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ADVICE TO A YOUNG TRADESMAN.
Written Anno 1748.
TO MY FRIEND A. B.
As you have desired it of me, I write the following hints, which have been
of service to me, and may, if observed, be so to you.
Remember, that time is inoney. He, that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckou that the only expense; he has really spent, or rather thrown away, five shillings besides,
Remember, that credit is money. If a man lets his money lie in my hands after it is due, he gives me the interest, or so much as I can make of it, during that tinie. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.
Remember, that money is of a prolific generating nature. Money can beget money, and its offspring can be get more, and so on. Five shillings turned is six, turned again it is seven and three-pence, and so on till it be. comes an hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow destroys all her offspring to the thousandth generation. He that murders a crown destroys all that it might have produced, even scores of pounds.
Remember, that six pounds a year is but a groat a day. For this little sum (which may be daily was ed either in time or expense unperceived) a man of crtnit may, on his own security, have the constant possess.) and use of au hundred pounds. So much in stock, brisan ly turned by an industrious man, produces great adv ua tage.
Remember this saying, "the good paymaster is lord of another man's purse.
He that is known to pay punctually and exactly to the time he promises may at any time, and on any occasion, raise all the money his friend's can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world than punctuality and justice in all his dealings: therefore, never keep borrowed money an hour beyond the time you promised, lest a dis. appointment shut up your friend's purse for ever.
The most trifling actions that effect a man's credit are to be regarded. The sound of your hammer at five in the morning, or nine at night, heard by a creditor, makes him easy six months longer : but if he sees you at a bil. liard table, or hears your voice at a tavern,
when you should be at work, he sends for his money the next day; demands it before he can receive it in a lump.
It shows, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest man, and that still increases your credit.
Beware of thinking all your own that you possess, and of living accordingly. It is a mistake that many people who have credit fall into. To prevent this, keep an exact account for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect: you will discover how wonderfully small trifling expenses mount up to large sums, and will discern what might have been and may for the future be saved, without occasioning any great inconvenience.
In short, the way to wealth, if you desire it, is as plain as the way to market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them every thing. He, that gets all he can honestly and saves all he gets (necessary expenses excepted) will certainly become rich if that Being who governs the world, to whom all should look for a blessing on their honest endeavours, doth not, in his wise Providence, otherwise determine.
AN OLD TRADESMAN.
Written Anno 1736.
The use of money is all the advantage there is in having money.
For six pounds a year you may have the use of one hundred pounds, provided you are a man of known prudence and honesty.
He, that spends a groát a day idly, spends idly above six pounds a year, which is the price for the use of one hundred pounds.
He, that wastes idly a groat's worth of his time per day, one day with another, wastes the privilege of using one hundred pounds each day.
He, that idly loses five shillings worth of time, loses five shillings, and might as prudently throw five shillings into the sea.
He, that loses five shillings, not only loses that sum, but all the advantage that might be made by turning it in dealing, which, by the time that a young man becomes old, will amount to a considerable sum of money.
Again: he, that sells upon credit, asks a price for what he sells equivalent to the principal and interest of his money for the time he is to be kept out of it; therefore, he, that buys upon credit, pays interest for what he buys, and he, that pays ready money, might let that money out to use: so that he, that possesses any thing he has bought, pays interest for the use of it.
Yet, in buying goods, it is best to pay ready money, because he, that sells upon credit, expects to lose five per cent by bad debts; therefore he charges, on all he sells upon credit, an advance, that shall make up that deficiency.
Those, who pay for what they buy upon credit, pay their share of this advance.
He, that pays ready money, escapes, or may escape, that charge.
A penny sav'd is two-pence clear,
THE WAY TO MAKE MONEY PLENTY
IN EVERY MAN'S POCKET.
At this time, when the general complaint is, that “money is scarce, » it will be an act of kindness to inform the moneyless how they may reinforce their pockets. 1 will acquaint them with the true secret of money-catching, the certain way to fill empty purses, and how to keep them always full. Two simple rules, well observed, will do the business.
First, let honesty and industry be thy constant companions; and
Secondly, spend one penny less than thy clear gains.
Then shall thy hide-bound pocket soon begin to thrive, and will never again cry with the empty belly-ache: neither will creditors insult thee, nor want oppress, nor hunger bite, nor nakedness freeze thee. The whole hemisphere will shine brighter, and pleasure spring up in every corner of thy heart. Now, therefore, embrace these rules and be happy. Banish the bleak winds of sorrow from thy mind, and live independent. Then shalt thou be a man, and not hide thy face at the approach of the rich, nor suffer the pain of feeling little when the sons of fortune walk at thy right hand: for independency, whether with little or much, is good fortune, and placeth thee on even ground with the proudest of the golden fleece. Oh, then, be wise, and let industry walk with thee in the morning, and attend thee until thou reachest the evening hour for rest. Let honesty be as the breath of thy soul, and never forget to have a penny when all thy expenses are enumerated and paid: then shalt thou reach the point of happiness, and independence shall be thy shield and buckler, thy helmet and crown; then shall thy soul walk upright, nor stoop to the silken wretch because he hath riches, nor pocket an abuse because the hand whieh offers it wears a ring set with diamonds.
NEW MODE OF LENDING MONEY.
Paris, April 22, 1784. I send you herewith a bill for ten louis d'ors. I do not pretend to give such a sum. I only lend it to you. When yon shall return to your country, you cannot fail getting into some business, that will in time enable you to pay all your debts. In that case, when you meet with another honest man in similar distress, you must pay me by lending this sum to him, enjoining him, to discharge the debt by a like operation, when he shall be able, and shall meet with such another opportunity. I hope it may thus go through many hands before it ineet with a knave to stop its progress. This is a trick of mine for doing a good deal with a little money. I am not rich enough to afford much in good works, and so am obliged to be cunning and make the most of a little.
AN ECONOMICAL PROJECT.
TO THE AUTHORS OF THE JOURNAL.
MESSIEURS, You often entertain us with accounts of new discoveries. Permit me to communicate to the public, through your paper, one, that has lately been made by myself, and which I conceive may be of great utility.
I was the other evening in a grand company, where the new lamp of Messrs. Quinquet and Lange was introduced, and much admired for its splendor; but a general inquiry was made, whether the oil it consumed was not in proportion to the light it afforded, in which case there would be no saving in the use of it. No one present could satisfy us in that point, which all agreed ought to be known, it being a very desirable thing to lessen, if possible, the expense of lightning our apartments, when every other article of family expense was so much augmented.
I was pleased to see this general concern for economy, for I love economy exceedingly.
I went home, and to bed, three or four hours after midnight, with my head full of the subject. An accidental sudden noise waked me about six in the morning, when I was surprised to find my room filled with light; and I imagined at first, that a number of those lamps had been brought into it: but, rubbing my eyes, I perceived the light came in at the windows. I got up and looked out to see what might be the occasion of it. when I saw the sun just rising above the horizon, from whence he poured his rays plentifully into my chamber, my domestic having negligently omitted the preceeding evening to close the shutters.
I looked at my watch, which goes very well, and found that it was but six o'clock; and still thinking it something extraordinary, that the sun should rise so early, I looked into the almanac, where I found it to be the hour given for his rising on that day. I looked forward too, and found he was to rise still earlier every day till towards the end of June; and that at no time in the year he retarded his rising so long as till eight o'clock. Your readers, who with me have never seen any signs of sunshine before noon, and seldom regard the astronomical part of the almanac, will be as much astonished as I was, when they hear of his rising, so early; and especially when I assure them, that he gives light as soon as he rises. I am convinced of this. I am certain of my fact. One cannot be more certain of any fact. I saw it with my own eyes. And, having repeated this observation the three following mornings, I found always precisely the same result.
Yet so it happens, that when I speak of this discovery to others, I can easily perceive by their countenance, though they forbear expressing it in words, that they do not quite believe me. One, indeed, who is a learned natural philosopher, has assured me that I must certainly be mistaken as to the circumstance of the light coming into my room; for it being well known, as he says, that there could be no light abroad at that hour, it follows that none could enter from without; and that of consequence, my windows being accidentally left open, instead of letting in te light, had only served to let out the darkness : and he used many ingenious arguments to shew me how I might, by that means, have been deceived. I own, that