted " the morning of his life and the spring-time of his exertions," is not the most likely person to master a second. It is proper, therefore, to glance at the be^t temperament for a man of business — the most suitable education — and suggest a few thoughts that should have influence in the choice of a business or j^fofession. I. It has been frequently remarked — and a late author* has ex- pressed it the most forcibly — that the best tcmpevanient for great affairs is " a combination of the desponding and the resolute ; or, as I had better express it, of the ajyj^reJiensive and the resolute. Such is the temperament of great commanders. Secretly they rely upon nothing and upon nobodj'. There is such a poicer/ul element of failure in all human affairs, that a shrewd man is alicai/s sayimj * Companions of my Solitude. ?2 A rUACTlCAL TREATISE (o Idmself, What shall I do, if that whicli I count upon docs not come out as I expect ! Tiiis forcs'njht dwarfs and crushes all but vicn of great resolution.^' These are wise words. He who has an abiding confidence in his good fortune — who is sure that all will end well — that it matters little what he does, the result will be favorable — has the most happy disposition ; but it is not a temperament that fits him for great deeds. And a man who wants resolution to try, to try again, will be certain never to do even moderate deeds. A combination of the apprehensive and the resolute is especially necessary in the pursuit of wealth. Fortune is proverbially fickle ; business success cannot be guaranteed ; and -he who suffers his mind to dwell upon his future greatness^ — who indulges in visions of magnificence and power, and allows the love of money to become closely entwined around his heart — will be tempted to overleap himself, or be lulled into a fatal security from which he will awake to find his happiness gone forever with his di'caras. But the true business man thinks not of the end; as there is a " powerful element of failure in all human affairs," he will probabl}' fail ; but he is deterinined to tri/, and will leave no stone unturned that will give probability of success. His thoughts are on the means, and not on the end ; he wishes to hear of the dangers of the road, and the means by which they can be escaped, and not flattering tales of doubtful success. If he fail, as fail he may, he has a reserve at hand which he can fall back upon, without being bankrupt in happiness as well as fortune. II. An education that can be called practical must be directed to tw" objects — the cultivation of the senses, and the discipline of the mind by such studies as will also be useful in themselves. It is needless to remark how important a part the senses perform in dealing with material objects. They are the instruments by which experiments are to be observed, and discoveries to be made ; and in trade, perhaps one-half of the superioiity which some manifest over others is to be ascribed to greater accuracy of taste, smelling, sight, or feeling. Who has not been struck with admiration at the accurate observation of the Indian by which he can retrace his steps in the most trackless wild ? Who has not felt it would be an ad- vantage to possess the blind man's acuteness of touch? "Man- ON BUSINESS. 66 kind," says Dr. Hook, " have by their ingenuity wonderfully assisted the sense of sight and hearing, and have prolonged to age the advantages of youth, but it remains for them to bring their senses to the highest state of perfection and activity by judicious cultivation. It is vrorth remai'king that even common artisans, not distinguished by any superiority of intellect, have, by exercise and patience, brought some of their senses to a degree of perfection truly astonishing. The exercise of the senses is naturallt/ pleasurable to children, and may, therefore, be easily promoted and improved, and in distinguishing smell, colors, taste, aud the touch of various things, the pupil will soon become expert if he have a sufficient snpplij of visible and tangible objects on luhich to exert his attention." This is a subject, then, which should receive the attention of parents; and in childhood, instruction may be combined with amusement. The discipline of the mind is a work of longer time, and more difficult attainment; but cultivation will effect it. The mind is naturally like a colt, wild and ungoverncd. It must be broken to the bit, and familiar with the rein. The great cardinal powers, Attention, Abstraction, Perception, Memory, Judgment, are in a great degree dependent for their growth and power on culture. This constitutes the great difference between the reason of man and the instinct of brutes. They arrive at a certain point in know- ledge, and there stop. The beaver displays no more originality iu the construction of his dam in our Western forests now than he did before Columbus landed on our shores. The swallow builds her nest no more skilfully now than she did before the flood. But the human intellect is susceptible of unlimited improvement, aud makes the accumulated knowledge of the past the starting-point of future discoveries. It is fortunate that those studies which best discipline the mind are, in themselves, eminently practical and useful. The Physical Sciences, Natural Philosophy, Mathematics, Chemistry, unfold and exercise the mental powers to habits of attention, method, and right trains of reasoning, and at the same time instruct how to investigate the powers of nature, the properties of material bodies, their action one upon another, and explain the qualities of those substances which the Creator has intended for the use 84 A PRACTICAL TREATISE and happiness of man. The excellent Dr. Barrow says of tho mathematics : " They effectually exercise, not vainly delude, nor vexatiousl}' torment studious minds with obscure subtleties, but plainly demonstrate every thing within their reach, draw certain conclusions, instruct by profitable rules, and unfold pleasant ques- tions. These disciplines also enure and corroborate the mind to a constant diligence in study; they wholly deliver us from a cre- dulous simplicity, and most strongly fortify us against the vanity of scepticism ; they effectually restrain us from a rash presump- tion, most easily incline us to a due assent, and perfectly subject us to the government of right reason." It may be worthy of remark that the most of those who have been distinguished in practical affairs have also been noted for their love of mathematical studies. Bonaparte was an eminent example. Even the classical Everett, notwithstanding his love of the ancient founts of poetry and eloquence, is compelled to admit that in Eng- land it has been observed of the study of the law — though the most difficult parts of its learning, with the interpretation of the laws, the comparison of authorities, and the construction of instru- ments would seem to require philological and critical training; though the weighing of evidence and the investigation of probable truth belong to the province of the moral sciences, and the pecu- liar duties of the advocate require rhetorical skill — yet " that a large proportion of the most distinguished members of the profes- sion has proceeded from the University, that of Cambridge, most celebrated for the cultivation of mathematical studies." Chemislry should receive especial attention in a course of practi- cal education. As the profits in the old channels of business be- come more and more reduced by competition and other causes, we must look to Chemistry to discover new mines of wealth ; as fertile land becomes scarcer, we must look to Chemistry to teach us how to cultivate the field and the garden so as to secure the utmost in quantity, and the best in quality, of their inestimable productions. The annals of one of the early revolutions in Franco furnish a re- markable instance of the resources of Chemistry in times of difficulty. The ports of France were blockaded ; her commerce, on which she depended for her supplies of saltpetre, was interrupted; hermanu- ON BUSINESS. 35 factories were idle, and her soldiers useless for want of ammunition In this distress, the ministers called upon the chemists to devise some means of relief, and they quickly informed them of the im- meuse quantities of saltpetre which nature had deposited in her bosom ; and that animal aud vegetable substances, the refuse of cow-houses and aviaries, would yield still greater quantities. Of languages, the German and the S2K()iish are the most likely to be useful. The German emigration into this country is im- mense. As many as five hundred emigrants arrive in one day at the port of New York, and in the year 1847, Jt/(,i/ thousand lauded at that one port. These men become American merchants and mechanics. Pennsylvania and Ohio number their German citizens by hundreds of thousands. They are generally noted for their frugal habits, prompt paymeuts, and their custom is desirable. Many a man who has become wealthy can ascribe his early success to the sole advantage of possessing a knowledge of the German lan- guage. And, as the public mind is now earnestly attracted towards Cuba, Mexico, California and the South American provinces, and it may fall to the lot of any one to go there, it will not be an unwise precaution to acquire a knowledge of the /Spanish lan- guage. Hoio to obtain a practical education — is a question that admits of but one answer. " Every thing is bought with a price :" and the price of an education is vigilance and self-labor. Journey- men of the rarest skill cannot do the work. Mind acknowledges no master but Will; it attains its maximum of strength by one process only — intense thought. Every one whose mind is disci- plined to obedience and stocked with knowledge holds his acqui- sitions by the best of titles, and can call it emphatically his own work. Self-cultivation, therefore, is the only cultivation worthy of the name.* Books, teachers, schools, colleges are only means * I may, perhaps, frequently take occasion to furnisli extracts from pri- vate letters of the Hon. John Freedley, deceased, late member of Congress from the Fifth Pennsylvania Congressional Di-strict. Mr. F. began life -with no advantages of a school education, and with no capital but his " head and hands." By self-cultivation he accomplished his mind to a degree peihaps unsuspected by any but his intimate friends ; and his capital he turned to 36 A PRACTICAL TREATISE that render the work loss difficult — they surround the student with an intellectual atmosphere that prepares the mind to receive such advantnge that, in less tlian thirty years of active life, without indulg- ing in hazardous speculation, he accumulated a fortune of near §300,000. He mil therefore perhaps be considered good authority in a work of this kind. The following is an extract from one of his letters written several years ago : " Resolution is omnipotent ; with proper industry, and action, and effort, there is no limit to advancement. 'Tis not well to sit down with folded arms and point to your past works — onward is the word in self-cul- tivation. Although the last effort was commendable, the next must be better, and the next again better. The arts and sciences, rhetoric and logic are wide fields for study, but a wider field is man and the business of man. By this, however, I do not wish to be understood as recommending to you so wide a field of study. Your books, according to the prescribed course, deserve your fii-st attention. These require your attention during the hours of study ; but in your hours of pastime, of recreation, and of pleasure, is the time to look into the world, with a determination to turn every moment to account, to profit by every passing incident, with the old philosopher's motto, ' Higher, for ever higher.' The observant student must and will at- tain the highest elevation his intellectual and physical powers are capable of. By this latter expression you will understand me as entertaining the opinion it is not every one that is capable of reaching the highest pitch of human acquirements. There must be soul and a body suited for it. There must be intellectual and physical strength. There must be a founda- tion to raise the superstructure upon. A puny and effeminate body never can contain the soul of a Milton, or have the Herculean intellect of a Locke, or of a Shakspeare, or of a Webster. The body, however, as well as the intellect, is susceptible of cultivation. Physical exercises are as necessary as mental ones. Fii'mness of purpose, and a fixed resolution which does not vary, never go hand in hand with effeminacy of body. I will finish this part of my subject at present by a quotation, which I wish you to commit to memory, and never forget : ' He that resolves upon any great end, by that very resolution has scaled the great barriers to it ; and he who seizes the grand idea of self-cultivation, and solemnly resolves upon it, will find that idea, that resolution burning like fire within him, and ever put- ting him upon his own improvement. He will find it removing difficul- ties ; seai'chiug out, or making means; giving courage for despondency, and strength for weakness.' " It is also reasonable for every one to believe that he is not a mere non- entity for whom there is no course chalked out or duty prescribed, but rather to entertain the belief that he is destined, under Providence, to fill ON BUSINESS. £7 impressions, and they place -n'thiu his reach materials which may aid his progress. In the education of a business man, it must never be forgotten that his future life will be a life of action and not of study. Great care must be taken that the health be not impaired in a strife for useless honors — that the feelings be not suffered to grow over sensitive in recluse contemplation — nor the mind lose its spring and elasticity under a load of cumbersome and un- practical learning. A collegiate education therefore cannot be re- commended. It is even a matter of great doubt in the minds of many observing men, whether colleges — those venerated and highly-lauded alma-maters — have not directly and indirectly ruined a greater number of their sons than they have ever benefit- ted. It has been said that one-fourth of the students in college leave them with impaired health : full one-half are too sensitive to bear the rude jostlings of the world : and perhaps two-thirds of the balance have some defect that will seriously mar their happi- ness and usefulness. Certain it is that he who has passed this ordeal with his health unimpaired — his intellect uuwarped, and his morals unscathed, is a man of extraordinary mental and moral power. Y^et how many parents spend money which they can ill spare, to unfit their sons for all future usefulness ; and how many sons are compelled to start in the world with the presumption at least against them, that they are unfit for practical affairs.* A some appointed duty, and that there is a guardian spirit to whose admoni- tions proper deference is to be paid, and hence to consider all ' partial evil as universal good.' The idea convej'ed by this line of Pope has been to me a source of much consolation through life. It teaches us to consider all disappointments as preservations from hidden snares; all adversity as chastenings for our genei'al good. Some of the greatest men that ever lived have had strong faith in signs and omens, and in the decrees of Fate. But I will not enter further, at present, into this mj-sterious field." • Extract from a private letter of the lion. John Freedley, dated Nov. 21, 1816 : " These diplomas are sometimes of service to a man, but very often a positive injury. Where there is intellect to raise a man above the vanity and self-conceit which such gevrgaws are apt to inspire, a diploma is of ser- vice. I think Webster, Kent, Spencer, and most of the men who have dis- tinguished themselves in high stations in our country are graduates. Even Ewing and Corwin, who earned their money by chopping wood for the fur- 4 400524 88 A PRACTICAL TREATISE counting-liouse is the business man's college. When the youth has finished his course of preparatory education at a school or pri- vate seminary under the charge of an able instructor, who teaches as much by conversation as by a prescribed course, he should go into a counting-house, whatever may be his future occupation. It is there that he will learn order, method, obedience, and acquire a knowledge of life and the business of life ; it is there that he will learn the value of time and the value of money — two very im- portant things to know. The Hon. George S. Hilliard has drawn a graphic picture with a somewhat different view, intended as a source of consolation to those who ai-e deploring their fate that they cannot attain a collegiate education ; but we use it to show the advantage of a counting-house over a college education. " Two youths, for instance, of the same age leave school at the same time, and one enters college and the other goes into a counting- house. And let us suppose them equally conscientious and equally disposed to make the best of their opportunities. The collegian works hard, and learns much, and acquires distinction ; but in the mean time he has perhaps lost his health, for, as far as my observation goes, I should say that one-quarter, at least, of the naces after they arrived to age, to obtain for themselves the means of getting an education, worked on until they were able to graduate. But then such men act with their diploma as though they had it not. They lay it on the shelf, and fall to work. They know it is of no use to them except as an auxiliary to their own exertions. These were men of physical powers who could undergo fatigue, and were capable of performing much mental and bodily labor. They by habitual industry so disciplined their minds as to be enabled to fix their entire attention on whatever was the object of their study, and thus constantly and intuitively to acquire knowledge as it were in a stream, and retain it. But these are men one in a hundred — not so W'ith the other ninety-nine. They will point to their diploma as the ulti- matum of their wishes — as their certificate of learning and gentility — 'tis this that is to feed and clothe them — 'tis this that makes labor unnecessary to them ; and the plodding and drudgery of office, necessary to success in a profession, as beneath them : and hence he, with less learning and with- out a diploma, but who works, plods, and attends to every thing that per- tains to his business, will generally leave them far in the rear. To these a diploma is rather a positive injury than a benefit, because it puffs them up, and causes them to be ' too big for theu* breeches.' " ON BUSINESS. 39 young men educated at our colleges leave them with impaired health. From the recluse life he has led, he is likely to have awkward manners, and an unprepossessing address. From not having been trained to self-control, he is perhaps impatient of con- tradiction and needlessly sensitive. He is probably conceited, possibly pedantic, and pretty sure to waat that^ sixth sense which is called tact. He knows much of books, but little of men or life, and from mere confusion of mind, incurs the reproach of weakness of character. On the other hand, the lad who enters a counting- room finds himself perhaps the youugest member of a large estab- lishment ; and whatever of conceit he may have brought from the village academy is soon rubbed out of him. He learns to obey, to submit, and to be patient : to endure reproof without anger, and to bear contradiction with good-humor. He is obliged to keep his wits about him, to decide quickly, to have accurate ej'es and truthful ears, to learn that there are just sixty minutes in an hour, and just one hundred cents in a dollar. He is compelled to bear and to forbear, to resist temptation, to struggle down rebellious impulses, and to put on the armor of brave silence. The hours of his day come freighted with lessons of self-reliance and self- command, and the grain of his character grows firm under the dis- cipline of life." A counting-house education will be of advantage to every man, whatever his future occupation may be. To farm- ers it will teach business habits and attention to accounts, which will give them increased interest and success in their business. To the mechanic it will teach order, system, management, the practical value of book-keeping, and remedy many of their de- ficiencies. To the professional man, it will afford a clearer in- sight into the practical operation of business affairs, and give them facilities in obtaining practice.* The time spent in the counting- * '' A lawyer in a commercial city must not only be a merchant, a mecha- nic, a navigator, a seaman so far as navigation and an acquaintance with the diiferent parts of a vessel are concerned, but must also be able to read, speak, and translate the diiferent languages in use in the different parts of the commercial word. Kd man can try a case and do it justice unless he is perfectly master of the matter to which the dispute relates. Hence I have observed that those persons who have spent some time in business, eithei mercantile or mechanical, previous to studying law, generally succeed best in obfaininy practice." — John Frcedlcy. 40 A T'RACTICATi TREATTSK house sliouli], of course, vary with circumstances. A youth do- signed for mechanical pursuits should spend probably a year; a farmer, one winter. It is generally noticed that, at the end of six months, countrymen get deathly homesick ; that is the time for them to leave, and they will never hanker after city life more. A merchant should spetid some two years in a counting-house after he has completed his prepai'atory course, and then go to one of our law schools, and devote some time to the study of mercan- tile law. A knowledge of the law will always be beneficial, and he will derive the additional advantage of association with the first minds of the country, and may form friendships that will be serviceable to him in his subsequent career. A moral education need not be dwelt upon. Parents who read books for information, and teachers who are fit to be intrusted with the management of the young, need no arguments on this subject. This is especially a work of self-cultivation ; no principles can be called temptation-proof, but those which are the result of logical conviction, and for which repeated sacrifices have been made. Facts in the subsequent pages will speak on this subject more forcibly than arguments. It is of immense advantage to a young man, during minority, to have constant and familiar intercourse and correspondence with a man who is practised in affairs, and capable of communicating hia knowledge. It is a privilege which should be valued almost above all others by those who possess it. The pupils of the Jesuits were noted for greater presence of mind in conversation, a more ready re- collection of their knowledge, and were more men of the world than youths brought up by any other preceptors, and this acknowledged superiority was ascribed to the fact that each pupil was allowed a certain number of hours of conversation with his superiors. An ability to communicate varied and practical knowledge by conver- sation is a qualification that specially fits a man to be a teacher, and it should not be overlooked in the selection of a teacher. In addition, parents who are unfitted, or too busy to discharge their share of this duty, should select a suitable man whose business it would be to advise in the choice of books, solve the student's doubts and queries, direct his observation, converse and correspond ON BUSINESS. 41 with him during his school and business apprenticeship. A man of sound judgment and some experience should be selected; but it is not necessary that he should be distinguished for any particular success in his own affairs, for such men cannot be had, and, if they could, they would very probably be incompetent for the office. It is a singular fact that those who are the most distinguished for success in their own undertakings are the poorest of all advisers for others; while many who are keen in the originating of plans, and advising others, seem to lose their power when they come to act for themselves. There are two great classes of men in the world — men of action and men of contemplation. The former can do a thing when they are told how, and the latter know how it should be done, but cannot do it. It is very rarely that these two quali- ties are united in one person ; and I believe that, in nine cases out of ten, the idea of those speculations and undertakings for which men have got the most credit, came to them at second-hand — they acted, while others were debating ; hence it is not the most suc- cessful whose opinions are always the most valuable. To those who have no special advantages, we say, cultivate your senses — observe keenly — discipline your mind, especially hy mathematical studies — search after and seize hold of every valuable fact — be a constant reader of useful books — and the glory of your triumph will be in proportion to the difficulties you have overcome. III. When parents have not chosen a pursuit for the young man, and circumstances do not plainly reveal to him his true path the important duty of choosing a business or p)rofcssion falls upon him, and the great question, '^ What shall I do_?" comes into his mind with' a force and power that will probably be remembered in all subsequent time. *' The most important thing in life is the choice of a profession," says Pascal; and lam sure it is an embarrassing one to him who is sensible of its importance. It is a choice that must be iLade at an early age, with few guides to direct, and in a matter in which but few directions can be given. Our first hint is in the language of an author quoted before. ' Be not over choice in looking out for what may exactly suit you; but rather be ready to adopt any opportunities that occur. Fortune does not stoop often to take any one up. Favorable opportunities 4* 42 A PRACTICAL TREATISE ■will not happen precisely in the way you imagined. Nothing does. Do not be discouraged, therefore, by any present detriment in any course which may lead to something good." The first ques- tion to be settled is, what is the object in choosing a business at all ? We answer, to attain independence. What is independence ? He who can make something more than his necessities require him to expend is as independent as the richest of the land, and gene« rally far more happy. How can independence be attained with the greatest certainty ? No man is sure of being able to make more than his necessities will require him to expend but he who is able to perform a day's labor. A trade is a sure road to independence. " He that hath a trade hath an estate, and he that hath a calling, hath an office of profit and honor." Among the ancient Jews, every one, however well educated, was brought up to a trade. At Sparta, there was a law declaring every one who refused to support his parents, when in want, infamous ; but, if the father had neg- lected to bring up his son to some trade, the son was not bound to maintain his father,' although in want. We may add that all kinds of regular business pay equally well in the long run to those who have the ability to carry them on : and that all useful em- ployments by which a man can earn an honest living, are equally respectable in the estimation of every sensible person. " There is but one way," says Dr. Lyman Beecher, '' of securing universal equality to man — and that is, to regard every honest employment as honorable, and that for every man to learn, in whatsoever state he may be therewith to be content, and to fulfil with strict fidelity the duties of his station and to make every condition a post of honor." Our second hint is suffer not fancy to overrule the judgment in the choice. It has been observed that the history of the bar shows that those who have become the most eminent in the law had at first the greatest distaste for it. Where a man is equally adapted to two or more kinds of business, fancy may decide the choice — but it is a quality too evanescent in itself to control the judgment. Our third and main rule is, let there be a correspondence be- tween the prominent feature of the mind or character, and the prominent requisite of tlte husiness. Know thyself, and know ON BUSINESS. 43 something of the business beforehand. Every occupation has some leading, essential quality which its follower must have, or success is impossible. The great cardinal powers of business, as they may be called, are strength — ingenuity — good address — and strong nerve or enterprise. Some occupations require only one of these — others require a combination of them — and others, again, require a com- bination of some one of these essentials with other qualities, to carry them on with honor and success. I. The occupations in which the essential requisite is pliijsical strength are those of day-laborers, butchers, and farmers. A far- mer will succeed best who possesses mental cultivation of the first order; but still, the leading requisite of the business is physical Btrength, without which he cannot discharge its duties. A strong, healthy boy will soon learn the art of killing and dressing an animal. Strength is also requisite to the success of a bookbinder and a wheelwright. II. The occupations whose leading requisite is mechanical in- genuity are generally called trades. A tailor, shoemaker, or brush- maker need have but little ingenuity ; but trades in general require a large share of it in combination with strength, mathematical skill, and other qualifications. A machinist must have ingenuity, skill, and a considerable degree of physical strength. A carpenter must have strength, ingenuity, great skill, and an aptitude for mathe- matics and drawing. A stone mason must possess the same, with perhaps greater power of endurance. A jeweller must have in- genuity, good taste, steadiness, application, and a capacity to resist temptation. A clock or watchmaker must possess ingenuity, a fair education, and a persevering disposition. A cabinet-maker must have an aptitude for and a knowledge of drawing, good taste, and ingenuity. A chemist must possess ingenuity, a liberal edu- cation, retentive memory, and a persevering disposition. III. Good address presupposes some education, a genteel per- son, and an obliging disposition. It is the leading requisite in all trading pursuits, and is the basis of successful storekeeping. United with fondness for books, the boy may become a bookseller; with fondness for music, a music-seller. An apotliecary must possess good address, a good education, a retentive memory, and a 44 A PRACTICAL TREATISE cheerful, compassionate disposition. An auctioneer should have good address, memory, a quick eye, and shrewdness. IV. Strong nerve, in its ordinary acceptation, is necessary to the surgeon, dentist, and probably many others. It is also used as synonymous with resolution and enterprise. It is the prominent "equisite in all kinds of speculation, and, when combined with every other great and good quality, makes the merchant, the pro- fessional man, the author, (?) and the statesman.* We need not mention the professions. They do not fall within the scope of our plan, as they are not, and should not be, money- making pursuits. No class of men in the world, considering the amount of capital expended in their education, and the amount of labor in their profession, are so poorly paid as professional men. It has been said, with emphasis and truth, that merely to obtain wealth, a man would be more likely to succeed, to begin with a wood-saw and an axe, than with an education which cost him ten years' hard labor, and all the money he could borrow. Lawyers sometimes get large fees, but they are " few and far between." Their average income throughout the United States does not exceed fifteen hundred dollars per year, and the majority in the profession get less than that; a few get a great deal more, while many get nothing at all. Divines have one secular advantage ; they can sometimes marry advantageously. Women have an idea that they make good hus- bands, and, hence, with address, they may obtain serviceable fathers- in-law. But the professions should be chosen from other considera- * I intended to compile a table of occupations, whicb I must defer to a more " convenient season," if it evei' comes. I will merely remark that the average wages of journeymen, in mechanical employments, are about $9 a week ; that tailors, shoemakers, and blacksmiths do not get, on an average, so much as this ; and that hatters, jewellers, watch-case makers, and printers, get more. No one should think of starting a mechanical business in large cities with less than one thousand dollars capital. The ave- rage wages of operatives in iron works, in the United States, is 97 cents a day ; in Pennsylvania, the average is $1 OG. The average wages of males, in cotton factories, is 70 cents ; of females, 37 J cents. In Pennsylvania, males get G5 cents, and females 33 cents, on an average. In woollen factories, males 82 cents, and females 44 cents. In the Pennsylvania wool- len factories, the average wages of males is 74 cents ; of females, 30 cents ON BUSINESS. 45 tions than to obtain wealth. They are a splendid field for the ex- ercise and display of intellect, and the gratification of philanthropy. The only worthy motive in choosing a profession is a strong desire to ameliorate the condition and amend the follies of mankind, — of which the reward is to be the consciousness of a life well spent —but to do this, previous independence is indispensable. " How absurdly those parents act," says Collyer, " who, having no for- tune to give to a son, bring him up to be an attorney's clerk, and thus force him to be contented with an income more precarious, and not much more certain, than that of a journeyman tailor, or to become a nuisance to society by being a poor, pettifogging attor- ney, an employment equally base, scandalous, and injurious to society." It is to be regretted that so many young men, who could fill other stations with honor and respect, are now rushing pellmell into the professions, without aim or object, apparently taking it for granted they were born qualified, as Minerva sprang full-fledged from the brain of Jupiter. Experience must be their schoolmaster. 46 A PRACTICAL TREATISE CHAPTER III. HABITS OF BUSINESS, WHAT ABE THEY? "When wc have chosen our business wisely — when we have be- come initiated in its mysteries, and our apprenticeship is drawing to a close — the great question that will frequently recur in our after life, What shall we do ? stares us in the face a second time. Shall we attempt business on our own account, or work awhile for another already established ; and how shall we be able to attain the best situation? We solicit advice from our friends, and they tell us that the world will ask us two questions, which we had better ask ourselves beforehand. Are you ifnaster of your business ? and have you hahits of business ? The former is presumed ; but what is meant by habits of business ? Habits of business include six qualities. Industry, arrangement, c(dcuIation, prudence, punc- t/ tuality, and perseverance. Are you industrious ? Are you me- thodical ? Are you calculating? Are you prudent? Are you punctual? Are you persevering? If so, you possess what is known by the familiar term. Habits of Business. It is not the possession of any one of these qualities in perfection, nor the oc- casional exercise of them by fits and starts, as it is called, that will constitute a man of business ; but it is the possession of them all in an equal degree, and their continuous exercise as habits, that give reputation and constitute ability. The difference in men and their success may be attributed, in a measure, to a difference in their business habits; and many a man has made his fortune with no other capital than their superior cultivation. In fact, a large capital and excellent opportunities, without them, will only provoke greater disaster, and a more wide-spread ruin. Perfection in most things is unattainable; yet men have attained to a greater degree Y of perfection in the cultivation of these qualities than in almost ON BUSINESS. 47 any tiling else; and, at all events, it is certain that lie who " aimeth at the sun, though he may not hit his mark, will shoot higher than he that aimeth at a bush." Industrij is the energetic engagement of body or mind in some useful employment* It is the opposite of the Indian's maxim, which says, " It is better to walk than to run, and better to stand still than to walk, and better to sit than to stand, and better to lie down than to sit." Industry is the secret of those grand results that fill the mind with wonder — the folios of the ancients, the pyramids of the Egyptians, those stupendous works of internal communication in our own country that bind the citizens of many different States in the bonds of harmony and interest. " There is no art or science/' says Clarendon, '' that is too difficult for indus- try to attain to ; it is the gift of tongues, and makes a man under- stood and valued in all countries and by all nations ; it is the phi- losopher's stone, that turns all metals and even stones into gold, and suffers no want to break into dwellings ; it is the North-west passage, that brings the merchant's ships as soon to him as he can desire; in a word, it conquers all enemies, and makes fortune it-- self pay contributions." The tendency of matter is to rest, and it requires an exercise of force or of will to overcome the vis inertias. When a thing should be done, it must be done immediately, with- out parleying or delay. A repeated exercise of the will, in this way, will soon form the habit of industry. Arrangement digests the matter that industry collects. It ap- portions time to duties, and keeps an exact register of its transac- tions ; it has a post for every man, a place for every tool, a pigeon- hole for every paper, and a time for every settlement. A perfectly methodical man leaves his books, accounts, &c., in so complete a shape on going to bed that, if he were to die during the night, every thing could be perfectly understood. Jeremiah Evarts is repre- sented to have been a model of industry and arrangement. A friend says, "During years of close observation in the bosom of his family, I never saw a day pass without his accomplishing , more than he expected; and so regular was he in all his habits, that I knew to a moment when I should find him with his pen, and when with hia tooth-brush in his hand; and so methodical and thorough that 48 A PRACTICAL TREATISE though his papers filled many shelves when closely tied up, there was not a paper among all his letters, correspondence, editorial matter, and the like, which he could not lay his hands on in a moment. I never knew him search for a paper ; it was always in its place." Some manifest this habit at an earlier age than others, and apparently exercise it with less difficulty; but any one with attention may acquire it. Calculation is the mind of business. A readiness in calculation gives a man great advantages over his less experienced neighbor; and many a man has brought his fish to a bad market from inability to calculate quickly and accurately. To attain the habit of quick calculation without the aid of a slate and pencil. Dr. Alcott recom- mends that the learner seize on ^' every circumstance which occurs in his reading, where reckoning is required, and, if possible, stop at once and compute it. Or, if not, let the place be marked, and, at the first leisure moment, let him turn to it and make the estimates. " Suppose he reads of a shipwreck. The crew is said to consist of thirty men, besides the captain and mate, with three hundred and thirteen passengers, and a company of sixty grenadiers. The captain and mate, and ten of the crew, escaped in the longboat. — The rest were drowned, except twelve of the grenadiers, who clung to a floating fragment of the wreck, till they were taken off by an- other vessel. Now is there a single person in existence, who would read such an account, without being anxious to know how many persons in the whole were lost ? Yet nine readers in ten would not Know, and why 1 Simply because they will not stop, and use what little addition and subtraction they possess. " Long practice, it is true, will render it unnecessary for an indi- vidual to pa !trst is by war, as the Romans did, in plundering their neighbors ; this is robbery. The second by commerce, ■which is frequently cheating. The third by agriculture, the only honest way, -wherein a man receives a real increase of the seed thrown into the ground in a kind of continued miracle wrought by the hand of God in his favor, as a reward for his innocent life and his virtuous industry." — Feanklin. Agriculture needs no eulogy. Learned men in all ages, phi- losophers, statesmen, orators from Cicero to Kossuth, have done themselves honor and " appeased the gods" by laying their good- will offerings on the altars of agriculture. It is enough to know that it is the first-born of civilization, the mother of -wealth, and the heaven appointed employment of mankind. I believe it would promote the general happiness of society to inculcate the doctrine that farming is the destined occupation of all men at hirtli, and that he who forsakes it for other pursuits must show substantial reasons for the dej^arture to entitle him to encouragement. A man who possesses eminent mechanical ingenuity had better be a mechanic; he who is thoroughly fitted by nature and education is justified in being a public teacher ; and he who is born to be a dis- tributor of the earth's products may be a merchant : but all should show evidences of capability for the pursuit to entitle them to the rewards due only to ability. In agriculture, the Creator has fur- nished a safe and healthy employment for all men. He has endowed certain men with peculiar talents suited to the excep- tional kinds of business ; those who are diligent or fortunate in the discovery of his will in regard to themselves find success and happiness ; those who thrust themselves into employments for which 72 A PRACTICAL TREATISE they are unfitted, from unworthy motives, must suffer the penalties of violated law. As a necessary consequence of this doctrine, every one should learn the art of farming first, a knowledge of which would be of great advantage to every poor man at least. But it is not our proviuce to discuss theories. Facts, figures, and certain principles are our boundaries, and we have too much reve- rence for the law and men's rights " to trespass" on other people's ground. I. 7s farming projitahle? This is a practical question. It is also a relative question, and suggests another inquiry. What is a good and jproJitaUe business? A man who can lay by regularly from §500 to §1000 a year, over and above all expenses of every necessary kind, may be said to be doing a good business; a man who can net regularly any thing over ten per cent, per annum on capital safely invested, is doing a profilahle business. The state- ments of what has been done in farming are numerous in a scat- tered shape, and we will only select a few of the least extraordi- nary. Joshua Tappan, of Newbury, Essex Co., Massachusetts, in 1842, sold from a plot of ground measuring five acres and one-sixth rods, produce to the value of $405y'\f(j. A. T. Perkins, in the Maine Farmer, says : " I have raised, the past year, from 30 acres of land 700 bushels of potatoes, 80 bushels of barley, 25 bushels of beets^ 15 bushels of wheat, 10 bushels of beans, 4 tons of mowed oats, 16 tons of hay, 40 bushels of corn, 20 bushels of carrots, 75 chickens and turkeys, and a great quantity of garden sauce. I have killed one hog weighing 390 pounds, made 400 pounds of butter, kept 3 cows, a pair of oxen, 2 heifers, 2 steers, 8 sheep, and 4 hogs." J G. Chadsey, of Wickford, Rhode Island, states that he pur- chased 35 acres of land near that village, whicb he could neither sell nor rent. He concluded to try farming himself, though he had done nothing at it for forty years ; but, as a substitute for experience, he took an agricultural paper. His success is that the land which, seven years ago, would not rent for four per cent, on cost, now pays twenty per cent., after deducting all expenses. Cost or land. S3,050. Produce sold in 1846, ^1,116 41. Expenses, ON BUSINESS. 73 labor, taxes, and estimating his own labor at $50, $467j-'\j'g leaving $640y''(f(j as profits, or 20| per cent., for the use of the land.* It is estimated by practical men that one-third of the 2rroceeds of a farm will amply suffice to cover all the ordinary expenditures, or, in other words, will pay for working, keep the farm in repair, and replace the interest on the capital. Dr. Beekman, Secretary of the State Agricultural Society, states, " that, except in extraordinary cases, one-third of the products will meet all expenses, leaving two- thirds as profits." A writer in the Genesee Farmer gives an ac- count of two farms in his neighborhood, which he regards as a sample of the well-managed farms. One contains 86 acres j and capital invested, including farm and stock, is $4500. The proceeds per annum average $1442. Profits (one-third less), $962, or inte- rest at the rate of 21 per cent. Another contains 40 acres ; capi- tal, including farm and stock, is $1600. Proceeds per annum $851y4j)''g. Profits (one-third less), $567y'\/'jj, or 35 per cent, on capital. * This instance suggests two considerations that hold good in many cases that have come within our notice. The first is that men who have acquired their training in other pursuits frequently succeed best at farming. Men, at whom old farmers would raise their eyebrows above their temples, fre- quently show results, in a few years, that old farmers, by their mode of management, cannot attain in a lifetime. It may be ascribed to two causes. They turn to farming because they have a love for it, aiM prosecute it with zeal; and secondly, their superior business tact, acquired in other pursuits, gives them an advantage in this also. It is certain that no manufacturing or mercantile business could stand the neglect of advantages and misman- agement that farming is habitually compelled to stand. Those engaged in it would fail the first year. Another consideration suggested is the practical aid and knowledge to be derived from hooks and aijricuUural papers. A man's individual experience is limited — from books he may derive the experience of thousands. All that is wanted to make fortunes is first the idea, and then energy to follow it up. Books on business are likely to suggest the idea ; they stimulate the mind to think, and furnish a healthful excitement that keeps up energy. Books on general business and special business should be read with close attention by every man. They are few in number, and the chances that they will suggest a valuable idea will justify the expense. A book which is valueless to one man may be invaluable to another. 74 A PRACTICAL TREATISE Messrs. Cooper, uear Bushwick, Long Island, report to the New York Farmer's Club that their farm of 30 acres, four men to work it, and occasionally extra help, yielded, in one year, gross proceeds ^3,498^^5- The farm connected with the House of Industry at South Bos- ton contains 30 acres. The proceeds of the farm for the last year amounted to S5,287yVD) being equal to 1176 per acre.* At a legislative agricultural meeting held in Boston, some remarks were made by the Hon. Mr. Calhoun on the profits of farming, compared with other pursuits. The conclusion arrived at was, that farmers, on the average, succeed better than merchants ; that if, by way of experiment, one hundred men should go into a city in trade, and one hundred go to farming, at the end of twenty years the hundred farmers would be worth the most money. Mr. Calhoun added : " Here is a foundation that may be built upon with more certainty than any other. Yet young men are rushing into the cities to make their fortunes. It is deeply important that * Why should one acre yield $176 value, -when another equally fertile by natui'e ■will only yield ten dollars ? Why is a garden richer than a field ? We manure our gardens well, and our fields lightly. We dig our gardens twenty inches deep, and plough our fields ^re inches deep. We cultivate a small patch of ground thoroughly, and scratch over a large space of land superficially. A hankering after much land is a serious drawback to suc- cessful farming in tiie United States, and we believe that if three-fourths of those who have over seventy-five acres of land would sell the excess, and devote their entire attention to the balance, they would find themselves bet- ter off. A man had a large vineyard and two daughters ; when the one married, he gave her as a dowry one-third of his vineyard, yet he discovered that the remaining-two thirds netted him as much as the whole : when the other daughter married, he gave her a third, and found his profits in the succeeding year larger than they had ever been. A practical farmer says, " I am confident that fifty acres, cultivated in the very best style of modern improvement, will yield more profit than many of your one hundred acre farms now yield." Manure and labor will do the business. Large farms are a weai*iness to the flesh. " A little farm well tilled ; A little house well filled ; A little wife well willed" aie the greatest blessings, of an earthly nature, a man can possess. ON BUSINESS. 75 the facts stated here and at former meetings, should be deeply im- pressed upon young men. Mr. Brook says : '15 per cent, may be made on capital by any diligent and systematic farmer.' Hon. John Lowell says, ' 18 per cent.' All this may be done by farm- ing intelligently. He had wondered that farmers generally got along so well as they aetuallj^ do in their careless mode of manage- ment. For himself he had regained his own health by farming. The open air had restored him." II. What management is necessary to mahe farming profitahh? On this subject farmers would prefer to hear a practical farmer speak; and I am happy to state that one of the best practical farmers in the State of New York has written the best and most interesting prize essay '' On Farm Management," which obtained the premi- um from the New Yorh State Agricultural Society, that I have ever read. Those who take little interest in agricultural matters will derive pleasure and benefit from a careful perusal of it, and those who contemplate farming should study it. ON FAKM MANAGEMENT— PKIZE ESSAY. BY J. J. THOMAS. The great importance of performing in the best manner the dif- ferent operations of agriculture is obvious to every intelligent mind, for on this depends the success of farming. But a good perform- ance of single operations merely does not constitute the best far- mer. The perfection of the art consists not only in doing every thing well individually, but in a proper adjustment and systematic ar- rangement of all the parts, so that they shall be done not only in the best manner and at the right time, but with the most effective and economical expenditure of labor and money. Every thing must move on with clock-work regularity, without interference, even at the most busy seasons of the year. As this subject includes the whole routine of farming in a col- lected view as well as in its separate details, a treatise upon it might be made to fill volumes ; but this being necessarily confined to a 76 A PRACTICAL TREATISE few pages, a general outline, with some remarks on its more csseu- tial parts, can only be given. Capital. — The first requisite in all undertakings of magnitude is to " count the cost." The man who commences a building, which to finish would cost ten thousand dollars, with a capital of only five thousand, is as certainly ruined as many farmers are who, without counting the cost, commence on a scale to which their limited means arc wholly inadequate. One of the greatest mis- takes which young farmers make in this country, in their anxious wish for large possessions, is, not only in purchasing more land than they can pay for, but in the actual expenditure of all their means, without leaving any even to hegin, the great work of farming. Hence, the farm continues for a long series of years poorly provided with stock, with implements, with manure, and with the necessary labor. From this heavy drawback on the profits of his land, the farmer is kept long in debt ; the burden of which not only dis- heartens him, but prevents that enterprise and energy which are essential to success. This is one fruitful reason why American agriculture is in many places in so low a state. A close observer, in travelling through the country, is thus enabled often to d'scide from the appearances of the buildings and premises of each occu- pant, whether he is in or out of debt. In England, where the enormous taxes of difibrent kinds impe- riously compel the cultivator to farm well or not farm at all, the indispensable necessity of a heavy capital to begin with is fully un- derstood. The man who merely rents a farm, there, must possess as much to stock it and commence operations as the man who hiiys and pays for a farm of equal size in the best parts of Western New York. The result is, that he is enabled to do every thing in the best manner ; he is not compelled to bring his goods prematurely to market to supply his pressing wants ; and by having ready m(mey always at command, he can perform every operation at the very best season for product and economy, and make purchases when necessary at the most advantageous rate. The English far- mer is thus able to pay an amount of tax often more than th© whole product of farms of equal extent in this country. ON BUSINESS. 77 The importance of possessing the means of doing every thing at exactly the right season cannot be too highly appreciated. One or -two illustrations may set this in a clearer light. Two farmers had each a crop of ruta-bagas of an acre each ; the first, by hoeing his crop early while the weeds were only an inch high, accomplishod the task with two days' work, and the young plants then grew vigor- ously, and yielded a heavy return. The second, being prevented by a deficiency of help, had to deter his hoeing one week, and then three days more by rainy weather, making ten days in all ; during this time the weeds had sprung up sis to ten inches high, so as to require, instead of two days, no less than six days to hoe them ; and so much was the growth of the crop checked at this early stage that the owner had 150 bushels less in his acre than the farmer who took time by the forelock. Another instance occurred with an intelligent farmer of this State, who raised two fields of oats on land of similar quality. One field was sown very early, and well put in, and yielded a good profit. The other was delayed twelve days, and then hurried; and although the crop was within two- thirds of the amount of the former, yet that difi"erence was just the clear profit of the first crop; so that with the latter the amount yielded only paid the expenses. Admitting that the farm is already purchased and paid for, it be- comes an object to know what else is needed and at what cost, be- fore cultivation is commenced. If the buildings and fences are what they should be, which is not often the case, little immediate outlay will be needed for them. But if not, then an estimate must be made of the intended improvements, and the necessary sum al- lotted for them. These being all in order, the following items Re- quiring an expenditure of capital will be required on a good farm of 100 acres of improved land, that being not far from the size of a large majority in this State. The estimate will of course vary considerably witli circumstances, prices, &c. I. LIVE STOCK. The amount will vary with the fertility and products of the land, .ts quality, and situation with regard to market. The follow- 7* 78 A rRACTICAL TREATISE ing will approximate the average on good farms taken at the spring the year or commencement oi wor ii— 3 Horses, at $80 $240 1 Yoke oxen ...... 75 • 8 Milch-cows at $15 120 10 Steers, heifers, and calves > . . . 70 20 Pigs at $3 60 150 Sheep at $2 300 Poultry — say 5 Total $870 II. IMPLEMENTS. 2 Ploughs fitted for work ... $20 00 1 Small plough, do. 6 00 1 Cultivator, best kind 7 00 1 Drill-barrow 5 00 1 Roller .... 5 00 1 Harrow .... 10 00 1 Fanning-mill 20 00 1 Straw-cutter 15 00 1 Root-slicer .... 8 00 1 Farm-wagon, with hay-rack, I kc. . 70 00 1 Ox-cart .... 50 00 1 Double farm harness 30 00 1 Horse-cart . 45 00 1 Horse-cart harness 18 00 1 Root-steamer, or boiler . 20 00 1 Shovel and one spade . 2 50 3 Stoel-plate hoes . 2 25 2 Dung-forks 2 25 3 Hay-forks . 3 00 2 Hand-rakes . . , 25 1 Revolving horse rake . 8 00 2 (xrain-cradles 8 00 Carried forward . $355 25 ON BUSINESS. Brought forward . 2 Scythes . , • 1 Wheelbarrow 1 Pointed shovel 1 Grain-shovel, or scoop-shovel 1 Pick .... 1 Mall and wedges . 2 Axes . 1 Hammer 1 Wood-saw 1 Turnip-hook 1 Hay-knife 2 Apple ladders (for gathering) 2 Large baskets 2 Hand-baskets 1 Tape-line (for laying off land) 2 Sheep-shears 1 Grindstone 1 Steel-yard, large, and one small 1 Stable lantern 1 Curry-comb, and one brush 1 Half-bushel measure 20 Grain-bags . 1 Ox-chain 1 Crow-bar 1 Sled and fixtures Total S355 25 4 00 4 00 1 25 1 25 1 50 2 50 4 00 50 1 50 75 3 00 1 50 1 25 50 2 00 2 00 3 00 2 00 50 75 1 00 8 00 3 00 2 00 30 00 §437 00 Other articles might be included, as subsoil plough, sowing-ma- chine, &c. A threshing-machine is not named, as it is better to employ itinerant threshers, and save capital. To the preceding amount ought to be added one-tenth the expense of fencing the farm, as fences need renewing at least once in ten years. Every farmer should also be supplied with a small set of carpenter's tools, which would cost about $12, for repairing implements in rainy weather, and other useful purposes. This set should include saw, hamiPer, augers, planes, adze, mallet, chisel, square, breast-bits. 80 A PRACTICAL TREATISE &c., and by the convenience and economy afforded, would soon repay their cost. III. SEEDS. 2h Bushels clover seed for 10 acres 2 " corn " " 6 " 30 " potatoes " 2 " 3 Pounds ruta-baga seed 1 acre 2 '' field beet " i " 2 " carrot " i " 30 Bushels seed wheat " 20 acres 10 " oats " 5 '- 10 " barley " 5 « 'Total ei5 00 1 00 7 00 1 50 1 50 1 00 30 00 2 50 4 00 S63 00 IV. LABOR. Supposing the owner to labor with his own hands, as every owner should, so far as is consistent with a general superintendence of all parts, which would probably amount to one-half the time, he would need besides through the season two men and one boy, and in the winter one man ; during haying and harvest, he would require two additional hands. The men boarding themselves, could be had for fifteen dollars per month in summer, and twelve in winter; if boarded, the cost of their meals would make up the deficiency in wages to the same amount. Tlie expenditure needed, then, would be, 2 Hired men, eight months, $15 per month 1 " boy, " « 6 « Day labor in harvest .... Total 1320 00 $240 00 48 00 32 00 V. MAINTENANCE OF ANIMALS. Cattle and sheep would need hay till fresh pasture, and horses nay, and also a good supply of oats till after harvest. All would ON BUSINESS. be benefited by a liberal feeding of roots, including swine, amount of all these supplies needed would be about 81 The 7 Tons of hay 200 Bushels oats 400 " roots Total $42 00 50 00 50 00 §142 00 RECAPITULATION. Live stock . $870 00 Implements 437 00 Seeds . . . , , 63 00 Labor . . . , , 320 00 Maintenance of animals . 142 00 Total .... . 81,832 00 The amount of capital needed the first year, in stocking and con- ducting satisfactorily the operations of one hundred acres of im- proved land, several items being doubtless omitted. If this is a larger sum than the young farmer can command, let him purchase only fifty acres, and reserve the rest of the purchase money which would be needed for the one hundred acres, to com- mence with on a smaller farm, and he will scarcely fail to make more than on a larger, with every part subjected to an imperfect, hurrying, and irregular management. He may calculate, perhaps, on the return of his crops in autumn, at least to pay his hands. — But he must remember that the first year of farming is attended with many expenses which do not usually occur afterwards ; which his crops may not repay, besides supporting his family, and paying his mechanics' and merchants' bills. The first year must always be regarded with uncertainty ; and it is better to come out at the end, on a moderately sized farm, well tilled, and in fine order, with money in pocket, than on a larger one, in debt, and hired hands, a class of men not to be disappointed, and who ought not to be, waiting for their pay. There are a far greater number of farmers embarrassed and crippled, by placing their estimate of expenses too 82 A PRACTICAL TREATISE low, than of those who swing clear and float freely by a full pre- vious counting of cost. Size of Farms. — After what has just been said, the cultivator will perceive in part the advantages of moderately sized farms, for men in moderate circumstances. The great disadvantage of a superficial, skimming culture is obvious with a moment's attention. Take the corn crop as an illustration. There are a great many farmers, to my certain knowledge, whose yearly product per acre does not exceed an average of twenty-five bushels. There are other farmers, whom I also well know, who obtain generally not less than sixty bushels per acre, and often eighty to ninety-fiive. — Now, observe the difference iu the profits of each. The first gets 250 bushels from ten acres. In doing this, he has to plough ten acres, harrow ten acres, mark out ten acres, find seed for ten acres, plant, cultivate, hoc, and cut up ten acres, besides paying the in- terest on ten acres, worth from three to five hundred dollars. The other farmer gets 250 bushels from /oi posits, and on special agreement a higher rate is sometimes given. The rates of discount vary from one to four per cent, a month ; the average rates in respectable institutions are about one and a quar- ter or one and a half per cent, a month. It is customary with sev- eral of the private banks to make temporary loans to their custom- ers, on individual security, without requiring indorsers. This is a good plan; and we believe that the general establishment of pri- vate banks will essentially modify the inconvenient and dangerous 180 A PllACTlCAL TREATISE system of indorsation, now made necessary by the demands and regulations of incorporated banks. Private banking is a business that should receive the considera- tion and examination of capitalists. Those who are about investing large capitals in merchandising would do well to give it their attention. The business is more profitable, in the long run, than merchandising, and far more certain. It is yet in its infancy in the United States, and there is room for the profitable use and employment of millions of dollars. In the "West, fortunes can rapidly be made in the business ; and, in the Eastern cities, I am satisfied that the establishment of private institutions doing a regular banking business, and perhaps allowing" a certain interest on deposits, would meet with ample encouragement. There arc many men of large property who are absolutely sick of the present system, and there are hundreds who would cheerfully stand a larger interest than ordinary bank rates, to be sure of discounts at fair rates at all times when they have good paper to offer. The principles of safe banking are now pretty well understood by those who desire to understand them ; and, with prudent management, the business is a sure one. T. S. Goodman & Co., of Cincinnati, stand at the head of their profession. It is, I think, the oldest established house in that city, and has always maintained the deserved respect and confidence of the community. Possessing a solid capital, and without the ambition to do a larger business than prudence will warrant, or the avarice to accumulate wealth rapidly by extortionate charges, they have gradually increased their business and their wealth. Like the Rothschilds, it is a family concern.- The senior partner is a gentleman of the old school, and eminently possesses those qualities of courtesy and firmness which constitute a good banker. The wonderful growth of that wonderful city, its rapidly increasing wealth, and their own established reputation, open before them a brilliant destiny. ON BUSINESS. 181 CHAPTER XIL GETTING MONEY BY INVENTIONS— PATENT MEDICINES, ETC. " It will be perceived that the number of patents, compared with the number of applications, is as three to four, nearly. I have had occa- sion to remark, in previous reports, that the number of patents can- not increase in proportion to the number of applications. The field of invention, in many of its departments, is limited, and every year must necessarily circumscribe it still more narrowly, leaving little to be invented except what has been invented pi-eviously. Although many inventors are familiar with what has been done in those branches of the arts to which their attention has been directed, yet the number of those not thus informed is very great ; and as the field becomes more and more occupied, this latter class can do little else than invent what has been previously known, and their exertion and sacrifice must finally end in bitter disappointment. The spirit of invention, although laudable in the highest degree, appears to be stimulated, in many cases, beyond a healthy action ; and many are wasting their time and substance in attempts to improve branches of the arts, with which, in their full extent, they are unfamiliar, and, in so doing, produce what has long since been exploded, or is already in extensive use. As many patentees have been eminently successful, and as a happy hit has sometimes brought wealth and distinction, multitudes are induced to follow the ex- ample of their inventive predecessors, and ultimately to find themselves less fortunate, if not less capable, than those whom they attempted to rival. The evils arising from a want of information can never be, in any considerable degree, removed. Something can and should be done for the dissemination of knowledge ; but knowledge suSiciently comprehen- sive and minute to guard against the reproduction of things old, and guide uniformly, or generally, to that which is new and useful, has never been possessed by inventors as a class, and never can be possessed except by comparatively few." — Patent Office Rep., 1849-50. Discoveries in science, and inventions in the arts, are scarcely 13 ]82 A PRACTICAL TREATISE within our province. They have, however, yielded large fortunes to a few, are prosecuted with ardor by many, and are looked up to by all as the safetj'-valve when the pressure of competition in regu- lar trade becomes too great. But they are exceptions to business rather than business itself, and should be regarded as such by all who have a disposition for experiment. It is exceedingly impru- dent for any one to employ, in invention, any other than his leisure time, without interference with his regular pursuits ; or to use, in experiments, any other than his surplus money, no matter how important the results promise to be, in the event of success. The risks are too great. Not one in a thousand proves profitable to the inventor, and many a noble bark has stranded on this rock. When a new field of invention has been opened by any one, it becomes a common centre into which hundreds and thousands throng, " some to improve on the original, and others to pirate and rob the originator of his just earnings." Improvements, too, suc- ceed each other with such rapidity that one has not time to be fairly tested before it is superseded by another ; and thus all fail, or perhaps that which has least merit, but the most capital to ad- vance it, triumphs in the end. Nothing is more despicable than this disposition for trifling improvements, with a view of making money at the expense of the original inventor. A man who de- sires fame or money should remember that true genius disdains to sail with the crowd in quest of trifling improvements. " True genius is rather ambitious to bring up pearls of its own, than so- licitous to polish those of other men." The field of original in- vention — of wants, and of agencies to supply those wants — is by no means exhausted. In taste, we want a drink a little stronger 'than water, and less expensive and injurious than wine. In agri- culture, we want a machine that will combine the uses of the plough, harrow, and clod-pulverizer in one, leaving the ground loose" and free to the genial action of the air, which the present instrument does not. In navigation, we want increased speed in our sailing vessels and ocean steamers. In the world at large, we want a mo- tive power that will be as effectual and as powerful as steam, or more so, without requiring such costly, weighty, and cumbersome machinery to use it. The world is, full of wants, which genius may ON BUSINESS. 183 reap a rich reward in supplying ; and in the warehouse of nature there are mighty agencies sleeping, which at the touch of that arch- magician's wand, will leap forth living and obedient things. '' He who would gain fame as an inventor must pry into the secrets of nature, and imitate her operations. It is the perfection of inven- tion to imitate nature, the maturity of science and art to tread in her steps.'' We have c[uoted the extract, at the commencement of this chap- ter, from a report made by an experienced of&cer of the patent de- partment, as a word of warning, that those who are wasting their time and substance, and neglecting their business, in trifling expe- riments, may pause and reflect. It is impossible, in ordinary cases, for a man to tell whether his idea has not been thought of, again and again, and found impracticable; and to gain the necessary in- formation, even if possible, would require an expenditure of time that would be more costly than an application for a patent. The study is more intricate than the study of the law. This, however, is another case in which warning is useless. Invention is a passion, and when indulged, becomes a master-passion. When, therefore, the disease becomes chronic, it is almost incurable, and the best that can be done is to apply cooling ointments, and let it take its course. Go on, then, thou second Fulton ! Invent some new im- provement in stoves, or churns, or washing-boards, or chicken-coops. These are necessary articles, and the world wants the best. It has its eyes intensely fixed upon you; they glisten with joy when your countenance gives signs of hope, and sink in despair when your face is dejected. It may be that you will obtain a patent, and it may be that it will pay its cost. If it does, invest the surplus in lottery tickets, and you may make two fortunes. Akin to inventions, without partaking of any originality, is the patent medicine business. Like the former, the success of a few has excited the cupidit}' of the many. Men of all classes pronounce a eulogium on the " pill business." Mechanics contrast it with the results of their labor; the clerk sighs for a medical secret; the " regular" foams at the mouth ; and even the merchant has an idea that it is a " mighty profitable thing." Quackery is as old as the profession of which it is the offshoot, 184 A PRACTICAL TREATISE and will last as long. Paracelsus, who flourished in the sixteenth century, is regarded as the prince of quacks. The magistrates of Basle engaged him, at a high salary, to fill the chair at their medi- cal university. At his first lecture he burned the works of Galen and Avicenna, and asserted that there was more knowledge in his caj) than in the heads of all the physicians, aad more experience in his heard, than in all the universities. Great and learned men were among his patients ; and the noted Erasmus consulted him. He boasted that he had discovered a panacea which would cure all diseases at once, and even prolong life indefinitely; but, unfortu- nately for his reputation, he died at the early age of forty-eight, after a few hours illness, with a bottle of his panacea in his pocket. "We would, however, by no means assert that all prepared remedies are valueless. Those that pretend to owe their virtues to great dis- coveries in medical science ; the universal remedies or " cure-alls," and those which require improbable stories to bolster them up, are all probably valueless. There are few, if any specific remedies. Iodine has been regarded as a specific for scrofula; but it will not hold good in all cases. There is only one specific preventive known, and that is vaccination for smallpox. But many of the remedies are simply prepared prescriptions, in daily use by the profession, and these are salutary. Few that are valuable contain any thing new. Patent medicines are principally designed for country con- sumption. The idea is a good one, though the mode of manage- ment is wrong. It is certainly policy for every family, where an apothecary is not immediately at hand, to have a medicine-chest of simple remedies for simple diseases. To make this selection wisely, requires some knowledge and judgment ; and all remedies which pretend to too much, or which are advertised too largely, should be avoided. All powerful medicines should only be administered by the profession. We think it would be well for medical practitioners to abate a little in their dignity, in regard to prepared prescriptions. There can be nothing wrong in keeping common prescriptions prepared beforehand, or even putting them into circulation; and certainly there is nothing wrong in fairly advertising them, for, when an article is good, the public should know it. A set of remedies, agreed upon ON BUSINESS. 185 by a college of physicianSj and certified by them as safe, and ordi- narily used for certain simple diseases, would probably do away with all others, and prevent imposition. It would be a benefit to the public ; and as patent medicines are now used where their remedies would then be used, it would not be injurious to the profession. Dr. Rush was once asked, What per cent, had been added to human life by the art of medical practitioners. He answered, that it depended upon whether old women are to be included in the list — if not, the addition would be much less. The same may proba- bly be said of patent medicines. As a pursuit the patent medicine business is not more success- ful nor profitable, on an average, than any other. A few men, of distinguished tact, like Dr. Wright, of Philadelphia, proprietor of Wright's Indian Vegetable Pills, have met with deserved success : and a few others, with more boldness than skill, have drawn splen- did prizes; but the majority of those who undertake the business without sufficient capital or calculation, suffer the usual penalties of reckless speculation. A writer in the Tribune, some time since, expressed what we regard as correct sentiments on the subject. " It is much overdone, even to an extent beyond almost any other. A few having realized a fortune, hundreds, thousands, have rushed into it, and lost the little means which they expected would so rapidly accumulate. It is an uncommonly flattering business con- sidering alone the actual cost of the stock ; hence thousands have been rashly invested in the manufacture and distribution of reme- dies without counting the tremendous cost of popularity : and it is obvious that, unless large sales are made, ruin will follow : so that, by a safe calculation, it is believed ninety in every hundred fail, who undertake the business. The manner of doing this remarkable business is invariably to manufacture large quantities, and esta- blish agencies in every part of the country; it being almost without exception a commission business, and this is the only means of ex- tending it. Of course, without a very large capital, nothing of late years can be done to compete with the already established re- medies. Townsend labored two years, and acoomplished nothing. Finally, Mr. Clapp, of Albany, who is wealthy, joined him, in- vesting ample means ; since which the sarsaparilla era soon 16* 186 A PRACTICAL TREATISE reached its zenith. But, as every thing must have its day, it is rapidly declining. " Many have been deluded into the belief that ' to come out largely' would bring customers from the four parts of the country, and have soon run out every dollar paying advertisements ; then they fill the papers with 'wants' like this : 'Wanted, $1000, with a partner to engage in a business in which $5000 can be made in a month,' &:c., &c. Despairing of ever obtaining a livelihood by such precarious means, they either go to work at something useful, or engage in a more desperate effort to humbug the sick. " Nor is it now a simple matter to introduce a new curative, as besides the various popular nostrums, hundreds of respectable physicians in all parts of the country (and small druggists), see- ing such a demand for patent medicines, and knowing that if they did not, others would sell, have made up ' cure-alls,' and distri- buted them in their vicinity ; but, as they do not understand the business, and have but little capital, half of them resume their legitimate profession. When Dr. Brandreth began, a medicine could more easily work its way to fame with less means, as compe- tition was not so strong as to keep it back ; but even then without skill none could succeed. " As a body there is equal talent engaged in the business to any other. It is noticed that medicines which are most extensively advertised by fulsome laudations, as rapidly decline as they go up ; the proprietors thinking, if they make money at all, they will do it soon. Others, who have confidence in the intrinsic value of their remedies, pursue a different course, fearing that great excitement and exaggeration will impair the confidence of the public, and shorten their popularity. "We copy the following from a late number of a medical paper : — " ' When a physician so far forgets the feelings of humanity that should always predominate in his practice, and uses his profession as a cloak to amass a fortune, he generally accomplishes his object like Dr. Morrison, of London, the inventor of the ' Hygeian Pills.' These pills were put up in packages of three boxes each, numbered one, two, and three, and to be taken in regular order ; holding out ON BUSINESS. 187 the impression that they contained three different kinds of medi- cine. These pills became at one time quite popular in the United States, till the general agent's sale in New England was $100 a day, when he, becoming an extensive counterfeiter of them, had to leave the place. It was afterwards proved that these pills were made in New York ; and that number one, two, and three, were all the same article. The medical faculty came out in London, and stated that Dr. Morrison was destroying much life by the re- commendation of such quantities of medicine. He prosecuted the faculty for libel, and in every instance was beaten. In fifteen years, he amassed a princely fortune, and built himself a palace with the hope of enjoying his wealth ; but an overruling Provi- dence has called him to give an account of his doings, and to meet those from whom he extorted much of his wealth. "Several physicians have adopted the course of Morrison, of Lon- don, by manufacturing many articles to be taken for the same com- plaint. A physician located in Broadway, New York, issues his handbills monthly, stating the day he would be in Boston, Lowell, Providence, Fall River, New Bedford, Norwich Town, New York, Troy, Albany, and Hudson, for consultation gratis. The secret of this doctor's success has grown solely out of his vituperation against the medical faculty ; branding them with ignorance, as possessing no medical skill ; intended to be understood by the afflicted that they all go in for making the most money out of the sick except himself, who is the only Good Samaritan, and filled with philan- thropy for the distressed. Whilst the truth is, the most of his money is wrung out of the poor, who too often have to obtain through charity, the means to purchase his extravagant medicines ; he telling them, in all cases, they have the liver complaint — that being curable — when he knows they are in a consumption, and no relief can be had for them. " It is to be regretted that such a large number of our classical scholars run into the medical profession, as our large cities are crowded, and there are ten to do the practice that was formerly done by one ; which has induced many to adopt the method of travelling from place to place, and give advice gratis, but charge extravagantly for their medicines, and relying upon excitement for 188 A PRACTICAL TREATISE their practice, as the opportunities to pronounce them sick ^vhen little or nothing ails them is too great to be resisted ; and it would be well for persons to listen to these travelling doctors with both ears open, but with their hands on. their pockets, for fear their money may be magnetized from them, as these travelling doctors are constantly increasing, and receive encouragement from persons attending their lectures, and other various modes of making their appearance known," r ON BUSINESS. 189 CHAPTER XIIL HOW TO BECOME MILLIONAIRES— OPINIONS OP MILLIONAIRES. Many of those who have risen to elevated positions by unlock- ing the golden gates of wealth, have favored the world with very valuable opinions which they regarded as the key to their success, and a recapitulation of them in a connected form, which was never done before, will afford us entertainment, and perhaps instruction. Rot hschild's Opinion . — The founder of this world-renowned house, whose immense transactions we may subsequently notice, is said to have ascribed his early success to the following rules : — 1. "I combined three profits; I made the manufacturer my customer and the one I bought of my customer ; that is, I supplied the manufacturer with the raw material and dyes j on each of which I made a profit, and took his manufactured goods, which I sold at a profit ; and thus combined three profits. 2. " Make a bargain at once. Be an oiF-handed man. 3. '^ Never have any thing to do with an unluc/ii/ man or place. I have seen," said he, '' many clever men who had not shoes to their feet. I never act with them ; their advice sounds very well, but fate is against them; they cannot get on themselves; how can they do good to me ? 4. " Be cautious and hold. It requires a great deal of boldness and a great deal of caution to make a great fortune ; and when you have got it, it requires ten times as much wit to keep it.'' The continued prosperity of the eminent banking-house of the Rothschilds is ascribed, in the following biographical extract, to two principles : " He who does not delay for casualties, and has knowledge enough to perceive that in all great affairs the success 190 A PRACTICAL TREATISE not only depends on the choice and use of the favorable moment, but especially on the pursuit of an achnowledyed fundamental maxim, will soon perceive that particularly two principles were never neglected by this banking-house ; to which, besides to a pru- dent performance of its business and to advantageous conjunctures, it owes the- greatest part of its present wealth and respectability. " The first of these principles was that which caused the five brothers to carry on their business in a perpetual uninterrupted communion. This was the golden rule bequeathed to them by their dying father. Since his death, every proposition, let it come from whom it may, is the object of their common deliberations. Every important undertaking is carried on by a combined effort, after a plan agreed upon, and all have an equal share in the result. Though for several years their customary residences were very remote, this circumstance could never interrupt their harmony ; it rather gave them this advantage, that they were always perfectly well instructed of the condition of things in the different capitals — that each of them, on his part, could the better prepare and initiate the affairs to be undertaken by the firm. The second principle in perpetual view of this house is, not to seek an excessive profit in any undertaking ; to assign certain limits to every enterprise ; and, as much as human caution and prudence can do, to make them- selves independent of the play of accidents." David Ricardo, the celebrated political economist, was born in London, of a Jewish family, in 1772. His character for probity, industry, and talent early procured for him the means of support; and becoming a member of the Stock Exchange, he accumulated an immense property. He is author of many works on finance ; and in 1819 was elected to parliament. Died, 1823. He had what he called his own three golden rules ; the observance of which he used to press on his private friends. These were : — " Never to refuse an option when you oan get it. " Cut short your losses. " Let your profits run on." By cutting short one's losses, Mr. Ricardo meant that, when a member had made a purchase of stock, and prices were falling, he ox BUSIiVESS. 191 ought to resell immediately. And by letting one's profit run on, he meant that, when a member possessed stock, and the prices were rising, he ought not to sell until prices had reached their highest, and were beginning again to fall. These are indeed golden rules, and may be applied with advantage to innumerable transac- tions other than those connected with the Stock Exchange. Stephen Girard was born on the 24th day of May, 1750, within~the environs of Bordeaux, in France. He sailed to the West Indies as a cabin-boy, when only twelve years of age; and, after residing there some time, removed to the United States. He followed the sea, as mate, captain, and part owner of a vessel for a while, and accumulated some money. He entered into partner- ship with Isaac Hazlehurst, of Philadelphia, and purchased two vessels to commence the St. Domingo trade; but they were cap- tured, and that dissolved the firm. During the war, he was at Mount Holly, in the business of bottling claret and cider. In 1779, he returned to Philadelphia, and entered upon the New Orleans and St. Domingo trade. He then tried a partnership with his brother, which, in the course of three or four years, exploded, as usual, in a rupture. Shortly after this, his prospects were materially aided by the acquisition of $50,000, deposited in one of his vessels during the insurrection at St. Domingo, and for which the owners never called. In 1791, he commenced ship-building, and from that time until his death was engaged in various mercantile speculations, and in banking. In 1811, he had 81,000,000 in the hands of the Barings, who were then in imminent danger of failure. Had they failed, it is very probable that the Girard College would never have been built. The effect on his peculiar constitution of mind would, most likely, have proved fatal. He died in 1832, estimated to be worth §12,000,000, He never gave an opinion of the causes of his success, that I am aware of. When requested to furnish incidents for his life, he refused, replying, "My actions must make my life." We can probably glean his opinion from the following two or three litth "actions." 192 A PRACTICAL TREATISE A gentlemau from Europe purchased a bill of excliange oa Girard, to defray the expenses of a tour to this country. It -was duly honored on presentation, but in the course of their transac- tions, it so happened, that one cent remained to be refunded on the part of the European; and on the eve of his departure from this country, Girard dunned him for it. The gentleman apolo- gized, and tendered him a six and a quarter cent piece, requesting the difference. Mr. Girard tendered him in change Jive cents, which the gentleman declined to accept, alleging he was entitled to an additional quarter of a cent. In reply Girard admitted the fact, but informed him that it was not in his power to comply, as the government had neglected to provide the fractional coin in question, and returned the gentleman the six cent piece, reminding him, however, that he must still consider him his debtor for the balance. " An acquaintance was invited to witness the improvements at his farm, and was shown to a strawberry bed, which had been in the greater part gleaned of its contents, and told that he might gather fruit in that bed, when the owner took leave. That friend, finding that this tract had been nearly stripped of its fruit by his predecessors, soon strayed to another tract, which appeared to bear more abundantly, when he was accosted by Mr. Girard : ' I told you,' said he, ' that you might gather strawberries only in that bed.' " " We saw that remarkable man (Girard), after his head was white with the frosts of nearly fourscore years, and could not help noticing, even then, the minute attention which he gave to the most trivial thing that could affect his fortune. ' Take that lot of fowls away; the roosters are too many; they would keep the hens poor,' said the old merchant to a farmer, who had brought them for one of Girard's ships — ' take them away — I will not buy them.' " " Take care of the cents, and the dollars will take care of them- selves," was evidently his fundamental maxim.* * Girard was never less a prophet than when he said, "All that I have to say is, that no man will ever be a gentleman with my money." There ON BUSINESS. 193 John Jacob Astor, I am informed by Lis son, "W. B. Astor, is not known to have had any fundamental rule or favorite maxim, and the general outline of his career is too well known to need rehearsal. Nicholas Longworth, the millionaire of Cincinnati, was born in Newark, N. J., January 16, 1783. Formerly a cobbler, as I have been informed, he removed to Cincinnati in 1804, studied law, and practised for some fifteen years. His earnings and sav- ings he invested in lots around Cincinnati, the rise of which was the foundation of his fortune. He then turned his attention en- tirely to land or lot speculations, which, in a rising market, as that has always been, is a business in which all is gain and nothing loss. As an example of the facility with which small amounts, comparatively, secured what has since become of immense value, Mr. Cist, in his memoir of him, states that Mr. Longworth once received as a legal fee from a fellow who was accused of horse- stealing, and who had nothing else to give, two second-hand cop- per stills. The gentleman who had them in possession refused to give them up, but proposed to Mr. Longworth to give him a lot of thirty-three acres on Western Row, in lieu of them — a proposal which the latter, whose opinions of the value of such property were ahead of his time, gladly accepted. This transaction alone, taking into view the prodigious increase of real estate in that city, would have formed the basis of an immense fortune, the naked ground being now worth two millions of dollars. "What Mr. Longworth is worth is not known. The estimates vary greatly, and it is probable that after his death there will be considerable litigation. A gentleman recently has recovered land from him to the value of 8500,000. In 1850, his taxes amounted to upwards of $17,000, which is the largest sum paid by any indi- vidual in the United States, William B. Astor excepted, whose taxes for the same year were $23,116. It must be remembered, have been more gentlemen made with his money than with the money of any other twenty men. 17 19i A rilACTICAL TREATISE however, that the taxes in Cincinnati are no trifle on any amoun*; of property. Mr. Longworth's opinion probably is that speculating in real estate, in a constantly rising market, is a very good business. I am informed, by a friend in that city, that he holds it to be an indis- pensable requisite, that a man who desires to get rich, should bo from Jersey, where he himself hails from. I regard this as meta- phorical language, meaning, probably, that he must have a sandy head, and a stony heart. P. T. Barnum, the noted exhibiter of natural curiosities, the distinguished manager and financier, the courteous gentleman, and future Governor of Connecticut, ascribes his success in accumulating a million of dollars in twelve years, as the newspapers inform us, to the unlimited use of ''Printer's Ink." Whatever may be the valuable secret, aside from his own remarkable energy, talent, and knowledge of human nature, he is worthy of all the success that he has attained. May he never meet with less ! A MERCHANT OE BosTON, of fifty years' standing, who is repre- sented to have amassed a fortune, states some incidents in his early life which impressed upon his mind the utility of two maxims, which he ever afterwards adopted as guides of conduct. " Thence," he says, " I have had these Mentors before me, " do you "what you undertake thoroughly. Be paithful in all accepted trusts. " I am satisfied they have served me well threescore years." , John Freedley's never-varying motto was, self-dependence, self- ' reliance. " It is a mistaken notion," he writes, " that capital alone is ne- cessary to success in business. If a man has head and hands suited to his business, it will soon procure him capital. My observations through life satisfy me that at least nine-tenths of those most suc- cessful m business start in life without any reliance except upon their own head and hands — hoe their own row from the jump. All professions and occupations alike give the field for talent, per- severance, and industry ; and these qualities, whether in the East, ON BUSINESS 195 West, or South, sooner or later, will crown the aspirant with suc- 3ess. But to enable any new beginner to succeedj he must not be allured from his course by attractive appearances, nor be driven from it by trifling adverse gales. He must fit himself for the calling he adopts, and then pursue his course with a steady eye. The first and great object in business is to make yourself independ-| ent — to have the means of livelihood without being under obliga-r tions to any person ; whatever more is acquired increases thes, power of doing good and extends influence." John Grigg, of Philadelphia, the founder of the well-known publishing house of Grigg & Elliott, and Q. E. & Co., of which Messrs. Lippincott, Grambo & Co., are the worthy successors, has favored us with some points which his experience has taught him it is important for men about commencing business to observe. His life, it may be remarked, is another encouraging example of what integrity, united to talent, energy, and good fortune, may hope to accomplish under our free institutions. Beginning the world an orphan farmer boy, he has accumulated, as public opinion says, a fortune, and though rich, he has shown that he understands what few rich men ever have understood — that is, the art of using money wisely, as well as getting it. In a conversation with him the other day, he expressed the opinion that endorsing is a cause of one-half the failures in business, and stated the remarkable fact that he had never asked a man to endorse a note for him in his life. One great reason of his success, I have been informed, among many others, was his power of inspiring confidence — confidence in bis sincerity, honesty and abilit3^ Many of his customers dealt with him for years without once inquiring the price of an article. He says of the complete business man, as Gen. Butler in his eulogy of Calhoun said of the statesman, " he should have in an eminent degree the self-sustaining power of intellect. He must possess energy and enterprise, with perseverance and great mental determination. To inspire confidence, tcTiich after all is the highest of earthly quali- ties, is a mystical something which is felt but cannot be described." But to his opinion in his own language. I. Be industrious and economical. Waste neither time nor money in small and useless pleasures and indulgences. If the 196 A PRACTICAL TREATISE young can be induced to hcghi to save, the moment they cuter on the paths of life, the way will ever become easier before them, and they will not fail to attain a competency, and that without de- nying themselves any of the real necessaries and comforts of life. Our people are certainly among the most improvident and extrava- gant on the face of the earth. It is enough to make the Mer- chant of the old school who looks back and thinks what Economy, Prudence and Discretion he had to bring to bear on his own busi- ness, (and which are in fact the bases of all successful enterprize,) start back in astonishment to look at the ruthless waste and ex- travagance of the age and People. The highest test of respecta- bility with me, is honest industry. Well-directed industry makes men happy. The really noble class — the class that was noble when " Adam delv'd and Eve spun," and have preserved their patent to this day untarnished, is the laborious and industrious. [Until men have learned industry. Economy, and Self-control, they I cannot be safely entrusted with wealth. II. To in.dustry and economy, add self-reliance. Do not take too much advice. The business man must keep at the helm and steer his own ship. In early life every one should be taught to think for himself. A man's talents are never brought out until he is thrown to some extent upon his own resources. If in every difficulty he has only to run to his principal, and then im- plicitly obey the directions he may receive, he will never acquire that aptitude of perception, and that promptness of decision, and that firmness of purpose which are absolutely necessary to those who hold important stations. A certain degree of independent feeling, is essential to the full development of the intellectual character. III. Kemember that punctuality is the mother of confidence. It is not enough that the Merchant fulfils his engagements, he must do what he undertakes precisely at the time, as well as in the way he agreed to. The mutual dependence of merchants is so great, that their engagements like a chain, which, according to the Law of Physics is never stronger than its weakest link, are oftener broken through the weakness of others than their own. But a prompt fulfilment of engagements is not only of the utmost ON BUSINESS. 197 importance, because it enables otberg to meet their own engage- ments promptly. It is also the best evidence that the Merchant has his affairs well ordered — his means at command, his forces marshalled, and '' every thing ready for action" — in short that he knows his own strength. This it is which inspires confidence, as much perhaps as the meeting of the engagement. IV. Attend to the minuticB of the business, small things as well as great. See that the store is opened early, goods brushed up, twine and nails picked up, and all ready for action. A young man should consider capital, if he have it, or as he may acquire it, merely as tools with which he is to work, not as a substitute for the necessity of labor. It is often the case that diligence in em- ploi/ments of less consequence is the most successful inti'oductlon to great enteiyrises. Those make the best officers who have served in the ranks. We may say of Labor, as Coleridge said of Poetry, it is its own sweetest reward. It is the best of Physic. V. Let the young Merchant remember that selfishness is the meanest of vices, and it is the parent of a thousand more. It not only interferes both with the means and with the end of acqui- sition — not only makes money more difficult to get, and not worth having when it is got, but it is narrowing to the mind and to the heart. Selfishness " keeps a shilling so close to the eye, that it cannot see a dollar beyond." Never be narrow and contracted in your views. Life abounds in instances of the brilliant results of a generous policy. Be frank. Say what you mean. Do what you say. So shall your friends know and take it for granted that you mean to do what is just and right. VI. Accustom yourself to think vigorously. Mental capital, like joecuniary, to be worth any thing must be well invested — must be rightly adjusted and applied, and to this end, careful, deep and intense thought is necessary if great results are looked for. (Vll. / Marry early . The man of business should marry as soon as possible, after twenty-two or twenty-three years of age. A woman of mind will conform to the necessities of the day of small begin- nings; and in choosing a wife, a man should look at, 1st. The heart; 2d. The mind ; 3d. The person. 17* 198 A PRACTICAL TREATISE VIII. Every tiling, however remote, that has any bearing upon success must be taken advantage of. The business man should be continually on the watch for information, and ideas that will throw light on his path, and he should be an attentive reader of all practical books, especially those relatinr/ to business, tradej^ <&c., as well as a patron of useful and ennobling literature. IX. Never forget a favor, for ingratitude is the basest trait of man's heart. Always honor your country, and remember that our country is the very best poor man's country in the world. John McDonogii, the millionaire of New Orleans, whose death is yet recent, is accredited with what I consider one of the most valuable opinions on the subject on record. It was narrated by a lawyer of New Orleans, during some " idle moments" (?) in a court-room in that city, as a reminiscence of a personal interview with McDonogh, and is as follows : — " I said to Mr. McDonogli, ' You are a very rich man, and I know that you intend to leave all your property to bo expended in chari- table purposes. I have been thinking over your singular life, and I want you to give me some advice in regard to the great success which has attended you ; for I, too, would like to become very rich, having a family, so as to leave my heirs wealthy.' ' Well,' said he, ' get up, sir ;' and as I rose from my arm-chair, he took my seat, and turning to me as if he was the proprietor and I his clerk, said, pointing to a common chair in which he had been sitting, ' Sit down, sir, and I will tell you how I became a rich man, and how, by following three rules, you can become as rich as myself.' " ' I first camo to Louisiana,' continued Mr. McDonogh, ' when it was a Spanish colony, as the agent for a house in Baltimore and a house in Boston, to dispose of certain cargoes of goods. After I had settled up their accounts and finished their agency, I set up to do business for myself. I had Ijecome acquainted with the Spanish * Mr. Grigg has sent me a note for this edition, that he would lilie to add that every merchant should have a copy of the MercJiani's Magazine, De Bow's Review, and (ought I to mention it T) Freedley's Treatise on Busi- ness, an elementary treatise on the principles of Business. "Every count- mg-house, every private and public Library," he has been pleased to add, ■' should h.ave a copy of them all." ON BUSINESS. 199 governor, who had taken a fancy to me, although I had never so much as flattered him, and through his influence I obtained a contract for the army, by which I made $10,000. After this, I gave a splendid dinner to the principal officers of the army and the governor, and by it obtained another contract, by which I made ?30,000. " ' This is what the French and the Creoles do not understand. I mean the spending of money judiciously. They are afraid of spend- ing money. A man who wishes to make a fortune must first make a show of liberality, and spend money in order to obtain it. By that dinner which I gave to the Spanish authorities, 1 obtained their good- will and esteem, and by this I was enabled to make a large sum of money. To succeed in life, then, you must obtain the favor and in- fluence of the opulent, and the authorities of the country in which you live. This is the first rule.' " ' The natural span of a man's life,' observed Mr. McDonogh, ' is too short, if he is abandoned to his own resources, to acquire great wealth, and, therefore, in order to realize a fortune, you must exer- cise your influence and power over those who, in point of wealth, are inferior to you, and, by availing yourself of their talents, knowledge, and information, turn them to your own advantage. This is the second rule.' Here he made a long pause, as if lost in thought, and seeing him remain silent, I asked, ' Is that all ?' ' No,' said he, ' there is a third and last rule which it is all-essential for you to ob- serve, in order that success may attend your efforts.' ' And what is that?' I inquired. " ' Why, sir,' said he, * it is Prayer. You must pray to the Al- mighty with fervor and zeal, and you will be sustained in all your de- sires. I never prayed sincerely to God, in all my life, without having my prayer answered satisfactorily.' He stopped, and I said, ' Is this all V He answered, ' Yes, sir ; follow my advice, and you will become a rich man.' And he arose and left me. " ' Well,' asked one of the companj'-, ' have you followed his ad- vice ?" " ' No,' said the counsellor. ' I have not, for certain reasons. I do not wish to be considered harsh in drawing the conclusions I did from Mr. McDonogh's advice. They were, that when a man desires to be- come rich, he must corrupt the- high, opprei^ the poor, and look to God to sustain him.' " This is the story, the moral of which has been recommended to our serious consideration. This is the story that has abashed tlie 200 A TRACTICAL TREATISE countenance, and turned the stomach of a New Orleans lawyer; that has been bandied through the country, and kicked at, and spurned by every newspaper, magazine, and peiiodica.1, whether reli- gious or secular — " none so vile as to do it honor." Truly the satirist is right; our morality is excessive. There is no danger of another deluge. We think the angels, with their instinctive per- ception of what is holy, will soon be down here to take up their permanent residence amongst us. In this world, then, " where men are gods and women angels," it would be a dangerous task to attempt its defence. We must leave it, as Bacon did his name and memory, ''to men's charitable speeches, to foreign nations, and the next age." All that we can do in our limited space is, to earnestly beg those who are the leaders and guides of popular opinion on questions of morality and religion to reconsider their opinion; for, if it be not immoral, it is most valuable; and, by following its advice, thousands who are now fin the "slough of despond" and the morasses of poverty, will be i enabled to climb up to the firm land of happiness, influence, and independence. In judging of an opinion, charity demands that of words which will bear two constructions, that most favorable to virtue and morality shall be adopted. In applying a rule to action, mixed with narrative and explanation, we must exclude what is personal and explanatory, and look only to that which is directory and ab- stract. A rule may be good, though the instance given to eluci- date it may be faulty. A decision may be correct, though the reasons given for coming to it may be weak. Whether McDonogh "corrupted the high or oppressed the poor," we do not know, nor is it a part of our business to know. There is nothing in the story to show that he did ; and if there were, it would not depreciate the value of the rliles if abstractly good. An opinion is good or bad in itself, whether it comes from a slave or from a philosopher. Whether dinners are the most happy way to obtain favor is a mat- ter of extreme doubt. It is a plan that, though harmless in itself, has lost its originality; and from abuse has Mien into discredit. I. McDonogh's first abstract rule for success in life is " to obtain /he favor and influence of tlio opulent, and the authorities of the ON BUSINESS. 201 country in which you live." Can this mean to " corrupt the high ?" Quite the reverse. It is a rule given to a man who is poor in order to obtain the first start. A poor man has not the means to corrupt the high ; and in nine cases out of ten, any attempt at corruption on the part of a man with small means and limited influence at least, would rebound on his own head, and defeat the end at which he aimed. It cannot mean corruption, because that would be in- consistent with the adoption of the third rule, prayer, which com- pletes the system. A man cannot pray to the " Almi(jhti/ icifh fervor and zeal," to bless an act which he knows to be bad. It means simply what it says, to obtain the favor and influence of the opulent, and to use the means which wisdom and a knowledge of human nature suggest as suitable to the end. The first clause of this rule is applicable to every one who de- sires to improve his condition. The man born in the lower walks of life must improve his mind and conduct, and fit himself for admission into more influential circles, and then court admission ; and the man who is already there must not sink himself by low associations. The mechanic or architect who wishes to make his fortune must not be contented with building slmntees, but must endeavor to attract the attention and obtain the favor of the man who designs building a mansion. The scientific man who has not the means to perfect his plan must draw the notice of a man fond of scientific pursuits who has the means. In all cases, it implies the opposite of that fictitious independence which " cannot dig, and is ashamed to beg." Perfect independence of feeling — the independence of the man in the time of the deluge who despised Noah and his "old boat" — has something in it that excites admiration. By.t independence, to be admirable, must be perfect. The man who aspires To~'tEe virtue of absolute independence must stand like an iceberg, iso- lated and alone, disdaining all connection with the mainland of humanity. He must trust to his own good right hand, spurning all assistance, and indulge in no complaints when he sees men of greater pliability getting ahead of him. This has ever been a fault in poets and literary men. They seem to think that the world, which knows little about them, should come cap in hand i02 A rRACTICAL TREATISE to do them service. They are too proud to ask for that which they need; and yet whine, like whipped hounds, because they do not receive. They disdain to mingle with men, or the herd as they call them, and solicit favor and influence ; and yet sit in their rookeries and indite snarling epics on the baseness and ingratitude of the world. This is the affectation of independence; and, like I all affectation, is contemptible. It is man's birthright to ask of those who can give that which he needs. If it be reasonable — if it be done at opportune times and in a sincere, prayerful spirit, he will receive. Do you wish information ? Court the favor, and influence, and society of the well-informed and the learned. Do you wish ofiice ? Court the favor of those who have ofiices to give. Do you wish chances to make money ? Follow McDonogh's advice, and obtain the " favor and influence" of business men and the opulent. There is much vmnecessary and harsh feeling in the world — an apparent conflict between classes, that arises from a neglect of this very rule. Men fret themselves in secret ; they suffer their minds to become soured against a whole class, because nobody will patron- ize them, because those who can aid them will not notice them. Let them ask themselves, first, what have they done to attract their notice ? There is a powerful feeling in the breast of every man, worthy of the name, that makes him desirous of obliging when- ever he can ; and there is a vanity which makes it pleasing to patronize ; but it must be sought after. All men, whether rich or poor, have enough to engage their attention without seeking out those to whom they can be serviceable. It is as little as a man can do, who desires a reasonable favor of another, to ask for it. Let him choos e^ bis^ time^oppojtunely — let him avoid making himself obtrusive or troublesome — let him state his wishes frankly, fully, yet respectfully — let his request be moderate ; and if he fails ? 'Tis but in one case — pick your flint, and try elsewhere. Are you repulsed rudely? The man was a scoundrel, or an upstart, one of that dunghill breed, of which unfortunately there are some ; but you were not a fool for attempting it. As we make our beds so we must lie. If, then, we aspire to emulate Diogenes, trampling on the bed of Plato; if we are am- ON BUSINESS. 203 bitious of the applause of foolish boys and silly men, we must rail at every thing which we have not, and are not, particularly at rich men, and run over a rigmarole of hard names, as pampered minions, purse-proud, unfeeling wretches, and we will get their applause. If we aspire to be revolutionists, and will run the risk of a traitor's fate, we should attempt insurrectionary movements, and denounce all government and authority, because it is government. But if we ! aim to become wealthy men and good citizens, our first step is to / " obtain the favor and influence of the opulent ;" " to obey magis- \ trates; to be reaclj/ to every good work; to speak evil of no man : \ to be no braiders; but gentle, shoioing all meekness unto aJlmen."^ \ II. Mr. McDonogh's second rule is, that " the natural span of a man's life is too short, if he is abandoned to his own resources, to acquire great wealth ; therefore, in order to realize a fortune, you must exercise your influence and power over those who, in point of wealth, are inferior to you, and, by availing yourself of their talents, knowledge, and information, turn them to your own advantage." This, a distinguished counsellor of the New Orleans bar calls " oppressing the poor," and this a religious periodical pro- nounces "devilish." "Are these the breed of wits so wondered at? Well, better wits have worn plain statute caps." I am of opinion that the distinguished counsellor, in transcribing this rule, used words that will bear a more unfavorable construc- tion than those which Mr. McDonogh used, or intended to use. But, take them as they stand, what do they mean ? Do they mean that a man who wishes to increase his fortune must use force to press poor but talented men into his service, as they impress sea- men ? Do they mean that a man should use his means in hiring agents to scour the country, and catch all the men of " talents, knowledge, and information" they can find, bind them hand and foot, drag them to his door, and there force them to reveal their information ? A distinguished counsellor seems to think so, and all counsellors are wise as well as *' honorable" men. * Titus iii. 1-2. 204 A TRACTICAL TREATISE We think it has a great deal of meaning in it, but does not em- brace force or oppression. We think it means, in the first place, that as a man cannot carry on extensive operations, relying on his own resources or abilities alone, he must employ agents; and that, in employing agents, he should choose men of " talents, knowledge and information," in preference to those whose only recommenda- tion is physical strength and stupidity. The business of clerking, or agendizing, in the United States, is, at the present time, over- stocked by men who have no business there — by men whose proper occupation is farming ; and, in consequence, there are thousands of talented men, well qualified for their duties, out of employment. Business men will find it greatly to their advantage to employ edu- cated, talented assistants. We think it means, in the second place, that, having employed able agents, the employer should make it a constant practice to consult and advise with them, and get their suggestions in his vari- ous operations. The rule, in this respect, is much needed. I have known instances in which men have persevered in a plan, to their own loss and inconvenience, merely because the improvement had been suggested by a subordinate. This is great weakness. We are never too old nor too wise to learn ; and shrewd men, who arc desirous of increasing their fortune, will endeavor to have con- stantly around them those who can advise them. The President has his cabinet; a general has his officers; a business man should also have his bureau. Self-conceit is a great stumbling-block in the way of continued prosperity, and has proved the ruin of many. The man who, because he has made a few fortunate speculations, considers himself infallible, or despises the opinion of all less wealthy or fortunate than himself, had better retire with what he has made immediately. Attention to McDonogh's rules is all that can save him, if he continues in business. AVe think it means, in the third place, that whereas it is a well- known fact that men of talents and learning delight in the com- pany of active, intelligent, business men, who possess more of the world's comforts than themselves, the man of business, who is de- sirous of increasing his fortune, should encourage their visits by polite, flattering attentions, all the while keeping both ears open ON BUSINESS. 205 to catch iuformatiou or suggestions from them, which, .though useless to themselves, he may appropriate to his own great ad- vantage. Fourthly : We think it means that, as there are many men of great abilities in their various pursuits, who have not the capital to make their ability available to themselves, the man who is desirous of increasing his wealth should employ them to carry out their ideas for his own benefit, paying them a fair price for their servi- ces ; or should associate himself with them in a limited partner- ship, and divide the profits. Thus one capitalist may share the profits of a dozen difi"erent establishments, and yet be a great bene- factor. There are hundreds of able men, in all countries, who are useless to themselves for want of capital, aud whom capitalists should seek out; and there are thousands of men, of splendid tal- ents in their way, who are utterly incompetent to manage a busi- ness for themselves, even if they had the capital, but who, associ- ated with men of a difi"erent order of talents, commonly called business tact, can greatly promote the well doing of both parties. This rule is applicable in many other cases than those I have mentioned ; but I need not consume time and space to notice them. We, the common people can cipher it out for ourselves, and un- derstand it, though lawyers may not. It is the wisest and most beneficent rule that has ever fallen from human lips. Were man- kind to adopt it to-morrow, with some variations in the words used, in order to convey the meaning, there would be a change over the face of society like the wonderful transformations in magic. Every one would fall into his proper position, and each would receive his due. Those whom nature designed for laborers and producers would not usurp the place of distributors ; and those who are qual- ified for intellectual pursuits would find abundance of employment ; mind would receive a new impulse to improvement, and talent would find encouragement ; capital would be associated with science, and science co-operate with capital ; men of wealth would feel themselves honored and benefited by association with men of learn- ing, and learned men would be made happy in the partial enjoy- ment of the comforts of wealth. III. McDouogh's last rule is prayer. This is all that was want 18 ' 206 A PRACTICAL TREATISE ing to perfect the system ; to make it a system worthy of a better origin ; yea, worthy of the authority of inspiration. Prayer is a powerful aid to success in two ways. It prepares the mind for great undertakings ; it gives an earnestness and seriousness to tho character; it curbs that levity and frivolity which trifle with im- portant concerns, viewing every thing as a game ; it gives a restrain- ing power in the hour of temptation, and makes simple faith mightier than wisdom ; ifc creates a subdued enthusiasm, a calm confidence in eventual success that no present danger can over- throw — a lofty reliance on an unseen power which the prayerless cannot comprehend ; it fits the mind to conceive great thoughts, and the man to do great deeds. Secondly : It invokes to human exertions the favor and influence of the Most High. God will hear and answer sincere prayer. " He will regard the prayer of the destitute, and not despise their prayer." Ps. cii. 17. "Are not five sparrows sold for two farthings, and not one of them is forgotten before God ? Fear not, therefore, ye are of more value than many sparrows." Genius and revelation harmonize in commendation of the efiicacy of prayer. The most splendid genius of the nineteenth century, in speaking of the French Revolution, says : " The despoilers of all that beautifies and hallows life had desecrated the altar and de- nied God ; they had removed from the last hour of their victims the Priest, the Scripture, and the Cross. But Faith builds, in the dungeon and the lazar-house, its sublimest shrines ; and up through roofs of stone that shut out the eye of heaven, ascends the ladder where the angels glide to and fro — prayer." * * * a "When science falls as a firework from the sky it would invade — when genius withers as a flower in the breath of the icy charnel — the hope of a childlike soul wraps the air in light, and the innocence of unquestionable belief covers the grave with blossoms." Pievelation invites men every where, and in every thing, to place their trust in their Creator, and not on their own strength. " Trust in the Lord with all thine heart, and lean not on thine own under- standing. In all thy ways acknowledge him, and he shall direct thy paths." Prov. iii. 5, 6. " Call upon me in the day of trou- ble. I will deliver thee, and thou shalt glorify me." Ps. 1. 15. ON BUSINESS. 207 'He that diligently seeketh good procureth favor; but he that sceketh mischief, it shall come unto him. He that trusteth in his riches shall fall ; but the righteous shall flourish as a branch.'' I'rov. si. 27, 28. Sublime system ! The wit of man has never conceived a better, and -withal so practical as to be ■within the reach of the humb lest individual in the land. "WTiat immense influences it centres upon one man and one business ! On the one hand, the humble aspirant calls to his aid the powerful influence of money and the favor of the opulent; on the other he draws to himself the still greater power of talent and knowledge; and above all, he invokes, by prayer and an upright life, the blessing of " Him that sitteth on the circle of the earth ; that stretcheth out the heavens as a cur- tain, and spreadeth them out as a tent to dwell in." I must close this chapter, and the whole subject of "Getting Money ;" and 1 cannot do so more appropriately than wi h the following truthful quotation : — " If we were to consult the annals of commercial life, we should find that, in most instances, the men who have been distinguished for success in business are of the same stamp as those who have been eminent in the walks of literature and science. They have' been characterized by self-denying habits, by simple tastes, and by unpretending manners; whilst the bold, the vain, the presumptuous, and the reckless have done immense mischief to themselves and others, in the department of trade, dissevering the bonds of confi- dence and good feeling, and often scattering havoc and ruin around them. The same principles and motives of action prevail in the good, the wise, and the prudent, among all sorts of men. It is that wisdom which is unpretending and boasteth not, and that quiet sort of penetration and sagacity, which is little deceived by self-flatteries and delusions, which are often more injurious and ruinous than all the worldly artifices and deceptions which are practised upon us." 208 A PRACTICAL TREATISE CHAPTEK XIV. LOSING MONEY. CHANCES OP SUCCESS — CAUSES OE FAILURE. It was the custom of Napoleon, says Bourrienne, after a hard battle had been won, to ride over the field of contest, to see the extent of the destruction. That is our solemn task at this time. We have heard the shouts of the victorious; we have listened to the proud boasts of the conquerors, the Napoleons of wealth, and have recorded their wise sayings. Now, it is our painful duty to go over the field where their triumphs were won, and see how many, with minds as great, and aspirations as high, have fallen in the strife. Perchance, we may learn there greater lessons of wisdom j perchance, we may sec our way clearer, and possibly discover the post of safety, if not of honor. " Wouldst thou be rich '/ Consult not the rich man, but the bankrupt. 'Tis more to know what to avoid than what to do." We have chosen to consult both. We will inquire, first, as to i)ur chances of success; and, secondly, as to the canses of failures and their remedies, if anj/. CHANCES OP SUCCESS IN MERCANTILE LIFE IN BOSTON. On the evening of the 28th of February, 1840, General Henry A. S. Dearborn delivered an address at an agricultural meeting of the members of the Legislature, which embraced a statement that Btartled many, and attracted the attention of business men in all parts of the country. Freeman Hunt, Esq., of the Ilerchanfs Magazine, wrote to General Dearborn for a copy of his remarks, made in connection with that statement, which he placed at his dis- posal. General Dearborn was Collector of the Port of Boston for nearly twenty years, and was therefore enabled to notice the vicis- ON BUSINESS. 209 situdes in trade, and his statements are confirmed by the remarks of a Boston merchant, which are here appended. He is speaking of the superior advantages of a residence in the country, and ob- serves : — " In England, the pleasures, and privileges, and blessings of the country seem properly understood and valued. No man there con- siders himself a frcemaa unless he has a right in the soil. Merchants, bankers, citizens, men of every description, ■whose condition of life allows them to aspire after any thing better, are looking forward always to retirement in the country — to the possession of a garden or a farm, and to the full enjoyment of rural pleasures. The taste of the nobility of England is eminently in that direction. There are none of them who, with all the means which the most enormous wealth can afford, even think of spending the year in London, or of remaining in the confinement, noise, and confusion of the city, a day longer than they are compelled to do by their parliamentary or other public duties. " There is, in this respect, a marked difference between England and France. Formerly, the nobility of France were scattered broad- cast over the territory, and had their villas, their castles, and cha- teaux in all the provinces of the kingdom. But the monarchs, anxious to increase the splendor of their courts, and to concentrate around them all that was imposing and beautiful in fashion, luxury, and wealth, collected the aristocracy in the capital. The natural conse- quence was that the country was badly tilled, and agriculture made no advancement, while England was making rapid and extraordinary progress in the useful and beautiful arts of agriculture and horticul- ture, and now, in her cultivation, presents an example of all that is interesting in embellishment and important in production. "We are the descendants of England ; yet on these subjects we have reversed the order of taste and sentiment which there prevails. " Happy would it be for us if our gentlemen of wealth and intelli- gence would copy the bright example of the affluent and exalted men of England. If, after having accumulated immense fortunes in cities, they would carry their riches and science into the country, and seek to reclaim, to improve, and render it more productive and beautiful, Massachusetts might be transformed into a garden, and rival the best cultivated regions on the globe. "It is an inexplicable fact that even men who have grown rich in any manner in the country should rush into cities to spend their 18* 210 A PRACTICAL TREATISE wealth ; and it is equally as remarkable, that those who have accu- mulated fortunes in the city shudder at the idea of going into the country, where wealth might be safely appropriated to purposes of the highest utility, pleasure, and refinement. " There prevails, in this, rather too much ignorance, false senti- ment, and unworthy prejudice. The city must, of course, be regarded as the proper seat of active business, in all the branches of commerce and navigation. But when a large portion of life has been spent in these harassing pursuits, and men have acquired the means of com- petence and independence in the country, why they should not seek to enjoy the refreshing exercise, the delightful recreations, and the privileged hours of retiroment and reflection which a rural residence affords, was a mystery which it was impossible to solve. "It was not merely the ungovernable influence of a city life upon health that was most deeply to be regretted. Many an uucorrupted young man from the country, impelled by a reckless passion for gain, has there early found the grave of his virtues. But too many instances might be pointed out, in which the acquisition of property has proved as great a curse as could have befallen them. The chances of success in trade are likewise much less numerous, and are more uncertain than men generally believe, or are willing to allow. After an exten- sive acquaintance with business men, and having long been an attentive observer of the course of events in the mercantile community, lam satisfied that, AMONG ONE HUNDRED MERCHANTS AND TRADERS, NOT MORE THAN THREE, IN THIS CITY, EVER ACQUIRE INDEPENDENCE. It WaS wUh great distrust that I came to this conclusion; but, after consulting with an experienced merchant, he fully admitted its truth. Infinitely better, therefore, would it be for a vast portion of the young men who leave the country for the city, if they could be satisfied with a farmer's life. How preferable would it have been for many of those who have sought wealth and distinction in cities, if thay had been satisfied with the comforts, innocent amusements, and soothing quietude of the country ; and, instead of the sad tale of their disasters, which must go back to the parental fireside, the future traveller, as he passed the bumble churchyard in which they had been laid at rest with their laborious ancestors, might truthfully repeat these emphatic words of England's gifted bard : — " ' Some village Hampden that, with dauntless breast, The little tyrant of his fields withstood ; ^ Some mute, inglorious Jlilton here may rest ; > Some Cromwell, guiltless of his country's blood.' " ON BUSINESS. 211 The following confirmatory remarks of of an intelligent gentle- man from Boston appeared in the Farmer s Library : — " The statement made by General Dearborn appeared to me so startling, so appalling, that I Tvas induced to examine it with much care, and, I regret to say, I found it true. I then called upon a friend, a great antiquarian, a gentleman always referred to in all matters re- lating to the city of Boston, and he told me that, in the year 1800, he took a memorandum of every person on Long Wharf, and that, in 1840 — which is as long as a merchant continues in business — only five in one hundred remained. They had all, in that time, failed, or DIED DESTITUTE OF PROPERTY. I then Went to a Very intelligent direc- tor of the Union Bank — a very strong bank. He told me that the bank commenced business in 1798 ; that there was then but one other bank in Boston, the Massachusetts Bank, and that the bank was so overrun with business that the clerks and officers were obliged to work until twelve o'clock at night, and all Sundays ; that they had occasion to look back, a year or two ago, and they found that, of the one thou- sand accounts which were opened with them in starting, only six re- mained ; they had, in the forty years, either /aiYe^Z or died destitute of property. Houses, whose paper had passed without a question, had all gone doivn in that time. Bankruptcy, said he, is like death, and al- most as certain ; they fall single and alone, and are thus forgotten ; but there is no escape from it, and he is a fortunate man v!h.o fails young. " Another friend told me that he had occasion to look through the probate office a few years since, and he was surprised to find that over 90 per cent, of all the estates settled there were insolvent. And, with- in a few days, I have gone back to the incorporation of our banks in Boston. 1 have a list of the directors, since they started. This is, however, a very unfair way of testing the rule, for bank directors are the most substantial men in the community. In the old bank, over one-third had failed in forty years, and in the new bank a much larger proportion. " I am sorry to present to you so gloomy a picture, and I trust you will instil into your sons, as General Dearborn recommends, a love of agriculture ; for, in mercantile pursuits, they will foil to a dead cer- tainty." 212 A TRACTICAL TREA1*ISE CHANCES OF SUCCESS IN BOSTON, THILADELPHIA, AND NEW YORK. Nahum Capen, Esq., Editor of the Massoclmsetts State Record, makes some interesting statements on the subject in the following letter which he wrote to the Hon. Truman Clark, to be presented at one of the legislative agricultural meetings held weekly during the session of the Legislature at the Senate Chamber. Boston, March 2, 1847. Hex. Truman Clark. My dear Sir : In accordance with your wishes, 1 send herewith such statistics in regard to failures in Massachusetts, as I received last year. In reply to a circular I sent to every town In the common- wealth, for the purpose of collecting Information for the Massachusetts State Eecord. As these returns were Imperfect, I deferred any publi- cation of them till another year, when probably 1 should have the means of doing the subject ample justice. Number of towns represented, 144 ; estimated population of ditto, 242,186: number of farming towns, 79; manufacturing and farming, 5G ; number engaged mostly In navigation, 9 ; number of failures reported, 357, Business of Bankrupts. — Farmers, 59 ; manufacturers and mechan- ics, 182, including 70 boot and shoe manufacturers ; laborers, 9 ; inn- holders, 1 ; speculators (farmers), 4 ; ministers, 1 ; traders, 63 ; busi- ness not stated, 48. * * * It does not appear, from my returns, how many farmers failed lu consequence of becoming speculators, Intemperate, or Indolent men. It seems to me that an Industrious, temperate, and frugal farmer can hardly do otherwise than succeed. Small gains, gradually accumu- lated, are safer and surer than large profits and sudden fortunes. Their Influence is favorable to the growth of good morals, and they do not endanger the habits of prudence. If Governor Carver had Invested £70 on his arrival In the country at compound Interest, the accumulated sum at this time, would be pufficlent to buy the whole State of Massachusetts, and It would ex- ceed the banking capital of the United States. If a young man at twenty-one were to lease a tarm and make an annual profit of one hundred dollars, and Invest both principal and interest, from year to year, for twentyrfive years, his fund would ON BUSINESS. 213 amount to §5,000. If he were to own the fai*m, he might have a fund at interest of SlOjOOO in twenty-five years. A trader, however, may begin with a capital of §10,000 on the credit system, as now managed, and in twenty-five years, there are ninety-seven chances to every one hundred, that he will be SlO.OOOin debt beyond his means to pay. This percentage of success and failure has been alluded to, at your discussions, as being true of Boston. I believe it to be neaidy correct. I have been advised by very intelligent gentlemen, who have the means of knowing, that not more than one per cent, of the best class of merchants succeed without failing in Philadelphia, and that not more than TWO per cent, of the merchants of 'New York ultimately retire on on independence, after having submitted to the usual ordeal of failure. These calculations are based, it must be observed, upon periods of twenty-five and thirty years. The lot of the merchant is one of great labor and anxiety, com- pared to thpct of the farmer. He labors harder, his life is shorter, and he is less sure of a competency in old age. A contributor to the Merchant's Magazine states that it is said '' that but one eminent merchant, and his death is still recent, has ever continued in active business, in the city of JVeio York, to the close of a long life, without undergoing bankruptcy or a suspension of payments in some of the various crises of the country. It is also asserted by reliable authority, from records kept during pe- riods of twenty to forty years, that, of every hundred persons who commence business in Boston, ninety-five at least, die poor ; that of the same number in New York, not two ultimately acquire wealth, after passing through the intermediate process of bank- ruptcy ; while in Philadelphia, the proportion is still smaller. By the statistics of bankruptcy under the uniform bankrupt law in 1841, The number of applicants for relief under that law were ..... 33,739 The number of creditors returned . . 1,049,603 The amount of debts stated . . . 440,934,61.5 The valuation of property surrendered . 43,697,307 If this valuation were correct, nearly ten cents would have been paid on every dollar due ; but what was the fact ? 214 A TRACTICAL TREATISE i cent " 100 i " " 100 4 cents to 100 41 u u 100 1 dollar to 100 8 dollars to 1,000 1 dollar to 1,500 In the Soutliern district of New York, one cent was paid, on an average for each dollar due ; in the Northern district, 13f , being by far the largest dividend. In Connecticut, the average dividend was somewhat over a half cent on each dollar. In Mississippi, it was . . 6 cents to SI, 000 *' Maine " Michigan and Iowa " New Jersey " Tennessee . " Maryland . " Kentucky " Illinois " Pennsylvania, East Virginia, South Alabama, Wash- ington, nothing. Palmer's Almanac, 1849. After making every possible allowance for the enhancement of this enormous amount of debt hy inflation of values, speculative prices, &c., the proportion of ^400,000,000, lost by those of the l,049,60o creditors who were engaged in proper and legitimate business, must still have been immense, and may justly be charged against the profits of our regular commerce. These things being so, our system of trade should be characterized, not as a system of exchange, but as a system of bankruptcy, tending to the ruin of all who engage in it ; the exceptions being only numerous enough to prove the rule." CHANCES IN CINCINNATI. C. Cist, of Cist's Cincinnati Advertiser, the statist of that city, published, some two or three years ago, the following result of his investigations : — " The avidity with which young men crowd those avenues in life in which there is a chance of making money with rapidity, or of ac- quiring political or social distinction and eminence, is the more re- markable, when it is apparent, on the surface of the subject, that they are venturing in a lottery in which there are many blanks to one prize. A few acquire the object of their pursuit; the mass sink into obscurity and insignificance. ON BUSINESS. 215 " Take, fur example, mercantile pursuits. It is the experience and observation of intelligent persons in the East, that there is hardly a firm in existence now which did business twenty years ago ; and that nine out of ten in mercantile life, in the long run, amidst the fluctu- ations of trade, are broken. " Let me, however, bring the subject nearer home. I had prepared a list of the principal active business men who were in trade, twenty years ago, in Cincinnati, of which a brief extract is all that I have space for in these columns. In place of giving names, I shall distin- guish them by numbers. "No. 1. Broke ; resumed business ; has since left Cincinnati. *' 2. Broke ; resides in Indiana. " 3. Broke ; and now engaged in collecting accounts. " 4. Died. " 5. Now captain of a steamboat. " 6. Left merchandising to put up pork, which business he also quit in time to save his bacon : independent in circum- stances. " 7. Dead. " 8. Broke ; resides at St. Louis. " 9. A firm ; one of the partners dead ; the other out of business ; both insolvent. " 10. Partners ; both dead. " 11. Partners ; broke ; one now a book-keeper, the other dead. " 12. Became embarrassed, and swallowed poison. " 13. A firm ; broke. " 14. A firm ; broke ; one of the partners died a common sot; tho others left the city. " 15. Broke, and left the city. " 16. A firm ; all its members out of business. *' 17. A firm ; senior partner dead. " 18. A firm ; senior partner dead, junior resides at Toledo. " 19. Is now a clerk, and left Cincinnati, after becoming intempe- rate. " 20, 21, 22, 23. Died Intemperate. " 26. A firm ; one of tho partners in another Inisiness ; one re moved to New York, and one a clerk. '" 27. Broke ; and drowned himself in the Ohio. " 28 Broke ; died of delirium tremens. " 29, 35, 36, 37, 38. Broke, and removed to other cities. 216 A PRACTICAL TREATISE " 32. Out of business, having broke three times. " 33. Broke; now dealing in flour " My list comprehends some 400 business men, of which the above is a sample. 1 know of hat Jive noio in Intsiness who were so twenty years since. Such is mercantile success." We regret to saj that our inquiry, as to the chances of success in mercantile pursuits, has resulted somewhat unfavorably. The reflections excited by the foregoing statements, from undoubted authority, are any thing but flattering to those embarking in busi- ness with the ardent desire of sudden acquisition, and indulging in golden visions of easily acquired afl3uence. Taking the expe- rience of the past as a criterion, there are, indeed, many chances to one that he who to-day launches his bark on the troubled sea of mercantile speculation, will, in a very few years, find his vessel drawn within a maelstrom, or stranded upon a rock. The picture is discouraging, and we need all the philosophy we can muster. We must recollect that ''partial evil is universal good." — We must remember that every man is the artificer of his own fortune, whether it be in the struggle for literary or political honors, or in the sharper strife for material wealth. We must hope that it was by departing from the plain and well-established maxims of com- mon caution that men invited disaster upon their enterprises, and that with greater caution, prudence, and the aid of improved expe- rience, we may escape their fate. These statements come with a different meaning to difi"ei'cnt men. They are encouraging incentives to perseverance for those who have resolved on pursuing a steady, prudent course, without being allured from it by attractive appearances. They are homilies on humility for the attention of the proud — on kindness to the un- fortucate, for the selfish — on the need of light and information, for all. They are fruitful of stern rebuke to those false teachers who preach up prodigality by preaching down cconomj', and to that fool Thompson who said that '' ' a penny saved is a penny got,' is a scoundrel maxim ;" and they are a balm of consolation to the honest bankrupt, who is mourning over his failure, and will not be comforted, for he may see that he is in a goodly company, and can ON BUSINESS. 217 call upon immense numbers to unite with him in singing the chorus of the old song, "Let us all be unhappy together." As to the causes of failures^ we are sorry to say that we have noi been able to find any satisfactory statistics. We are surprised at this, because it is a subject that should engage the attention of the statist above all other subjects. Government even would not misapply their surplus funds in undertaking an extended and ela borate investigation of the matter, as it would probably conduce more to the general good than many of their investments. When the " death-shots fall thick and fast ;" when a crisis comes, as it is called, men's minds become excited, and they anxiously inquire for some immediate cause; but when houses "fall single and alone," the business world wags on in presumptive security — though each, it seems, must take his turn — and no general investigation is had. Let us add our humble note of invitation to the patriotic and intel- ligent statisticians of the country that they attend to this matter. We find the following in the " Report of his Majesty's Commis- sioners for inquiring into the Administration and Practical Opera- tion of the Poor Laws, 183-i." Mr. Green, one of the official assignees in cases of bankruptcy, gave the subjoined return : — '' As far as I can recollect, from the books and documents fur- nished by the bankrupts, it seems to me that 14 have been ruined by speculations in things with which they were unacquainted ; 3 by neglected bookkeeping; 10 by trading beyond their capital and facile means, and the consequent loss and expense of accommoda- tion bills ; 49 by expending more than they could reasonably hope their profits would be, though their business yielded a fair return ; none by any general distress, or the falling off of any particujir branch of trade." Another officer states : — "The" new court has been open upwards of eighteen months, during which period 52 cases of bankruptcy have come under my care. To the best of my judgment, not one of them can be attri- buted to any general distress. It is my opinion that 32 of them 19 218 A I'RACTICAL TREATISE have arisen from an imprudent expenditure, and 5 partly from that cause, and partly from a pressure on the business in which the bankrupt was employed — 15 I attribute to imprudent speculation,?, combined, in many instances, with an extravagant mode of life. Among these fifteen I find a tailor, in a very small way of business, borrowing money to become the owner of a West India ship trading to Jamaica, a concern with which he was wholly unacquainted ; consequently, he was cheated in every way and speedily ruined. A London publican, having a slight knowledge of science, neglects his business here and goes over to France, for the purpose of enter- ing into a contract with the French authorities for the supply of Piaris with water. A working goldsmith, never having had £10, takes Seville House, Leicester Square, and engages singers and musicians for the purpose of establishing concerts. The 32 classed as failing through imprudences in their mode of living, include many whose necessities, leading them to resort to accommodation bill transactions, have become the prey of money-lenders and their attendant harpies, the inferior class of solicitors." We think — but we desire to know the fact by an extended in- vestigation — that the causes of failure are as numerous and as varied as the follies and misfortunes of mankind ; that there is no one deep-seated evil to which all can be ascribed. We think — but we would like to be certain of it — that the causes to which the ma- jority of the failures above mentioned are ascribed, will be found to be the principal causes of failure in all countries and at all times. In the most simple operation of commercial speculation, under our present system, there are more possible chances of failure than there are of success. We might illustrate this, and at the same time enumerate some of the causes of failure, by a supposition sug- gested by the following story, related by the Rev. J. W. Higgison, of Newburyport : — '' One of the most eminent literary men of this country once told me that, many years since, when a boy on a farm he had permis- sion given him to sell for himself a calf of his own raising; and that he remembered so vividly the struggles of mind he went through, the bitter anxieties of hope and fear, the intense tempta- tion to extort more than the animal was strictly worth, and contrive ON BUSINESS. 219 little plots to conceal its defects and exaggerate its merits, that the experience comes back to his mind to this day, when he felt espe- cially indignant at the baseness of commerce, and made him more charitable to the offender, remembering that he also had been tempted." We cannot stop to compliment " the most eminent literary man of this country " on his exquisite sensibility ; nor to congratulate him on his good fortune in abandoning further thoughts of com- mercial ventures for literary pursuits ; but must proceed to our supposition. Suppose that the nerves of this lad had been a little stronger — that he had felt himself able to manage more than one calf, and had purchased two others on, say three months' credit, at six dollars each, with a view of taking them to a distant market and selling them at a profit; what causes might have contributed to his failure, and what were his chances of success ? First, Accident : As his calves dying, or escaping, or being stolen, would have caused his failure. Secondly : A want of judgment as to the value of calves ; so that he finds the butchers will not give cost, will cost his failure. Trusting them to agents to sell who prove dishonest, or taking in a partner with him who cheats him, will ruin him. Sup- pose that his hotel expenses, in consequence of a failure of the crops, are unexpectedly greater than the profits — he must suspend. A failure, then, of the agricultural productions of the country, or a great and sudden expansion of the currency, and the consequent high prices of food, causes failures. A great depression in the market price,, in consequence of an excess of supply, at a time when he must sell, will also compel him to suspend. Suppose that he is induced to sell to a biitcher on credit, and, in the mean time, low prices of produce, or a scarcity of money ren- der the farmers unable to pay their debts to the country storekeep- ers — and they the city merchant — and the merchant the importer — and the importer the money borrowed from the butcher — and the butcher the lad — the lad must fail. A superabundance of the agricultural productions of the country, or a contraction of the currency, and the consequent low prices of produce, may cause a general failure. Suppose that he takes paper money in payment, ind the banks explode, or having received gold and silver, he is 220 A PRACTICAL TREATISE agreeably elated, and attempts to keep it up by stimulants which result in difficulty and expense ; he must fail. Bad morals, as well as bad currency, are a cause of failure. Extravagance in living — certain expenses while his profits are uncertain — will be certain to ruin him. The purchase of a lot with a view of selling it at a profit before his note falls due, and property falling, will compel him to make an assignment. Suppose, finally, that he sells his calves at a profit of two dollars each, over and above all expen- ses — gets safely home without being robbed, or losing his money — and pays his debt promptly — why he has made six dollars, and ,is a successful merchant. "Oh! if this were seen. The happiest youth — viewing his progress through What perils past, what crosses to ensue, Would shut the book, and sit him down and die. ' Failures in general, I think, may be ascribed to four general causes : Accidents ; had hyislatlon ; defective per&oncd habits ; and excessive use of credit. Accidents do not occur so frequently as we might suppose. In- surance will guard against loss from some, and prudence against others ; but loss may occur in spite of both, and in such cases there is no remedy. A fiiilure of the crops, or surplus production, causes a great inconvenience for a time, but it is soon over ; and those who have conducted their business on certain sound principles, maintaining a due portion of liabilities to capital, can survive the pressure. Bad and unstable legislation are frequent causes of serious em- barrassment. Unstable legislation is as prejudicial to the business interests of a country as unjust laws. It causes difficulty in two ways. Men who have invested their capital on the faith of exist- ing laws are liable to a serious loss from a change of the laws ; and, on the other hand, capitalists, awai-e of this predisposition to change, are timid in their investments, preferring less profit and greater certainty. The consequence of this is that the profits of some kinds of business are reduced below the average, while other pro- ductive interests are only partially developed. In no country in the world is legislation so vacillating as in the United States; and ON BUSINESS. 221 no other country ia the world could have borne an equal amount of it without entire prostration. It is a fault of both our National and State governments, and always will be a fault, while party interests predominate over patriotism. Men of both parties should unite in exempting the interests of trade, at least, from the operation of political influences. Wise laws will not prevent failures; but they will prevent those failures — and they are not a few — that arise from unwise or unstable laws.* But legislation, in a representative government like our own, can be remedied by the choice of wise legislators. The remedy is entirely in the hands of those who are aggrieved by it. The pro- minent mental attribute of a good legislator is, soundness of Judg- ment. He should also possess stern integrity and business habits. Ability in discussion is no recommendation, but a decided disad- vantage ; and is rarely associated with superior judgment. The man who can make a three hours' speech is prima facie incompe- tent for a legislator ; and those who have spent a considerable por- tion of their life in the practice of the law are of the same category. They fall under Bacon's censure, subject of course to be rebutted by unquestionable testimony, of desiring " rather commendation of wit in being able to hold all arguments, than of judgment in dis- cerning what is true, as if it were a praise to know what might be said, and not what should he thought." But these men also have their place and their duties to discharge as good citizens ; these are, to discuss questions before the people, and suggest arguments that should be duly considered by the legislators in forming their opinion. The' acts of the legislature should be the embodied opin- * " We liave referred to convertible and inconvertible currency. Do you think that any system of currency, convertible or inconvertible, can be de- vised, in which occasional periods of commercial distress will not arise, as long as commercial transactions are entered into by parties almost without limitation beyond their means ?" "I do not think it possible — I do not think that any system of currency that any human being can devise can correct the follies of mankind. There are always some people ■who will speculate bej'ond their means; but under a proper system, there would not be whole rows of perfectly innocent people knocked down as there have been lately." — Chahles Turner. Parliamentary Committee Rep. 19* 222 A PRACTICAL TREATISE ion of the majority of disinterested jurors, who have taken but little part in the discussion, and who were chosen for the marked soundness of their judgment. The Parliament of Great Britain, though not enlightened, and far from perfect, has points of superiority over our legislatures, as is evidenced in the stability of their legislation. They err, probably, in the other extreme. "■ The House of Commons wastes little, either of time or power. Its members are averse to rhetoric, and fiercely intolerant of abstractions. You will hear among them little fine speaking, but much sensible talking, What is once set- tled there is settled forever. They will endure no rigmarole about the rights of man, and the eternal fitness of things, and the shades of Hampden and Sydney. Many things are taken for granted, to the great saving of time and strength. Provided, too, that their work is done, they care very little how it looks. Acts of Parlia- ment are often clumsily drawn, but they generally hit the griev- ance between wind and water. Every thing is for use, and nothing for show. Parliament is, in short, a factory for the making of laics, and they will no more listen to a professor's discourse on the prin- ciples of legislation, than the operatives in a mill at Lowell would leave off their work to hear a lecture on the force of gravity, or the pressure of fluids." Those men who have manifested the greatest judgment and prudence in the management of their private busi- ness should be selected as legislators, and their votes, not their speeches, should be the tests of their merit. Defective personal habits can be remedied by "a remove of the impediments of the mind." Intemperance is a habit that is almost certain to result in failure Even the'moderate use of alcoholic stimulants to the man whose business requires a clear intellect and constant prudence is attended with danger. It clouds the percep- tion, and creates a feeling of boldness and recklessness, that may, in a moment, thwart the best laid plans of years. The business man who indulges at all in artificial stimulants can never be sur«> of himself. One glass at certain times will produce more intoxi- cation than five at other times. Occasional periods of excess, though more disgusting, are less dangerous than habitual tippling, pro- vided the debauchee takes the precaution to transfer his business in ON BUSINESS. 22iJ the mean time to another, and not to resume it until every drop is purged from the system. In all cases, however, the effect is grad- ually to undermine energy, to impair moral principle, to provoke an irritability of the system which renders us liable to be impolite to customers, and to quarrel in vinguarded moments with those with whom it is our interest to be most friendly. Experience has shown that it was full of danger under the old plan of few sales and large profits, and common sense warns us against it, under the new plan of quick sales and small profits. A departure from regular husiness is a personal matter that fre- quently results in fiiilure. 3Ien become dissatisfied with the slow gains of the calling with which they are acquainted, and suffer themselves to be enticed from it by stories of fortunes which have been acquired in other pursuits. There is scarcely a business that can be named, in which all have failed ; and those who make the success of others their plea for change, may spend their lives in changing their plans. Every business has its peculiarities and its mysteries, that cannot be acquired by intuition. Practice must make perfect. All who have followed a certain occupation for twenty years will readily perceive that, although they thought themselves wise when they be- gan their career, they were exceedingly ignorant. The tendency of business, as civilization progresses, is to subdivision of employments ; and those who attempt to resist it by a combination of several kinds in their own hands, even though apparently connected, are generally forced to regret it. In the dry-goods business, for in- stance, there seems to be a growing disposition to combine retailing, jobbing, and importing, in the same hands, and as it is a violation of the general law, it is likely to result unfavorably. The Dr^- Goods Reporter, in 1848, made some appropriate remarks on this subject : — " The position of the jobber and importer can be illustrated better by an anecdote, which we heard yesterday from undoubted authority. A jobber who, one year since, was affected with the inporting mania, and followed the business successfully during the year 1817, realizing therefrom over two thousand dollars, says \n' would v/illingly give all the money he made in '47, and five huu- 224 A I'RACTICAL TREATISE dred dollars added thereto, to be rid of his imports for '48. Many will say this was all owing to circumstances, which probably might not happen again in years, and that the importers were all in the same boat. Softly, man ; this is not exactly so. Upon inquiry you will find that but few of the present quantities of excess goods heloiir/ to our importers. They are merely the /actors; the ownership rests elsewhere, and the heavy loss (for a heavy loss must be sustained on this spring's imports) will fall upon Europe, and not be sustained here. "Importers, who are pecuniarily interested in the price at which goods are sold in this country have some connecting branch or resi- dent partner in Europe, whose duty it is to watch the market there. The exports from thence is the barometer; and when such times as the present are upon us, we find that, although seemingly, and in reality have goods enough on hand, they belong to other parties, and in many instances have been shipped against their advice. So sensitively alive are these resident partners in Europe to the ex- ports, that we have heard of £5 having been paid for the outward manifest of a ship bound to the United States. " We have been frequently amused at the remarks of Zadock Pratt, Esq., ex-member of Congress — a man of strong common sense, who was originally a tanner by trade. A speculator was showing him a new method of tanning, by which he represented great quantities of money could be made. Pratt told him he did not doubt it, but he was making money enough; that he (the spe- culator) had better find some one who was not doing so well. He has resisted all attempts to allure him from his legitimate business, and by close application has amassed a quarter of a million. "Our advice is to the retailer, do not attempt to job; to the jobber, leave importing alone; and to the importer, allow not the offer of an extra price induce you to break a package, for it is as completely unjust for you to rob the jobber of his legitimate profit as it would be for the jobber to retail goods. We say, emphatically, ' Stick to your regular business.' " The division and subdivision of employments is favorable to the success of all, and " to depart from regular business is to lose money.' ON BUSINESS. 225 The last of the habits purely personal that we shall notice is • — extravagance in expenditure. This seems to be the most serious in its results of all. According to our statistics, two-thirds at least of the failures are ascribed to an imprudent expenditure of '' more than they could reasonably hope their profits would bo, though their business yielded a fair return." This is a matter of astonishment. It conflicts with all our received ideas that men manifest great shrewdness in matters which affect their own interest. It is an indisputable truth, we think, that a man who, in collecting pebbles or pearls, will scatter with his left hand all that he collects with his right, cannot get a '^ heap ;" thaLiie who spcndsas mucli as_he makes cannot increase^his wealth; and that he who spends more than he makes will increase his poverty wonderfully. How shall we account for this ruinous propensity ? To what cause shall we ascribe it? Have the feminine portion of the world any thing/ to do with it ? It certainly cannot be that men of themselves are so weak as to allow a petty ambition for show, for expensive toys and trinkets, to derange the weightier matters of business. It must be that the devil is at his old tricks, working for the downfall of mankind, and, having succeeded so well with mother Eve, is still operating to the same end, through her daughters. A writer in the Providence Joxirnal makes " some calculations to show that the failure of nine-tenths is directly attributable rather to a profuse expenditure of their gains in living beyond their in- come, and to rashly extended operations, undertaken to sustain such a career, than to the generally unrequiting nature of business pursuits. It appears by a recent statistical report, that one-half of the whole property of Providence, with a population of 40,000, is in the hands of 175 individuals. It will be found, on investi- gation, that the large estates of the 175 individuals who possess one-half of the whole property in this city, have been solely ac- quired by persevering diligence and economy, rather than by bold enterprises; which, when successful, induce reckless habits, like success in drawing the prizes in a lottery. Every one becomes surprised in examining the Annuity tables in familiar use in the offices of Life Insurance Companies, at the astonishing aggregate amount of the daily expenditures of smal] 226 A PRACTICAL TREATIRK Bums, compounded with interest, and finally summed up at the termination of a long life, as exhibited in the following abstract : — Table showing tue Aggregate Value, with Compound Interest. Daily Expenses In 10 In 20 In 30 In 40 In 50 years. years. years. years. years 2| cents a day or $10 a year $130 $300 $790 $1,540 $2,900 5J 20 " 260 720 1,580 3,080 5,800 8^ 30 *' 390 1,080 2,370 4,620 8,700 11 40 " 520 1,440 3,160 5,160 11,600 13| 50 " 050 1,8G0 3,950 7,700 14,500 27^ 100 " 1,300 3,600 7,900 15,400 29,000 55 200 " 2,600 7,200 15,800 30,800 58,000 82i 300 " 3,900 10,800 23,800 46,200 87,000 $1 10 400 " 5,200 14,400 31,000 51,600 116,000 1 37 500 " G,500 18,000 39,500 77,000 145,000 By Inference to the preceding table, it appears that, if a laboring man, a mechanic, unnecessarily expends only 2| cents per day from the time he becomes of age to the time he attains the age of three- score and ten years, the aggregate, with interest, amounts to $2,900 ; and a daily expenditure of 27i cents amounts to the important sum of $29,000. A six cent piece, saved daily, would provide a fund of nearly $7,000, sufficient to purchase a fine form. There are few mechanics who cannot save dailj'', by abstaining from the disgust- ing use of tobacco, from ardent spirits, visiting theatres, &c., twice or thrice the above stated amount of a six cent piece. The man in trade who can lay hy about a dollar per day loill find himself similarly possessed of $116,000, and numhercd among the one hundred and seventy-five men who own one-half of the property of the city of Providence. Few people estimate the large sums to which the yearly saving in personal and household expenses will accumulate. Four thou- sand dollars a year is not an uncommon expenditure for merchants in this and other cities. Half a century ago, $500 would have been regarded as a sufficient expenditure. The difference between these two sums for fifty years, with the accumulation of compound interest, reaches the enormous amount of over one million of dol- lars. Extend the time eleven years, and this sum, great as it is, wcomes doubled. ON BUSINESS. 227 The preceding calculations are sufficient to encourage hope of eventual success and independence in the bosom of every young man, who, on commencing business, will maintain a determined resolution to combine industry with economy; and also to warn him that, without economy, the opposite result of bankruptcy is frightfully certain. With the plain statements of actual results before us, it cannot, therefore, be a matter of surprise that the present general preva- lence of an unrestricted indulgence in showy habits of dress and of living, should cause the failure of nine-tenths of the men who embark in business, and involve, also, the prudent and careful, on whom must fall the losses caused by recklessness and extravagance in every form. The true value of money consists in the rational use of it. Economy becomes a vice in the miser, while extravagance becomes, on the other extreme, a vice in the spendthrift. The golden mean lies between these extremes. By applying available gains for the procurement of rational comforts and enjoyment, and for advance- ment in moral and intellectual culture, we fulfil the highest desire of our nature." Excessive use of credit must bear a portion of the blame attached to extravagance of expenditure. They are intimately connected and interwoven with each other. The facilities for obtaining credit tempt men to an extravagance of living, and an imprudent expend- iture compels them to resort to accommodation bills, and other means of supplying their necessities. Dr. Johnson has observed that " he that once owes more than he can pay is often obliged to bribe his creditor to patience by increasing his debt. Worse and worse commodities, at a higher and higher price, are forced upon him ; he is impoverished by compulsive traffic, and at last overwhelmed in the common receptacles of misery, by debts which, without his own consent, were accumulated on his head." The credit system is also chargeable with tempting the sanguine into " speculations in things with which they were unacquainted, and to trading beyond their capital and facile means." Men's ambi tion to get on faster than prudence will justify finds a ready means of gratification through the facilities for obtaining credit. Capital 228 A rRACTICAL TREATISE is not now the thing needful to effect any change; the ability to borrow or get credit is all that is necessary. The mechanic can become a tradesman or a doctor ; the shopkeeper an importer ; a stonecutter a mill owner; a tailor a ship owner; a working gold- Bmith can take Seville House to give concerts ; a minister of the gospel may become a foreign merchant ; and a foreign merchant, a land speculator, and act the capitalist. " Some fifteen or twenty years ago, a great change took place here, in the management of foreign commerce. It was through an invention for substituting a bill of exchange on London, which would be accredited in distant countries, in place of the usual outfit of money or goods on which foreign voyages had been conducted before. It was no longer necessary for a man to gather up his property, and put it in hard money, or in a cargo newly purchased, on board ship. He was no longer reminded, by every diflBculty that he met, in providing the requisite funds, that he was putting at risk — perhaps the accumulations of his life ; and was led, there- fore, to consider well what he was about. It was only necessary for him to satisfy the agent of some European banker that he was able to bear any positive loss that might occur at the end of a voyage ; or, if not so, to give security for a small portion of the credit which would cover such loss, and the whole business of the outfit was done in an hour. The right to draw the bills was given, and he had only to hire a vessel, if he did not own one, and dis- patch her; or to join, as one, in making up a voyage, although the whole business was new to him. The vessel might be sent to Can- ton, for instance, for teas or silks. To pay for them, bills or orders to receive money in London would be given. Although the China- men would not want such bills for their own use, the English, from whom they pu-'-chase manufactured goods, would readily take the bills in payment ; and the parties here would receive their vessel back with a full cargo, for which they would have to make payment in London after it should be sold. " The consequence was, that great facilities were offered to peo- ple to engage in business in which they had no previous experience, und for which they have, in many cases, suffered severely them- heives, besides causing the downfall of several important banking- ON BUSINESS. 229 houses in Europe, who had injudiciously supplied the means, and tempted them to such dangerous folly. " Within the same period there has been, on the other hand, a great expansion of the currency in this country. The value of real estate appeared to be increasing surprisingly, and men whose proper business is foreign commerce have been tempted to withdraw their capital from its previous uses, while this contrivance of bills enabled them to continue their usual trade, and make great speculations in lands, in hopes of sudden wealth. " Failures have succeeded, and the unsuspicious creditor, who supposed that he had been selling his goods to a person employed solely in domestic manufactures, for instance, finds that it depended entirely upon the success of a Calcutta voyage, in which the pur- chaser had secretly engaged, whether he was ever to be paid. Or he finds that, while he supposed that he had sold his goods to a merchant whose attention was devoted to foreign trade, the real capital that was believed to be in that trade had beeen diverted to the purchase of prairies at the West, or cotton lands at the South ; and that, in truth it depended upon the tide of emigration to some new settlement in a wild country, whether he was ever to get his payment.* Put these are not the only evils of the credit system. Men are not only enticed by it to forsake the business with which they are acquainted, or to combine with it imprudent speculations, but to extend their legitimate business beyond all bounds of prudence or calculation. They take upon themselves obligations, the extent of which they scarcely know; they connect themselves with houses in a virtual partnership, over whose afiiiirs they can exercise no control; they suffer their business to grow upon them until it gets beyond their powers of management, and they are compelled to re- sign it to agents and to Providence. This is not all. They must live in a manner worthy of such an establishment ; their business is as remote from their inspection as an Irish estate, and their amuse- ments must be of the same princely order. In course of time, however, their dignity and business ca^ lapse together, carrying * * IIuu. Thomas G. Cary. 20 230 A PRACTICAL TREATISE havoc and destruction to the homes of innocent and unsuspecting creditors. The anxiety to do an immense business, which a bloated credit system inordinately sharpens, also leads to investments in improper mercantile securities, of which we have before spoken, and to the conversion of floating into fixed capital. The reverses that befell the houses of Messrs. Palmer & Co., Messrs. Ferguson & Co., and Macintosh & Co., whose stoppage, in 1830, in England, inflicted a tremendous shock on the India trade, were immediately tracealle to an error of this kind. They invested their own capftal, and that intrusted to them by others, in indigo factories in India, con- ducting their home business on credit, and, as can be easily under- stood, when monetary affairs became unsettled, their securities were wholly unmarketable in London, and they were compelled to suspend. Recent failures there have been traced to the same cause. Messrs. Reed, Irving, & Co., who failed in '46 or '47, for an im- mense sum, sank in sugar plantations, in the Mauritius alone, three million dollars. Messrs. Gower, Nephews, & Co., sank, in the same island, upwards of a million, while Cochrane & Co. were implicated in indigo factories abroad. In the investigations of the Parliamentary Committee, as to the causes of the failures in London in '46 and '47, much valuable in- formation was elicited. Several distinguished merchants gave their opinion as to what constitutes overtrading. Charles Turner, a mer- chant of Liverpool, says : " The brokers have been in the habit, we all know now pretty well, not only of advancing upon goods after their arrival, to meet bills drawn against those goods, which is perfectly legitimate, and upon bills of lading, which to a certain extent, might also be done, but, beyond that, they have done what is perfectly illegitimate ; they have advanced upon the produce before it was shipped, and in some cases before it was manufactured." At another place he says : " I will just mention one fact; there is one house which failed in London the other day, and in examin- ing their affairs, a transaction of this sort was found to have taken place. There is a house in Manchester, and another at Calcutta; they opened a credit account witu a house in Loudon to the extent of two hundred thiusand pounds; that is to say, the friends of this ON BUSINESS. 231 Iiouse in Manchester, who consigned goods to the East India house from Glasgow and from Manchester, had the power of drawing upon the house in London to the extent of two hundred thousand pounds ; at the same time there was an understanding that the corresponding house in Calcutta were to draw upon the London house to the extent of two hundred thousand pounds; with the proceeds of those bills sold in Calcutta, they were to buy other bills, and remit them to the house in London, to take up the first bills drawn from Glasgow. The whole of this was not carried out, but that was the arrangement; so that, if the arrangement had been fully carried out, there would have been six hundred thousand pounds of bills created upon that transaction. That I call over- trading." This was unquestionably over-trading on a large scale. It is these kinds of operations, which are by no means confined to London, that do more harm to society than gambling saloons or lottery ofl&ces. They create false views of failure, and surround it with a species of meretricious dignity. A marble mason, who failed in Philadelphia about a year ago, for one hundred and thirty thousand dollars, without being able to pay any dividend at all, is considered to have elevated that trade above the ordinary mechanical standard. His failure too, it may be remarked, was not caused by any dis- asters in his trade ; but to trading beyond his capital, an imprudent meddling with land speculations, bonus operations, and their con- sequent usurious interest. What are the remedies for an excessive use of credit? The re- medies are of two kinds, moral and legislative. The latter falls within the province of the political economists, and we will not meddle with it. We hope they will soon get through refining defi- nitions, and attend to it. We venture, however, to predict that, in less than fifty years, gold and silver will not be the only legal ten- der ; that Government, or a board of trade under Government will have power to issue an inconvertible paper money in quantities sufficient to facilitate exchanges — the only use of money; that banks will issue no bills, but act as comptrollers of credit — propor- tioning loans to capital, as experience has found to be safe ; that all laws for the collection of debts, except banker's securities, and in 232 A I'RACTICAL TREATISE ease of wages, will be repealed, and transactions between individu- als reduced to a cash standard. But, until the laws aid us iu keep- ing aloof from danger, our only remedy is a moral or personal one. The leading causes of failure, which we have noticed, ViXQ founded on a desire to get forward, too fast — an ambition, on the one hand, to get rich -without lahor, and, on the other, an impatient desire to enjoy the luxuries of life hefore ice have earned them. We must check this ambition and desire ; we must amend our minds, and curb our imaginations. " As for the true marshalling of men's pursuits towards their fortune," says Bacon, " as they are more or less material, I hold them to stand thus : first, the amendment of their own minds; for the remove of the impediments of the mind will sooner clear the passages to fortune than the obtaining fortune will remove the im- pediment of the mind." The facts which we have given, and which cannot be disputed, afTord us powerful arguments for regu- lating and moderating our desire for gain ; and a careful observa- , tion of the world will confirm the resolution. It is certain that the I inordinate, grasping anxiety for wealth which characterizes some men will be fatal to their ultimate success. The very ambition to be rich often defeats itself and leads to ruin. It blinds the judg- ment, and misleads into visionary schemes and ruinous specula- tions, so that men of the coolest and most deliberate habits, when they have yielded to a passion for wealth, are no longer capable of reasoning wirsely. The passion is, in itself, a proof of bad judgment. Only a few can be rich, and the chances are too great against any one to make it wise in him to centre his hopes upon a result in which he is very likely to be disappointed. It may be said of wealth, as it has been of happiness, that when unsouglit it is often found ; when unexpected, often obtained ; while those who seek for her the most ardently, fail the most, because they seek her where she is not. What course, then, shall we pursue? Are there no hopes of obtaining reasonable wealth ? Certainly there are. But we must reject, without hesitation, the advice of those injudicious friends who argue that no one can get rich without assuming great risks — who urge us to plunge in where the business is most weighty and ON BUSINESS. 233 important. We luust avoid that fated circle whose business and expenditures are of the dazzling, magnificent kind. The demon of bankruptcy presides there — we may rely upon it. Had we the Swedenborgian "inner light/' and even without it, we could see him skulking around their stores — in their counting-houses, ay, riding as footmen on their equipages. We must place ourselves beyond the outer edge of this dashing circle, whence we can occa- sionally look over and note their downward progress. When their ruin comes, which is as certain as death, there will be excellent opportunities to improve our fortunes, by picking up pieces of the wreck at our own prices. We must manage our own business as we would prosecute a science, for its own sake, and not solely with a view to wealth. We must study its principles; keep on the watch for information, which we may turn to advantage ; assign certain limits to every enterprise ; never seek for an excessive profit in any undertaking, and make ourselves, as far as human caution and prudence can do, independent of the play of accidents. If misfortune comes, as it may come, it has not been our fault. If a competency is the re- sult, it is all that we expected ; if wealth comes, we are prepared to make sure of it. A course of prudent moderation in every thing, in the desire for gain, the amount of business, in personal expenses, will ma- terially improve our chances of success, and at the same time strengthen the character and increase our happiness. The Hon. Thomas G. Gary, an eminent merchant of Boston, and formerly a director of the U. S. Bank in its palmy days, in an address deli- vered some years ago, has furnished us with some excellent incen- tives to the adoption of this course. He discourses thus : — '• The man who is prepared to work through life takes his labor ■with cheerful ease. The Saturday evening which brings repose to man and beast is not more agreeable to him than the renewal of his occupation on that Monday morning that lowers so gloomily over one who has before him a week of embarrassment in meetino- obligations that have been entered into with the delusive hope of rapid gain, and which he would rejoice to cancel, by returning his purchases, if he could retrace his steps. 20* 234 A PUACTICAL TREATISE '' The man of regular industry, too, and of principle, while he is free from deep anxiety for the future, usually gives it that due care ■which gradually improves his condition. As oply a small portion of the world can ever be rich, he may not be likely to become so. Yet he has his chance. As he advances in life, he sees some of those who at times have almost excited his envy at their seeming prosperity, becoming involved in difficulty, and falling far behind him. When the crisis comes, perhaps he finds, to his surprise, that he is looked to as a strong man ; for he has something at com- mand, and appears at ease, when almost every one about him, who has been more ready to give promises than he, is straitened, and must sell at a loss. " When property, then, seems to be losing its value and is neglected, opportunities rise around him of using what means he may have with an advantage that he had never anticipated, and his possessions begin to extend. Pursuing the same steady course, his strength increases. Without much calculation about it, he finds himself, perhaps, becoming comparatively rich. Causes are at work that may possibly make him quite so, without endanger- ing his independence or tranquillity. If wealth comes, he makes sure of it. His spirit is not intoxicated, though his views expand with his acquisitions. The temptation to advance finds no treach- erous ally within him, in a spirit of rivalry, ambition, or envy, urging him on to risk all that he may have in grand undertakings, that are to outdo all who are before him, and dazzle his little world with the magnitude of his operations." Instances may certainly be found of men who disregard the rules of wisdom and virtue, and yet become rich and powerful. But where one such man can be pointed out, a score of others, who resemble him in every thing but shrewdness and energy, may be mentioned, who have disgracefully failed. It may be, on the other hand, that among twenty men who act ■ with strict regard to principle, not more than one of them would be found to have become rich. But the other nineteen have probably never failed. They have earned all that they have ever spent. They have performed their portion of the labor of the world. They ON BUSINESS. 235 have its confidence and respect. Be they mechanics, farmers, or professional men ; be they merchants, seamen, or laborers on the •wharves, they are known as men of independent spirit, who can neither be bought nor bent to improper designs ; as men who fulfil the great purposes of life, and who are regarded and remembered for their worth. But the man, be he good or bad, who begins with the determina-. tion to be rich early in life, is most likely to be disappointed. Let him select the best example of rapid success that can be found ; let him, if he can, begin with the same means, and do precisely the same things, as did those who have become rapidly rich, and he is very likely to find, in the end, that although, the same course pur- sued ten years sooner or ten years later, might have been success- ful, yet owing to causes entirely beyond hisoicn control, it could not jpossihly succeed when he attempted it: and that it reqidred all the skill that he possessed even to avoid ruin. In truth, the path that leads speedily to wealth is generally dis- covered, when found at all, by some accidental concurrence of cir- cumstances. But the turnings that lead to failure and disgrace can be seen from afar; and may, in most cases, be avoided by season- able care. The father can direct his son, when he begins the journey of life, where to observe them. The great Parent of men has set up the landmarks ; and the mother can teach her boy how he is to avoid them when he enters on the highway of the world. She cannot instruct him by what means he may be enabled to ride onward, among the throng, in a luxurious equipage ; but she may do much to save him from the humiliation and sorrow of those who are seen standing in tatters at the roadside, after straying in search of some imaginary short-cut to wealth, and scrambling back through the mud and briers of the swamp. The difference to his future might he vast, if her aspirations for his greatness, which are, perhaps, soioing the seeds of selfish and fatal ambition in his mind, should be exchanged for the spirit of real affection, that icould instruct him in the virtues of industry and truth. In a word, it does not lie with the young man, when he begins life, to say v,'hether or not he is to be rich ; but whether or not he will make a mischievous failure, is, in most cases, an affair that he can decide for himself. 236 A PUACTICAL TREATISE There are some interesting questions connected with the subject of failure, to a few of which we must give a passing notice. First : "When should a man fail ? In most cases, he has no choice as to the time ; but no man has a right to fail who is not insolvent merely to save himself from loss. By doing so, he un- necessarily endangers the failure of those who rely upon him in order to i»eet their own payments ; he unjustly creates distrust among business men in general, and destroys confidence. When, however, he discovers that he is insolvent, the sooner he fails pro- bably the better. It is an old Shaksperian truth that " Sorrows come not single spies, but in battalions ;" and when a train of unfortunate circumstances has so set upon a man as to reduce him below the line of solvency, the sooner he arrests it by a prompt winding up, the better for himself and his creditors. The catas- trophe of failure seldom comes at once. The shadows of it are often cast before. As they deepen and thicken, they offer con- tinual temptation, hard to resist. In this protracted agony, it is that men commit the greatest errors — errors, which, with some- times perhaps an undue severity of judgment, fasten a stain upon their character that no time can efface. What ought one to do under such circumstances ? is another question. ''The first thing a man has to do"- — we quote the Hon. John Sargeant — '' is to take honest counsel with himself; to state the case fairly; to examine it deliberately, and decide it justly; to go through with it as a work he is bound in conscience to perform ; not slightingly, not carelessly, not deceitfully, but thoroughly, as if he were upon his oath to make a true inventory and appraisement. He is to look at his books, not to see the figures there set down, but whether the value is what they represent. Such a work is hard, very hard. Many a man closes his eyes, because he knows what they would see if they were opened. He perceives, but he voluntarily makes his perception indistinct, and persuades himself, or tries to persuade himself, that the truth is obscure when he Knows it is clear. He cannot plead ignorance, and is therefore accumulating for himself a store of self-reproach ; for finally he will be compelled to confess that he has sinned against knowledge. The nest thing to be^done is lo consult Judicious friends. If it be ON BUSINESS. 237 hard for a man to look steaclfastly at a painful and humiliating truth, still harder is it for him frankly t(3 make it known to others. Yet it must be done, if we would j^rofit by the advice of friends. And, lastly, it is the duty of a man, in these cir- cumstances, to counsel with his creditors ; for it is their inte- rest that is to be dealt with. Safe counsellors they will be found, and generous ones, too, if they are honestly treated." Our duty, then, is comprehended in a few words : A fair dis- closure, a full surrender, and an equal distribution. Another consideration is the treatment of debtors. When cre- ditors are notified of a failure, all opinion should be suspended until a thorourrh investigation is had. A clear distinction o p should then be made between the treatment of a fraudulent and of an unfortunate debtor. While the former should suffer all the punishment due to detected villany and outraged con- fidence, the latter merits, and should receive, all the kindness invariably due to misfortune. In fact, all failures, not plainly fraudulent, should be treated with a great deal of liberality. The creditor should never forget, as Dr. Johnson observed, that he has '' shared in the guilt of improper trust j that he suf- fered the debt to be contracted with the hope of advantage to himself; that he projwrtioned the -profit to his own ojnnion of the hazard, and, that there is no reason why one should punish another for a contract in which Loth concurred." But a failure from evident misfortune merits not only liberal, but kind treat- ment. He who adds to the distress of an unhappy man by a rude word or a vindictive act puts himself beyond the pale of human sympathies, and should be "mocked at when Ms calamity Cometh." Finally, the world should remember that, " They wlia fa' in fortune's strife Their fate we should na censure ; For still the important end o' life They equally may answer : A man may hae an honest heart, Though poortith hourly stare him ; A man may tak' a neebor's part, i'et hae nae cash to spare him." 2o8 A PRACTICAL TREATISE CHAPTER XV. SAVING, SPENDING, GIVING', TAKING, LENDING, BORROW- ING, AND BEQUEATHING MONEY. We presume that it needs no demonstration to prove that the saving of money is as essential as getting, for the attainment of a permanent independence. This is one of those self-evident truths that meet with a ready and a universal assent. It is even a truism that it is as physically impossible for money to accumulate without saving, as for a leaking vessel to hold water. There is no income so large that cannot be got rid of, and no sum so small, that an able-bodied, industrious man may earn in this country, that will not suffice, so long as he remains single, to lay the foundation of an independent fortune. A young man who can earn a dollar a day has but to y(^,''o\\q to save a portion of what he earns towards capital to start business upon, and the difficulty is already half overcome. A capital acquired in this way is generally lasting, while capital acquired by loan or inheritance is too frequently lost. The industry and eiForts used in acquiring capital train to habits of business which, as we have before shown, are necessary to suc- cess, and without which training, business is most apt to fail. In looking abroad, too, we generally see those who commence life by their own personal efforts, and by such efforts start themselues in the world, are the r.iost successful. It is astonishing on how small a sura a man who is determined to save, may live comfortably. One of my predecesso'S in the "Art of money-catching," as he has entitled it, has gir in " directions for preparing fourscore good and wholesome dishei. on most of which a man may live for two- pence a day." Everj thing depends upon the habits and associa- tions formed in youth. A young gentleman of elegant tastes and expensive habits, especially a pet of the ladies, may as well fiddle ON BUSINESS. 239 jio-s to a milestone as to hope to make headway in tlio world, or to retain it if thrust upon him by others. A particularly fast man, with an ardent admiration of " good stock," will very pro- bably discover that his business and money took to flying when he took to riding. An excellent judge of good wines, or a connois- seur in rare dishes, may calculate with certainty that his pockets will become slim in exact proportion as his belly grows round In a word, prosperity without economy is an impossibility. But a man has only the right to commence the work of saving after all his just debts are paid ; and all his debts are not merely those of which the evidence is a note, or a bond, or a mortgage, or a book account. If he is the head of a family, he is under obligations to his family which he must discharge. As a member of society, and one of the great family of man, he owes debts of brotherhood to those whom misfortune has visited, of which he must pay his proportion. As a Christian, the recipient of the bounty of God, he owes a portion annually for the enlargement of his Maker's kingdom upon the earth. Charity is not merely a politic virtue, in the exercise of which he may reap an inward satisfaction, but in the neglect of which he incurs no guilt. Charity is a solemn dchf, which no one can fail to pay without moral bank- ruptcy. It is a debt so binding in its nature that physical impos- sibility to have the means to discharge it is the only suSicient excuse. It is a debt, nevertheless, in the discharge of which, when the proceeds are applied to the dissemination of education, morality, and religious truth, one may as justly be called a shrewd man as an honest and a charitable man ; for no one of sound judgment, I think, will deny that if all men acted intelligent!}-, and in accordance with the precepts of the gospel, all could attain twice their present ratio of prosperity with oue-fourth the present anxiety, risk, and trouble. It is in an awful reflection that in a land abounding in wealth, men willing to labor should seek the means of subsistence, and not find it. It is a sorrowful thought that in a Christian land they should ask for bread, and not receive it. It is a heart-sicken- ing sight, as in the Old World, to see the extremes of unbounded affluence on the one hand, and miserable degraded poverty on the £40 A KIACTICAL TREATISE other. Truly, as I once heard au Irishman observe when speak- ing of a famished countryman Avho had begged at a nobleman's door for the meat that he was giving to his dogs, and was rudely turned away, " I wonder that God can look on these things, and ieep his patience." It does prove that there is something radi- cally wrong in society, but still the wrong, in my opinion, does not consist in the organization of society, nor in the fact that some men have obtained more than their share of the world's possessions, provided they got them legally, honestly, and honorably, but in the fact that they have not properly used what they rightfully ob- tained. They have not borne their share of the burdens of society. They have not contributed their proportion to its maintenance and the due preservation of its health. Until the world is a second Eden, it needs, and can profitably use the labor of all who are in it. Much less than one-tenth of the world's income, which was the quantum demanded under the old Jewish dispensation, would provide a capital to employ usefully and profitably all who needed work, and were willing to work, and also support all who were unable to work and needed assistance.* * " Let us now consider the sums that might be raised, supposing only one-tenth of income to be set apart for the purposes of philanthropy and re- ligion. Supposing the population of Great Britain to amount to 10,000,000, and reckoning only 2,000,000 heads of families, or the eighth part of the population to be connected with the Christian church ; and supposing, farther, that only one-fiftieth of these, or 40,000, hare incomes averaging £500 ; the tenth of these incomes would produce a sum of £2,000,000. Supposing the tenth part of the remaining i-topulatiou, 190,000, to have in- comes of £200 a 3'ear, the annual tithe would be £3,920,000. Suppose the remaining 1,704,000 to have at an average £80 per annum, its tithe would amount to £14,112,000, so that the whole of this supposed annual tithe of income would amount to above twenii/ millions of pounds, whfchis more than forty times the amount of the annual funds of the Bible, Missionary, and other philanthropic societies in Great Britain, which do not amount to half a million. In this calculation, I have not taken into account a million or two of the grown-up individuals belonging to the different families of the kingdom, who have separate establishments from their parents, and who might be supposed to contribute several millions of pounds. Nor have I taken into the calculation several thousands of the nobility and gentlemen who occupy the highest places of society, some of whom could afford from ON BUSINESS. 241 The totally different rules and principles that apply to the (jetting and to the using of money, are the rock on which theorists split. The distinction is one that they do not seem to perceive clearly. They pour out the vials of their indignation on the getting of money, when it should fall upon the improper use of money. They at onetime contend that a man should not devote more of his time to the acquisition of property than will barely suffice for his wants, and then argue for an amount of charity that he could not pos- sibly be able to give without unremitted industry. A preacher, on one Sabbath morning, will speak so disparagingly of the worldli- ness of men's nature, and the baseness of their strife after filthy lucre, that one, if he interpreted him literally, would be tempted to sell all that he has, and retire to a monastery. On the next, pro- one to ten thousand pounds annually, and which would add a considerable number of millions to the sum above stated. If such sums could be raised ■without subtracting any substantial comfort from a single individual, how small is the number of Christians worthy of the name, to be found in our country, since the fiftieth or even the hundredth part of this sum can scarcely be raised among all the ranks and denominations of religious society. But much more than even the above-stated proportion ought, in mxmerous instances, to be devoted to religion and philanthropy. If, for example, a person has an income of £900 a year, I have no hesitation in saying that, if he wish to act as a steward under God, for the distribution of his bounty, he ought to consecrate £400 annually to the promotion of Christianity and general improvement. And will any one aver that the remaining £500 is not sufficient ro procure every comfort that a rational or a Christian character ought to desire ? But the whole £900, it may be said, is requisite for the individual to keep up the dignity of his station. If keep- ing up the pomp and dignity of a station is tobeset up in competition with the demands of religion, then let the individual take the world on his back, and march off as far as he can from Christian society; for such persons have too frequently been a pest to religious associations. Verily, I say unto him, he shall have his reward, but a reward after which, I trust in God, I shall never aspire. Let such remember the Divine admonition : ' Ye cannot serve God and mammon.' There is an absolute incompatibility between the ser- vice of the one and of the other; and he who is not prepared to give up worldly maxims, pomp, and splendor, and to devote his influence and his superfluous wealth to the cause of religion, ought not to assume the Chrisi Ian name." — Thomas Dick, LL. D. 21 242 A PRACTICAL TREATISE bablj, he will argue for an amount in cbarity — to say nothing of an increase of salary, which all ought to have — that one must have been active and industrious, and made a successful year indeed, to be able to meet his charity bill, without taking into account his other necessary expenses. Again, the Socialists, if I understand them correctly, with aright perception of the just claims of all who are born on the earth to the necessaries of life, but with a socmingly wrong conviction that we all are demented, would have the world a sort of well-regulated Lunatic Asylum, in which the inmates are to have certain hours to work, and a certain amount of work to perform, apparently with a view partly to support life, and partly to prevent the too frequent necessity of trepanning and strait waist- coating. Our doctrine would be totally diflferent from this. We would say to the modern philosophers who sincerely desire to bene- fit and reform mankind : Admit that the choice of the mass of man- kind, in devoting themselves energetically to the physical improve- ment of the world, is a wise one ; search with a keen, sharpened inspection into the world's experience for facts and principles, that will enable them to be more successful in their undertakings ; trace out accurately the bounds within which they can go safely, and beyond which there is danger ; lay down, not merely general prin- ciples, but rules that will be applicable in individual cases as they arise ; enlighten their consciences, and make wiser their heads ; aim to remove as much as possible the load of anxiety that presses upon the mind of him who is travelling the thorny path of business, in view of future danger and evil; arouse men to greater energy, and to a more exalted enterprise, until the land is covered with a net- work of iron, and the ocean white with the sails of ten thousand argosies, bearing merchandise and civilization to all quarters of the globe-; urge them to this for the sake of the glorious results that will follow, and not for the sake of individual wealth ; denounce, with the withering fire of Juvenal, the aristocracy of wealth, which is fully as contemptible, if not more contemptible than the aristocracy of fashion, or of blood; arouse the people to a just appreciation of their power, that they may not bow down with truckling servility to the insignia of wealth, unaccompanied by merit, but pour forth their voice in one quick peal against those who deny the claims of ON BUSINESS. 243 the unfortunate to their assistance, in order to expend more in selfish gratification, and the " royal sound will shake the whole heaven." In a word, teach us how to gi't more money with less risk and anxiety, and then how to use it so as to increase our happiness here, and in view of a happy immortality hereafter. Then will the plague-spots disappear from the face of society, and the roseate hues of health bloom again on her faded cheek. But there is a question of equal difficulty, and perhaps of greater practical importance, which honest men encounter, and that is, how can contributions be given so as to effect the greatest good ? It is unquestionably true, that the present system is a defective one. At present, a man who gives nothing from year to year to any chari- table purpose may have the reputation of being a liberal and a just man ; while another, who gives perhaps more than his share, in proportion to his income, will have quite a contrary reputation. At present, a man so disposed may shirk all giving, under pretence of favoring some one or another of the numerous charities. At present, a man who pays much respect to the world's opinion must give to all and to every thing or to nothing, in order to escape vil- lanous abuse. At present, if he once has the misfortune to be known as a charitable man, petitions will be thrust at him almost every hour of the day ; preachers will preach at him, his door will be besieged by the loudest and fastest talking, if not the most beau- tiful of women, and he must constantly undergo the pain of refusal, or be beggared. If he gives to street beggars, he is liable to im- position ; if he refuses, he has no place to direct them where their merits will be inquired into, and the deserving assisted. All this is wrong, but -what is the remedy ? My proposition would be to establish a great National Society, perhaps under the sanction of Government, and of which all the present charitable associations should be branches. The first object would be to ascertain what per cent, of the aggregate income would be sufficient to do all that should be done, and then to assess each individual's proportion as taxes are now assessed, and deliver to each his charity bill as regu- larly as his tax bill. The penalty for non-payment should be pub- lication in the principal papers of the county, for a certain number of weeks, with the amount attached, as tax delinquents are pub- 244 A PRACTICAL IRI'.ATISE lished in some of the States. Then we would know who fulfilled his duty, and who did not; who were good citizens, and who were not. The management of this society should be in the hands of the ablest business men, and especially of those who, having accu- mulated wealth, are about to retire from business, in order to save them from the dreadful alternative of having nothing to do but nurse gouty legs, and fret over their past life and present inaction. The details and feasibility of this suggestion I leave to those who are intimately conversant with the best mode of organizing and managing great public bodies. Henry Taylor, for many years connected with the British Gov- ernment, has, in his celebrated essay, ''Of Money," never before republished in this country, fully considered the important matters which form the subject of this chapter, and, as variety is charming, he shall conclude it. The entire essay, with the exception of one or two pages of unpractical remarks on Getting Money, the sub- stance of which is contained in the caption of our first chapter, is embraced in this volume. As to the saving of money, he says : the saving, like the getting, should be intelligent of a purpose beyond ; it should not be saving for saving's sake, but for the sake of some worthy object to be ac- complished by the money saved. And there is to be especially guarded against that accumulative instinct or passion, which is ready to take possession of all collectors. Some very small portion of a man's income may perhaps be jus- tifiably saved to make provision against undefined and unforeseen contingencies, and also to assure himself that he can save. But in the case of most men, there will be a sufficiency of distinct and definable ends, whether certain or contingent, which will not only justify, but enjoin the laying by of a proportion of their income. A young man may very well lay by money to enable him to be more free in the choice of a wife. A middle-aged man may lay it by in order that his old age may have fewer labors and cares, or more comforts. A father may lay it by for his children. But in all these cases, if the end be not kept steadily in view from first to last, and the means kept no more than proportionate and subordi- nate, there is the risk that the saver may become a miser. The ON BUSINESS. 245 young may grow old without taking a wife, and save still when he no longer thinks of marrying ; or he may think that what he has saved may entitle him to a rich wife, rather than enable him to choose. The middle-aged man may reach old age with no dispo- sition to increase his comforts, and every disposition to increase his hoard. And finally, the father, though his motive for saving is the most warrantable of all, may yet be betrayed by the very largeness of the allowance which the world makes in such eases, into avari- cious errors. His case, as being most common, and that in which men are least on their guard, deserves to be the more closely con- sidered. The prudent parent is less likely to be corrupted into a covetous parent, if he be saving for several children, than if it be for one only child, or for an eldest son; for avarice projects itself more readily in the singular number than in the plural ; and saying for a provi- sion is always to be distinguished from saving for aggrandizement, which is no other than a form of avarice. Saving for an only child or an eldest son may be defended when the father has means beyond the devisable patrimony, and when that patrimony is in- sufficient for the station to be inherited along with it. But, if the patrimony be insufficient, and the father has no extrinsic means, he must not make it more insufficient in his lifetime, in order that it may be less insufficient in his son's; he is not to be niggardly in order that his son may be liberal. He may indeed retrench in matters connected with the keeping up of appearances, that is, he may ostensibly retire from his station for a time, or for life ; but he must not, whilst keeping up the appearances of his station, fall short in matters of bounty and liberality. In saving for younger children, the parent has to consider what is a competency; and if he be wise, and can count upon an average share of health and ability in his younger sons, he will not relieve thera from the necessity of earning the main part of their livelihood; for, unless a man's property be large enough to find him an occupa- tion in the management of it, and in the discharge of the duties incident to it (which, generally speaking, can- only be the case of the eldest son,) it will be essential to his happiness that he should have to work for his bread. And it is on this fact that the custom 21* 246 A PRACTICAL TREATISE of succession according to primogeuiture is to be defended; for, if any one is sacrificed by this custom, it is rather the eldest than the younger sons : the eldest being too often pampered into self-love, the most wretched inheritance of all, the younger being trained to self-sacrifice, fortified in self-reliance, and through industry and progress leading a wiser, a better, a more generous, and a happier life. How much to save for a daughter is another question ; and since a woman's life for the most part turns upon her marriage, it is her matrimonial prospects which are principally to be regarded. Let not her wealth be too tempting ; an heiress has a large assortment of suitors, and yet an ill choice ; and do not, if you can help it, let her poverty be an obstruction ; for prudent men make good hus- bands, and in most eases a man cannot marry with prudence where there is not the fair facility of a moderate fortune. I have heard, indeed, of a father who stinted his daughters' dowries on purpose that poor men might not be able to marry them; whence he in- ferred that rich men would. He might be mistaken in his infei'- ence, for, though rich men can afford^ to marry poor maids, yet men are not found to wish less for money because they want it less, and in the making of marriages it is generally seen that " wealth will after kind." Even if he were not mistaken, however, the calculation was but a sordid one at the best; and considering how many requisites must be combined to make a good husband and a happy marriage, the father is likely to impose a cruel limita- tion of choice, who needlessly adds wealth to the number of essen- tials. Even the marriage which is poor through an improvident choice. Is less likely to end ill than that which is rich through a constrained choice. There is yet another domestic object which may be a fair ground for saving out of a patrimony. One of the incidents of the law and custom of primogeniture to which our natural feelings are the least easily reconciled is the effect of it upon the wife and mother when she passes into widowhood. She is deposed from her station, and deprived of her affluence at the moment of her greatest domestic calamity, and her own child is the person to whom they are trans- ferred. It may be that the cares, duties and responsibilities of a ON BUSINESS. 247 large property ami a high proprietary station are not suitable to a widow in the decline of life ; but this is not left for her to deter- mine, and very frequently the still less acceptable cares of a straitened income, and a total change in her mode of life, are fixed upon her. The force of custom has brought the feelings of mankind into more accordance than one would have thought possible with so unnatural an arrangement ; but the husband needs not to be charged with parsimony who should save money with a view to mitigate the future contrast between his wife's position and his widow's. As to the SPENDING of mone3\ The art of living easily as to •money, is to pitch the scale of living one degree heloio your means. Comfort and enjoyment are more dependent upon easiness in the detail of expenditure than upon one degree's difference in the scale. Guard against false associations of pleasure with expenditure ; the notion that because pleasure can be purchased with money, therefore money cannot be spent without enjoyment. What a thing costs a man is no true measure of what it is worth to him; and yet how often is his appreciation governed by no other standard, as if there were a pleasure in expenditure ^er se. Let yourself feel a loant hefore you provide against it. You are more assured that it is a real want; and it is worth while to feel it a little in order to feel the relief from it. When you are unde- cided as to which of two courses you would like best, choose the cheapest. This rule will not only save money, but save a good deal of trifling indecision. Too much leisure leads to expense, because when a man is in want of objects, it occurs to him that they are to be had for money, and he invents expenditures in order to pass the time. A thoroughly conscientious mode of regulating expenditure im- plies much care and trouble in resisting imposition, detecting fraud, preventing waste, and doing what in you lies to guard the honesty of your stewards, servants, and tradesmen, by not leading them into temptation, but delivering them from evil. A man who should be justly sensible of the duties involved in expenditure and determined to discharge them, would find the bur- 248 A PRACTICAL TREATISE den of them heavy; and instead of having a pleasure in expense, he would probably desire, as much as might be, to avoid the trou- ble of it. We sometimes hear rich men charged with parsimony, because they look minutely to differences of cost; but, if they are spending their money in a right spirit, the question they have to consider is, not whether the sum is of importance to themselves, but whether it is right or wrong that it should be given or taken. Young men, instead of undertaking the disagreeable office of checking accounts, are often inclined to lay out a good deal of money in the purchase of bows and smiles, which they mistake for respect. It is only right and just payment that commands real respect, and the obsequious extortioner, well understanding the weakness on which he practises, will often repay himself for his own servility, not only in money, but in secret contempt for his dupe. Prodigality is indeed the vice of a weak nature, as avarice is of a strong one ; it comes of a weak craving for the blandishments o* the world which are easily to be had for money, and which, when obtained, are as much worse than worthless as a harlot's love is worse than none. As to GIVING AND TAKING. — All/ giving is not generous; and the gift of a spendthrift is seldom given in generosity; for prodi- gality is equally with avarice, a selfish vice; nor can there be a more spurious view of generosity than that which has been often taken by sentimental comedians and novelists, when they have re- presented it in combination with recklessness and waste. He who gives only what he would as readily throw away, gives without generosity ; for the essence of generosity is in self-sacrifice. Waste, on the contrary, comes always by self-indulgence ; and the weak- ness and softness in which it begins will not prevent the hard- heartedness to which all selfishness tends at last. The mother of Gertruda " In many a vigil of her sick bed Bid her beware of spendthrifts, as of men That seeming in their youth not worse than light, Would not end so, but with the season change : For time, she said, which makes the serious soft, Turns lightness into hardness." ON BUSINESS. 249 >Yhen you give, therefore, take to yourself no credit for generosity, unless you deny yourself something in order that you may give. I have knoM'n a man who was never rich, and was indeed in a fair way to be ruined, make a present of several hundred pounds under what he probably conceived to be an impulse of generous friendship; but if that man had been called upon to get up an hour earlier in the morning to serve his friend, I do not believe that he would have done it. The fact was, that he had no real value for money, no real care for consequences which were not to be immediate; in parting with some hundreds of pounds, he flat- tered his self-love with a show of self-sacrifice ; in parting with an hour's folding of the hands to sleep, the self-sacrifice would have been real, and the show of it not very magnificent. Again, do not take too much credit even for your self-denial, unless it be cheerfully and genially undergone. Do not dispense your bounties only because you know it to be your duty, and are afraid to leave it undone ; for this is one of those duties which should be done more in the spirit of love than that of fear. I have known persons who have lived frugally, and spent a large in- come almost entirely in acts of charity and bounty, and yet, with all this, they had not the open hand. "When the act did not define itself as a charitable duty, the spirit of the God-beloved giver was wanting, and they failed in all those little genial liberalities towards friends, relatives and dependants, which tend to cultivate the sym- pathies and kindnesses of our nature quite as much as charity to the poor, or munificence in their contributions to public objects. The kindness from which a gift proceeds will appear in the clioice as well as in the cost of it. I have known a couple who married on £300 a year receive three carx'iages as wedding gifts, they being unable of course to keep one. The donors had been thinking rather of what would do credit to themselves than of what would be serviceable and acceptable. When gifts proceed from public bodies, communities, or high functionaries, in the way of testimonials, and are to do honor to the party receiving them, they should, if possible, assume a shape in which they will be seen without being shown. There is often as much generosity in accepting gifts as theie can 250 A PRACTICAL TREATISE be in bestowing them — the generosity of a nature which stands too strong in its humility to fear humiliation, which knows its own independence, and is glad to be grateful. Upon a very different sense of generosity are some of the prac- tices of the present time founded. It is not an uncommon thing amongst some persons, with peculiar notions of doing things deli- cately, for contributions to be conveyed to some decayed gentlewo- man under various pretences which are meant to disguise, more or less transparently, the fact that she receives money in charity. Some wretched products of her pencil, which would not command one penny in the market, are privately sold for five shillings a piece, and the proceeds paid to her as if she had earned them ; or a few deplorable verses are stitched together, and disposed of in the same manner. It is surely impossible to take a more unworthy view of what should be the character of a gentlewoman than that which this sort of proceeding implies. If a gentlewoman be in want, she should say so with openness, dignity, and truth, and accept in the manner that becomes a gentlewoman, in all lowliness, but without the slightest humiliation or shame, whatever money she has occa- sion for and others are willing to bestow. The relations between her and them will in that case admit of respect on the one side, and gratitude on the other. But where false and juggling preten-" ces are resorted to, no worthy or honest feeling can have place. — Delicacy is a strong thing; and whether in giving or taking, let us always maintain the maxim, that what is most sound and true is most delicate. There are some other ways of the world in this matter of charity, which proceed, I think, upon false principles and feelings — charity dinners, charity balls, charity bazaars, and so forth ; devices — not even once blessed^=-for getting rid of distress without calling out any compassionate feeling in those who give, or any grateful feel- ings in those who receive. God sends misery and misfortune into the world for a purpose; they are to be a discipline for His crea- tures who endure, and also for his creatures who behold them. In tliose, they are to give occasion for patience, resignation, the spiritual hopes, and aspirations, which, springing from pain when there comes no earthly relief, or the love and gratitude which earthly ministra- ON BUSINESS. 251 tions of relief are powerful to promote. In these, they are to give occasion for pity, self-sacrifice, and devout and dutiful thougbt, subduing, for the moment, at least, the light, vain, and pleasure- loving motions of our nature. If distress be sent into the world for these ends, it is not well that it should be" shuffled out of the world without any of these ends being accomplished; and still less, that it should be made the occasion of furthering ends in some measure opposite to these ^ that it should be danced away at a ball, or feasted away at a dinner, or dissipated at a bazaar. Better were it, in my mind, that misery should run its course, with nothing but the mercy of God to stay it, than that we should thus corrupt our charities. Let me not be misunderstood. Feasting and dancing, in them-! selves and by themselves, I by no means disparage ; there is a timej and a place for them ; but things which are excellent at one time j and occasion, are a mere desecration at another. It is much more • easy to desecrate our duties, than to consecrate our amusements ; i and better not, therefore, to mix them up with each other. > Another modern mode is to raise a subscription by shillings or pennies, fixing the contribution at so low a sum that nobody can care whether they give it or not, and collecting it in the casual intercourse of society. This is a less vitiated mode than the others, being of a more negative character ; but if the others are corrupted charity, this is no better than careless charity. Lastly, there is a rule in giving which is often overlooked by those whose generosity is not sufficiently thoughtful and severe, Generosity comes too perverted from its uses when it minist(5r3 to selfishness in -others; and it should be our care to give xU needful support to our neighbor in his self-denial, rather than to bait a trap for his self-indulgence; in short, to give him pleasure only when it will do him good, not when sacrifice on our part are the correlatives of abuses on his ; for he who pampers the selfishness of another, does that other a moral injury, which can- net be compensated by any amount of gratification imparted to him. •252 A PRACTICAL TREATISE *' Give thou to no man, if thou -wish him well, / What he may not in honor's interest take ; Else shalt thou but befriend his faults, allied Against his better, -with his baser self." As to BORROWING AND TAKING. Never lend money to a friend^ unless you are satisfied that he does xcisely ajid well in borrowing it. Borrowing is one of the most ordinary ways in which weak men sacrifice the future to the present ; and thence it is that the gratitude for a loan is proverbially evanescent; for the future be- coming present in its turn, will not be well pleased with those who have assisted in doing it an injury. By conspiring with your friend to defraud his future self, you naturally incur his future displeas- sure. To withstand solicitations for loans, is often a great trial of firmness ; the more especially as the pleas and pretexts alleged are generally made plausible at the expense of truth , for nothing breaks down a man's truthfulness more surely than pecuniary em- barrasment. "An un thrift was a liar from all time ; Never was debtor that was not deceiver." The refusal ivhich is at once the most safe from vacillation, and perhaps as little apt to give offence as any, is the point Mank refusal without reason assigned. Acquiescence is more easily given in the decision of a strong will than in reasons, which weak men, under the bias of self-love, will always imagine themselves competent to controvert. Some men will lend money to a friend, in order, as it were, to purchase a right of remonstrance ; but the right so purchased is worth nothing. You may buy the man's ear, but not his heart or understanding. I have never known a debtor or a prodigal who was not in his own estimation an injured man ; and I have generally found that those who had not suffered by them were disposed to side with them ; for it is the weak who make the outcry, and it is by the outcry that the world is wont to judge. They who lend money to spendthrifts eliould be prepared, therefore, to suffer in reputation as well as in their purse. Lft us learn from the son of Sirach : " Many, when ON BUSINESS. 253 a thiug was lent them, reckoned it to be found, and put them to trouble that helped them. Till he hath received, he will kiss a man's hand, and for his neighbor's money he will speak submis- sively; but when he should repay, he will prolong the time, and return words of grief, and complain of the time. If he prevails, he shall hardly receive the half, and he will count as if he had found it ; if not, he hath deprived him of his money, and he hath gotten him an enemy without cause ; he payeth him with cursings and railings, and for honor he will pay him disgrace." It is a common reproach with which mankind assails mankind, that those who fall into poverty are forsaken by their friends : — " Ay, quoth Jacques, Sweep on, you fat and greasy citizens ; ' Tis just the fashion. Wherefore do you look Upon that poor and broken bankrupt there ?" But before the friends of the poor be condemned, it would be well to inquire whether their poverty have been honestly come by; and I believe it would De rarely found that a person in a fair con- dition of life is allowed to sink unassisted into extreme indigence without some serious fault and oifence ; and the person having so sunk, it will be found to be still more hardly the case that the pressure of poverty is not too strong for his character. It is when the character has given way, that poverty is deserted ; for pity and affection, divorced from respect, lose the main element of their strength and permanency. The ordinary course of things, then, is as follows : A becoming embarrassed, through some perhaps venial imprudence, is kindly assisted by his friends B, C, and D; who, however, do not alto- gether approve his conduct, but think it would be ungenerous iu them, under the protection of the favors they are conferring, to assail him with reproaches. So far all goes smoothly between A on the one hand, and B, C, and D, on the other. But A having, by the loans he has received, staved off any immediate conse quences of his imprudence, is under a rather stronger temptation than before to forego the severe self-denial which would set him right again. He has now broken the ice in the matters of asking 254 A PRACTICAL TREATISE favors; he has incurred whatever humiliation belongs to it; and having begged once, it costs hira comparatively little to beg again. This process of begging and borrowing goes on, therefore, becom- ing continually more frequent and less efficacious ; and as the bor- rower grows less and less scrupulous, he nourishes his pride, the ordinary refuge of those who lose their independence, and resents every repulse as an insult. B, C, and D then discover that they are not thanked for what they have lent, but rather reproached for not lending more and more ; whereupon they withdraw their friend- Bhip ; and those who ignorantly look on, or perhaps hear the story of A, whilst B, C, and D are silent out of consideration for him, make remarks on inconstancy in friendship and the manner in which men are forsaken in their adversity and distress. The desertion of friends, however well merited, leads the embar- rassed man to consider himself as a castaway, and throw himself into still more reckless and shameless courses, and on the part of men in this condition there is sometimes seen a perfect infatuation of extravagance, which seems to proceed from the delusions of a disordered mind and a sort of fascination in ruin. Such men come to have a repugnance to spare expense, because it brings the feeling of their difficulties home to them ; and a relief in profuseness, be- cause it seems for the moment to renounce the very notion of embarrassment. The end may be short of the gallows, for in our days the gallows has fallen out of favor, but it will scarcely be short of a punishment worse than death; for men will not tolerate in its necessary consequences that to which they are very indulgent in its inchoation, and the "unfortunate debtor" who was cockered with compassion whilst he was in that stage of his existence, is regarded with just indignation and abhorrence when he has passed into that of the desperate outcast; though it may be as much in the course of nature that the one stage should follow the other, as that a tadpole, if he lives, should grow to be a toad. There remains to be considered the subject of bequeathing. To make a will in one way or another is, of course, the duty of every person whose heir-at-law is not the proper inheritor of all he possesses; and unless where there is some just cause for setting them asiie, expectations generated by the customs of the world are ON BUSINESS. 255 sufficient to establish a moral right to inherit, and to impose a cor- responding obligation to bequeath. For custom may be presumed, in tlie absence of any reasons to the contrary, to have, grown out of some natural fitness ; and at all events it will have brought about an amount of adaptation which is often sufficient, as regards indi- vidual cases to make a fitness where there was none. Unless in exceptional instances, therefore, in which special circumstances are of an overruling force, the disappointment of expectations growing out of custom is not to be inflicted without some very strong and solid reasons for believing that the custom needs to be reformed. If there be such reasons, by all means let the custom be disre- garded, all expectations to the contrary notwithstanding—^ " AVhat custom wills in all things should we do, The dust on antique time would lie unswept, And mountainous error be too highly heaped. For truth to overpeer." But the presumption should be always held to be in favor of custom, and he who departs from it without the plea of special cir- cumstances should be able to find in himself a competency to cor- rect the errors of mankind. If it be not well for the natural or customary heirs that they should be disappointed, neither is it for those to whom an inherit- ance is diverted, that wealth should come upon them by surprise. Sudden and unexpected accessions of wealth seldom promote the happiness of those to whom they accrue ; and they are, for the most part, morally injurious, especially when they accrue by un- due deprivationof another. But some part of the property of most people, and a large part, or even the whole of the property of some people, may not be the subject of just or natural expectations on the part of customary heirs ; and in respect of such property, there is a great liberty of judgment on the part of the testator, though it is to be a grave and responsible, not a capricious liberty. The testator has to consider to whom the property will bring a real increase of enjoyment, with- out increase of temptation, and in whose hand it is likely most to promote the happiness of others. In general, the rule of judg- 256 A PRACTICAL TREATISE ON BUSINESS. ment should be to avola lifting people out of one station into an- other ; and to aim at making such moderate additions to moderate fortunes in careful hands as may not disturb the proportion of pro- perty to station ; or, still better, may rectify any disproportion, and enable those who are living with a difficult frugality to live with a free frugality. This rule is not, I fear, very generally regarded, for mere rectitude, and the observation of measures and proportions, do not much lay hold of the minds of men. On the contrary, there is a general disposition to add to any thing which affects the imagination by magnitude ; and there is also in some people a sort of gloating over great wealth, which infects them with a propensity to feed a bloated fortune. Jacques took note of this when he saw the deer that was weeping in " the needless stream :' " Thou mak'st a testament As -worldlings do, giving thy sum of more, To that which had too much." Thus it is that in the most solemn acts which men have to per- form in the management of their money; in those too from which selfish ends seem most removed, they will often appear to be as little sensible of moral motives and righteous responsibilities as in any other transactions; and even a testator Jamjam moriturus will dictate his will with a sort of posthumous cupidity, and seem to desire that his worldliness should live after him. LETTERS MISCELLANIES. 22* 257 LETTERS FHOM HON. JOHN FREEDLEY. Mr. Freedley was born near Norristown, Montgomery Co., Pa., May 22, 1798. He was engaged in making brick for a while, but concluded to abandon "foot" work and try "bead" work. He studied law, was admitted to the bar August 16, 1820, and rose rapidly in his profession. His knowledge of the German language, and his previous acquaintance with business, obtained for him at once an extensive practice. His earnings and savings he invested in real estate purchased at sheriff' s sales, and at ordinary public and private sales, and gradually he became something of a land speculator. His purchases, however, were managed with such judgment that they invariably advanced in value, and in some cases largely. The first estimate of his property in his annual in- ventory, which he afterwards kept regularly, is dated April 1, 1822, and is 65,680/ifg. In 1832 or 1833, he embarked in the marble business, and gradu- ally withdrew from his profession. In 1838, he made the following memorandum : " I now find my debts about §50,000, and these too have grown upon me in ten years. It is one of the consequences of too much enterprise, too great a disposition to drive a business It is a rock on which many have split, and it is marvellous that> seeing the breakers ahead, and knowing the dangers of an onward course, we are not willing to avoid them. But ten years since I was a simple sis per cent, man, and had never given a note or an obligation. I owned no real estate ; now I have run on the oppo- site extreme ; own lands every where, and rest easy under a debt of fifty thousand." The usual consequences of this " too much enter- (259) 260 LETTERS AND MISCELLANIES. prise," in those times that tried men's pockets, he dirl not entirely escape, though the actual results to him were not more serious than the loss of a few thousands, and a great deal of anxiety and mental harassment. In 184:4 or '45, he disposed of his marble business, and in 1846, though a Whig, was elected to Congress as Repre- sentative for the 5th Pennsylvania Congressional district, which usually gives from 500 to 600 Democratic majority. In 1848, he was re-elected. In Congress, an affection of the voice as well as a retiring nature prevented him from taking an active part in the debates of that turbulent body, but in his votes he always exercised his own independent and unsurpassed judgment. He died Decem- ber 8, 1851. He was a man of kind heart, superior mind, simple tastes, and unpretending manners. The following letters and memoranda will not possess much inte- rest for the general reader ; but to his constituents and friends, with whom he was deservedly considered high authority, they will not be altogether devoid of interest, especially to those whose attention has been directed to the subjects of which they treat. March 19, 1848. As to the times, I confess the prospects are dreary. The great manufacturing establishments of our country are stopping or keeping on at a sickly pace. Business seems to be approaching a stand-still, and the different branches of business are relatively like the members of the animal body. If one branch is paralyzed, it affects all the rest. It is not wise to suppose that merchandising and building will go on as usual when the factory, furnace, and the machine-shops are stop- ped. A paralysis in industrial pursuits affects the prices of property, real and personal, and makes the stock which was worth $1000 under the favorable circumstances, not worth more than $500 under the depression. •X- * * * * * So far I have been a silent observer in the legislative hall, and, perhaps, shall remain silent, unless the tariff question comes up, and I should get an opportunity on that. There is always difficulty to obtain the floor, on a question of importance, and I never was good at a scramble for precedence. ****** As to the political horizon, I scarcely know what to say. The news LETTERS AND MISCELLANIES. 261 this morning of a bloody revolution in France raises the curtain to new scenes for the imagination to dwell upon. "Where is this to end ? To what is it to lead ? IIow is it to affect us ? I cannot imagine an answer to either of these questions. It may be but a three days' commotion, and it may convulse the whole earth. The war with Mexico, I fear too, is not yet over. It has taught us, I trust, that it is easier to get into a fight than it is to get out of it when you are in. Washington, Juli/ 1, 1848. Dear : From your last letter, I could not tell whether you had received mine with the advertisement of the Webster Lands at the time you wrote it or not. I should like to have information specifically respect- ing those lands, and if there is chance for speculation, I possibly might buy ; but I confess the chances of a non-resident to speculate in wild lands is not what it is cracked up to be, and yet with proper industry and attention it might be made a productive business, yielding at least 25 per cent, on the capital invested. I will tell you how. There are now, and will be for a year to come, a great quantity of land bounty warrants for sale here. They are selling at from $115 to $125 per warrant. Each of these is equal to $200 in paying for government land. Now my plan would be this, that I, or you and I, or brother Henry and you, should attend the land sales, and loan to actual settlers the money to redeem or purchase their lands, take the title, and give a bond to reconvey on repayment of the sum agreed on. Each land warrant would be equal to $200 in an operation of this kind, and the settlers will give 12 or 15 per cent, on this for two or three years. Thus the $115 paid for the warrant would be made to yield $300 in three years, or perhaps $400 in four years. I have an oppor- tunity of the best of information on this subject. The' two new mem- bers from Wisconsin are in our mess. The one, Mr. Lynde, is a law- yer, and speaks very diseouragingly of investments in back lands, says it is the most unsafe and unprofitable investment you can make ; that it requires constant watching, or you will lose your land. If there is timber on it, it will be plundered. That the feeling of the people is against non-residents, and in favor of burthening such land with heavy taxes, that the tax collector does not look up the owner, but the owner must call at the office and pay, or his land will be sold without notice for taxes ; and even when the owner or his agent is careful to pay, 262 LETTERS AND MISCELLA,NIES. his land will sometimes he sold on account df the carelessness of the officer to give credit. lie further states that mortgages or titles from new settlers to secure money paid or loaned is equally unsafe, and requires the same kind of care ; that when the non-resident comes to look for his security for the money he advanced, he finds that the occupant permitted the land to be sold for taxes, perhaps for the express pui-pose of cutting out your mortgage or title. On the other hand, Dr. Darling, the other member, says that money may now be invested in land which will produce from 25 to 100 per cent, per annum. He ad- mits that care and attention are necessary. He is a shrewd discriminat- ing Yankee, and knows " what is what." He and his son keep an office, and their special business is of the kind here designated. I think their office is at Fond du Lac, at the head of Winnebago Lake. They keep a surveyor out to look up advantageous locations — have maps of surveys, and keep a record of all that is located, and mark it on the map, so that they know how the current is setting, and what tracts will grow into value most rapidly. They also buy and sell these land warrants. Dr. Darling, living here, buys them at, say $118, and sends them out to his son, who sells them at t\75 to $180, and I think he says they now sell on an average one a day. Thus managed, it may be to them a good business. It is for the reasons here stated, that I would remark that the only course for me would be the one marked out in the commencement. But whether there is any thing even in this worth pursuing, I submit to you as a question. To E. T. F. Jidi/ 29, 1848. It is now pretty certain that Congress will finally break up on the 14th of August, and I shall be heartily glad of it. I am very tired of Washington, and of being a member of Congress. The business does not suit my taste; a large portion of the session I was laboring under severe colds, which rendered me unfit for business or for enjoyment. Since the warm weather has set in, I am in a measure free from colds, and enjoy good general health, but have an affection of the head or throat which affects my voice. It is of more than twelve months' standing, and I am now under medical treatment for it. I have hopes, but fear that my voice may be permanently affected, in which case 1 shall be incapacitated for public speaking, and shall decline being a candidate for a re-election. LETTERS AND MISCELLANIES. 263 The following is an extract from his " Address to the Free Elec- tors of the Fifth Pennsylvania Congressional District/' embracing his views on the tariff question. :)£ * * * * * Sept. 27, 1848. The famine in Europe during the past year, for a time, averted the evils, predicted from a repeal of the protective tariff, and gave a transient cause of gratulation to the friends of free trade. That haa passed away — and while it served to postpone the predicted evils, it has also made the contrast the more glaring. The famine in Europe the past year enabled us to export breadstuffs and provisions to ^e amount of near forty millions, and turned the balance of trade in our favor, so that specie flowed into the country by millions, which stimu- lated every branch of industry. The present year those exports will not exceed the one-seventh of that amount, and those at prices which do not remunerate the shipper, while the imports continue quite as large as last year, thus not only absorbing the balance of last year, but showing a balance against us of some thirty millions, which must be paid in specie, These excessive importations still continue, and will continue under the present tariff so long as one dollar of money can be drawn from the country to pay for them. I have seen it stated that the imports into the port of New York alone, in the last week, exceeded two millions five hundred thousand dollars, while the ex- ports do not exceed one-third of that amount. The distress existing in Europe has reduced the amount of con- sumption and prices there, and leaves the market glutted and de- pressed. The manufacturer, rather than reduce his prices too much at home, for the purpose of raising the necessary funds, sends his surplus goods abroad, and sacrifices them in a foreign market. Hence goods are sent over, and oftentimes sold at prices much below their cost. The effect is to stop the manufacturer here, and to throw the operatives in an important branch of industry out of employ. It is this that has so suddenly paralyzed business at the present time, and caused the great scarcity of money. The wail of the farmer, the me- chanic, the business man, and the laborer is daily and hourly sound ing in our ears the change which has taken place within a few short months ; the buoyancy and prosperity of the past season have disap- peared — and why ? — Because our country is flooded with forei"-n manufactures which come in competition with, and undersell our own, and thus deprive the manufacturing portion of our community 234 LETTERS A.ND MISCELLANIES. of their accustomed labor and means of support. For this evil there is no remedy but a Protective Tariff. The present ad valorem duty is scarcely equal to the difference between the price of labor here and in Europe. It therefore leaves the manufacturer and the operative at the mercy of the foreign capitalist — the cost of transportation across the Atlantic is no protection. It is a mere nothing — not equal to fifty miles land carriage in our own country. It must be admitted that in this country the condition of the labor- ing classes is superior to those of Europe — they are paid better prices for their labor, and do afford themselves more of the comforts of life. Capital also commands a higher rate of interest here than in Europe ; hence with equal facilities goods can be produced cheaper in Europe than in this country. How then shall we counterbalance this advan- tage on the part of the European manufacturer, so as to give some security for capit3,l invested in manufacturing establishments here ? The opponents of a protective tariff say it must be by reducing the loages of labor to the European standard. Is this practicable ? Is it desirable ? The united voices of millions with one accord answer no, and they should consign to infamy the man who would propose it. The only other course is, to make that capital secure, by a tariff on imports — a substantial protective tariff, which will cause to be manu- factured in our own factories and workshops, by our own artizans and operatives, the merchandize needed for our consumption. It is only by this policy that our country can be made prosperous and truly independent. Nor is it true that protection is a tax upon the consumer. All ex- perience proves it to be a mistaken notion that a protective tariff en- hances the regular price of the goods so protected. It only protects the producer here against the sudden influx from a foreign glutted market, and thus renders his business more secure. That security 'invites competition, and that competition after a time gives the article to the consumer at a price below what he would obtain the foreign article at if there were no protective tariff. In determining upon the the expediency of ordering the goods, the merchant will take into consi- deration the duties which he will have to pay upon them, but having ordered them, or receiving a cargo on foreign account, he puts them into the market and sells them at the price at which that article is then selling, without regard to the amount of duties paid upon it. If the article is then at a high price, he makes a profit. If, on the other hand, the market is glutted and the article is at a low price, he "pockets the loss." The price of all merchandise is regulated by the LETTERS AND MISCELLANIES. 265 supply and demand. The varying prices of the game description of goods under the same tariff will satisfy a careful observer that the cost of importation, or the amount of duty paid, has but little to do with regulating the price at which the goods are sold. But suppose we admit, for the sake of the argument, that a protective tariff enhances the price of goods to the extent of that protection, still the prosperity of the whole people and the best interests of the country require the adoption of that policy. I aver that there never was a country truly independent and prosperous which did not pro- tect its own industry. Our own country, in all instances, has been most prosperous when she had a protective tariff. It is for the bene- fit of all that the branches of industry should be multiplied. Each then assists the other, and the prosperity of one branch gives succor and sustenance to the other. The artisan, the manufacturer, and the mechanic are the legitimate customers of the farmer. Increase the business of these branches, and you in the same proportion increase the market and prosperity of the farmer. Depress or destroy any of these branches, and you injure or destroy his market to the like extent. That policy which tends to give the farmer good prices and a ready market tends to his prosperity, and with these he will care but little whether he has to pay six or eight cents per yard for the calico necessary for his family, or whether he has to pay five or four cents per pound for the iron he uses. It is then disingenuous and untrue to assert that the duty necessary to protect and preserve the manufacturer is a tax and burthen upon the farmer. The industry of the country is, in part, made up of the agricul- turist, the manufacturer, and the mechanic. Each branch is in a measure dependent upon the other, as each gives aid and support to the other. When the manufacturer is prosperous, that prosperity will be felt by the mechanic and by the farmer. When the business of the employer is profitable and prosperous, the operative and la- borer will have plenty of work and good wages ; but when the busi- ness fails to remunei'ate the employer, the workman will soon feel hia dependence, and perhaps find himself out of work and without the means of a livelihood. It is not, then, the capitalist alone who is benefited by a protective duty, as is often asserted by the British presses in mercantile cities, but every man, woman, and child, de- pendent upon their own industry for support, is alike benefited by it. To ascertain the correctness of the position here stated, I would ask my fellow-citizens to look back to the year 1842, when the pro- tective tariff law was passod, and compare the state of the industrial 23 266 LETTERS AND MISCELLANIES. classes and business of that year -with 1847, when that tariff had been in operation but a little more than four years, and see the con- trast. How many hives of industry have sprung up within that time ? How have your cities and towns increased ? — thereby afford- ing additional markets to the farmer for his products. IIow many operatives and mechanics have, within that time, secured to them- selves snug homes of their own ? — and let them say, if they can, that a protective tariff benefits no one but the capitalist and employer. To exemplify and make the matter of a protective tariff more plain to the comprehension of every person, I would remark that, within my Congressional district, there are perhaps thirty cotton and woollen factories, employing each from sixty to four hundred opera- tives, and perhaps an equal number of furnaces, forges, rolling mills, and foundries, employing each from twenty to one hundred workmen. I have obtained a statement of the operations of one of these cot- ton mills, by which it appears that at this one establishment there is paid as wages to operatives, every four weeks, the large sum of $G,100, amounting in the aggregate, in the course of a year, to about $75,000, which is again paid out by these operatives to the property holder as rent — to the storekeeper — to the market man — mechanic and trades- man. In its ramifications, it sustains the business and affords a live- lihood to at least quadruple the number of the operatives to whom it is paid, and ultimately most of it gets into the purse of the farmer for his produce. There is paid annually for coal the sum of .S8,337. This goes to give employment and support to the miner — the boat- man — the boat-builder and machinist, and also ultimately comes to the farmer. The other expenses are for oil, for flour, for sizing, for hauling cotton and manufactured goods, and for incidental expenses — making the aggregate paid out at this factory, in the course of the year, $94,298 71 ! This is but one of the fifty or sixty establish- ments in this Congressional District to which I have already alluded, each exercising a like beneficial influence in its vicinity by the em- ployment it gives. Now, let us suppose that the policy of our gov- ernment should enable the European manufacturer so to flood our markets with goods of a similar description as to supply the demand at prices lower than it costs the manufacturer to produce them, and thus compel him to stop his factory. What would be the conse- quence ? These four hundred operatives would be thrown out of em- ployment, and deprived of their means of subsistence. The houses now occupied by them would be deserted. They would be driven to seek LETTERS AND MISCELLANIES. 267 employment in other pursuits. — Every branch of industry through- out the neighborhood -srould at once feel its withering effect. Prop- erty and prices would droop. Those indebted would become bank- rupt, and the poor be without support. This effect upon the neigh- borhood by the stoppage of a factory is but the type of the general depression upon the whole country where its manuficturing interests are paralyzed by excessive importations. Bankruptcy and wide- spread distress always have, and always will be the consequence. — This, fellow-citizens, is not a fancy sketch — it is plain common sense — it is but cause and effect. — The employer and the employed — the owner and the operative are mutually dependent upon each other. In most instances, the prosperity of the one is the prosperity of the other. Take from industry its employment, and you deprive the la- borer of his bread. Lessen the wages of labor, and you deprive the operative of the luxuries, and perhaps even of the comforts of life. Take from the employer his fair profits on his business, and you com- pel him to lessen his expenses by reducing icages, and perhaps ulti- mately to stop his business, and thus to give up the market to his foreign competitor. Allow me then to ask who is to be benefited by ih.\s,free trade policy, to which the Democracy of Pennsylvania have so suddenly and so Btrangely become a convert ? If the effect is to destroy the business of the manufacturer, or to coerce the labor of this country into a co- partnership with the pauper labor of Europe — if its effect is to check and destroy that prosperity, that bounding forward which wo have witnessed every where in our glorious State since the enactment of the tariff law of 1842, and more especially along the beautiful valley of the Schuylkill — if its effects are to deprive the farmer of his home market — to lessen the ability of his customers to buy or to pay, and consequently to lessen the value of his land and of all he has to sell — if its effects are .to flood our markets with the product of foreign woi-k- shops, and thus to throw our own workmen out of employment ; or to force them to work at wages which will afford them but a scanty sub- sistence : then where, I ask, are its benefits ? — The drone who lives on the interest of his money, and the office-holder who lives on his salary or emoluments of office, may be benefited, as it tends to make things cheap. It may also tend to give increased business to the job bers and agents of foreign houses. But besides these I know of no branch of industry or class of people that can be benefited by such policy. And yet we find farmers and those of other laboring classes, 268 LETTERS AND MISCELLANIES. wLo do not aspire to or ever expect office, supporting those who espouse and advocate this fatal policy. Reed House, Erie, Pa,, July 29, 1849. Dear : My last letter to you was, I think, from Cleveland, and intimated a wish that you would write to me at Chicago, which place I expected to take in the circuit of my journeyings. From Cleveland I went to Detroit, and from thence to Sault St. Marie, where I regaled myself on white fish and brook trout. In looking around, I felt that I had got to the extreme of civilized society. I saw the Indian in his wig- wam, and paddling his bark canoe. After spending two days there, I went to Mackinaw, where I again feasted on the fish of those waters. From thence I went by Green Bay to the village of that name. I then left the water, and had some j^^'O-ctical knowledge of the staging of that country. I went up the Fox Eiver to Neenah at Lake AV'in- nebago, where I again took steamboat and went by way of Ashkosh to Fond-du-Lac. Here I sold out my interest in the nine land war- rants I had given Dr. Darling to locate for me. He allowed me 25 per cent, per annum on my investment, from the time he received the warrants until payment of the money, which is to be in 18 months from the time of his receipt of the warrants. When the bargain was completed and I had his notes, he informed me that he would make $1000 by the bargain, and have the money for the lands before the notes came due. I am satisfied he will, as he was about selling one of the tracts at 20 shillings an acre, whereas it only costs him about 90 cents per acre. But so be it. I do well enough, and he does much better. I find there is no difficulty in investing in Wisconsin on mort- gage in considerable sums at from 15 to 18 per cent., and on small sums on land at from 25 to 50 per cent. A young man from the East came out there last spring with §3000 in money, and, with the assist- ance of Dr. Darling, invested the whole at about 40 per cent. I have some idea of selling off my Norristown lots and investing in the West. On leaving Fond-du-Lac, I went through the interior of Wisconsin by stage to Watertown, and thence to Milwaukie. Wisconsin comes quite up to my expectations in fertility, and as a farming country, but it is no place to make or save money at farming. From Milwaukie I went to Chicago, where I found two letters, but was disappointed LETTRES AND MISCELLANIES. 269 in not finding one from you. I had observed by the papers that the cholera was decreasing in Cincinnati and St. Louis, and hence had some thouj^hts of returning by way of Iowa and Cincinnati, and de- layed making up my mind until I should hear from you. Not hear- ing from you, I concluded to return homeward by this place. The cholera is quite bad at the towns on the lakes. It was at Milwaukie, and at Chicago, and at Cleveland ; at Sandusky, the week just closed, it was awful. In a population of 5000, on Monday last, when it broke out, there were '66 deaths. This caused a panic, and people fled. On Tuesday, the deaths were upwards of 20, and on Wednes- day, less. The people have fled until they say there are not more than 300 left. Many were attacked, and died, in fleeing from it. This is worse than at Cincinnati or St. Louis. I am glad that I did not happen to be at Sandusk3\ As at present inclined, I think I shall again visit my relations at Greensburg, Pa., before I return to Norris. Please write me, directed to that place, and give me all the news and thoughts. Yours truly, J.F. To E. T. F. To a talented young Lawyer on " Removing to the West." May 23, 1850. I FIND you are still determined on leaving Norristown, and rather infer from your letter that your leaning is in favor of our own West. Perhaps you are right. It is at last only a game of chance ; appear- ances may be favorable to one section now, and perhaps before you get there, a change may come, and all will be gloom. It is, there- fore, the dictate of prudence to look into the future as best you can, and plant your stake where the chances appear the most favorable, and then " Hope not sunshine every hour ; Fear not clouds will ever lower ;" brave the storm, and turn luck to advantage, and you will have but little to fear wherever you go. It is true, that money is scarce in the West, and that this is partly crwing to the disposition to emigrate to California, but this cause will 23* 270 LETTERS AND MISCELLANIES. Boon be over for the present season : or it is, perhaps, now over, though note-brokers and private bankers continue to charge a large interest. But this is the business of broking and banking, and we are not in that business, and, unless the inducements were great, should not like to be. Then, as to loaning money in small sums on security of land in the way we spoke of, this requires vigilance, judg- ment, and close attention, and would be in connection with your pro- fessional business, and would be begun in a small way. That is, it would not require much capital at first. Wherever you locate in the West, I will authorize you to draw for a few thousand in this way. To B. M. B. The following letter will show that he did not escape the " Nica- ragua" fever, though perhaps happily, the attack was light. June 24, 1850. Your favor of the Sth inst., came duly to hand, and I herewith send you an article from this day's National Intelligence?; on Central America, which has had tlie effect to raise the fever in me at least 30 per cent. It contains information of the greatest importance. The mind is dazzled,at getting hold of some thousand acres of mahogany forest, or of getting hold of one of those farms on the plains of Nica- ragua with from 10,000 to 40,000 oxen, bulls and cows upon them, and then getting Pennsylvania farmers upon them. For I tell you, in a very few years that country will be filled with Americans. They are now flocking there. Or the idea of having a few acres on the Island of Manzanilla in Navy Bay, in case that should be the eastern terminus of the Panama railroad ; and then the richness of the forests, the mines and the soil, all combine to give it advantages over any other country now known, not excepting California itself. The cli- mate, too, is said to be entirely healthy. I have letters from a young friend of mine who passed through last summer on his way to Cali- fornia, and was delayed some months in Central America ; he writes that it is not only the most delightful, but the most healthy climate in the world. The necessaries of life are very cheap : oranges and bauanas a shilling a hundred ; eggs two cents per dozen,- &c. It would also appear that the government, in some instances, gives large tracts of land with the view of having them settled or colonized. But the main object would be the business we propose to establish there. The nature and extent of this must be determined after a full and careful examination of all that is to be seen It would be best to begin on a LETTERS AND MISCELLANIES. 271 small scale, and gradually expand. I wish to enter into a joint con- cern with you in this matter, and wish you to go to that country and make the necessary examination early after September next as may he. I know you have the knowledge and the discrimination, and I have perfect confidence in your judgment. I can invest $30,000 the first year from time to time, as it may be required, and I wish you during the same time to put in $20,000, which, with your additional services, will make us about even. And, in order to have every thing perfectly fair, every investment or business transaction must be for the joint concern. I will have to stick here at my post until the 4th of March next, when I will be free to take a hand in the business. I think it probable that our business would be that of banking and broking, loaning money at short dates, and dealing in exchange and general speculation, as opportunity offers. In short our object will be to make money by all fair means, and therefore a first object is to get a reputation for capital and for probity. » It will be necessary for you to make yourself acquainted with the Spanish, so as to speak it and write it. You must have a passport ; and a letter of recommendation, or what else it is called, from a Catholic bishop, will be of great service, and is almost necessary. The report of the geological survey of Wisconsin and Iowa, by Dr. Owen, has not yet been published, at least I have not seen it. I think there was an order the other day for printing 5000 copies of it, which will be out in three or four weeks. I will endeavor to remember to send you a copy when it comes out. I remain truly yours, J. F. Washington, Aug. 24, 1850. Dear : On my return to this city on Monday last, after a short visit home, I received your letter of the 4th inst. from Harrodsburg. You no doubt had an interesting jaunt, and seem to have experienced the usual incidents of travel, much fatigue, and something still to interest. I am myself very desirous of taking a tour through the Southern States, particularly to visit the limestone valleys and regions of Ala- bama, Georgia, North Carolina, and Tennessee, and see their deposits of marble and of iron ore — their coal districts, and their water powers. I feel satisfied that upper or Western Georgia and Alabama afford 972 LETTERS AND MISCELLANIES. bettor locations for all kinds of manufacturing than either the East- ern States, or Pennsylvania. There the loom and the spindle -would be taken to the cotton. The plough, the loom, and the anvil -would be then side by side. In your former letter you did not seem to be taken -with the idea of a residence in Central America, or in California, and further reflection and more recent information has tended to cool my ardor on this subject. There -would be heavy drafts on a person's comforts there, even if the chances of making money -were as great as I at first supposed them to be. To be candid, my advancing years, and the effect that trouble and anxiety have upon my spirits, admonish me that I vrould better sit down among my friends, and enjoy my fe-w remaining days in quiet, divested of the anxieties and cares of busi- ness. This would be better accomplished at Philadelphia or at Nor- ristown than in any other place. There are other places -where I could make my investments a little more productive — -where money ■would command a higher interest. But, then, the question arises, ought this to be an object -with me, circumstanced as I am? At Chicago and Milwaukie, I could make permanent and safe invest- ments at from ten to eighteen per cent., and last spring I seriously contemplated investing on mortgage there, at those rates, but have not yet determined when I will enter upon this matter, and one matter after another transpires to admonish me not further to sti-ive at accu- mulation. So you will see I am not yet able to make to you a defi- nite proposition on the subject of a future business. J. F. To E. T. F. LETTERS FROM J. W. SCOTT, Esq. GOOD LOCATIONS FOR INVESTMENT. It is a peculiar characteristic of the Yankee, that when he "comes of age " he becomes dissatisfied -R'ith his paternal home, and his old associations, and must go a wandering; and it is still more peculiar that in his new situation he will endure contentedly and cheerfully, privations and hardships which he would pronounce unendurable in the old. Sometimes he does wisely and well by the change ; and LETTERS AND MISCELLANIES. 273 sometimes he sings "Home, sweet home/' with a great deal of pathos. It is no doubt a mere " game of chance." A man who thinks of going to a new settlement, should ask himself the question which an old special pleader asked of a father who was anxious to appren- tice his hopeful son to the law : '^ Can your son, sir, eat sawdust without butter V and secondly, he should see that he has money enough to take him to his new destination, keep him as long as he chooses to stay, and bring him back when he wishes to return ; and thirdly, he should answer satisfactorily the question, " What shall I do if that which I do account upon shall not turn out as I expect ?" It is certainly the height of folly for a young man with little or no money to leave a fair situation with a view of seeking a better in the large cities or towns of the South or West. It was computed there were over 800O persons seeking situations in New Orleans the winter preceding the last. It is questionable policy for a man who has reached middle life to cut himself loose from old ties, and go to new places in search of fortune. But to the young man of robust constitution and some capital, the younger States undoubtedly afford moi'e abundant opportunities for the profitable use of his energy and capital than the older states, and to the man of capital, they offer inducements that are exceedingly attractive. Every thing, however, depends on the choice of a loca- tion, and reliable information on this subject is of great value. J. W. Scott, Esq., whose statesmanlike mind can ascend to the loftiest generalization from a basis of the most carefully selected facts, and one of the obliging, big-hearted men of the ^Vest, gives a good deal of valuable information on this subject in the follow- ing letter and articles : — , Adrian, Mich., Feb. 2, 1852, Dear Sir : — Yours of 9th January readied me after a slow progress, character- istic of this winter's mail hitherward. If you will designate with more particularity on what branch of business you desire a letter from me, I shall be better able to say whether my knowledge can be made available for your purpose. My hobby, for many years, has been the developement of the AVest, includ- ing its increase in population, commerce, and arts. As connected P74 LETTERS AND MISCELLANIES. with this, I have watched with deep interest the public improvements in progress to connect this region with the old States, and to develop our internal resources. At present, I feel more interest in the growth of the western foci of commerce than in any other public matter. In the November number of Hunt's Merchant's Magazine, is an article prepared with considerable labor, intended to show, in a binl's-eye view, the relative growth of the towns of the United States. This article would indicate the towns or cities -n'hich, having the most rapid relative growth, would seem to be the best for investment, with a view to rapid increase of value. My confidence in Toledo has in- duced me to invest chiefly in and around it, in preference to any other. By drainage and other improvements, it is becoming healthy; its position is handsome and commanding, on a harbor equalled, on the lakes, by none but that of Detroit. It is the lake terminus of a longer line of canals than is to be found, continuous, elsewhere in the ■world. This advantage may be considered permanent ; for canals ■will not, hereafter, be built to any extent. These canals ("Wabash and Erie, and Miami and Erie") connect Toledo with the Ohio River at Cincinnati and Evansville. The first, which will be completed this year, will be 4G0 miles in length ; the other,. 247 between Toledo and Cincinnati. The common trunk of both, extending 70 miles west- ward to the junction, is over GO feet wide, and 6 feet deep. From the junction to Fort Wayne, it is 50 by 5 ; thence to the Ohio River, 40 by 4 feet. It is hardly necessary to say that these canals penetrate the richest, and soon to be the most populous valleys of the West — the Miami and Wabash. The natural position of Toledo is as favorable for the concentration of railroads as for canals. It is now the prac- tical terminus of the Southern Michigan railroad, now nearly finished to Chicago. Connecting -n-ith this at Toledo, is the Toledo, Xorwalk, and Cleveland railroad in progress of construction, to be finished this year. A railroad is being constructed from Dayton northward, in- tended to reach the Michigan line through Toledo, in the direction of Detroit. Two charters are in existence for an air line railroad, directly west towards Chicago, probably to connect with the northern Indiana at Goshen. One of these charters is in the hands of the directors of the Southern Michigan Company, which has agreed to build that part in Indiana in five years. You will see by the map that this would be the route to connect Toledo and Chicago. The canal towns from Toledo Bouthwestward, are now endeavoring to get up a line of railroad from Toledo to Terre Haute. Looking at the map, you will see that rail- roads viay be made from Toledo towards nearly all the points of the LETTERS AND MISCELLANIES. 275 compass. I say may be made, for you are doubtless aware that our whole "West is so level, that no obstacle to the cheap construction of the railroad \s any where presented. Their construction, therefore, is only a question of the ability of the country through which they pass to build and give them profitable employment. With a soil and climate equal to any, the country around Toledo for one hundred or two hundred miles, is in a state of improvement, as progressive as any other region of the West. Next year it will be accessible to the whole eastern system of railroads. Plank roads are becoming quite common in the lake portion of the West. They are made for from $1200 to 11800 per mile. Toledo has upwards of 100 miles made and in progress, of which about sixty is completed. In regard to the investment of capital, the West, generally, in her rapidly growing towns, holds out sufficient inducements. I say in her towns, for both reason and experience told me, years ago, that in- vestments in mere farming lands was something like a purchase of fresh air or water, too little of a monopoly to be made profitable. Accessible farming lands are too abundant to be worth more than the cost of converting them into farms. It is not so with the best town locations. These have been marked out by nature, and are but few in comparison with the immense fertile country surrounding them. Such are Cincinnati, Chicago, St. Louis, and Toledo. These, taken together, will double their population every five or six 3-ears. Wealth, it is well known, increases faster than population — take the country through. In towns or cities, it is most rapidly progressive. I think scarcely a month passes when a person in Toledo, with money, may not buy real estate, that may be sold again within one year on contract, say one-fourth down, and balance in three annual payments, for double the cost. Sometimes this may be done in much less time. Supposing the currency of the country to remain in its present proportion to population, it seems to me that the real estate in Toledo will double about once in three years. If the currency be- comes more plethoric, the duplication might be much sooner, and c converso. All our lake towns of promise ai"e now growing very fast. Some of them will overtake the largest river towns within the lives of many now living. Among the most prosperous now, are Cleve- land, Sandusky, Toledo, Detroit, and Chicago. All afford good so- ciety. There is less form and etiquette than in eastern towns, but 1 think there is more intelligence, and not less real refinement. In the appearance of all, there is a want of finish, as compared with older 276 LETTERS AND MISCELLANIES. towns, on the Atlantic. This is most apparent in Toledo, where the high bank has been, and is being brought to a pleasant grade. This, of course, exposes much raw earth, and gives a rawness to every thing around. The exports of Toledo, by lake, last season were valued at (§12,000,000) twelve millions. They exceed those of any lake port above Buffalo. The imports may be worth seven millions. Popula- tion over 5000. What more shall I say, and about what ? Respectfully, J. W. SCOTT. To E. T. Freedlet, Esq. The following is an extract from that valuable article in the No- vember number of Hunfs Mej-chants' Uagazine, to which Mr. Scott above refers, and which I have the permission of the cour- teous and gentlemanly proprietor of that magazine to give. I cannot omit this opportunity, as an act of justice to Mr. Hunt, who has done as much as any man in America to raise the reputa- tion of American books in England, and iu justice to all who may favor this book with a perusal, to commend Mr. Hunt's Magazine to their especial attention and patronage, as one of the most cer- tainly profitable investments they can make. Every business man should as certainly subscribe for it as he should insure his property. In the case of insurance, if his property does not burn down, he loses his money, but in the case of subscription to that magazine he will not lose his money in any event, and may reap an advantage as great as the restoration of property destroyed In the first place, he will increase his stock of useful and practical ideas, which in itself is worth more than the cost ; secondly, he will possess the most comprehensive work of the age for present and future refer- ence; and thirdly, he will take the best possible means to put him- self in the way of meeting with suggestions and ideas that may happen to just suit his circumstances, and which he may turn to his advantage to the tune of hundreds or thousands of dollars. Let every one be watchful, for he knows not the day nor the hour when the good idea may come. "The following table gives the average period of duplication, _/br thelast thirty years, in the order of most rapid growth : — LETTERS AND J) ISCELL. ^NIES, 277 AVERAGE TIME OF DUrLICATIOX. Years. Years. Years Lowell . . . 4 Zanesville . 13 Richmond . . . 24 Buffalo . . . 6} Sprin-ficld, M xss. 13 Baltimore . 25 St. Louis . . 7 New Orleans . . 15 Savannah . . . 25 Rochester . . 7 Boston . . . . 15 Portland . . . 25 Cincinnati . u Albany . . . 15J Wilmington, Del. 25 Louisville . 8 Philadelphia . . 16 Lancaster, Pa. . 25 Detroit . . 8 Hartford, Ct. . 16 Newburg . , . 26 Columbus, C hio 8^ Nashville . . . 17 Taunton . . . 26 Pittsburg . 81 Reading . . . 17 Hudson, N. Y. . 27 Bangor . . . 9 Chillicothe . . 17 York, Pa. . . . 30 Erie . . . 9 Providence . 18 Charleston, S. C. . 40 Wheeling . 9^ Augusta, Me. . 18 Carlisle • . . . 40 Mobile . . . 10 Schenectady . . 19 Norfolk . . . . 42 Newark . . . 12 New Haven . . 19 Salem, Mass. . . 60 Worcester . 12 New London . 25 Newport . . . 70 New York . . 13 Washington . . 20 Newburyport . 80 Troy . . . 13 Harrisburg . . 20 Portsmouth . 85 Utica . . . 13 Bath, Me. . . 20 The order of growth, and the average period of duplication, for the twenty years, from 1830 to 1850, are shown, with an approach to accuracy, in the following table : — AVERAGE TIME OF DUPLICATION. Y^ears. Years?. Years. Cleveland . 5 Erie . . . . 9 Nashville . 14 Columbus . 5 Louisville . . • 9} Lynn . . . . Uh St. Louis . 51 Pittsburg . . . 10 New York , . 15 Sandusky City .. 6 New Albany . 10 Troy . . . . 15J Detroit . . . 6 Madison . . . 10 Chillicothe . . 16 Indianapolis . u Rochester . 10} Wheeling . 16 Mobile . . . 7* Worcester . 11 Philadelphia . 17 Lowell . . . 8 Newark, N. J. . 12 Providence . . lib Cincinnati . . Si Zanesville . 12 Hartford . . . 171 Marietta . . . 8i Syracuse . . . 13 Washington . 18 Dayton . . . 8J Lockport . . . 14 New Orleans . 18 Bangor . , 8J Springfield, Mass.l4 New Haven . . 18} Buffalo . . . 8J Fall River . . 14 New London . 181 24 278 LETTERS AND MISCELLANIES. Tears. Portland . . .18^ Baltimore , . 19 New Bedford . 19 Bath, Me. . . 19 Utica .... 19 Boston ... 20 Albany ... 20 Wilmington, Del. 20 Schenectady . . 20 Tears. Tears Richmond . . 21 Salem, Mass. . . 37 Reading, Pa, . 2U Newburyport . . 40 Lancaster . 24 Carlisle .... 40 Savannah . 24 Charleston, S. C. 50 Harrisburg . 24 Norfolk ... 50 Natchez . . . 25 Portsmouth, N. H. 90 Taunton . . 26 Hudson, N. Y. . 100 Poughkeepsi( 5 . 28 Newburg, N. Y. . 100 York, Pa. . 29 Newport, R.I. . 100 The following table exhibits the average period of duplication on the increase of the ten years, from 1840 to 1850 : — AV ERAGE TIME OF DUPLICATION. Tears. Tears. Tears. Mihvaukie . . 3 Springfield . . 10 Troy . . . . Uh Chicago . . . 3i Fall River . 10 Wilmington, Del. 15 St. Louis . 4 Hartford . . lU Lancaster, Pa. . 153 Manchester, N.H. 4 Reading . . m Patterson . 10 Sandusky City . 5i New York . 12 Bath, Me. . . 16 Columbus, Ohio 6 Boston . 12 Albany . . . m Cleveland 6 Washington . . 12 York, Pa. . . 20 Toledo . . 6 Rochester . . 12 Utica . . . . . 24 Cincinnati . . 6 Chillicothe .12 New Bedford . . 26 Marietta . . 7 Philadelphia . 12i Lockport . . 27 Indianapolis 7i Savannah . . 12i Schenectady . . 28 Pittsburg 8 Portland . . 12^ Newburyport . 28 Newark, N. J. . 8 Providence . m Norfolk . . . . 30 Oswego . . 8 Lynn , . . 12h Petersburg, Va . . 32 Dayton . . . 8 New Haven . 13 New Orleans . . 34 New Albany 8 Columbia, S. C. 13 Charleston, S. ( 1 . 35 Buffixlo . . . 8i Baltimore . 13^ Portsmouth . 40 Nashville . . . 8i Wheeling . 13i Salera . . . 42 Detroit . . . 9 Lowell . . . 14 Newport, R. I. . 65 Zanesville . . 9 Mobile . 14 Natchez . . . 85 Louisville n New London . 14 Poughkeepsie . . 90 Worcester . . n Bangor . . 14 Hudson . . 100 Madison . . . n Richmond . m Carlisle . . 180 Syracuse . 10 LETTERS AND MISCELLANIES. 279 Having laid before our readers the facts in relation to the growth of the principal centres of population of the United States, they may now proceed with us to deduce a law of growth from their average times of duplication, for a period of sixty years, as to those existing previous to 1790, bringing in the new places as they come forth from the wiiderness, and take a place on the census list, in successive de- cennial enumerations. The figures repi'esent, with an approach to accuracy, the number of years each place has required, on the ave- rage, to double the number of its people. New York . Philadelphia Baltimore Boston . . Albany . . Salem, Mass. Worcester Charleston, S. C Providence . Washington Richmond, Va Lancastei", Pa. Alexandria, Ta, Cincinnati , Pittsburg St. Louis New Orleans Louisville Buffalo . . Detroit . . Bangor . . Wheeling Utica . . . Wilmington, Del. Newark . ■ Pleading . . Hartford, Ct. Providence . AVERAGE FOR 60 50 40 30 20 10 Tears. Years. Years. Years. Years. Years. 15 m 15 13 15 12 18 20 18^ 16 17 12} 17 21 21 25 19 13} 21 23 18J 15 20 12 16 15 16 15} 20 16} 50 50 85 60 37 42 21 18 17 12 11 9} 45 45 50 40 50 35 ... 23 19^ 18 17} 12} ... 13 16J 20 18 12 24 29 24 21 14} ... 40 35 25 24 15} ... 50 200 450 440 400 ... GJ 7 7} 8i 6 ... 9 9^ 8 10 8 ... 9} 9 7 5} 4 ... 14} 15 18 24 ... 8 8 9} 9} ... 8} 6} 8} 8} ... 8i 8 6 9 ... 10 9 8} 14 ... 10} 9} 16 13} ... 12 13 19 24 ... 17} 25 20 15 ... 17} 12 12 8 ... 19 17 21} llj 19} 16 17} llj ... 19} 18 17} 12} 280 LETTERS AND MISCELLANIES. 60 50 40 so 20 10 Years. Years. Years. Years. Years. Years. Savannah . . . 21 25 24 12^ Portland, Me. . . 21 25 8.} 12^ New Haven . . 21 19 18J 13 Harrisburg . . . 22 20 22 27 Schenectady . . 30 19 20 28 York, Pa. ... 32 30 29 20 Lancaster, Pa. 35 25 24 15i Carlisle 45 40 40 180 Nor{l,lk, Va. . . . 50 42 50 30 Portsmouth . . 106 85 90 40 Newport, R. I. 150 70 100 65 Newburyport . . 160 80 40 28 Lowell ... 4 8 14 Rochester . . . . ... 7 10 12 Columbus, Ohio . . ... 8^ 5 6 Bangor .... ... ... 9 8^ 14 Erie, Pa. . . . ... ... 9 9 12 Mobile .... ... ... ... 10 7J 14 Zanesville . . . ... 13 12 9 Springfield, Mass. ... 13 14 10 Nashville . . . ... ... ... 17 14 8^ Chillicothe . . . ... 17 16 12 Augusta, Me. . . ... ... ... 18 18 15 Schenectady . . 19 20 28 Hudson ... ... ... 27 100 100 New London . . . ... ... 25 18,^ 14 Bath, Me. . . . ... ... ... 20 19 16 Newburg, N. Y. . ... ... ... 26 100 decrease. Taunton, Mass. . . ... ... ... 26 26 16 Syra,cuse «.. ... 13 10 Poughkeepsie . . . ... 28 90 Lockport . . . ... 14 27 T>ynn ... m m New Bedford . . . ... ... ].9 26 Fall River . . . . ... ... ••. ... 14 10 New Albany, la. . . ... ... 10 8 Natchez ... ... 25 85 Madison ... ... 10 9J Indianapolis . . . ... ... 7J 71 Cleveland . . . . ... ... 5 6 LETTERS AND MISCELLANIES. 281 Years. Columbus . . Mai-ietta . . Sandusky City Dayton . . , Chicago . . , Manchester, N. H, Milwaukie . . Toledo . . , 50 40 30 20 10 fears. Tears. Years. Teal's. 5 5 5 Tears. 6 7 5i 8 4 4 3 6 Note. La^n-ence, Mass. ; Racine, Wis.; Kenosha, Wis. ; and several other places of importance, came into existence "within ten years. It will be observed that the growth of our towns, during the last ten years, has, in general, been decidedly greater than that of any ten preceding years. This goes to prove the great influence of rail- roads, canals, and other facilities to commercial movement. In respect to all those places which are favorably located for the concentration of internal commerce, the law of growth may be fairly deduced from the foregoing tables. Their progress, it will be seen, has, in the main, been in proportion to the command of this internal commerce. Salem, Newport, and some others, which have exhibited the slowest growth, have but a slight hold on the surrounding soil. On the other hand, Cincinnati, St. Louis, New York, and Boston are in the midst of a rich country, and have extensive and easy channels of intercourse with the interior. The cities of the Atlantic border, below the Chesapeake, and of the Gulf of Mexico to New Orleans, have the disadvantage of being far removed from the country which yields their chief commercial ali- ment. The pine barrens extend from the coast some fifty to one hundred and fifty miles. This has to be past, in connecting Charles- ton, Savannah, &c., with the country, on whoso internal resources they depend. The institution of slavery has also, an unfavorable influence in the growth of towns situated in States where slaves are most numerous. Whether this is inherent, or owing to the profits of planting being greater than manufacturing, it is not for us to decide. It has been said, that speculation on the future probable growth of our towns has no practical value. Can this be so ? Is it of no practical value to the man of business, seeking a place for the exer- cise of his talents, to have the means provided of judging of the rela- 24* • 282 LETTERS AND MISCELLANIES. tive advantages for commerce, and its future expansion, of the places between which he has to choose his future home ? Is it of no moment to the mechanic seeking a permanent location of his factory or shop ? Tens of thousands are every day invested in real estate, whose only value depends on the growth of the places in which and near which it is situated. Many of these investments are made with a view to their value many yeai-s in the future. Ought they to be made with or without knowledge of all the circumstances that may be reason- ably expected to bear on their future value ? In this country, growth in numbers generally represents increase of capital and business. — It may, therefore, answer as a tolerable basis for a calculation of the relative value of I'eal estate. In 18G0, New York, with its suburbs, may be expected to contain half a million more than her pi'esent numbers. Where will these be located, and what Avill be the value of the lots to be covered with buildings for their accommodation ? These^ inquiries will be resolved in the mind of any man about to invest in real estate there, and ex- pecting to turn the investment into money in nine or ten years. But, perhaps, he will first desire to ascertain whether New York, or some other commercial point, oiFers the best prospect of a good profit on his investment. Our last table gives a scale of growth. In the cases embracing forty, fifty, and sixty years, the past may be considered a safe guide for the futui-e. A nearly uniform high rate of increase, through so many decades, may be relied on with much confidence, in calculations for the future. In relation to places of recent origin, although their law of growth may not be deduced from an experience of the past of sufficient dura- tion to warrant a decision from that alone, yet there may be causes in operation, sufficiently obvious, to force a conviction of a future increase, corresponding to the past. Such seems to be the case of Chicago and other western cities. In less than twenty years, that place has grown from a mere station to contain thirty thousand. Troy, N. Y., contains about the same number. "Who would say that the prospective value of real estate surrounding each should be esti- mated equal ? New Orleans and Cincinnati are now nearly equal in population. In ten years the former will scarce gain forty thousand, while the latter will increase not less than one hundred and fifty thousand. Who would give the same for vacant lots on the borders of the former ais on those of the latter — other things being equal ? On account of the permanency of the record afforded by the MeV' LETTERS AND MISCELLANIES. 283 chant's Magazine, the opinion is here repeated that, -within one cen- tury, the largest cities of America will be in the interior, and that Cincinnati, Chicago, St. Lquis, and Toledo will be the four largest. J. W. S. CENSUS OF CITIES OF THE UNITED STATES IN 1850. List of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Cities and Towns bi/ the Census of New York, Philadelphia, Baltimore, Boston, New Orleans, Cincinnati, Brooklyn, St. Louis, Albany, Pittsburg, Louisville, Charleston, Buffalo, Providence, Washington, Newark, Rochester, Lowell, Williamsburg, Chicago, Troy, Ptichmond, San Francisco, Syracuse, Alleghany, Detroit, Portland, Jlobile, in the United States 1850, is 10,000 and N. Y. Penn. Md. Mass. La. Ohio, N. Y. Mo. N. Y. Penn. Ky. S. C. N. Y. R. L D. C. N. J. N. Y. Mass. N. Y. 111. N. Y. Va. Cal. N. Y. Penn. Mich. Maine, Ala. whose poptdation, vpwards. . 515,507 . 408,815 . 189,048 . 136,871 . 116,348 . 115,436 . 97,838 . 64,252 . 50,763 . 50,519 . 43,196 . 42,985 . 42,261 . 41,512 . 40,001 . 38,894 . 36,403 . 33,383 . 30,780 . 29,963 . 28,785 . 27,482 . 25,000 . 22,271 . 21,262 . 21,019 . 20,815 . 20,513 284 LETTERS AND MISCELLANIES. 29 New Haven, Conn. . 20,345 30 Salem, Mass. . 20,264 31 Milwaukie, Wis. . 20,061 32 Roxbury, Mass. . 18,384 33 Columbus, Ohio, . 18,183 34 Worcester, Mass. . 17,367 35 Utica, N. Y. . 17,565 36 Charleston, Mass. . , . 17,216 37 Cleveland, Ohio, . 17,034 38 New Bedford, Mass. . 16,443 39 Heading, Penn. . 15,748 40 Cambridge, Mass. . 15,215 41 Savannah, Ga. estimated . 15,000 42 Baugor, Maine, . 14,432 43 Norfolk, Va. . 14,326 44 Lynn, Mass. . . . 14,257 45 Lafayette, Indiana, . 14,211 46 Petersburg, Va. . 14,010 47 Wilmington, Del. . 13,979 48 Poughkeepsie, N. Y. . 13,944 49 Manchester, N. H. . 13,932 50 Hartford, Conn. . . . 13,555 51 Lancaster, Penn. . 12,369 52 Lockport, N. Y. . 12,323 53 Oswego, N. Y. . 12,205 54 Springfield, Mass. . 11,766 55 Newburg, N. Y. . 11,415 56 Wheeling, Ya. . 11,391 57 Patterson, N.J. . 11,341 58 Dayton, Ohio, . 10,977 59 Taunton, Mass. . 10,441 60 Norwich, Conn. . 10,205 61 Kingston, N. Y. . 10,233 62 New Brunswick, N.J. . 10,019 63 Nashville, Tenn. estimated . 10,000 64 Lexington, Ky. do. . 10,000 LETTERS AND MISCELLANIES. 285 GETTING AND LOSING MONEY BY STOCK-JOBBING— ROTHSCHILD. The amount of business sometimes transacted in one day at the Stock Exchange is very great. On some occasions, property, includ- ing time bargains, to the amount of £10,000,000 has there changed hands in the short space of a few hours. The late Mr. Rothschild is known to have made purchases in one day to the extent of £4, 000,000. The influence which that great capitalist exercised over the funds may be said to have been omnipotent. He could cause a rise or a fall, to a certain extent, whenever he pleased. He was a singularly skilful tactician. To those who know any thing of the Stock Exchange it cannot be necessary to state that he never went into it himself. That, indeed, Avould have defeated his objects. Had he transacted his bu- siness in the funds in his own person, every body must have seen what he was doing, and consequently others, knowing his general good for tune, would have sold out when he sold out, and purchased when he purchased. One great cause of his success was the secrecy in which he contrived to shroud all his transactions. He had certain men whom he employed as brokers on ordinary occasions ; but whenever it suited his purpose, or when he supposed that by employing them it would be ascertained that he wished to effect a rise or a fall, he took care to commission a new set of brokers to act for him. His mode of doing business, when engaging in large transactions, was this : Sup- posing he possessed exclusively, which he often did a day or two be- fore it could be generally known, intelligence of some event which had occurred in any part of the continent sufficiently important to cause a rise in the French funds, and through them on the English funds, he would empower the brokers he usually employed to sell out stock, say to the amount of £500,000. The news spread in a moment in Capel Court that Rothschild was selling out, and a general alarm followed. Every one apprehended he had received intelligence from some foreign part of some important event which would produce a fall in prices. As might, under such circumstances, be expected, all became sellers at once. This of necessity caused the funds, to usu Stock Exchange phraseology, " to tumble down at a fearful rate." Next day, when they had fallen, perhaps, one or two per cent., ho would make purchases, say to the amount of £1,500,000 ; taking care, however, to employ a number of brokers whom he was not in the habit of employing, and commissioning each to purchase to a certain 286 LETTERS AND MISCELLANIES. extent, and giving all of them strict orders to preserve secrecy in the matter. Each of the persons so employed was, by this means, igno- rant of the commission given to others. Had it been known the pur- chases were made for him, there would have been as great and sud- den a rise in the prices as there had been in the fall, so that he could not purchase to the intended extent on such advantageous terms. On the third day, perhaps, the intelligence which had been expected by the jobbers to be unfavorable, arrives, and instead of being so, turns out to be highly favorable. Prices instantaneously rise again ; and possibly they may get one and a-half, or even two per cent, higher than they were when he sold out his £500,000. He now sells out at the advanced price the entire £1,500,000 he had purchased at the re- duced prices. The gains by such extensive transactions, when so skilfully managed, will be at once seen to be enormous. By the sup- posed transactions, assuming the rise to be two per cent., the gain would be £35,000. But this is not the greatest gain which the late leviathan of modern capitalists has made by such transactions. He lias on more than one occasion made upwards of £100,000 on one account. Bepeated eiForts, but always without effect, and generally to the ruin of the party making them, have been made to overthrow the power of Rothschild In the money-market. It was clear that the only way in which this could be done, if it was to be done at all, would be by the party attempting it engaging in transactions of corresponding magnitude. By far the boldest of these attempts was made some years ago by a young gentleman, a Mr. James H . He made a number of most extensive purchases, and sold out again to a very large amount, all in a very short period of time ; and so far from im- itating the conduct of the rival whose empire on the Stock Exchange he sought to subvert, in the secrecy of his transactions, he deemed it essential to the success of his schemes that his operations should be performed as openly as possible. Mr. H was the son of a wealthy country banker, and held, at the time of his introduction, money stock in his own name, though it actually was his father's, to the ex- tent of £50,000. The reputation of being so rich invested him at once with great importance in the house. The £50,000, after Mr. H had been some time a member, was privately re-transfcrred to his father, the real owner of it. For some time, and until he became perfectly master of the rules and usages of the house, he acted with great prudence and caution confining his transactions to small amounts , but he eventually began to astonish " the natives" — for so LETTERS AND MISCELLANIES. 287 the members are often called — by the boldness of his manoeuvres. In a very short time he became the dread of all parties : the Bulls* and Bears -were anxious to follow him ; but like Rothschild, he evinced a disposition to act independently of every person and every party. About this time consols were as high as 9G or 97. In a few months afterwards symptoms of a coming panic began to manifest themselves ; and a well-known writer on money matters, having at the time, for reasons best known to himself, began to deal out his fulminations against the Bank of England in an influential newspaper, the un- healthy state of the market was greatly aggravated, though high prices were still maintained. Mr. II watched the state of things with great attention ; and being satisfied in his own mind that a leader was only wanting to commence and carry on a successful war against Rothschild, he determined himself to become that leader; and it must be admitted that he acquitted hims-elf as an able general. Going into the house one afternoon, he accosted one of the most respectable job- bers thus : — "What are consols ?" " Ninety-six and eight," was the answer. " In £100,000 ?" continued he. " Yes," said the Jobber. " You have them. £100,000 more 1" " ril take £100,000 more." " They are yours." "Another £100,000?" " No : I don't want any more." On this transaction being finished, the adventurous young gentle- man immediately turned round and announced aloud that " £200,000 had been done at 96, and more offered." Then walking backward and forwards "like a tiger in a den," he followed up the bold tactics he had commenced by offering any part of a £1,000,000 at 94. For a great part of this amount he at once found purchasers. But he was not yet content with the extent of his transactions, great as they were ; nor would he wait for buyers at 94. He offered them, viz., consols, at 93, at 92, and eventually as low as 90, at which price they left off that day. Next day he renewed his exertions to depress the market, and' * Those who have purchased more stock than they can pay for, with the hope of selling it at a profit before pay day, are the Bulls, and those who have contracted to deliver more stock than they have, in the hope of pur- chasing it at less price before delivery day, are the Bears. It is the in terest of the former to raise the price ; of the latter to depress it. 288 LETTERS AND MISCELLANIES. he succeeded to the utmost of his wishes ; for consols did not stop in their descent till they reached 74. As Avas to he expected, contempo- raneous with this sudden and extraordinary fall in the price of con- sols, there was a run on the Bank of England which almost exhausted it of its specie. lie then purchased to so large an extent that, when a reaction took place, he found that his gains exceeded £100,000. It can scarcely be necessary to say that all eyes were fixed with amazement on the boldness of the young gentleman's operations. Many fancied they saw in those operations the dynasty of Rothschild tottering to its falL With what feelings the "Jew" himself regarded the adventurous conduct of his new and unexpected rival, no one had an opportunity of knowing ; for in nothing was Rothschild more re- markable than in the reserve he maintained on all matters relating to the money-market. The rivalry of Mr. II was however, of short duration : he very soon fell a victim to an enterprise which, both in conception and execution, evinced much more of the quality of boldness tlian of judgment. In about two years after the above ex- tensive " operation," he attempted another on a scale of correspond- ing magnitude ; but in this case Rothschild, anticipating the tactics he would adopt, laid a trap for him into which he fell, and became a ruined man. He was declared a defaulter, and his name stuck up on the blackboard. It was only now that the discovery was made that the £50,000 money-stock, supposed to be his own, was in reality his father's, and that it had been retransferred in his name. A deputa- tion from the committee waited upon Mr. II immediately after his failure, at his own house in the neighborhood of Regent's Park, when one of the most rapacious of the number suggested a sale of his furniture, and a mortgage of annuity settled on his wife. He re- ceived the suggestion with the utmost indignation, and ringing the bell for his servant, desired him to show the deputation down stairs, adding that he would be — I shall not say what — before he would pay a sixpence after the treatment he had met with from them. " As for you, you vagabond, * My son Jack,'* who have had the audacity to make such a proposal to me — as for you, sir, if you don't make haste out of the room, I'll pitch you out of the window." It is scarcely necessary to say that " My son Jack" was the first who reached the bottom of the stairs. But though no person, during the last twelve or fifteen years of * The designation by -wLich one of the members always went, his father having been accustomed to speak of him as his " son Jack." LETTERS AND MISCELLANIES. 289 Rothschild's life, was ever able for any length of time to compete with him in the monej' -market, he on several occasions was, in single transactions, outwitted by the superior tactics of others. I will give one instance. In that instance Rothschild had to contend not only with a man of more than ordinary ability, but one in the soundness of whose judgment all who were acquainted intimately with him reposed the most implicit reliance. Hence they, and especially his moneyed connections, were ready to follow him in any operation. The gentleman to whom I allude was then and is now the head of one of the largest private banking establishments in town. Abraham Montefiore, Rothschild's brother-in-law, was the principal broker to the great capitalist, and in that capacity was commissioned by the latter to negotiate with Mr. a loan for j61, 500,000. The security offered by Rothschild was a proportionate amount of stock in consols, which were at that time 84. This stock was of course to be trans- ferred to the name of the party advancing the money — Rothschild's object being to raise the price of consols by carrying so large a quan- tity out of the market. The money was lent, and the conditions of the loan were these — that the interest on the sum advanced should be at the rate of 4J per cent., a*nd that if the px-ice of consols should chance to go down to 74, Mr. should have the right of claiming the stock at 70. The Jew, no doubt, laughed at what he conceived his own commercial dexterity in the transaction ; but ere long he had abundant reason to laugh on the wrong side of his mouth ; for no sooner was the stock pawned in the hand of the banker, than the lat- ter sold it, along with an immensely large sum which had been pre- viously standing in his name, amounting altogether to a little short. of £3,000,000. Rut even this was not all : Mr. also held powers of attorney from several of the leading Scotch and English banks, as well as from various private individuals who had large property in the funds, to sell stock on their account. On these powers of attorney he acted, and at the same time advised his friends to follow his ex- ample. They at once did so ; and the consequence was that the aggregate amount of stock sold by himself and his friends conjointly exceeded £10,000,000. So unusual an extent of sales, all effected in the shortest possible time, necessarily drove down the prices. In an incredibly short time they fell to 74 — immediately on which Mr. claimed of Rothschild his stock at 70. The Jew could not refuse ; it was in the bond. This climax being reached, the banker bought in again all the stock he had previously sold out, and advised his friends to repurchase also. They did so, and the result was that in a few 25 290 LETTERS AND MISCELLANIES. ■weeks consols reached 84 again, their original price, and from that to 86. Rothschild's losses were very great by this transaction : but they were by no means equal to the banker's gains, which could not have been less than £300,000 or £400,000. Since Rothschild's death, no one can be said to have taken hig place on the Stock Exchange. There are several gentlemen who engage in very large transactions, but they can scarcely be said to approximate in amount to his. Neither do they stand out, as capi- talists, with any very great pre-eminence. Rothschild's sons are, of course, severally rich, even when compared with those who are regarded among the most affluent ; but when compared with him, they can only be considered poor, his wealth being divided amongst them. But, independently of this, they have neither the spirit of enterprise nor the financial knowledge or skill of their late father. It is to the transactions of speculators in the funds, such as those I have described in the case of Rothschild, and to others of a smaller amount by less affluent yjarties, and not to any purchases effected or sales made by the yjublic, that the sudden rise or fall of consols is to be ascribed. Were the funds left to the operation of the public alone, there would be scarcely any fluctuation, in them at all. * -x- * * * * Fortunes are lost or gained on the Stock Exchange with a rapidity unknown in any other place. It is no uncommon thing — it was still less uncommon in time of the war — 'for a man to be worth £20,000 or £30,000 one daj^, and to be a beggar the next. There are also many instances, in the annals of the Stock Exchange, of parties who could not command a farthing one day, being worth £20,000, £30,000 £40,000, or £50,000 the next. As illustrative of the sudden and singular vicissitudes of fortune which men sometimes undergo in that place, I may mention a curious instance in the case of Mr. r , the present proprietor of one of the most extensive estates in the county of Middlesex. He had been for some years a member of the Stock Exchange, when, on becoming unfortunate, he had to suffer the indignity of having his name chalked on the blackboard ; an in- dignity to which poverty more frequently than dishonorable conduct is subjected. The loss of a handsome fortune, coupled with the treat- ment he had received from the committee, worked his feelings up to Buch a state of frenzy that, chancing to pass London Bridge a few days after the battle of Waterloo, he, in his despair, threw the last ehilling he had in the world over the bridge into the water. For a few moments afterwards he stood motionless on the spot, leaning LETTERS AND MISCELLANIES. ' 291 over the parapet, and gazing vacantly into the water. The emotions whirh then passed through his mind were of a nature which no second party could describe ; and which, indeed, even he himself could not by possibilif:y convey, with any thing like their vividness or power, to the minds of others. His predominating feelings — but no idea can be formed of their burning intensity — were those of envy of the insen- sate stones, and of a wish that he himself were, like his last shilling, at the bottom of the river. That moment, but for the crowds of per- sons who were passing and repassing, he would have thrown him- self over the parapet of the bridge, and ended his woes by ending his existence. From that instant, he formed the purpose of commit- ting suicide ; and he began to move slowly towards home with that view. Before he had reached the other end of the bridge, he was met by a Frenchman with whom he had been on terms of great inti- macy. He would have passed by the Frenchman, so absorbed was he with the wretchedness of his condition, without recognizing him. The latter, however, advancing towards Mr. F. , seized him by the hand, and inquired how he was. He managed to lisp out an " 0, how are you ?" "This is a most important affair to both countries," said the French- man. " What affair ?" inquired the other, partially recovering himself from the frightful reverie to which he had been giving way. *' Why, the great battle," observed monsieur. " The great battle ! What great battle ?" " The battle of Waterloo." " You are surely dreaming. I have not heard a word about it : the newspapers make no mention of any battle having been lately fought." " I dare say they do not. How could they ? Intelligence of it has only reached town within the last two hours. The foreign secretary and the French ambassador alone know any thing of it. Government have received the tidings of it : it is not an hour since I parted with the French ambassador from whom I had the information. Napoleon is signally defeated." Mr. F felt as if he had started from a deep sleep. lie felt as if he had become a new man. The advantage to which such import- ant intelligence might be turned on the Stock Exchange, the scene of so many disasters and so much degradation to him, immediately shot aci'oss his mind. •' And the battle was an important one T' " i!/bsi important," said the Frenchman, with great emphasis. " It 292 LETTERS AND MISCELLANIES. Avill prove ftxtal forever to the prospects of Bonaparte. His usurpa- tion is at an end," he added, vrith evident joy, being a great adherent of the Bourbon famil3^ " AYere the numbers on either side great?" " I have no idea of the exact numbers ; but the battle was the greatest which has been fought in modern times, and it lasted a considerable part of three days." Mr. F cordially shook the Frenchman by the hand, and said he would call on him in a day or two. Hastily returning to the city, he hurried to a certain firm on the Stock Exchange, informed them that he had just become exclusively possessed of most important in- formation, and expressed his readiness to communicate it to them on condition that he should receive the half of whatever profits they might realize on any operation they might have in the Stock Exchange in consequence of that information. They agreed to his proposal: he told them the result of the battle of Waterloo : they rushed into the market, and purchased consols to an enormous amount. In the mean time, Mr. F proceeded to another large house, and told them also that he possessed information of the most important character, of which he was sure they had heard nothing. They admitted they knew of nothing that was not in the public prints. He made the same proposals to them he had done to the other firm : they also, not sup- posing Mr. F had spoken to any other party on the subject, at once closed with the offer, and on the intelligence being communicated to them, one of the partners called the other aside — there were only two in the counting-house at the time — and whispered to him not on any account to let Sir. F out of his sight, lest he should allow the important intelligence to transpire to some one else — adding that he would that instant hurry to the Stock Exchange, and employ various brokers to purchase consols to a large amount. " You'll recollect what I have said ?" he observed to his partner, as he hastened out of the counting-house. "I'll take special care of that," said the other. " Leave such matters to me," he added in his own mind. A thought struck him. " Mr. F , will you just step into the parlor," pointing the way, " and have a lunch ?" Mr. F assented. They both pro- ceeded to an apartment in another part" of the house. A lunch was brought. ]Mr. F , whose state of mind had deprived him of all appetite for some days past, now ate rather heartily. While busy with the things set before him, the other, rising from his seat, said, " You'll excuse me for a moment, Mr. F , while I transact a small matter in the counting-house." " Certainly," said Mr. F r " take LETTERS AND MISCELLANIES. 293 your time." The other quitted the room, and on getting to the out- side, locked the door, unknown to Mr. F. , and put the key in his pocket. In about half an houi', the first partner returned from the Stock Exchange, and stated that the funds had already, from some cause or other, risen in an hour two or three per cent. The cause, it is unnecessary to say, was the immense amount of consols which had been purchased by the first house to whom Mr. F gave the infor- mation. Both partners proceeded to the apartment in which they had shut up their prisoner, and apprised him of the I'ise which had taken place, adding that they did not think it advisable to purchase at the advanced price- He urged them to do so, expressing his firm belief that when the news of so important a victory by the Allied Powers had been received, the funds would rise at least 10 or 12 per cent. The parties acted on his advice, and made immense purchases. The event justified the soundness of Mr. F^ 's counsel, and the accuracy of his opinion ; for, on the day on which intelligence of the battle was made general, the funds rose to the amazing extent of 15 per cent. — which is the greatest rise they were ever known to experience. Mr. F 's share of the profits between the two houses in one day ex- ceeded £100,000. He returned next day to the Stock Exchange, and very soon amassed a large fortune, when he had the wisdom to quit the place forever, and went and purchased the estate I have alluded to which he still possesses. The funds experienced a greater fluctuation, as well as greater rise, on the day on which the result of the battle of Waterloo was made known, than they ever did at any previous or subsequent period. The average rise in the course of the day, as just stated, was fifteen per cent. ; but taking all their difierent variations, up and down, and down and up together, the fluctuation was fully 100 per cent. It can scarcely be necessary to say that, during the time of the war, the fluctuations of the funds were much greater than they have been since the peace. The news of every succeeding battle sent them up, or drove them down, according as the results of such battle were sup- posed likely to aS"ect this country. As might have been expected, all sorts of rumors as to new battles were got up to serve the purposes of individuals. Many a battle was fought, and many a victory gained and lost on the Stock Exchange, which were never heard of any where else. So accustomed, indeed, had the members become to false intelligence in one or two of the leading papers, given with all the solemnity and positiveness of truth, that they frequently found them- selves in the predicament of the persons who had been so often 25* 294 LETTERS AND MISCELLANIES. groundlessly alarmed by the cry of " "Wolf" from the shepherd's boy, that they did not believe it when true. On one occasion, a blunt, honest member, who had an immense stake depending on the aspect of the war on the continent, having heard a rumor that a certain battle had taken place, but not knowing whether to credit it or not, determined on waiting personally on Lord Castlereagh, then foreign minister, with the view of endeavoring to get at the truth. lie sent up his name to his lordship, with a note stating the liberty he had taken in consequence of the amount he had at stake, and begging as a favor to be informed whether the news of the battle in question was true. The noble lord desired the gentleman to be sent up stairs. lie was shown into his lordship's room. " Well, sir," said his lordship, " I am happy to inform you that it is perfectly true this great battle has been fought, and that the British troops have been again victo- rious." " I am exceedingly obliged to your lordship for your kindness in giving me the information : I am a ruined man," said the Stock Ex- change speculator, making a low bow and withdrawing. He had cal- culated on the triumph, at the next conflict, of Napoleon's army. He had speculated accordingly ; a contrary issue at once rendered him a beggar. MERCANTILE TRANSACTIONS IN SCOTLAND. It is not as in England, where, when an article is offered for sale, it is immediately purchased, or at once rejected as being too dear ; but here there is a long haggling and cheapening of every article suc- cessively offered. The relation of my transactions with a man will show the general mode of doing business. He bids me call again, which I do several times without doing any thing He wishes to be the last I do with ; but all cannot be last, and all have wished to be BO. After a few days, I get him to proceed to business : he objects to the price of the article I offer. He will not buy. I try to induce him, but do not offer to make any reduction. Says he, " You are over dear, sir ; I can buy the same gudes 10 per cent, lower ; if ye like to tak' off 10 per cent., I'll tak' some of these." I tell him that a reduction in price is quite out of the question, and put my sample of the article aside ; but the Scotchman wants it. " Weel, sir, it's a terrible price ; but as I am out o' it at present. LETTERS AND MISCELLANIES. 295 I'll just tak' a little till I can be supplied cheaper, but je maun tak' aff 5 per cent." "But, sir," says I, " -vrould you not think me an unconscionable knave to ask 10 per cent., or even 5 per cent., more than I intended to take V He laughs at me. " Hoot, hoot, mon, do ye expect to get -what 3''e ask ? Gude Lord ! an' I was able to get half what I ask, I would soon be rich. Come, come ; I'll gie ye within twa an' a half per cent, of your ain pi-ice, and gude faith, mon, ye'll be well paid." I tell him that I never make any reduction from the price I first demand, and that an adherence to the rule " saves much trouble to both parties." Weel, weel," says he, " since ye maun hae it a' your ain way, I maun e'en tak' the article ; but really I think ye are over-keen." So much for buying and selling : then comes the settlement. " Hoo muckle discount do ye tak' aff, sir ?" " Discount ! You cannot expect it. The account has been stand- ing a twelvemonth." " Indeed, but I do expect discount — pay siller without discount ! Na, na, sir, that's not the way here ; ye maun deduct 5 per cent." I tell him that I make no discount at all. " Weel, sir, I'll gie ye nae money at a'." Rather than go without a settlement, I at last agree to take 2i per cent, from the amount, which is accordingly deducted " I hae ten shillings doon against ye for short measure, and fifteen shillings for damages." " Indeed, these are heavy deductions ; but if you say that you shall lose to that amount, I suppose that I must allow it." " Oh, ay, it's a' right ; then, sir, eight shillings and four pence for packsheet, and thirteen shillings for carriage and portage." These last items astonish me. " What, sir," says I, " are we to pay all the charges in your business ?" But if I do not allow these to be taken off, he will not pay his account ; so I acquiesce, resolving within myself that, since these unfair deductions are made at settle- ment, it would be quite fair to charge an additional price to cover the extortion. I now congratulate myself on having concluded my busi- ness with the man ; but am disappointed. " Hae ye a stawmpe ?" asks he. " A stamp, for what ?" " Just to draw ye a bill," replies he. " A bill, my good sir ! I took off 2^ per cent, on the faith of bting 296 LETTERS AND MISCELLANIES. paid in cash." But he tells me it is the custom of the place to pay in bills, and sits down and aravrs me a bill at three months after date, payable at his own shop. " And v.'hat can I do with this ?" " Oh, ye may tak' it to Sir William's, and he'll discount it for you, on paying him three months' interest." " And what can I do with his notes V He'll gie ye a bill in London, at forty-five days." " So, sir, after allowing you twelve months' credit and 2^ per cent, discount, and exorbitant charges which you have no claim on us to pay, I must be content with a bill which wo are not to cash for four months and a half." " AVeel, weel — and now, sir," says he, " if you are going to your inn, I'll gang wi ye, and tak' a glass o' wine.'^ A HAMBURGH MERCHANT IN HIS COUNTING-HOUSE.* It was not six o'clock, yet I was already pacing my room with hasty and anxious strides, and my fellow lodgers must certainly have regretted my vicinity, in that I was the indiscreet disturber of their morning repose. Was ever poor author, through unforeseen circum- stances, betrayed into a more vexatious dilemma than was I at that moment, in the free Hans Town of Hamburgh ? My exchequer was exhausted, and my departure yet to be effected, with not a red cent left in my pocket. Mr. Marr, my friendly host, is good and kind- hearted, and not the man' to cut an unpaid account immediately from one's skin ; but the Prussian Schnellpost takes no passengers on credit, and on the next day, without fail, I must forth to Berlin. For the twentieth time had I rummaged through my letter-case, in the hope that some shrinking treasure-certificate, some modest letter of credit, might have crept into a corner, but in vain ! Stop ! what paper is that ? It is a letter which a well-wishing patron has given me, and which I have negligently omitted to present. The address is quite simple — " Ilerr Mohrfeld, Deich Street." I breathed aloud, " Perhaps this is the man from whom help is to reach me." I remembered that my patron had described him as the head of a very eminent mercan- • Translated from the German by T. P. Kettle for the Democratic Revmv. LETTERS AND MISCELLANIES. 297 tile house, whose acquaintance would greatly advantage nie. Speedily did I come to a decision — dressed myself, and with the stroke of eight left the hotel for Deich Street, where I expected my rescuing angel to appear to me. Stop! here, at the hop-market, I must pause a moment. Yonder is a short, thick-set man, in a blue overcoat, with a badly- combed brown hair, and whose ruddy face has a blunt and taciturn expression. He has bought a good fish, sent a porter away with it, and pursues his walk. lie has his hands crossed behind him — his eyes cast upon the ground — and with a low humming, turns into the Deich Street. Without his taking any notice of me, we strode together, and at last both stood still before the same house. There he re- covered from his thoughtful manner, and, looking steadily at me, asked in a suppressed tone, " Do you wish to speak-with any one here?" Vexed that so ordinary-looking a man should address me with so little ceremony, I answered with some haughtiness, " I have business with the house of Mohrfeld." He smiled, and then said earnestly, " I am Mohrfeld I" What ! and from this man, who buys his own fish, and appears in a threadbare coat, am I to expect help? Is this mean-looking personage the only dependence, in respect of his purse, of his novel-writing guest ? But he wag the only anchor of hope to which I could cling. With lightning haste I removed my hat, and said, with a most respectful air, " Pardon me ! — I had till now not the honor — I have" — here I drew the letter from my pocket — " a commission to deliver this letter." Ilerr Mohrfeld interrupted me. "Not now; by and by I will speak with you in the counting- room ; you must, however, wait awhile. Come" — he stepped into the house, and I followed. In the great hall all was activity. There were two great scales, on which workmen were weighing cofiee, as a clerk stood by with his memorandum^book. Mr. Mohrfeld looked on silently for a few moments, and was passing on, when a laborer threw down a bag of cofi"ee in a manner to burst it and scatter the berries upon the floor. "What gross carelessness!" tartly exclaimed the merchant ; and stooping to collect the scattered colfeo, continued, " Gather it all up, and put it again in the sack. Then have it properly mended ; and you, Mr. MoUcr, see that the bag is weighed afterwards, and if there is a loss, charge the amount to this improvident man. It shall be deducted from his week's pay." That is- hard," said the man. " Only a little cofiee" — " Only a little cofi'ee !" answered the merchant quickly. " He who despises trifles is not worthy of great things ; out of eight-and-forty shillings is composed a thaler ; and to one good vintage man}' warm 298 LETTERS AND MISCELLANIES. days are necessary. So ! not -n'ortli the trouble ? Negligence ia a great foiling, and ruinous to ordinary business. Mr. MoUer, when this man again, even in the smallest particular, displays his careless- ness, discharge him on the spot. I make you answerable." " Great God I" thought I, " for a handful of coffee, will he deprive a man of his bread ? How hard ! how cruel ! how will it go with mc?" A young man, dressed with great elegance, came now out of the office, bowed to the merchant, and was about to pass out of the door, but at a look from his employer, stood still. "What an appearance you make !" said Mohrfeld, disdainfully. " Is there to be a ball in my counting-house ? and where were you yesterday evening? If I am not in error, you were curvetting on a palfrey out at the Damn Door, and had no time to observe your em- ployer, who passed you on foot." " I beg a thousand pardons," answered the young man, turning blood-red in his face. " I" — " So good !" interrupted Mohrfeld. " I have nothing to do with that which my people do out of business hours, if they perform their duties punctually. But with you it is different. You have a poor mother who suffers for necessaries ; three uneducated brothers, two of whom I met yesterday barefoot, and that at a time of life when they should be in school. It would be more honor to you to attend to that, and to take care of your brothers, instead of dressing in the latest fashion, and capering upon a saddle-horse. Go to your busi- ness, sir." The young man became purple in the face, withdrew himself back- wards like a crab, and vanished through the door. The merchant strode through the store, and entered the counting-room, where I fol- lowed him. What a sight! A long and rather gloomy hall presented itself, with numerous desks, behind each of which stood a person busily writing or reckoning, and of whom I counted thirty. In an adjoining room sat many more. Not far from the door sat a rather elderly man at a counter, and near him stood several iron chests, and the association drew from me a deep sigh. " Well, Mr. Gaston," said the merchant, as he approached his cashier, "what news?" " But little," answered he quietly. " There is a demand for bills. We have, however, nothing to spare. In Li- vonia we have nothing, and on Genoa and Venice we have not more than our three ships loading for those ports require. Two value on New York, and one on Havana, that will be wanted, and I have no- LETTERS AND MISCELLANIES 299 tified them. Can you use any Copenhagen or Swedish paper at the current rates?" "No; there must be as little funds as possible locked up in paper. I shall need a large cash ' balance. Remember that." He passed on, and stood before a desk. " Were the goods sent yesterda,y on board the Artemisia, Mr. Kohler?" he asked. " Are the policies for the Pleil taken out, and has Captain Heysen got his papers?" "It is all attended to," said the clerk. " Here is the bill of lading ; here the policy, and the receipt of the captain." " Good ; your punctuality pleases me. Go on ; method is the soul of business. Take care of that sand, however. It has a slovenly ap- pearance to see it so scattered as on your desk." Mr. Mohrfeld had now arrived at his desk, which was secluded from the main hall by a rail. He pointed me to a chair, and began to ex- amine some letters that had waited his coming. A deep silence now pervaded the room, w^hich was broken only by the monotonous scratch- ing of many quills. No loud word was spoken, and seldom a sup- pressed whisper was heard. No notice was taken of me ; not a word was addressed to me, nor was a curious glance directed towards me. The merchant read through his letters, and called several young men to him, giving directions, but receiving no answers. " At one o'clock, all must be ready for signature. You, Mr. Becker, must take care that no more errors creep into your French letters. You are too quick, too hasty. Take example of Mr. Hart — his English letters are a master correspondence. Above all, I observe lately in your letters a worthless innovation. You use a pompous, verbose style, and em- ploy three lines where three words are suiScient. Abandon that. A flowery style is always a folly, and especially so in mercantile letters ; but it comes from the senseless novels and romances that you are eternally reading, and which will yet incapacitate you for every use- ful employment. I have warned you — take care for the future." This was a brilliant prospect ? What reception could a novel- writer expect from a man possessed of such views ? At this moment Mohrfeld turned to me, and said rather short, " Well, sir, about our business ?" " At your service," I stammered, and reached him mj letter ; but he had not opened it ere we were again interrupted. *' See there 1 good-morning. Captain Hej-sen," said the merchant, with animation. " You come, probably, to take leave ; a lucky voyage to you, and bring yourself and crew back in good health. Pay good attention to ship and cargo, and make me no 'general average' Your wife, say you ? Why, in any circumstances, let her apply to me at once. If you have a good opportunity, and avail yourself skilfully 300 LETTERS AND MISCELLANIES. of it, you may be back by Chrirjtmas. Well, adieu, Captain : you have" — here he glanced at the almanac — " no time to lose. It is now high -vrater ; you may lose the tide, and I am not pleased to have the ship anchored at Blankenese. Lucky voyage." The captain vanished, and another man took his place. " Good-morning, Mr. Flugge ; what have you to say V asked the merchant ; " I am well pleased with that last purchase of wood. You earned your commission with honor. When you have such another lot on the same terms, let me know. My ships must be employed. There are already three lying idle. As soon as the new stock arrives, let me know. Adieu." " I beg your pardon, sir" — this was directed to me — " that I keep you so long waiting ; but the current business takes precedence." " Good-morning, Pilot ! Already back. Is my ' Hope' gone to sea safely ?" " All as you wish, Mr. Mohrfeld," answered a robust Elbe pilot " The ship is a fost sailor, and not afraid of a breeze. Here is a letter from the captain. But I must to day on board another vessel. Perhaps I can take my pilotage with me V " That's of course. Pilot ; and for the quick pilotage, ten thalers more. Go to my cashier ; he will make it all right." " What do you want ?" This was addressed to a meagre-looking little man, with a bald head and snuffy nose, who, in a threadbare black coat and stooping pos- ture, stood before the wealthy merchant. " I beg a thousand pardons," he answered ; " I am Doctor Eck, from Frankfort. I have for a long time had in consideration the peculiar procreation of mankind, and at last have succeeded in the formation of a brilliant theory, that I intend to promulgate in a series of lectures ; and I would therefore solicit — " " I am sorry," interrupted the merchant ; " but I am opposed to all theories that cannot be promptly applied to the concerns of life. Away with your air-castles, fog-projects, and chimeras ! I am very sorry." The poor doctor perspired with anxiety ; and, scarcely able to speak, he looked pitiably at the subscription-list in his hand, and stammered out something of patrons and down-trodden sons of Minerva ; but his voice faded into an indistinguishable murmur. The merchant regarded him for a moment with a sarcastic smile, then took the list, and wrote a line. It must have been a very im- portant line, for the face of the doctor brightened with a heartfelt laugh as he busied himself to lay more papers upon the desk. The merchant motioned him away, saying, " No matter ! It is a pleasure to me when my signature can be of use to a meritorious and learned LETTERS AXD MISCELLANIES. 301 man, even if personally I derive no profit from his talents. Your theory and my practice are very different ; an interchange of ideas that are so directly opposed leads only to endless confusion. Fare- Avell I" The doctor retired, and made room for a man .Tvho pressed close up, and without further ceremony began : " Mr. Mohrfeld, your ' Fortuna' is quite ready, and can bo launched at any moment. I wish to knovr what time you will appoint ?" " Monday morning, Mr. Reich," answered the merchant. " I am well pleased with your prompt and efficient mode of business. Now, as young beginners should be encouraged, you may lay the keel of a new ship on my account. Try yourself at that. I passed your yard yesterday, and observed the order and industry with which it is conducted. Persevere in that manner. "Well ! remember Monday morning. Farewell ! "Who ai-e you V This was addressed to a poorly-clad woman, with pallid checks and eyes red with weeping, who now stood before him. At this nearly harsh address of the merchant, she looked anxiously up, and answered, " I am the wife of Bodmer, the man vsdio was so unfortunate as to f;ill from the loft and break his leg." " Shocking! very shocking 1 I am very sorry for Bodmer; he was an orderly man, and ever cheerfully performed his duties. But mv surgeon visited him ; what did he say ?" " He gives the best hope of saving my husband's life, but it will be a tedious sickness ; and who knows if the poor man will ever again be able to work ! "What, then, shall we, with our five poor children, do V " Have confidence in the man in whose service you have met the misfortune," ansAvered the merchant. " AYhat the patient needs of wine and strengthening food shall be furnished from my kitchen The Aveekly wages you will receive regularly on Saturday. Now go home, and remember me to your husband, whom I will soon visit." The woman through her tears rendered speechless thanks, and the merchant began reading my letter. " Your letter has rather an old date," said he, suddenly ; " I have long expected it. Y'our circumscribed time has probably' prevented an earlier call ?" I stammered out a lie, something about my indisposition to disturb 60 active a business man, and that at the moment I was in great necessity. He did not let me finish, but went on : — l6 302 LETTERS AND MISCELLANIES. " You are here liigbly I'ecommended to me. If I can do any thing for you, speak freely. Persons away from home frequently stand in need of aid." This was the moment to speak of the deep ebb of my purse ; but oh ! the false shame — the words would not leave my lips. "Nothing?" he proceeded. " Well, on another occasion, perhaps. Come, however, on Sunday to my cottage before the Damn Door, and take a spoonful of soup with me. Men of business have on Aveek- days but small leisure to bestow on mere conversation." Here was my dismissal ; but without money, however, I could not go. I was completely cleaned out, and must travel. At this moment, there came to my rescue a clerk, who handed between the desk and myself a letter brought by an express, addressed to Mr. Mohrfeld. It was instantly opened and read, and was probably of a favorable na- ture, as a pleasing smile played round the lips of the merchant ; but suddenly, as if betraying a weakness, it again Tanished, and he laid the letter with accustomed unconcern on one side. As he did so, his glance again fell on me. " Any thing further to command, sir ?" Now must I speak, cost what it will. I stepped close to his chair, bowed my lips to his ear, and yjoured forth a multitude of words, among which the most emphatic were, "want of mon«y." To an elegant construction of sentences at such a moment, would even De- mosthenes have given no thought. The merchant stared at me with wondering eyes, then took my letter in hand, and again read it through with close attention ; after which he wrote a line under it and handed it to me, saying, " Here, sir ; have the goodness to baud this to my cashier. I shall depend on seeing you at my table on Sunday ; for the present you will excuse me." I bowed silently, and soon stood before the man surrounded vrith iron chests. He took the letter, and said, " You have to receive one hundred marks courrant. Will you please give a receipt ? Here is the money." " And here, sir, is your receipt," cried I, with a lightened heart, as I thrust the fifty-one thalers, nineteen and two-thirds shillings into my pocket, hurried out of the office into the free air of heaven, and turned towards the Alster Hall, in the elegantly-decorated rooms of which I speedily enjoyed a substantial breakfast. LETTERS AND MISCELLANIES. 303 LEAVES FROM A MERCHANT'S EXPERIENCE. In compliance with the " Request to the Reader," (to which I respectfully invite the attention of all,) a merchant of twenty years' standing has kindly sent me the following interesting leaves from the note-book of his own experience, illustrative of certain sound mercantile principles. I RECOLLECT a circuuistance that occurred to me at the commence- .nent of my business life, nearly twenty years ago. I had purchased the stock, goodwill, &c. of a large wholesale establishment, in a city not a thousand miles from your present residence. A few days after my induction into this establishment, an old merchant, who had in past time, been a formidable competitor of my predecessor, called to see me. He had on several occasions manifested an interest in me, and now came to proffer his advice. "You have commenced business," said he, "under favorable ausi)ices, and, under God, your success depends upon yourself. I am an old man, and have been intimately acquainted with all the myste- ries of your trade for more years than you have lived. And now 1 tell you, you are doing wrong in selling to Goodman & Prompt." " Why?" said I in astonishment, " there are no men buying in this market who have a better reputation, and I have exerted myself immensely to get them to make this bill." " It is true," replied my interlocutor, " but they are not the sort of men you ought to sell to — they hiuj too largely. ]My advice to you is, do not sell more titan § 2000 worth of goods to any one man or Jirm at one time. If you have ten such customers, it is probable that nine of them will pay you, but one in the ten will give you trouble ; and should one of them fail to pay you, you will lose all the profit made on the goods sold to the other nine." — So saying the old gentle- man left me. I was convinced of the trutli and justice of his remarks, but I could not now do otherwise than send the goods. Mr. Prompt had bouglit the bill, given his note, and gone home. I had "drummed" him more assiduously than I ever drummed afterwards. I had sold him S 2200 worth of goods — by far the largest bill I ever sold before or since. My profit was small, it is true ; but it was my first large sale, and I hoped I had made a customer. So the goods were sent. Six months afterwards, Mr. Prompt again appeared in our city He paid me $2200 in par funds, bought a bill amounting to $1200, 304 LETTERS AND MISCELLANIES. nnd thirty days thereafter remitted me a check for this amount, less the discount. Goodman & Prompt were very desirable customers, and my doubts and fears were given to thewinds. They dealt with me regularly, sometimes paying cash, sometimes buying on six months — but always paying — until one fatal year they failed, owing me % 2500, of which I never received a dollar. They had " over- traded," — and in their assignment to cover confidential debts, they gave up every cent they were worth. I believe they were perfectly honest and upright men, and I would sell either of them a small bill to day, if I were in business. They w^ere very unfortunate, and so was I. I should mention that they owed me for tico bills — the first §1800, I had extended for them, and assured Mr. Goodman that " it made no difference," as I could easily get the money for his note with my endorsement ; and I sold him another bill of $700 without fear or doubt. At this time I had not learned that it is always bad policy to " lap bills." •X- ***** * My esteemed mentor, to whom I referred in a former letter, fre- quently gave me the following advice : ''Attend," said he, " ^o ?/oMr legitimate busi7iess. You will find that it requires all your energies to keep that under your own control : so that you cannot afi"ord to give time and attention to mere speculations. Moreover you will almost inevitably lose in the long run, if you encourage a speculating spirit. But above all, I warn you against going out of your own line of business. If you do venture, let it be in articles in which you con- stantly deal." This was the substance of advice with which Mr. B. In his kindness and friendship frequently favored me. But it required a little expe- rience to teach me the value and sound wisdom of his counsel. One of my Tennessee customers sent me 3000 lbs. of beeswax, with instructions to sell it, on arrival, and credit his account with the proceeds. I had frequently received similar remittances, but the lots had heretofore been small, and the product trifling, and the sales had been confided to one of my clerks. But this shipment was worth nearly $1000, and I determined to give it my personal attention — especially as it came from a valuable customer whom I was anxious to please. Therefore, when the beeswax arrived, I had it hoisted to the fourth floor of my warehouse, and all the barrels opened ; and then I called on several dealers and invited them to examine the article and give me an offer for the lot. Alas! beeswax happened to be very "dull" iust at that time, and of all the parties I invited, only one came to see LETTERS AND MISCELLANIES. 305 the wax. He was a shipping merchant, engaged largely in the South American trade, and appeared to he better informed in beeswax sfaiisiics than any of the other dealers. I well remember liis offer and his remarks on the subject. He said, " I will give you 22| cents cash, for the lot. This is rather above the market ; but the article is very fine, and I think it may be higher some day." I enquired where he sold it, and found that he was in the habit of shipping it occa- sionally to South America. After a little deliberation, I declined taking his ofi"er, and suddenly resolved to keep it myself, and wait for the advance in price. I argued, that " it did not really cost an outlay, as my customer's account was not due, and would not mature for nearly four months ; and before that time, I would doubtless be able to sell it at such an advance as would repay me for waiting." Accordingly I sent an account sales at 22J cents, having first ascer- tained that I could not get this price for it from any other house than the one referred to above. The wax was headed up, and I eagerly watched for the expected rise. I examined old price-currents, and found it sometimes quoted at 26, and once, I think, at 28 cents. I talked about beeswax to all the wholesale druggists I knew ; and was surprised to discover that they did very little with the article : in fact, in the whole city, I could not find one who would invest GOO or 700 dollars in it at 20 cents ; that is for their regular sales ; as the market price was about 22 cents for six months after I received it ; and I suppose I could have sold it at that price, any day, to the shippers. I kept that horrid beeswax on hand thirti/ months ! At last there was a slight advance. It was quoted at 24i cents. I went imme- diately to my South American friend, and asked for another ofier. Imagine my disgust, when he informed me that " he was not in the market. The price was too high, and it would probably be down to 22 or 22j cents again in a week." I assure you that I was heartily sick of the very name of beeswax ; and when he ofi"ered me 23i cents, " on account of the extra quality of the lot," I accepted at once, and the wax was delivered to him the same day. I should remark, that the quotation 24J cents was in a Boston paper, and I would have made nothing by shipping it there, as freight, brokerage, &c., would have more than swallowed the difierence. My loss, in interest, loss of weight, &c., was very nearly §100. After all I got the experience at a modei'ate price. E. B. D Washingtox, D. C, Jcmnary 7, 1853. 28* ]06 LETTERS AND MISCELLANIES. P. T. BARNUM'S KULES FOR SUCCESS IN BUSINESS I HAVE delayed the further progress of "this book some three weeks, to obtain the opinion of one who is known all over the world as the ablest tactician, and one of the most successful business men of the age, and I am happy to say it is worth waiting for. Had I received it earlier, I would have been tempted to affix it to the encomium which I passed upon McDonogh's, as the ''most valuable opinion upon record." It is certainly a volume within itself. I am sure my friends the editors will, after a while, be wanting a slice of it for the benefit of their readers, and they are most wel- come to it ; but, gentlemen, do not, I pray you, forget to mention the source from v/hich you obtained it, or to tell your readers that " there are a few more of the same sort left." Amidst the multi- plicity of books, there is danger that those which may have the best effect will be unheard of by the public without your fostering care. In the following letter, Mr. Barnum has given me authority to make alterations, &c., which I have not made, because I see no need of any, and for fear of spoiling it. It is possible that his remarks on advertising should be slightly qualified, to be good advice to all men — for a man should be first certain that his articles are really good in themselves, and would be popular if genercilfy known ; and, secondly, he should be certain of his own strength — that is, he should be a Barnum before he attempts to rival a Bi?r- num. Bridgeport, June 28, 1852. Edwin T. Freedlet, Esq. Dear Sir : Upon receiving your telegraph dispatch on Saturday, that you are waiting at an expense for my letter, I telegraphed you that you should receive it on Wednesday, but on reflection 1 deter- mined to keep you no longer waiting, so I sat right down and wrote the inclosed. I fear that it is not what you want — but such as it is, I send it. Very likely the grammar may need correcting, and I also give you full liberty to curtail and leave out any thing you please, and make any alterations and additions that you please, provided you do not alter the general meaning and spirit of the article. LETTERS AND MISCELLANIES. 307 I hope you will be successful iu your publication, and I shall be glad to purchase a copy of the work when it is completed. Truly yours, P. T. BARNUM. I can scarcely expect to offer any thing new on the subject pro- posed, but will name a few rules that I am convinced, from experience and observation, must be observed in order to insure success in busi- ness. 1st. Select the kind of business tliat suits your natural inclinations and temperament. — Some men are naturally mechanics ; others have a strong aversion to any thing like machinery, and so on ; one man has a natural taste for one occupation in life, and another for an- other. " I am glad we do not all feel and think alike," said Dick Homespun, " for, if we did, every body would think my gal, Sukey Snipes, the sweetest creature in all creation, and they would all be trying to court her at once." I never could succeed as a merchant. I have tried it unsuccess- fully several times. I never could be content with a fixed salary, for mine is a purely speculative disposition, while others are just the re- verse, and therefore all should be careful to select those occupations that suit them best. 2d. Let your pledged tcorcl ever he sacred. — Never promise to do a thing without performing it with the most rigid promptness. Nothing is more valuable to a man in business than the name of always doing as be agrees, and that to the moment. A strict adherence to this rule gives a man the command of half the spare funds within the range of his acquaintance, and always encircles him with a host of friends, who may be depended upon in almost any conceivable emergency. 3d. Whatever you do,dotvith all your might. — Work at it, if neces- sary, early and late, in season and out of season, not leaving a stone unturned, and never deferring for a single hour that which can just as well be done noio. The old proverb is full of truth and meaning, " Whatever is worth doing at all, is worth doing well." Many a man acquires a fortune by doing his business thoroughly, while his neigh- bor remains poor for life, because he only half does his business. Ambition, energy, industry, and perseverance, are indispensable re- quisites for success in business. 4th. Sobriety. Use no description of intoxicating drinks. — As no man can succeed in business unless he has a brain to enable him to 338 LETTERS AND MISCELLANIES. lay his plans, and reason to guide him in their execution, so, no mat- ter how bountifully a man may be blessed "with intelligence, if his brain is muddled, and his judgment warped Ijy intoxicating drinks, it is impossible for him to carry on business successfully. IIov/ many good opportunities have passed, never to return, while a man was sip- ping a " social glass" with his friend ! How many a foolish bargain has been made under the influence of the nervine, which temporarily makes its victim so rich ! How many important chances have been put off until to-morrow, and thence for ever, because the wine-cup has thrown the system into a state of lassitude, neutralizing the energies so essential to success in business. The use of intoxicating drinks as a beverage is as much an infatuation as the smoking of opium by the Chinese, and the former is quite as destructive to the success of the business man as the latter. 5th. Let hope predominate, hut he not too visionary. — Many persons are alway kept poor, because they are too visionary. Every project looks to them like certain success, and therefore they keep changing from one business to another, always in hot water, and always "under the harrow." The plan of " counting the chickens before they are hatched," is an error of ancient date, but it does not seem to improve by age. 6th. Do not scatter your poivcrs. — Engage in one kind of business only, and stick to it faithfully until you succeed, or until you con- clude to abandon it. A constant hammering on one nail will gene- rally drive it home at last, so that it cannot be clinched. When a man's undivided attention is centered on one object, his mind will con- tinually be suggesting improvements of value, which would escape him if his brain were occupied by a dozen diiferent subjects at once. Many a fortune has slipped through men's fingers by engaging in too many occupations at once. 7th. Engage proper employees. — Never employ a man of bad habits, when one whose habits are good can be found to fill his situation. I have generally been extremely fortunate in having faithful and com- petent persons to fill the responsible situations in my business, and a man can scarcely be too grateful for such a blessing. When you find a man unfit to fill his station, either from incapacity or pecu- liarity of character, or disposition, dispense with his services, and d-> not drag out a miserable existence in the vain attempt to change his nature. It is utterly impossible to do so. " You cannot make a silk purse, &c." He has been created for some other sphere ; let him find and fill it. LETTERS AND .MISCELLANIES. 80!) 8th. Advertise your business. Do not hide your ligld under a bushel. — Whatever your occupation or calling may be, if it needs support from the public, advertise it thoi'oughly and efficiently, in some shape or other, that ■will arrest public attention. -I freely confess that wliat success I have had in life may fairly be attributed more to the public press than to nearly all other causes combined. There may possibly be occupations that do not require advertising, but I cannot well con- ceive what they are. Men in business will sometimes tell you that they have tried advertising, and that it did not pay. This is only when advertising is done sparingly and grudgingly. Homoeopathic doses of advertising will not pay, perhaps — it is like half a potion of physic-'— making the patient sick, but effecting nothing. Administer liberally, and the cure will be sure and permanent. Some say " they cannot afford to advertise ;" they mistake — they cannot afford not to advertise. In this country, where every body reads the newspapers, the man must have a thick skull who does not see that these are the cheapest and best medium through which he can speak to the public, where he is to find his customers. Put on the appearance of business, and generally the reality will follow. The farmer plants his seed, and while he is sleeping his corn and potatoes are growing. So with advertising. While you are sleeping or eating, or conversing with one set of customers, your advertisement is being read by hundreds and thousands of persons who never saw you, nor heard of your busi- ness, and never would, had it not been for your advertisemeut appear- ing in the newspapers. The business men of this country do not, as a general thing, begin to appreciate the advantages of advertising thoroughly. Occasionally the public are aroused at witnessing the success of a Swaim, a Brandreth, a Townsend, a Ilanford or a Root, and express astonishment at the rapidity with which these gentlemen acquire fortunes, not reflecting that the same path is open to all who dare pursue it. But it needs nerve and faith — the former to enable you to launch out thousands on the uncertain waters of the future ; the latter to teach you that, after' many days, it shall surely return, bringing an hundred or a thousand fold to him who appreciates the advantages of printers' ink, properly applied. 9th. Avoid extravagance ; and always live considerably within your income, if you can do so without absolute starvation ! — It needs no prophet to tell us that those who live fully up to their means, without any thought of a i-everse in life, can never attain a pecuniary inde- pendence. A brief reference to my own history may, perhaps, serve to illustrate this part of the subject. By the death of my flithei in .'ilO LETTERS AND MISCELLANIES. 1826, I was thrown upon the world at the age of sixteen, dependent solely upon my own resources for support. 1 never found any diffi- culty in making money, but the thought did not occur to me (during fifteen years), of trying to save. At one time, when lotteries were lawful in my native State (Connecticut,) I was extensively engaged in the sale of tickets, and my profits were enormous, sometimes as high as five hundred dollars per day — but I thought very little of trying to lay up money ; I could always easily manage to expenc my income, let it be ever so great. In 1841, I purchased the Amei'ican Museum in New York, without a dollar, for I was not worth a dollar in the world. But I was never disheartened ; I always felt that I could make money fast enough, if I only sot my mind to it. I remember meeting a friend in Broadway a few weeks before I came in possession of the Museum. "Well," says I, "Mr. A., I am going to buy the American Mu- seum." *' Buy it !" says he, for he knew I had no property. " What do you intend buying it with ?" "Brass," I replied, " for silver and gold I have none." It was even so. Every body who had any connection with theatrical, circus, or exhibition business, from Edmund Simpson, manager of the Old Park Theatre, or Wm. Niblo, down to the most humble puppet- showman of the day, knew me perfectly well. Mr. Francis Olmsted, the owner of the Museum building (now deceased), a noble, whole- souled man as one often meets with, having consulted my references, who all concurred in telling him that I was a " good showman, and would do as I agreed," accepted my proposition to give security for me in the purchase of the Museum collection, he appointing a money- taker at the door, and crediting me, towards the purchase, all the money received after paying expenses, allowing me fifty dollars per month, on which to support my family, consisting of a wife and three childi'en. This was my own proposition, as I was determined so to live, that six hundred dollars per annum should defray all the expenses of my family until I had paid for the Museum ; and ray treasure of a wife (and such a wife is a " treasui'e") gladly assented to the arrangement, and expressed her willingness to cut the expenses down to §400 per annum if necessary. One day, some six months after I had purchased the Museum, my friend Mr. Olmsted happened in at my ticket-office, at about 12 o'clock, and found me alone, eating my dinner, which consisted of a few slices of corned beef and bread that I had brou'iht from home in the morning. LETTERS AND MISCELLANIES. 311 "Is ihis the way you eat your dinner?" he inquired. " I liavo not eaten a Trarni dinner since I bought the Museum, ex- cept on the Sabbath/' I replied, " and I intend never to eat another on a week day, until I get out of debt." " Ah ! you are safe, and will pay for the Museum before the year is out," he replied, slapping mc familiarly on the shoulder, and he was right, for in less than a year from that period I was in full pos- session of the Museum as my own property, every cent paid out of the profits of the establishment. Had I been less economical, and less determined, my expenses would have kept pace with my income; I should have lost much valuable time in going home every day to my dinner ; and my present situation would probabl}' have been very different from what it is. Men and women, accustomed to gratify every whim and caprice, will find it hard at first to cut down their various unnecessary ex- penses, and will feel it a great self-denial to live in a smaller house than they have been accustomed to, with less expensive furniture, less company, less costly clot^hing, a less number of balls, parties, theatre-goings, carriage-ridings, pleasure excursions, cigar-smokings, liquor-drinkings, &c. &c. &c. ; but, after all, if they will try the plan of laying by a " nest-egg," oi-, in other words, a small sum of money, after paying all expenses, they will be surprised at the pleasure to bo derived from constantly adding to their little " pile," as well as from all the economical habits which follow in the pursuit of this peculiar pleasure. The old suit of clothes, and the old bonnet and dress, will answer for another season ; the Croton or spring water will taste better than champagne ; a brisk walk will prove more exhilarating than a ride in the finest coach ; a social family chat, an evening's reading in the family circle, or an hour's play of "hunt the slipper," and " blind man's buff," will be far more pleasant than a fifty or a five hundi-ed dollar party, when the reflection on the difference in cost is indulged in, by those who begin to know the jjZeasj/re of saving. Thousandsof men are kept poor, and tens of thousands are made so after they have acquired quite sufficient . to support them well through life, in consequence of laying their-plans of living on too ex- pensive a platform. Some families in this country expend ?20,000 per annum, and some much more, and would scarcely know how to live on a smaller sum. Prosperity is a more severe ordeal than ad- versity, especially sudien prosperity. " Easy come, easy go," is an old and true proverb. Pride, when permitted full sway, is the great undying canker-worm which gnaws the very vitals of a man's world! v ol'2 LETTERS AND MISCELLANIES. j.osscssions, let them Le small or great, hundreds or millions. Many persons, as they begin to prosper, immediately commence expending for luxuries, until in a short time their expenses swallow up their income, and they become ruined in their ridiculous attempts to keep up appearances, and make a " sensation." I know a gentleman of fortune, who says that, when he first liegan to prosper, his wife looidd have a new and elegant sofa. " That sofa," he says, " cost me thirty thousand dollars \" The riddle is thus ex- plained. When the sofa reached the house, it was found necessary to get chairs " to match," then sideboards, carpets, and tables, " to correspond" with them, and so on through the entire stock of furni- ture, when at last it was found that the house itself was quite too small and old-fashioned for the furniture, and a new one was built "to correspond" with the sofa and ct ceteras ; "thus," added my friend, " running up an outlay of $30,000 caused by that single sofa, and saddling on me, in the shape of servants, equipage, and the ne- cessary expenses attendant on keeping up a fine * establishment,' a yearly outlay of eleven thousand dollars, and a tight pinch at that ; ■whereas ten years ago, we lived with much more real comfort, be- cause with much less care, on as many hundreds. The truth is," he continued, " that sofa would have brought me to inevitable bank- ruptcy, had not a most unexampled tide of prosperity kept me above it." 10th. Do not depend upon otlics. — Your success must depend upon your own individual exertions. Trust not to the assistance of friends, but learn that every man must be the architect of his own fortune ; and with proper attention to the foregoing rules, and such observa- tions as a man of sense will pick up in his own experience, the road to competence will not, I think, usually be found a difficult one. P. T. BARNUM. Bridgeport, Conx., June 28, 1852. A REQUEST TO THE READER. I WILL be greatly indebted, and make due acknowledgments to all ■who will favor me with any facts in their possession, derived, from their experience or observation, not to be found in books, that will enhance the interest and usefulness of this book. I should like to have a large number of lettei's for insertion, under the head of " Let- tei's and Miscellanies," with the names of the writers to be appended A REQUEST TO THE READER. 313 or without them — with a mention of their business, and thus maae it; of pecuniary benefit to them, or without it, as they choose. There is not one man in a million whose experience would fill a book or a pamphlet, that would be worth the reading; but, I believe that one out of every five has some fact — some peculiar incident of history — some anecdote illustrative of a principle, or giving an insight into human nature — some adventure that caused trouble or loss through a neglect that others should be warned against — some thought, opinion, or fact, that would be interesting and important for all to know. In conversation we frequently hear them detailed, and this is an excel- lent opportunity to collect them together. By united co-operation we can make the most interesting, and, perhaps, really useful book that has been published lately. On the subject of failures in business, I have no doubt that a great many valuable facts could be elicited, if we knew where to apply. I beg leave to state, that it is not general rules, nor general advice that we noiv want — for Franklin, McDonogh, Grigg, and Barnum have, perhaps, exhausted the subject — but it is a condensed statement of special facts as they occurred in the course of an individual's business experience, with the important lesson they taught him ; as, for in- stance, " At such a time I neglected so and so, and the consequence was, I involved myself in trouble and lost money : At another time, I managed thus, and made money, or recovered a doubtful debt," &c. I respectfully solicit from a few of those who are known as first-rate salesmen, an analysis of the mode by which they appreciate character so quickly, and accommodate themselves thereto, and will guarantee them against all harm in revealing secrets, or danger that the world will ever become too wise. I also assure them that the few who are continually on the watch for information, and have the sense to take advantage of hints, are worth all the trouble. Have the kindness to mention this to your friends, and may pros- perity attend you 1 27 LEGAL ADYICE USEPUL SUGGESTIONS PTIRCIIASERS OF THIS BOOK. LEGAL ADVICE AND USEFUL SUGGESTIOInS. As the public has been disposed to treat this book with unmer- ited kindness — two editions having been sold in a few weeks, and a third called for — I feel under obligations to make it, if possible, a profitable investment to all who purchase it; and I have thought that some legal advice, in matters of daily concern, would be acceptable to all and useful to many. Though not a lawyer by profession, I had the advantage some years ago, of "delving in its mines," at the law school of Harvard University, and I give these remarks and advice as the teachings of Simon Greenleaf, late Royal Professor of Law at that institution. The starting-point of the majority who engage in business, is the situation of Clerk or Agent ; and we commence with some remarks applicable to the relation of AGENCY. It is a general rule of law, that whenever a person has power to do a thing, he may consequently, as incident to his right, do it by attorney or agent. If a person be appointed a general agent, as in the case of a factor for a merchant residing abroad, the principal is bound by all his acts . but an agent constituted for a particular purpose, and under a limited and circumscribed power, cannot bind the principal by any act ex- ceeding his authority. Every general power necessarily implies the grant of every mattei: necessary to its complete execution. An attorney who has power to convey land has necessarily the power to receive the purchase- money. 27* (317) ol8 LEOAL ADVICE. In the appointment of a general agent, as he is hound hg all his acts, a man should take partiadar care %ohom he aidhorizes, or it may he of the most fatal consequence to him. If a person on a former occa- sion, in the principal's absence, usually accepted bills for him, and the latter on his return approved thereof, he would be bound in a similar situation on a second absence from home ; and it has been hel'i that if a person usually subscribes an instrument -with the name of another, proof of his having done so in many instances, is sufficient to charge him ^Yhose name is subscribed without producing any power of attorney. When a clerk who has been empowered to draw or accept the bills of exchange in his employer's name, leaves his service, it is always prudent in the latter to give express notice of such facts to all his cor- respondents individually, for he may be bound by the acts of such clerk subsequently to leaving his service. A general notice in a newspaper is not sufficient to affect a former customer, unless he had express notice thereof. When an agent has deviated from his orders, and you do not intend to assent to it, give immediate notice of your dissent. — Silence is con- sidered in law an equivalent to a ratification. Be cautious in sanctioning acts unauthorized hy you, even if they are apparently insignificant or to your advantage. — Permitting a man to act as agent, and repeatedly adopting such acts, confers an implied authority upon the supposed agent, and gives the public a right to suppose him clothed with authority. To agents we say: 1, Never employ the funds of your principal, either his property or credit in your own hehalf, for you exjyose yourself if the adventure is a losing one to hear the loss, and if a gaining one to lose the profit. It is optional with the principal to disavow such transac- tions of agents, or to claim the benefit of them. It is also a general principle of law, that if the agent attempt to buy the goods he has on sale for his principal, without the express consent of the latter, after full knowledge, the latter may at his election either hold him to the bargain as purchaser, or refuse it and hold him to account for any greater price or value which has been or can be obtained for it at the same time. 2. Always disclose your character as agent. — If this be not done, a person with whom you deal has the right to hold you as the actual party ; and has also the right, on discovering your principal, to resort directly to him. Yourself and principal are both bound; 3. Be careful, in signing ohligations as agent, not to vsc language im- LEGAL ADVICE 319 porting personal obligai ion on your pari. — The mere use of tlie word " Agent," -will not relieve from personal responsibility, unless the principal's name appear on the face of the paper. The agent should always in his own signature, express both the principal's name and his own. 4. Verbal communication is in most cases valid authority for the appointment of an agent, but he should in all cases demand some written evidence of his authority, as he is always responsible, that he is authorized to do such acts as he professes to execute. An agent who acts without or beyond his authority, binds himself and not his principal. There should be two parts of a power of attorney — one kept by the person to whom it is given, the other kept by the person interested. 5. Where the auihoriii/ is not discretionary, obey orders strictly what- ever may he the consequence to your principal. For a deviation from orders there is no excuse. If goods be consigned to sell on arrival, the agent must sell on the first opportunity, and cannot wait for a change in the market, whatever may be his knowledge or desire to benefit his principal. By saying, however, that he must sell at the first opportunity, is not meant that he must close with the first ofier, be it what it may ; but it is meant that the agent must not in such case attempt to wait any change of times, but must make the sale without delay, at the best price, and on the best terms he can then do. 6. Where the language of your principal is obscure, ambiguous, or contradictory, construe it strictly ; that is, do not infer that it containR more than it clearly implies. If you err by strict construction, you are on the safe side, and not exposed to exceed your power. 7. Always keep your princijjal constantly instructed as to your pro- ceedings. The duty of keeping up correspondence is considered in law a part of the reasonable diligence due the principal, for the con- sequences of a want of which the agent must sufier ; but aside from law, it is a duty which the agent owes to himself as a true man of business. There are few things more annoying than not to receive advices concerning matters in which one is interested, and not to re- ceive prompt answers to letters is a downright insult. A neglect of business correspondence is prima facie evidence of incapacity. In dealing xcith an agent, always demand satisfactory evidence of his authority to act for his principal. By a neglect of this — as the act of an agent who exceeds his authority does not bind his principal — your contract may be an invalid one. 3l0 . AND USEFUL SUGGESTIONS. BILLS OF EXCHANGE AND PROMISSORY NOTES. Bills of Excliange are either foreign or inland. They arc foreign wlicn drawn by a person residing in one country upon a person re- sidinj!; in another ; as where a bill is drawn in Philadelphia upon a merchant residing in Liverpool ; and inland, when both the drawer and the drawee reside within the same State or kingdom. The latter are usually called drafts. A Fromissory Note is defined to be a direct engagement in writing to pay a sum specified, at a time therein limited, or on demand, to a person therein named, or his order, or to the bearer. Checks nearly resemble bills of exchange, and differ from them in this respect, that they are mostly made payable to bearer, and should be drawn upon regular bankers. Bills of exchange and negotiable promissory notes are distinguished from all other parol contracts, by the circumstance that they are prima facie evidence of valuable consideration, both between the ori- ginal parties and against third persons. In an action by the bona fide holder of a negotiable note, received before due, against the maker, the consideration cannot be inquired into, if the instrument be not in its creation void. The holder of a bank check is priina facie the rightful owner, and is not bound to prove a consideration unless circumstances of suspi- cion appear. Whenever the holder of negotiable paper has notice, either posi- tively or constructively, of any equity subsisting between the original parties, he takes it subject to such equity. The parties concerned in a draft or bill of exchange are the drawer, or the party who draws the bill ; the drawee, or the party on whom it is drawn ; and the payee, or party in whose favor it is di-awn. When the drawee has accepted the bill he becomes the acceptor. When the payee assigns his right, by writing his name on the back, he becomes an indorser. Indorsements are made either in blank, in full, or restrictive. An indorsement in blank is by far the most common, and is made by the mere writing of the indorser's name on the back of the bill, without any mention of the name of the person in whose favor the indorse- ment is made. A blank indorsement makes a bill transferable to the indorsee by mere delivery ; and its negotiability by that method cannot be restrained by any subsequent indorsement in full, Vcauso AND USEFUL SUGGESTIONS. 321 the holder, by delivery, may consider himself as the indorsee of the payee, and strike out all the subsequent indorsements, whether special or not. An indorsement in full is so called, because the indorser expresses therein in whose favor he makes the indorsement ; as, " pay the con tents to A. B. or order." A restrictive indorsement gives a bare authority to receive the money, without power of transfer ; as " pay to A, for my use," or to " J. S. only." In drawing a bill or note, attention should be paid to the following matters : 1. That it be properly dated. 2. That the time of pay- ment be clearly expressed. 3. That it contain an order, at least a request to pay. 4. That in case of a foreign bill, drawn in sets, each set contain a proviso that it shall be payable only in case the others are not paid. 5. That it be clearly expressed to whom the bill is pay- able. 6. That where the instrument is intended to be negotiated, words of transfer be inserted. 7. That the money to be paid be dis- tinctly and intelligibly expressed. 8. That in certain cases " value received," be inserted. 9. That the drawer's name be clearly signed. 10. That the bill be properly addressed to the drawee. 11. That where the bill is to be paid at a certain place, that place be properly described. I. Where there is danger of loss, have the bill, note, or check made payable " to order ;" and in such cases, it is advisable for the indorser to fill up blank indorsements, so as to make it an indorsement in full.— If the holder of a foreign or inland bill of exchange, check, &c., trans- ferable by mere delivery, lose or be robbed of it, while in his pos- session, and it get into the hands of a person who was not aware of the loss, for a sufficient consideration, previously to its being due, such person, notwithstanding he derived his interest in the bill, &c., from the person who found or stole it, may maintain an action against the acceptor, or other parties, and the original holder, who lost it, will forfeit all right of action ; and, if a person who has not given a consideration for a lost or stolen bill, transferable by mere delivery, presents it to the li wee, at the time it is due, and he pay it before he has notice of tb » loss or robbery, such drawee will not, in general, be liable to pay it over again to the real owner. (Chitty on Bills, 171.) But, where a bi'l is assignable, by indorsement, no interest can be conveyed, otherwise than by that act ; and a person getting posses- sion of it, by a forgp i indorsement, will not acquire any interest in it, although he was not aware of the forgery. Consequently, the ori- 822 LEGAL ADVICE ginal holder, when he has regained possession of the bill, can recover against the acceptor and drawer, although the acceptor may have paid the bill. If the bona Jide owner of a bank note cut it into two parts, and send the parts in diSerent letters, and onp of them be stolen or lost, he may recover the whole amount from the bank, on producing the other ; and, a notice by the bank, that notes voluntarily cut by the owner, would not be paid unless all the parts should be brought to- gether, does not alter the law, although the notice was seen by the party by whom the notes were cut. {Martin vs. U. S. Bank.) No person should refuse to pay a bill which he has accepted to the loser, on the ground of its having been lost, if he has suflScient secu- rity and indemnification ofi'ered to him ; and a court of equity has jurisdiction to enforce payment of the amount of a negotiable note so lost, upon sufficient indemnity being given. It is said that if one part of a foreign bill of exchange, drawn in Bets, be lost by the drawee, or be by him given to a wrong person ; or if, by any other means, the holder cannot have a return of the bill, either accepted or not accepted, the drawee must give to the holder, or to his order, a promissory note for payment of the amount of the bill, on the day it becomes due, on delivery of the second part, if it arrive in time, or if not, upon the note ; and if the acceptor refuse to give the note, the holder must demand the money, though he have neither note nor bill ; and if payment be refused, a protest must be regularly made for non-payment. (Bul. Nisi Pri. 271.) In all cases, if a bill of exchange be lost, and a new one cannot be had from the drawer, a protest may be had on a copy. II. Ahvays present bills for acceptance as soon as possible; and pre- sentment should, in all cases, be made during the usual hours of business. — It is clearly established, that a valid acceptance may be in writing, on the bill itself, or on another paper, as by a letter undertaking to accept bills already drawn, or it may be verbal. Where a bill, pay- able after sight, is accepted, it is usual and proper, also, to write the day on which the acceptance is made. An acceptance, may be implied as well as expressed ; and it may be inferred, from the drawee's keeping the bill a great length of time, or by any other act which gives credit to the bill, and induces the holder not to protest it. A verbal or written promise to accept at a future period a bill al- ready drawn, or that a bill then drawn shall meet due honor, or a promise of the same nature, as " leave the bill and I will accept it," AND USEFUL SUGGESTIONS. 323 amounts to a complete and absolute acceptance in the hands of a bonajide holder, although the drawee had no consideration for the pro- mise. The holder of a bill is not bound to receive an acceptance, which varies in any respect from the tenor of the bill ; but if he do receive a, 2}artial or conditional acceTptdnce, and mean to avail himself of the acceptance, he should immediately give notice to the other parties to the bill of the fact, and express in his notice the nature of it. The doctrine is well established, that the acceptor is bound to know the hand-writing of the drawer, and cannot defend himself from pay- ment by a subsequent discovery of forgery. (10 Wheat. 333.) If acceptance be refused, it is always advisable to have a bill regularly protested, and to give notice to the parties interested : and it is advisable for each party, immediately on receipt of notice, to give a fresh notice to such of the parties who are liable over to him, and against whom he must prove notice ; and the notice should be given by an agent or servant who will be competent to prove it, and not by the holder in person. If the drawee, on presentment of a bill for acceptance, dishonor it, wholly or partially, the holder may insist upon immediate payment, by the parties liable to him, as well of the drawee as of the prior in- dorsers, or in default thereof, may instantly commence an action against them. (Chitty on Bills, 244.) Where a foreign bill is protested for non-acceptance, or for better security, any person, with the consent of the holder, may accept it for the honor of the drawer, or any of the indorsers ; and such acceptance is called an acceptance supra protest. The method of accepting supra protest, is said to be as follows : The acceptor must personally appear before a notary public, with wit- nesses, and declare that he accepts such protested bill in honor of the drawer or indorser, and that he will satisfy the same at the appointed time ; and then he must subscribe the bill, with his own hand, thus : " Accepted supra protest in honor of J. B. ;" or, as is more usual, " Accepts S. P." {Bayl, 48.) III. Never make any alteration even of the most trivial character in any bill, note, due-bill, or check. — If a bill be altered in any material respect, as for instance in the date or sum without the consent of the drawer, it will at common law discharge him from liability, though it may afterwards come into the hands of an indorsee not aware of the alteration, and if it be altered after acceptance or indorsement Avith- out the acceptor's or indorsee's consent, such alteration will have tho 324 LEGAL ADVICE same effect as to tlnpir liability. The effect of an alteration -will bo the same, although the day of payment be thereby retarded. But an alteration in a part not material, aa, for instance, the insertion in the acceptance of the place where the bill is to be presented for payment, \yill not discharge the acceptor. It is, however, advisable never to make any alteration after a bill has been executed, for it might pos- sibly subject an innocent holder or negotiator to an indictment for forgery, at the prosecution of a fraudulent or vindictive party. If, upon a bill being presented for acceptance the drawee alters it as to the time of payment and accepts it so altered, he vacates the bill as against the drawer and indorsers. But if the holder acquiesce in such alteration and acceptance, it is a good bill as between him and the acceptor. IV. Never pay drafts or checks before the day on winch they are dated. — Where a banker paid a check the day before it bore date, which check had been lost by the payee, it was held that he was lia- ble to pay the amount to the loser, it being proved to be contrary to the usual course of business to pay drafts before the day on which they are dated. The entry of a check as cash, made by the officer of a bank in tho private bank-book of the holder, is equivalent to a payment. If a forged check be credited as cash in the bank-book of the holder, who, on being informed of the forgery, agrees under a mistake of his right that if the check be really a forgery it is no deposit, he is not Dound by his agreement. V. Never take a note or bill over due without inquiring into the reasons why it has not been paid. — There is a material distinction between the transfer made before a bill is due, and one made after that time. la the first case it is said the transfer carries no suspicion on the face of it, but when a transfer of a bill is made after it is due, whether by indorsement or mere delivery, the presumption is that the indorsee had notice of the circumstances which would have affected the validity of the bill in the hands of the person who was holder thereof at tho time it became due. VI. Alioays present a bdl or note for payment at the time when due, when a time of payment is specified and when no time is expressed, within a reasonable time, after receipt of the bill. — Even the bankruptcy, insolvency, or death of the acceptor of a bill, or the maker of a note, however notorious, will not excuse the neglect to make due present- ment, but in the case of death it should be made to the executor or AND USEFUL SUGGESTIONS. 3i:5 administrator, and if none has been appointed, at the house of the deceased, otherwise the drawer and the indorsers will be discharged. It is advisable always to present checks for ^payment the same day on which you receive them, or, at farthest, on the morning of the next day, unless prevented by distance, or some inevitable cause or acci- dent, which in all cases will excuse the neglect to make presentment as soon as it would otherwise be necessary. [Kyd, 46.) The presentment for payment of a bill should be made within the usual hours of business, and the holder of a bill is not bound to wait till the last moment of the last day of grace ; for the undertaking of the acceptor is to pay the bill on demand on any part of the last day of grace. (4 Term Rep. 173) The drawer and indorsers of a bill would be discharged by the holder's taking a check from the acceptor, and delivering the bill to him, in case the check be not paid ; but, if a creditor, on any other account than a bill of exchange, be offered cash in payment of his debt, or a check upon a banker from an agent of his debtor, and pre- fer the latter, this does not discharge the debtor if the check be dis- honored, although the agent fail with a balance of his principal in his hands to a much larger amount. (2 Camp. 515.) If you wish to hold the drawer and indorsers of a bill on non-pay- ment by the drawee, do not agree to give the drawee time, or take a bond or any security payable at a future day, without the assent of the other parties thereto, for that would discharge them from liability, although due notice had been given of its non-payment. Whenever a new credit is given to the drawer, the holder takes it upon himself, and the drawer is discharged. (1 Bay, 177.) Where the holder of a bill of exchange discharges a party who is liable to the payment, all other parties to it, whose liability is subsequent to that of the party discharged, are thereby discharged also. (6 Mass. 85.) It is always advisable for the drawer or indorser who pays a bill to take a receipt in the holder's own handwriting — on the back of the bill stating by whom it was paid — for the legal presumption is that it was paid by the acceptor. (2 Camp. 439.) GUARANTEE AND SURETYSHIP. A guarantee is a contract whereby one man obligates himself for the acts of another who is dealing for his own benefit. As consideration IS necessary to all contra'^ts n'lt under seal, no contract of surotvhin 23 , -..- M 3i:6 LEGAL ADVICE is"valid -without sufficient consideration. Where the guarantor's prom- ise is made before the credit is given, it is requisite that the creditor give trust upon the faith of that promise ; and where the promise is made after the credit has been given, there must be some new induce- ment, as giving longer time to pay, or a premium for the guarantee to make it binding upon the guarantor. Hence our advice is, I. Place no dependence on promises of guarantee of a credit already given, unless there is a consideration for the promise. — If A purchases goods of B, and I promise to guarantee the debt, it is not binding upon me in law without some consideration, no matter in what ex- press words my promise was made, nor what the fulness of proof of the promise may be. The only exception to this rule is where the credit was originally given at the surety's request, though without promise of guarantee, and he afterwards expressly promises to become liable for it. II. When you have acted upon or availed yourself of the guarantor's 'promise, given in letters of credit or otherwise, use reasonable diligence to notify Mm of your acceptance of his guarantee. — There are numerous instances on record in which persons have been most egregiously deceived by a neglect of this precaution. — A notice to the surety of acceptance has, in many cases, been considered essential to the valid- ity of the guarantee. But aside from this, it is an act of justice to the surety, so that he may know to what extent he is bound, and be able to watch over his debtor, and in season take such counter secur- ities as may be useful to him. III. If you intend to rely upon a guarantee, do not he satisfied with any thing less than a positive promise of guarantee. — A mere declaration of confidence or intentions, however favorable to the debtor, or saying that if such a one should wish to purchase, you would be willing to guarantee, does not amount to a guarantee. A promise of guarantee to be valid, by the statute laws of most of the States, must be in writing, and signed by the surety. IV. In determining contracts of suretyship, always adopt a strict con- struction, that is, do not suppose that they contain any thing more than the words plainly and clearly express. — It is frequently important to know whether a guarantee be a temporary or a continuing one. A surety engages to become responsible for another to the amount of five hun- dred dollars: Is this guarantee terminated after that amount is trusted, or does it continue as long as that amount, credited from time to time, remains unpaid? The rule is that you are not to construe any guarantee to be a continuing one, unless it be so in express terms, or AND USEFUL SUGGESTIONS. 327 by necessary implication. If a guarantee be made to A, B, & Co., foi the payment of a debt or the faithful behavior of a clerk, it is nol binding upon the surety in the hands of A and B after the copart nership of A, B, & Co. has been dissolved. Adopt a strict construction. V. Creditors should alvrays use diligence in collecting the debi from the debtor, and should be especially careful that they do not, by giving time to the debtor, or releasing his debt, or destroying any of the collateral securities they may have, impair the right of imme diate redress by the surety, or he vrill be discharged. VI. What, as surety, you take a hond of indemnity as counter secu- rity, see that it contains two stipulations — one that the debtor shall pay or perform the obligation required, and another, that you shall be indem- nified against loss. — If it contain only the indemnity, and not the performance clause, it cannot be made available until after you have paid the suretyship contract ; but if it contain both these stipulations, you can proceed against the debtor as soon as the creditor can pro- ceed against you. Amongst the most common forms of suretyship are LETTERS OF CREDIT. Letters of credit are of two sorts, general and special ; and both are given to furnish persons, when travelling, with cash, as their occasions may require. They are commonly open or unsealed, and contain an order from the writer to his correspondent, to furnish the bearer with a certain or an unlimited sum. The difference between them is, that the former is directed to the writer's friends at all the places where the traveller may come ; the other to some particular friend, making himself responsible fur the payment of whatever moneys shall be advanced, in compliance with the credit given on producing a receipt or a bill of exchange, which he thinks proper to have from the person credited. If any money be advanced on either species of these letters, and bills of exchange given for the sum on the person who wrote them, he is obliged to accept and pay the same. As the giver of these letters is thus responsible for the punc- tual repayment of the money advanced, he ought to be very cautious to whom he gives them, as in the hands of a dishonest person thev may prove his ruin ; and, as the person who requests can easily cal- culate what amount of cash he is likely to want, I think the com- pliment, for it can be nothing else, of an unbounded credit, should be 328 LEGAL ADVICE excused, being really of no service either to him that pays or him that receives it. Advice by post, should always follow a letter of credit, and a duplicate of it accompany such advice ; and it would be prudent therein to describe the bearer, with as many particulars as may be requisite, lest he should lose or be robbed of his creden- tials, and a stranger reap the benefit of them. These letters are written in various forms, and though a copy may be superfluous to most persons, yet it may be serviceable to some: — PniLADELpniA, August 25, 1852. Sir — This is to accompany Mr. Asher M. Wright, and to request you will furnish him with two hundred pounds sterling [or with as much cash as he shall require of you, if you give an unlimited credit) ; for which, please take his bills on me, or on any other upon whom he shall think proper to draw them : and I hereby engage for their punctual discharge, and remain. Sir, Yours, respectfully, ENOS M. JONES. To Mr. Sajiuel F. Prince, Merchant, Liverpool. In a case, where A and B addressed a letter of credit to C, saying : " If D wishes to take goods from 3'ou on credit, we are willing to lend our names as security for any amount he may wish," and D took goods from C, on credit several times, for which he paid ; but about a year alterwards, took another parcel of goods on credit, for which he gave his note to C, which was not paid : It was held that the letter of credit did not extend beyond the first parcel of goods delivered to D, and that A and B were not liable for an indefinite time, but only for an indefinite amount for one time. (8 JoJins. liep. 119.) Where a person gives a letter of credit to A, addressed to B & Co., by which he authorizes A to draw bills to a certain amount on B & Co., and B & Co. having dissolved their partnership, A draws a bill on B, who accepts it, the guarantor is not liable to B on his letter of credit. (16 Johns. Rep. 100.) A, of New York, gave a letter of credit to B, addressed to C m Albany, requesting C to deliver goods to B on the best terms, to a certain amount. C, instead of delivering zhe goods himself, gave B a letter to D in Geneva, requesting him to deliver goods to the amount, and engaging to be responsible, and D accordingly delivered the goods to B. In an action brought by C against A fur the amount, it was AND USEFUL SUGGESTIONS. 329 held, that the engagement of A to C did not make him ans^verable for goods furnished by any other person. A surety is not answera- ble beyond the scope of his engagement. (10 Johns. Rep. 180.) LAW OF PARTNERSHIP. Partnership is a contract of two or more persons to place their money, effects, labor, and skill, or some or all of them, in lawful com- merce or business, and to divide the profit and bear the loss in cer- tain proportions. The two leading principles of the contract are, a common interest in the stock of the company, and a personal respon- sibility for the partnership engagements. The common interest of the partners applies to all the partnership property, whether vested in the first instance by their several contributions to the common stock, or afterwards acquired in the course of the partnership busi- ness : and that property is first liable for the debts of the company, and after they are paid, and the partnership dissolved, then it is sub- ject to a division among the members or their representatives, accord- ing to agreement. If one person advances funds, and another fur- nishes his personal services or skill, in carrying on a trade, and is to share in the profits, it amounts to a partnership. But each party must engage to bring into the common stock something that is valu- able : and a mutual contribution of that which has value and can be appreciated, is the essence of the contract. There must be a commu- nion of profit to constitute a partnership as between the parties. They must not be jointly concerned in the purchase only, but jointly concerned in the future sale. A participation in the loss or profit, or holding himself out to the world as a partner, so as to induce others to give credit on that assurance, renders a person responsible as a partner. There is a just and marked distinction between partnership as respects the public, and partnership as respects the parties ; and a person may be liable as a partner to third persons, although the agreement does not create a partnership between the parties them- selves. It is a fundamental doctrine of the law, that though the per- son to be charged contributes neither money nor time, nor receives any part of the profits, yet, if he lends his name as partner, or suffers his name to continue in the firm after he has ceased to bo an actual partner, he is responsible to third persons as a partner. Dormant varfners, when discovered, are equally liable as if their names had 28* 330 LEGAL ADVICS appeared in the firm, although they were unknown to be partners at the time of the creation of the debt. Each individual member of a firm is answerable, in solido, for the whole amount of the partnership debts, without reference to the proportion of his interest, or to the nature of the stipulation between him and his associates ; but special partners in a limited partnership, established in conformity with the statute law of the States where it is allowed, are liable only to the extent of the funds furnished. It is a general and well-established principle, that when a person joins a partnership as a member, he does not, without a special pro- mise, assume the previous debts of the firm, nor is he bound by them. To render persons jointly liable upon a contract as partners, they must have a joint interest contemporary with the formation of the contract. If, however, goods are purchased in pursuance of a pre- vious agreement between two or more persons, that one of them should purchase the goods on joint account, in a foreign adventure, they are all answerable to the seller for the price as partners, even though their names were not announced to the seller; for the pre- vious agreement made the partnership precede the purchase, and a joint interest attached in the goods at the instant of the purchase. (3 Kent, 36.) I. Our advice is, first — Be cautions in the selection of a partner. — By entering into partnership each party reposes confidence in the other, and constitutes him his general agent as to all the partnership concerns : hence, the act of one, whenever it has the appearance of being on behalf of the firm, is considered as the act of the rest. One partner can buy and sell partnership effects, and make con- tracts in reference to the business of the firm, and pay and receive, draw and indorse, and accept, bills and notes. The act of one partner, though on his private account, and con- trary to the private arrangement among themselves, will bind all the partners if made without knowledge in the other party of the arrange- ment, and in a matter which, according to the usual course of deal- ing, has reference to the business transacted by the firm. In all contracts concerning negotiable paper, the act of one part- ner binds all; and even though he signs his individual name, pro- vided it appears on the face of the paper to be on partnership account, And to be intended to have a joint operation. (1 Camp. N. P. 384.) But if a bill or note be drawn by one partner, in his name only, and without appearing to be on partnership account, the partnership is r>.ot bound hy the signature, even though it was made for a partner- AND USEFUL SUGGESTIONS. 331 ship purpose. If, however, the bill be drawn by one partner, in his own name upon the firm, on partnership account, the act of draw- ing has been held to amount, in judgment of law, to an acceptance of the bill by the drawer, in behalf of the firm, and to bind the firm as an accepted bill. (5 Day's Eep. 511.) Even if the paper was made in a case which was not in its nature a partnership transaction, yet it will bind the firm if it was done in the name of the firm, and there be evidence that it was done under its express or implied sanction. But if partnership security be taken from one partner, without the previous knowledge or consent of the others, for a debt which the creditor knew at the time was the private debt of the particular partner, it would be a fraudulent transaction, and clearly void in respect to the partnership. So if from the subject-matter of the con- tract, or the course of dealing of the partnership, the creditor was chargeable with constructive knowledge of that fact, the partnership is not liable. If, however, the negotiable paper of a firm be given by one partner on his private account, and that paper issued within the general scope of the authority of the firm, passes into the hands of a 'bona fide holder, who has no notice, either actually or constructively, of the consideration of the instrument ; or if one partner should purchase, on his private account, an article in which the firm dealt, or which had an immediate connection with the business of the firm, a difi"er- ent rule applies, and one which requires the knowledge of its being a private and not a partnership transaction to be brought home to the claimant. (3 Kent, 44.) One partner may ^ZeJ^fe as well as sell the partnership efiects in a case free from collusion, if done in the usual mode of dealing, and it has relation to the trade in which the partners are engaged, and when the pawnee had no knowledge that the property was partnership pro- perty. And if one partner acts fraudulently with strangers in a transaction within the scope of the partnership authority, the firm is nevertheless bound by the contract. It is a genei-al principle of law that one pai'tner cannot bind a firm by deed, but nevertheless, he may by deed execute the ordinary re- lease of a debt belonging to the copartnership, and thereby bar the firm of a right which it possessed jointly. II. It is always advisable, though not essential that articles of co- partnership should be formally drawn up, and they should specify the commencement and intended duration of the partnership ; the kind '-"f business to be pursued ; the proportion of capital to bo d^.'I LEGAL ADVICE brought in ; the manner in which the gains and losses are to be di- vided : -whether interest is to be charged on capital, and at what rate : the allowance which the copartners may withdraw yearly for their private use and the disposition which is to be made of the joint pro- perty in the event of a dissolution. III. Insert in your copartnership agreements an article against the copartners becoming hound as surety or otherwise during the copartner- ship, except for the business of the firm. — A violation of this stipulation gives the right to dissolve the copartnership. — This stipulation is ex- ceedingly useful ; not that any such contracts of suretyship bind the firm, for ordinarily they do not, and, being private stipulations between the parties, they do not affect the public ; but this article acts as a salu- tary restraint upon the copartners, especially the younger members of houses, from the indulgence of a heedless kindness, and relieves them from solicitations for favors which it is often difficult to refuse and always wrong to grant. IV. Be certain to specify in your articles of copartnership what dis- position is to be made of the joint property in the event of a dissolution. — This is the most important of all the stipulations, and it is one of the first dictates of prudence to provide at the commencement of the union, when there is mutual confidence and good feeling between the parties, and when the uncertainty as to which party shall fall under the adverse operations of any stipulations, insures the adoption of such as are mutually and reciprocally just for the disposition of the pro- perty in the event of a dissolution ; an event upon which it becomes so peculiarly situated, from the equal and conflicting rights of dis- genting owners that the only administration of it which the law can sanction, is to take it from all. V. When the partnership is dissolved, give due notice of its dissolu- tion in one of the usual advertising gazettes of the place where the business was carried on, and an actual and express notice to all who previously had dealings with the firm. — "Without this the partners may still act in the name of the firm, and create liabilities on its members in favor of all who shall not be actually proved to have had notice of dissolution. If a partnership be formed for a single purpose or transaction, it ceases as soon as the business is completed. A partnership may be dissolved by the voluntary act of the parties, or of one of them, and by the death, insanity, or bankruptcy of either, and by judicial decree, or by such a change in the condition of one of the parties as disables Lim to perform his part of the duty. AND USEFUL SUGGESTIONS. 333 It is an established principle in the law of partnership, that, if it be without any definite period, a partner may withdraw at a mo- ment's notice, when he pleases, and dissolve the partnership ; and even if the partners have formed a partnership by articles, for a de- finite period, it is now considered that each party may, by giving due notice, dissolve the partnership, as to all future capacity of the firm to bind him by contract. The only consequences of such a revoca- tion of the partnership power, in the intermediate time, would be that the partner would subject himself to a claim of damages for a breach of the covenant. When a partnership is actually ended, by death, notice, or other efi"ectual mode, no person can make use of the joint property, in the way of trade, or inconsistently with the purpose of settling the a0"air8 of the partnership, and winding up the concern. One partner cannot indorse bills and notes previously given to the firm, nor accept a bill previously drawn on it, so as to bind it. If the paper was even in- dorsed before the dissolution, and not put into circulation until after- wards, all the partners must unite in putting it into circulation, in ordpr to bind them. LAW OF INTEREST. Where there is no contract, express or implied, for the payment of interest, it is not allowed on the price of goods sold, even though a certain day is fixed for payment — nor on the price of work and labor — nor on money lent — nor on money paid for the use of another — nor on money received for the use of another — nor on a balance struck on an account for goods sold. Interest is not due on a written instrument, unless it is expressed in the instrument that interest was intended to be paid, or such interest is implied. Inte- rest may be implied from the usage of trade, or the dealings between parties ; and it is always implied in mercantile instruments, as bills and promissory notes, after the time they ought to have been paid. If a note or bill, payable at a given time after date, be for a specified sura, " bearing interest," these entitle the holder to interest from date Without these words, the holder is entitled to interest from the day of maturity. Interest, however, is not then allowed, if the delay in payment is caused by the defoult of the holder. If a bill be by the acceptor, payable at a particular place, the ac- 334 LEGAL ADVICE ceptor will not be liable for interest without proof of presentment at that place. With regard to the time to which interest is to be computed — it is, in general, to be carried down to the time when final judgment may be signed. Interest may be recovered from a banker, on money deposited in his bank by a customer, on its being proved to be the custom of the bank to allow it, (8 Taunt. 250.) A man who holds money as an agent or banker, bound to produce it at a moment's notice to the depositor, is not liable to pay interest, if he makes it. But an agent who makes interest from money that it is his duty to pay over, is liable fur interest. A stakeholder is answerable for the loss, and hence entitled to any advantage ; and it has been decided, that an auctioneer is a mere stakeholder. (5 Burr, 2639.) If the purchaser pay part of the purchase-money to an auctioneer, and the vendor is not able to complete the contract, the purchaser is entitled to recover interest from the latter on the deposit, from the time the purchase should have been completed. (1 Esp. 268.) The payment of interest on a legacy, commences, generally, from a year after the testator's death. (7 Ves. Jr. 96.) A Bide for computation of Interest tvJien partial payments have been made — Compute the interest on the principal to the time of the first payment, and if the payment exceed this interest, add the interest to the principal, and from the sum subtract the payment : the remain- der forms a new principal. But if the payment be less than the interest, take no notice of it until other payments are made, which in all shall exceed the interest computed to the time of the last pay- ment: then add the interest so computed to the principal and from the sum subtract the sum of the payments : the remainder will form a new principal, on which interest is to be computed as before. (2 Johns. Chan. Rep. 209.) MISCELLANEOUS ADVICE. I. If you receive an account current, from your creditor, and intend to dispute it, make your objections within i reasonable time after its receipt. In the mercantile world, an account current, not objected to in the course of two or three posts after it is received, is deemed to bo AND USEFUL SUGGESTIONS. 335 agreed to, and this understanding is regarded in the investigation of mercantile accounts in a court of equity. (Sherman v. Sherman, 2 rem. 276.) II. Never make advances on a bill of lading without an inspection of the letter of advice which accompanied it. It is a well-established principle in law that a factor cannot pledge the goods of his principal ; and the best evidence that one can have, whether he is dealing with a factor or a vendee, is the letter of advice which accompanies the bill of lading. Ill If you are the creditor in cases of guarantee or suretyship, it is your interest that the surety should unite with the debtor in a joint obligation. Under this form of contract, you can immediately pro- ceed against both parties in the same legal proceeding. But if you are the surety, it is to your interest to enter into a separate contract, stipulating that the debtor shall do the act in question. Here notice must be given you of the debtor's default, and the creditor will have to enforce the obligation by two independent proceedings. IV. If you are appointed executor or administrator, deduct the charges of administration from the amount of assets in your hands ; for if you pay out all the money arising from the personal estate, you cannot obtain a licence to sell the real estate to pay the expenses of administration. V. If two or more persons enter into an agreement for the purchase of an estate, an article should be inserted as between themselves, that in case default is made in either to pay his part of the purchase money, and the other pay it for him, he shall be entitled to call upon the vendor for a conveyance of the entire estate to hold as security for repayment — as it is considered he will not otherwise have a lien on the estate for his money. VI. In purchasing an estate where the principal lives at a distance, the purchaser should take a covenant from the attorney, that tho power is not revoked — that covenant to remain in force until the deed be confirmed by the principal. A''II. A partner assigning his share to the other, on dissolution of partnership, must — as they are joint tenants — use the word " release." It is considered that word alone can pass the whole interest. VIII. In an action to recover money due on a bond, the action must be brought in the name of the original obligee, notwithstanding the assignment, therefore, a power of an attorney to sue in his name should always be inserted in the assignment. IX. On an assignment of a chose in action notice of the assignment 386 LEGAL ADVICE AND USEFUL SUGGESTIONS. by a copy, or a full and clear statement of it, should be given to the iebtor. FUNDAMENTAL LEGAL PRINCIPLES. L That which is originally void, does not by lapse of time become valid. If an infiint or married woman make a will and publish the same, and die of full age or single, it is still void. A will of a married wo- man made before marriage will not survive on the husband's death. 2. A personal right of action dies with the person. 3. The law compels no one to do impossibilities. 4. No one shall be twice vexed for one and the same cause. 5. The greater contains the less. In an action for battery, and maiming is proved, it is well, because it is battery and more. 6. The law favors things which are in the custody of the law. 7. The husband and wife arc one person. 8. Every act shall be taken most strongly against the maker. If I plant land with corn, and lease it for years, the corn belongs to the lessee if I do not except it. 9. When two titles concur, the elder should be preferred. 10. Agreements overrule the law. 11. He who derives the advantage ought to sustain the burden. 12. No man shall take advantage of his own wrong. 13. "Where the right is equal, the claim of the party in actual pos- session shall prevail. 14. He has the better title who was first in point of time. 15. A right of action cannot arise out of fraud. 16. It ia fraud to conceal fraud. 17. The law assists those who are vigilant and not those who sleep over their rights. 18. Ignorance of the law excuses no one. 19. Who does not oppose what he might oppose, seems to consent. 20. When contrary laws come in question, the inferior law must yield to the superior ; the law general to the law special ; an old law to a new law ; man's laws to God's laws. A LIST OF A FEW OF THE WHOLESALE HOUSES, A 1 IN THEIR RESPECTIVE BRANCHES IN THE CITY OF PHILADELPHIA. Compiled for the Convenience of Country Merchants, Tonng Men Com- mencing Business, and all desirous of haiing their orders faithfully filled. Also, Architects, Hotels, Insurance Companies, &c. To make this partly a Eeference Book for purchasers, I have com- piled the following list embracing a few of the best houses in the respective branches of business mentioned, and I think that country merchants and purchasers generally will consult their own interests by noting them on their memorandum, and giving them a call before purchasing, as I have confidence they will find them not only able to supply a wide public demand for the articles in which they deal, and on the most favorable terms, but also liberal, polite, and possessing the qualities that constitute good merchants. Importers. STUART & BROTHER, (British Dry-Goods by the Package), 13 Bank St., and 14 Strawberry St. CHARLES COLLADAY (Buttons, Trimmings, Bindings, &c.. Agent FOR THE MaNCFACTURERs), 35 Church Alley. WRAY& GRAHAM (British and French Dry-Goods by Package,) 14 Church Alley. NICHOLAS WOLFF (German Dry Goods, Cloths, Velvets, Ho- siery, Gloves, &c.), 20 Church Alley. 29 Importers & Commission Merchants. F. V. KRUG & CO. (Agents for CoHOES, N. B., Saxony Mills, Troy and Philadelphia Wool- len Shirts and Drawers ; Ger. MANTOWN Woollen Hosiery, Comforts, Hoods, &c.), 6 and 8 Church Alley. HART & MITCHELL, (Shirts. Drawers, Cravats, &c.,) 32 and 34 Bank Street. WRAY & GILLILAN", (British, French, and Scotch Goods,) 41 Chestnut Street. (337) B38 FIRST CLASS WHOLESALE HOUSES, Importers. p. BRADY & CO. (British & French Goods), N. W. corner of Front and Chestnut Sts. E. M. DAVIS & CO. (French and India Silk Goods, Gloves, Ac.,) 18.3 Broadway, New York, and in Philadelphia, at 16 Strawberry st. and 15 Bank St. ROBERT EWING, (Importer op BuiTSH Dry Goods, and Commission Merchant), 31 Chestnut St. HENRY FARNUM & CO. (Foreign Dry Goods), 12 Chestnut St. LEWIS, BROTHERS & CO. (French, Italian, and Swiss Goods), SO Chestnut St. LEWIS & CO. (British Dry Goods), C8 and 70 Market St. LOTTIMER, LARGE, ELLERY & CO. (White Goods,JLaces, Hosiery, Embroideries, and French Goods), 80 Chestnut St. (Jayne's Building.) WILLIAM McKEE & CO. (Irish Linens and British Dry Goods,) 20 S. Front St. GEORGE PEARCE & CO. (Lace Goods, Embroideries, &c.) 85 Chest- nut St. Philadelphia, and 58 Broad- way New Y'ork. GEORGE B. REESE, (British Dry Goods), 70 Chestnut St. STEEGMANN, BRITTAN & CO. (Laces, White Goods, and Embroi- deries,) 70 Chestnut St. THOMPSON, POTTER & KEMBLE, (Lace Goods and Embroieries), 179 Market St. WM. WATSON & CO., (British and Irish Dry Goods by the Package,) 8 Chestnut St. Commission Merchants. Dry Goods. DAVID S. BROWN & CO. (American Manufactured Goods), 38 & 40 S. Front St. BROOKS & ROACH, (Philadelphia Manufactured Goods), 24 Chestnut H. L. CARSON, (Philadelphia and Rhode Island Linseys), 12 S. Front C. W. CHURCHMAN, (Foreign and Domestic Goods), 30 S. Front St. FARNHAM, KIRKHAM & CO., (Ame- rican Cotton and AVoolen Goods), 34- S. Front st. J. HOWE & CO. (Manchester Print Works, M.de Laines, Prints,) 82 Chestnut St HACKER, LEA & CO. (American Manufactured Goods), 32 and 3i Chestnut st. LAWRENCE. STONE & CO. Chestnut St. below Third. MANDERSON & LAMMOT, (For- eign AND American), 17 Chestnut st. JOSEPH RIPKA, (Manufactuker of Fancy Cottonade, and a vari- ety of other Pantaloon Stuffs), Warehouse 32 South Front st. THOMAS P. REMINGTON, (Ameri- can Manufactured Goods), 22 S. Front St. SILL, ARNOLD & CO. (Woolen Dry Goods), 52 Chestnut st. TREDICK, STOKES & CO. (Cotton AND Woolen Goods), 18 S. Front st. D. & J. TATEM, 23 Chestnut St. THOMAS & MARTIN, (American Manufactured Goods), 10 North Front St. TINGLEY, CALDWELL & ENGLISH 10 Chestnut St. CHARLES H. WELLING, 18 Chest- nut St. WEST, FOBES & LLOYD, 41 Chest- nut St. WILSON, BROWN & CO. (American Manufactured Goods), 19 Chest- nut St. WOOD & ERRINGER, 37 Chest- nut St. WOOD, FULLER & WELLS, (For- eign AND American), 88 Chestnut. BANGS & MAXWELL. 14 S. Front. Commission Merchants. General. THOMAS ALLIBONE & CO. (Naval Stores and Cotton), 63 N. Water St., and 32 N. Wharves. BUCKNOR, McCAMMON & CO. (To- bacco AVarehouse), 41 N. Water St. A. G. CATTELL & CO. (Grain, Seed, AND Iron). 13 N. Wharves. DANENHOWER & HARRIS, (To- bacco), 45 N. Front St. LE FEVRE, BLACK & CO. (Flour, Grain, and Western Produce), 71 S. Wharves. McCUTCHEON & COLLINS, (Pro- visions AND Produce generally), S. W. corner of Front and New Sts. GEORGE McHENRY & CO. (Ship- ping AND General), 87 Walnut St. ROWLEY, ASIIBURNER & CO. (Oils, ant) Natal Stores), 14 N. Wharves, and 25 N. AVater St. A. &. J. WRIGHT, ^Flour Factors, and Salt Dealers), Vine St. AVharf. PHILADELPHIA. 839 Commission Merchants. Wool. EDWARDS & JENNESS, 6 N. Front St. COATES & BROWN, 43 Market St. BENJAMIN BULLOCK & CO. 32 N. Third St. KIMBER, HENRY & CO. 74 N. Front St. REECE & SEAL, 18 N. Front St. Importers and Jobbers. Dry Goods, BARCROFT, BEAVER & CO. (also Clothixr), 163 Market St. BUCK, MORGAN & STIDFOLE, 113 Market St. below Third. DEAL, MILLIGAN & CO. (also Clothixg), S. W. corner of Market and Sixth Sts. FITHIAN, JONES & CO. (Foreign AMD Domestic), 77 Market St. and No. 4 Church Alley. FASSITT & CO. 48 Market St. HAMMAN, SNYDER & CO. 146 Mar- ket St. HOOD & CO. 189 Market St., 5th door below Fifth St. HOSKINS, HIESKILL & CO. N. W. corner of Market and Fifth Sts. LIPPINCOTT & PARRY, (Cloths, Cassimeres, Vestings, &c.), S. W. corner of Market and Second Sts. JAMES, KENT, SANTEE, & CO. (Foreign and Domestic), 147 N. Third St. MILLER & LYON, (British, French, AND American), 95 Market St. McFARLAND, EVANS & CO. (For- eign and Domestic Dry Goods), 105 Market St., and 34 Church Alley, between Second and Third Sts. REED, BROTHERS & CO. (also Clo- thing), 177 and 177^ Market St., above Fourth, (north side). BAIGUEL & CO. 128 and 130 N. Third St. SEXTON, SEAL & SWEARINGEN, (also Fancy Dry Goods), No. 11 S. Fourth St. SMITH, MURPHY & CO. 97 Market. T. SHARPLESS & SONS, 32 S. Second and 21 Strawberry St. SIEGER, LAMB & CO. 49 N. Third St. SPARHAWK, DUNTON & WURTS, 92 Market St. SCOTT, BAKER & CO. 150 Market St. TAYLOR & PAULDING, 96 Market. TEMPLE & BARKER, 161 Market. WAINWRIGHT, HUNTINGDON, & FLOYD, 152 Market St., and 23 Merchant St. J. T. WAY & CO. 81 Market St., and 10 Church Alley. WOOD, BACON & CO. (also Cloth- ing), 127 Market St. WOOD & OLIVER, 131 Market St. Importers and Jobbers of Silks and Fancy Dry- Goods. BUNN, RAIGUEL & CO. (Foreign and American Dry Goods), 91 N. Third St. INSKEEP, SHAKELFORD & Mc- KEE, 124 Market St. SIBLEY, MOLTEN & WOODRUFF, 116 Market St. WOOD, COREY & WOOD, N. W. corner of Fourth and Market Sts. YARD, GILMORE & CO. (Fancy Dry Goods, White and Lace Goods) 12 N. Third St. Importers of Fancy Dry- Goods. McFADDEN & GASS, (Ribbons, Lace Goods, Embroideries, Ho- siery, Trimmings, Ac), 7 Bank St. E. GRUNDY, (Dry Goods, Small Wares, itc), 16 Church Alley. THOMAS MELLOR, (Importer op Hosiery, Gloves, and Trimmings,) 4 N. Third St. Silks and Woolens, Tailoring Goods, Tailors' Trimmings, Shirts, & Men's Furnishing Goods. JAMES HALSEY, (Importer and AVholesale Dealer), No. 33 South Fourth Street, between Market and Chestnut. Orders (if sent direct), strictly attended to with care. JOSEPH S. MEDARA & CO. (Importers and Jobbers in Foreign and Domks- Tic Fancy Dry Goods : Satins, Vestings, Serges, Cravats, White Goods, Laces, Gloves, Hosiery, &c.), 14 N. Third St., (west side), opposite Church Alley. 340 FIRST CfjASS WIIOT,KS.\T,K HOUSES, MARrLE, ELLIS & McCLURE, (Ho- siery AND THISfWINfiS,) 15 N. Tllilll. MECKE ct LEPPIEN, (German Dkv Goods. Belgiax Cloths, &c.), 2G S. Second, and 17 Strawberry Sts. R. G. ORWIG, (Fancy Dry Goods, Hosiery and Trimmings), lOS N. Third St. Importers and Jobbers. Fancy Goods. BEDELL & PEARCE, (Hosiery, Gloves, Trimmings, &c.), 57 N. Third St., one door below Arch, (lower side). LIND, BROTHER & CO. 10 S. Fourth St., corner of Merchant. OLIVER MARTIN & CO. (also Ho- siery, Gloves, Trimmings, ro', New Jersey, Paint AND Color Works ; Importers of Foreign Paints and Colors ; Vieillie Montague Co.'s French white and colored Zinc Paints ; English, French, and German Bronzes; Jiary- tes ; satin white Calcimine; Paris white Terra Alba; Gilders' Whit- ing; French Clay, &c. ; Foster's English Patent Driers ; Steel Grain- ing; Combs; Irish Glue; llotten Stone, &c. &c. Paint Mills, of all sizes. Colors for Paper and Paper-Hang- ings, both dry and in pulp. Having put up very extensive milling power, we are now prepared to fur- nish Oil and Water, as well as dry Colors, in any quantity, on the most reasonable terms, guaranteeing all our Paints to be ground in pure Lin- seed Oil. All Paints and Colors put up in the best manner, and in every style of package, to the order of shippers and dealers. Store and Office 38 Arch Street. Piano-Fortes. C. MILLER (Grand Action Piano Forte Manufacturer), 22 South Sixth Street, between Chestnut and Market. THE PRIZE MEDAL OF THE WORLD'S FAIR AWARDED TO CONRAD MEYER, for his two Pianos, October 1.5th, 1851. Ware- room, 52 South Fourth Street. PIANOS OF SUPERIOR QUALITY at the PHILADKLPHIA MANU- FACTURING COMPANY'S (Lame, Felten, & Co., Proprietors), 211 N. Third Street. J. H. SCHOM ACKER & CO. (Manu- facturer), No. 202 Chestnut Street, between Tenth and Eleventh Streets. A Gold Medal Awarded by the Ame- rican Institute of New York. fornia and Southern trade, as well as Citv use), 86 N. Second Street. POULTNKY, COLLINS, & MASSEY, N. W. Corner of Tenth and Filbert Streets. WILLIAM C. RUDMAN (Brown Stout, Porter and Ale Brewer, lor Southern trade and City use), 121 Green Street, Northern Liberties. Queensware. Importers and Jobbers. BOYD & STROUD, 26 N. Fourth St. W. P. & G. W. HACKER, 60 N. Se- cond Street. ROVOUDT &C0., 164 N. Third Street. J. Y. RUSHTON & CO., 245 Market Street, above Sixth, North side. Saddlery Hardvsrare and Coach Furniture. Porter and Ale Brewers. FREDK. GAUL (also Brown Stout), N. E. Corner of Callowhill and New Market Streets. ROBKRT NEWLIN (Brown Stout, Porter and ale Brewer, for Cali H, & G. FRICKE (Manufacturers OF Patent Bent Felloes, Bows, Shafts, Poles, &c ), 14 N. Third Street. LEE & FENTON (Importers & Deal- ers IN ALL KINDS OF SaDDLERV Hardware, Coach and Harness Furniture), 25 S. Fourth Street. GOFF & PETERSON, 12 N. Fourth Street. W. P. WILSTACH, 2Si N. Third St. Saddlery and Saddlery- ware. WM. S. HANSELL & SONS, 28 Mar- ket Street, Philad. H. H. HANSELL & BRO., 24 Maga- zine Street, New Orleans. M. MAGEE & CO., IS Decatur Street, behind the Arcade. MAGEE & KNEASS, No. 6 Magazine St., and 47 Canal St. New Orleans. Safes, Bank-Ijoeks, &c. OLIVER EVANS, No. 61 S. Second St. Fire and Tiiief-Proof Safes; Bank, Vault, and Store Locks; Seal and Letter-Copying Presses; Store-Trucks, Packing-Levers, &o. JOHN FARRELL (Agent for Her king's Salamander, and Jones's Bank-I.ocks), 34 Walnut Street, and 25 Granite Street. 30 350 FIRST CLASS WUOLESALE HOUSES EVANS & WATSON (Latest Im- proved Double-door Salamander Fire, Thief, and Powder-proof;, 83 Dock Street. L. SCHANNINGKR(FiRE and Thief- proof Salamander Chests), N. W. Corner of Decatur and Ciirpenter Streets, lietween Sixth and Seventh, back of the Arcade. Stationers. WM. M. CHRISTY, 65 S. Third St., opposite Girard Bank. ANUR1-:VV DIMOND (Bookseller, Stationer, Blank Book Manu- facturer and Importer of Fine Cutlery; Manufacturer, Importer and Wholesale Dealer in Wall-Paper and Window-Paper; Rags taken as Casli), 8 S. Fourth Street. HYMEN L. LIPMAN, 26 S. Fourth Street, Corner of Ranstead Place. W. n. MAURICE, 108 Chestnut St., next door below Commercial Bank. Straw Goods, Panama Hats, &c. BOKER, BROTHER, AND JONES, 82 Market St. THOMAS WHITE, No. 41 S. Second Street, above Chestnut. WM. DULTY, 98 Market Street. J. & M. SAUNDERS, 28 N. Fourth. Steam-Engine Builders and Machinists. A. L. ARCHAMBAULT (also Steam Portable Hoisting and Pumping Engine, for which a first Premium was awarded by Franklin Institute, ISol), 13 Drinker's Alley. BANCROFT & SELLERS (Engineers, Millwrights and Machine Tool Makers), Philadelphia. HOWARD & ASH (also Machinists' Tools, Copper-Plate Printers and Engravers' Machines and Tools), Schuylkill Fifth below Market. 1. P. MORRIS & CO. (also Iron Foun- ders, General Machinists and Boiler-Makers), Office 39 Walnut Street. MARSHALL, BEMENT, & COLBY ^Manufacturers of Machinists' Tools), Callowhill Street, west of Schuylkill Third. MERRICK & SON (Steam Engineers Machinists, and Boiler-Makebs) Washington Street, Southwark. PEOPLE'S WORKS (HUNSWORTII, EAKINS, & CO.), Engineers, Ma- chinists, and Iron Founders, Corner of Front and Franklin Streets, Ken- sington, Philadelphia. John Huns- worth, James Eakins, Jacob Naylor, Edward Kelly, John Eakins, Andrewr Inglis. PENN WORKS (REANEY, NEAFIE, & CO. (Iron Founders, Machinists, AND Boiler-Makers). Marine and Stationary Engines of all descriptions. 3()5 Beach Street, Kensington. Spices, Mustard, Choco- late, &c. C. J. FELL & BROTHER, 64 South Front Street. Shoe Findings. ASHMEAD & HART (Importers of, AND Dealers in. Shoe Manufac- turers' Tools and Materials), 32 N. Fourth Street. LAING, MAGINNIS, & BROWN, 24 N. Tliird Street. Surgical Instruments, Trusses, &c. J. H. GEMKIG (also Hood's Trusses AND Supporters), 43 South Eighth Street. HORATIO G. KERN, 393 Market be- low Eiehtli Street. WIEGAND & SN0VVDEN,15 N. Fifth Street. Transportation Cos. Western. ATKINS & CO. (Reliance Line), 227 Market Street, and 54 Commerce Street. BINGHAM & DOCK (Bingham's Line), 276 Market Street. Passenger De- pot, Schuylkill Fifth and Market Streets. HARRIS &LEECH, 13 and 15 S. Third Street; and corner of Front and Dock Streets. PIITLADELPHIA. 351 PENNSYLVANIA RAILROAD CO. ; for Freight and Passenger Rntes, ;\nd Map of Road, see pages 356 and 357. Trunks, Valises, Carpet- Bags, &c. T. W. MATT80N (Inventor and Manufacti'rer ; 3 Large Ware- rooms SUPPLIEO FROM HIS FACTORY; Rest and Cheapest), S. W. and S. E. Corners of Fourth and Market Streets. GEORGE B. BAIN, 92 Market Street above Third (South side), ar.d 6 N. Fourth Street. A. L. HICKEY & CO., 14S Chestnut Street, above Sixth. £. P. MOYER (also Manufacturer OF Carriage-Harness, Horse-Cov- F.RS, &c.). 3'^ and 250 Market Street. LEWIS T. DUTTON (also Boots amd Shoes), 184 Market Street. D. S. McCARTER, SO Market Street, between Second and Third Streets. SAMUEL W. KENNEDY (Manufac- turer), 60 N. Third Street. Umbrellas and Parasols. WILLL\M A. DROWN, S6 Market Street. SLEEPER & FENNER, 126 Market Street. WRIGHT BROTHERS, & CO., 114 Market Street. Upholstery-G-oods. HENRY W. SAFFORD (Importer AND Dealer in Curtains, Curtain Materials and Trimmings, Shades, &c.),171 Chestnut Street. Varnishes, &.G. BENJAMIN C. HORNOR, 81 Arch Street between Second and Third, north side. LEWIS L. PECK, 15 Dock Street. W. F. PEDDRICK (also Paints), 73 N. Fourth Street, west side. C. SCHRACK (also Paints), SO North Fourth Street. Venetian Blinds and Shades. BRITTON & CO., Venetian Blind Manufacturers, 40 North Second Street, below Arch, west side, Phila- delphia. An assortment of plain and fancy blinds always on hand, at the lowest prices. Old blinds repainted and trimmed equal to new, and job- bing promptly attended to. A hand- some assortment of window shades of the latest and most fashionable patterns, constantly on hand. MARTIN FREE (Fancy Reed Win- dow Blind, and Window Shade Manufacturer), 518 N. Second Street. R. W. KENSIL, 347 Race, or Sassa- fras. WILLIAM MORRIS, 52i N. Eighth Street, above Arch, west side, B. J. WILLIAMS, 12 N. Sixth Street. G. L. MILLER & CO. (Manufactu- rers AND Dealers in Transparent Window Shades), S. W. Corner of Second and Arch Streets. E. ROBINSON (Wholesale and Re- tail Window-Shade Manufactu- rer), 11 South Third Street; also, Corner of Christian and Swanson, Southwark. Sketches from Nature correctly taken. Warming and Venti- lating. S. A. HARRISON (Agent Chilson AND Emerson's Apparatus, also Agent Mirror Marble Mantles), 146 Walnut Street. BAKER & WILLIAMS (Culver's Pa- tent Furnaces, and Collin's Pa- tent Ventilators), 406 Market St. Blinds and Shades. Premiums Awarded /o GEO. W. ZIMERMAN, CI Arch Street, above Second, Philadelphia, at the Philadelphia and Baltimore Exhibitions, for his Splendid Venetian Blinds, which he will sell. Wholesale and Retail, at the lowest cash prices. Repairing and Jobbing attended to. Window Shades and Reed Blinds at Manufacturers' Prices. 352 FIRST CLASS WHOLESALE HOUSES, The following excellent houses have been accidentally omitted under their proper captions : — Commission Merchants. Dry-Goods. Lithographers. DULLKS & AERTSEN (American Manufactured Goods), 8 S. Front Street. FARNUM, LARNED & CO. (Ameri- can Manufactured Goods), 29 Chestnut Street. P. S. DUVAL & CO.'S Steam Litho- graphic and Coior-Printing Establish- ment, Artisans' Building, Ranstead Place, West from No. 26 South Fourth Street. WAGNER & M'GUIGAN, Athenian Buildings, No. 4 Franklin Place. Envelopes, &c. L. C. BAKER & CO. (Wholesale and Retail Envelope Manufactory), 55 South Fourth Street. Orders received for Envelopes, Printing, Embossing, Die-Sinking, Engraving, &c., from all parts of the Country. Having Patent Machines for Manufacturing and Printing, they are prepared to execute orders with dispatch. Burning Fluid, Camphene, and Alcohol. HAMER & FRICK (also Lamps, Lanterns, Chandeliers, &c.), 99 North Second Street. Air Warming and Ventilating Warehouses. CHILSON, RICHARDSON AND COMPANY, 374 Broadway, New York, and 51 and 53 Blackstone Street, Boston. A FEW OF THE riKST-CLASS WHOLESALE HOUSES m CINCINNATI. Agrieult'ral Implements. J. M. M'CULLOUGH (Fruit and Or- namental Trees, Garden, Field, AND Flower Seeds, Horticultural and Agricultural Implements), 162 Main Street. Nursery and Seed Farm, Pleasant Ridge. Exchange Brokers and Bankers. T. S. GOODMAN & CO. (Exchange and Banking House), 101 Main Street. Stocks bought and sold on commis- sion: collections made on all points throughout the country, and returns made with current rates of exchange without charge, and all other busi- ness appertaining to Banking. J. S. DYE (Dye"s Exchange Office), S. E. Corner Third and Walnut Sts., opposite Masonic Hall. Book Publishers. APPLEGATE & CO. Booksellers, Publishers, Station- ers, Printers, and Blank-Book Manufacturers, No. 43 Main Street, West Side, below Second Street, Cincinnati. SMITH & FAIIIMAN (Book-Binders and Blank- Book Manufacturers), 141 Main St. J. C. & H. L. TUMY (Book-Binders and Blank Book Manufacturers), 43 Main St. H. B. PEARSON & CO., 17 E. Fourth Street. Cigars, Tobacco, &c. NEILSON & CHURCHILL (Importers AND Manufacturers of Havana and Domestic Cigars, and Dealers IN Tobacco, Snuff, &c.), 23 Main St- B. VETTERLEIN & CO., N. W. cor. of Columbia St. and Broadway. Con- stantly on hand an assortment of Ha- vana, Principe, and Domestic Cigars; Havana, Cuba, St. Domingo, and Spa- nish Seed Leaf Tobacco; Maccoboy, French, Fine and Coarse Rappee and Scotch Snuffs. The most approved brands of Virginia Manufactured To- bacco. SIMEON B. WILLIAMS, Manufacturer of Fine-cut Chewing AND Smoking Tobacco, and dealer in Imported and Domestic Cigars, 88, 90, and 92 Pearl St. First Pre- miums, 1S52, awarded at American Institute, N. Y., Meclianics' Institute, Cincinnati, Ohio State Fair, Cleve- land, Michigan State Fair, Detroit. China, Glass, & Queensware. SAMPSON & CO. (Importers and Dealers in China, Glass, and Queensware), 92 f.Iain Street, three doors below Third. 30* o54 FIRST-CLASS WHOLESALE HOUSES, Commission Merchants. Confectioners. CINNAMON & KERR (Commission Merchants and Dealehs in Pno- DucE), 11 Water Street. STRAIGHT & DEMING (Western Reserve Cheese & Butter, Flour, Bacon, Lard, Dried Fruits, Seeds, SalvERAtus, Pot and Pearl Ashes, Fish, Hemp, Cotton, and all kinds of Produce, Groceries, and Manufac- tured Articles), 31 Sycamore Street. Particular attention given to the pur- chase of goods on orders. Clothiers. AMBERG & STACHEL (Wholesale Clothing Depot), 209 Main Street, 4 aoors above Fifth. FECHHEIMERS,GOLDSMITH,&CO. (Wholesale Clothiers and Deal- ers IN Dry Goods), No. 72 Main St., fifth door below Lower Market St. T. W. SPRAGUE & CO. (Fashionable Tailors: also ^'INE Clothing Rea- DV Made), 113 Main St. Amount of stock on hand, $75,000. A. H. GUTHRIE & CO. (Drapers, Tailors, and Gentlemen's Furnishing Store), 34 Fourth St., N. side, between Main and Walnut. WILLIAM ADDIS (Masonic and Odd- Fellows' Furnishing Stoke), Sixth Street, Bacon's Building, under Mag- nolia Hall, Manufacturer of Costumes and Regalia of every description, for Masons, Odd-Fellows, and Sons of Temperance. 5)5" Being a member of the above or- ders, I am prepared at all times to furnish everything appertaining there- to with punctuality and dispatch. Cocoa and Chocolate. LAMBE & CO. (Manufacturers), 130 Columbia Street, between Race and Elm. MYERS & CO. (Wholesale Confec- tioners), 40 Main Street. Candy Manufacturers. . A. STEVENS & CO. (also whole- sale Dealers in Fireworks, Nuts, Fruits, Toys, etc.), 320 Main Street, east side, between Seventh & Eighth Streets. Carriages. GEO. C. MILLER & SONS (Manufac- turers), Seventh Street, south side, between Main and Walnut Streets. Drugs. Importers and Wholesale Dealers. BURDSAL & BROTHER, N. W. Cor- ner of Main and Front Streets, is a First-Class Wholesale Drug House, and Importers and Deal- ers IN all Articles in the Drug Trade. (Motto — Large Sales and Small Profits.) C. S. BURDSAL & CO. (Dealers in Drugs, Medicines, Paints, Oils, Dyestuffs, Glassware, &c.), 228 Main Street, between Fifth and Sixth Streets. CONKLING, WOOD, & CO. (Manu- f.'Vcturers of Castor-Oil, White and Red Lead, Litharge, Whit- ing, Putty, Chromes Green, Red, AND Yellow, Assorted Colors, Dry or in Oil, and Importers of Coarse Paints), North side of Court Street, East of Broadway, Cincinnati, Ohio. ROBERT FLETCHER, Agent for Landreth's (Philadelphia) Garden- Seeds ; Bazin's (Roussel) Perfu- mery ; New Jersey Zinc Paint, N. E. Corner Sycamore and Lower Market. R. MACREADY (Wholesale Dealer IN Drugs, Medicines, Paints, Oils, Varnishes, Dyes, Brushes, Glass- ware, &c.), S. W. corner Front and Walnut Sts. CINCINNATI. 355 J. & C. REAKIRT (also Dealers in Satinet Warps, Steel Reeds, Shuttles, Pickers, HarnessTwine, Roller Cloth, Press Papers, Ten- ter Hooks, Card Cleaners, Comb Plates, &c. ; and Agents for Ssiith, Woodcock, & Knight's Machine Cards), 21 Pearl Street. ABIA ZRLLER (Wholesale Drug- gist), N. E. Corner of Main and Columbia Streets. KOST, BIGGER & CO., Publis'.iers of " Kost's M.iteri;i Medica anJ Thera- peutics." Kost's " Domestic Medi- cine," Kost's " Pharmacy and Or- ganic Chemistry," " Howard's Prac- tice," " Howard's Midwifery," and " Howard's Physiology ;" wliojesaie dealers in Foreign and Domestic Me- dicines (warranted pure and fresh). Perfumery, and Surgical Instruments, 45 E. Fourth St. Dental Furnishing Depot. S. WARDLE & CO. (Manufacturers OF Single Teeth), 256 Walnut St. Block Work made to order; Dentist's Instruments, Lathes, Tools, Operat- ing Chairs, Spittoons, Material, &c. &c. Orders with remittances prompt- ly attended to. Engravers. Daguerreotype Stock. PETER SMITH (Dealer and Im- porter OF Daguerreotype Stock, Fancy and Military Goods), 36 Fifth St. Dry Goods. D. & R. BROWN (Manufacturers of Hosiery, Importers and Whole- sale Dealers in Riuuo.ns, Gloves, Linens, Lace, Silk Goods, Small Wares, &c.), 2o3 Main Street, three doors ahove Sixth. GEORGE WHITE (Wholesale and Retail Dealer in every descrip- tion of Foreign and DojiESTic Drv- (iooDS), No. oC and 58 Fifth Street, North side. H. C. GROSVENOR (Engraver on Wood), N. E. corner of Fourth and Walnut Sts. H. H. SHIPLEY, & BRO. (Manu- facturers OF Embossed Business Cards and Envelops), 22 W. Fourth Street. ENGRAVERS ON WOOD. FRAZER & DENIS, Gazette Building, 120 Main Street. Every description of Wood Engraving executed in su- perior style. 53" Orders from abroad punctually at- tended to. J. R. TELFER, 7 Gazette Building, 120 Main Street. Landscapes, Views of Buildings, Newspaper Headings, &c. engraved to order. H. H. SHIPLEY & BROTHER, Nos. 6 and 22 W. Fourth Street. Engraving on Wood done in the best style. BANK-NOTE ENGRAVERS AND PRINTERS. RA WDON, WRIGHT, HATCH, & ED- SON, S. E. corner Fourth and Main Sis. Also engraved in a style cor- responding in excellence to that of Bank Notes, Railroad, State, and County Bonds, Bills of Exchange, Checks, Drafts, Certificates of Stock and Deposit, Promissory Notes, Bill and Letter Heads, Diplomas, Visiting and Professional Cards, Notarial, County, and Hand Seals, &c. Con- stantly on hand, Bank-Note Paper ,o( various tints, made to order, of very superior quality. The above office is under the supervision of Geo. T. Jones, Practical Engraver. Fancy Goods. DORR, ARNOLD, & CO., S. W. corner of Sixth and Main Streets, Gait House Buildings. TAYLOR, FRENCH, & WYNNE, 79 Main and 3 Pearl Streets. F. SCHULTZE & CO. (Importers of Fancy Goods, Toys, French China, AND Ger:man Glassware, Co.mbs, WoRK-BoxEs, Musical Instru- ments, &c.), 64 Main Street. 356 FIRST-CLASS WHOLESALE HOUSES, Furniture. Fashionable. I Hard-ware and Cutlery. JOHN GEYER (Western Chair and Furniture Manufactory) Nos. 8 and 10 Enst Fourth Street. MITCHELL & RAMMELSBERG (Wholesale and Retail Furni- ture Warerooms), 23 and 25 E. Se- cond St., between Main and Syca- more. I.. M. CIiA]¥E, manufacturer of fashionable CABINET FURNITURE, SOFAS, CHAIES, ETC. Warerooms, 81 Sycamore St., one door above Third. 5)5= Work done to order; Furniture re- paired ; Upholstering done with neat- ness and dispatch, at moderate terms. AARON SHAW, 18 East Fourth St. The subscriber keeps constantly on hand the richest Parlor, Chamber, AND Cottage Enamelled Furni- ture. Aaron Shaw. Grocers. BISHOP, WELLS, 4 CO., R. M. BIWIflP, ) Wholcsiile Grocers, W.W.WELLS, [ Forwantini:; and G. W. BISHOP, 3 Comui'n Mercliants, Front St., five doors east of Main, op- posite the Steamboat Landing. .JOSEPH C. nUTLEll & CO. (Whole- sale Grocers and Commission Mer- chants), 47 Main Street. Albert G. Richardson, GENERAL COMMISSION MERCRANT WHOLESALE GROCER, Corner of Walnut and Columbia Streets. SMITH & GRAHAM (Wholesale Grocers and Produce Merchants, AND Dealers in Foreign and Do- mestic Liquors, Wines, &c.), 4 and 5 Commercial Row. SPRINGER & WHITEMAN, IG and 18 Columbia Street. R. W. BOOTH & CO. (Carpenters' AND Coopers' Tools, English Sin- gle AND Double Barrel Guns; also Agents for Fairbanks's Plat- form Scales), S. W. Corner of Wal- nut and Pearl Streets. LATIMER, COX, COLBOURNE, & LUPTON (Jobbers of Hardware), New Store, 74 Main St., near Pearl. TYLER, DAVIDSON, & CO., 140 and 142 Main Street. J. L. WAYNE (Dealer in Hard- ware, Plush, Hair Cloth, Sofa Springs, Burlaps, Canvas, Twine, Gimp, Veneers, Glue, Looking- Glass Plates, &c. &c.), 124 Main St. M-GREGOR, LEE, & CO. (Manufac- turers OF Powder-proof Bank Locus, Prison, Stoke, and House Locks; also Hotel and Steamboat ]5ell Work, &c., and Dealers in Building Hardware), Western Row, between Sixth and Seventh Sts. EVENS PERCUSSION PRESS, with Seal, complete for $5. C. F. Hall, Engraver, 1 4 W. Fourth Street, and corner of Fifth and Walnut, General Agent for the United States. This unique invention is now used and highly recommended by Bankers. Merchants, Editors, Lodges, Notaries Public, Bodies Corporate, &c. &c. SEAL ENGRAVER. U. S. ENGRAVING ROOMS, 14 W. Fourth Street, next door west of First Presbyterian Church; sign, Arms of j the U. S. Seals (Arms) Designed and Engraved for Bodies Corporate, Civil and Ecclesiastical Courts, Lodges, I Notaries Public, Bankers and Mer- chants, &c. Seal Presses, Copper and Steel Plato Engraving and Print- ing; Marriage, Business, and Address Cards; Self-Sealing Advertising En- velops and Colored Embossed Cards all executed in the best style of the I art. C. F. HALL. Hats. Fashionable. L. H. BAKER & CO. (Fashionable Hatters), S. W. Corner of Main and Fourth Streets. CINCINNATr. 357 Hotels. BURNET HOUSE, Third and Vine Sis. DENNISON HOUSE (W. & E. B. Dennison), Corner of Main and Fifth Streets. GIBSON HOUSE (0. H. Geffroy), Walnut Street, between Fourth and Fifth. HORSES AND CARRIAGES TO HIRE. ISAAC D. JOHNSON, East side of Walnut, between Eighth and Ninth Streets. India Rubber Goods. BART & HICKCOX (also Umbrellas, Hose, Steam Packing, and Ma- chine Belting, at Factory Prices), N. W. corner Fifth and Main Sts. Iron Founders. J. H. BURROWS & CO., Columbia Foundry, Columbia Street, between Elm and Plum; Office, 23 W. Front St., between Main and Walnut: also Manufacturers of J. H. Bnrrows's Patent Grist Mills, French Burr Mill Stones, of all sizes, Steam Engines, Grist and Saw Mill Irons, and Cast- ings of all descriptions: also Dealers in Bolting Cloths, Plaster of Paris, &c. WM. C. DAVIS. WM. C. BARNARD. W. C. DAVIS & CO., Proprietors of the Anchor Iron Works, and Manufac- turers of Fisk's Patent Metallic Bu- rial Cases, and every description of Cooking and Heating Stoves, Hollow Ware, Dog Irons, Sad Irons, Tea Kettles, Caldron, Potash, and Sugar Kettles, and Castings in general, and Dealers in English and American Steel; Juniata Iron, and Nails of all sizes and of a warranted quality. Sales Rooms corner of Ninth and Main ; Foundry on Hunt Street. Lard Oil. BURCKHARDT & CO. (Manufactur- ers AND Wholesale Dealers in Lard Oil, Stearine, Candles, Soap, &c.) N. E. Corner Sixth and Walnut, and 12 Hammond Street. HENRY GOOCH, Lard Oil Manu- facturer, 130 Columbia Street, be- tweei- Race and Elm. PROCTER & GAMBLE (also Can- dles, Soap, Pearl-Starch), 252 Main St., between Sixth arid Seventh. liOoking-Glasses, &e. BOWN & HARTIGAN (Gilding and Looking-Glass Establishment), 16 East Fourth Street. Steamboats and Storerooms decorated with Compo- sition, Portrait, Picture, and Looking- glass Frames, and Window Cornices of every Description, made to order. Fine Engravings, Lithographs, &c. WILLIAM WISWELL, JR. (Looking- G lasses. Portrait, and Picture- Frames of every Pattern; Win- dow, Plate, and other French Crystal Glass of all Sizes), 129 Main Street, between Third and Fourth Streets. Looking-glass Plates of every Size put into Old Frames. Lithographers and En- gravers. MIDDLETON & WALLACE (Rail- road Bonds, Certificates, Maps, &c.. Views of Buildings, Show Cards, Circulars, &c.), Odd Fel- lows' Building, 115 Walnut St. Marble Dealers. D. BOLLES (Artificer and Dealer IN Marble), East side of Vine, be- tween P'ifth and Sixth Sts. CHARLES RULE (late Lowry and Rule), corner of Broadway and Fifth. Monuments, Tombs, Grave Stones, Mantels, &c. constantly on hand and furnished to order. The Trade supplied with Marble in Block and Slab, or sawed to order. Mathematical Instruments. T. F. RANDOLPH & BROTHER, N. W. corner of Fifth and Walnut Sts. (second story Apollo Building), Man- ufacturers of Surveyors' Compasses, Theodolites, Transits, Levels, &c. &c. Repairing and adjusting Instru- ments done to order. 358 FIRST-CLASS WHOLESALE HOUSES, Mercantile Colleges. BACON'S MERCANTILE COLLEGE, N. VV. corner Sixth and Walnut Sts. The Course of Instruction consists of Double Entry Booi