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 HOW TO
GET, SAVE, SPEND, GIVE, LEND, AND BEQUEATH
MONEY:
WITH AN
INQUIRY INTO THE CHANCES OF SUCCESS AND CAUSES
OF FAILURE IN BUSINESS.
BY EDWIN T. FREEDLEY.
ALSO,
PRIZE ESSAYS, STATISTICS, MISCELLANIES.
AND
NUMEROUS PRIVATE LETTERS FROM SUCCESSFUL
AND DISTINGUISHED BUSINESS MEN.
~wetttietlb ~!iostatb.
PHILADELPHI A:
LIPPINCOTT, GRAMBO & CO.
1 8 5 3.




Entered according to Act of Congress, in the year 1852, by
EDWIN     T. FREEDLEY,
In the Clerk's Office of the District Court of the United States,
in and for the Eastern District of Pennsylvania.
PiiLADLEIPliiA:
STEREOTYPE)D BY UEGOrPE CHARLRI;:.
PRINTED BY T. K. & P. G COLLTx3.,




PREFACE.
" THE wisdom touching negotiation, or business, hath not been hitherto
collected into writing, to the great derogation of learning and the professors of learning.* * For if books were written of this, as the other, I
doubt not but learned men, with mean 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 advantage of the leisure accidentally afforded me to see what landmarks
had been set up, and to know how much could be learned respecting a matter so important as business, by means less costly and
more pleasant than the severe teachings of experience. On looking 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
that which was useful and practical from the mass of irrelevant
matter with which it was mixed up, and arranging it in an interesting 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 otheclass of men in the world-I mean the active, intelligent business
men of the country-and especially to those who are fitting themselves for business pursuits. Whether the attempt is a happy one,
1*                    (5)




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 attention I-necessarily solicit by the act of publication rest mainly on
the fact that the number of books on the principles of moneymaking 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 happiness. What is called TACT, which makes so large a figure in
the conversation of the world, and which ii certainly a powerful
instrument of success, is nothing more tr an quickness of perception, united to promptitude of action. It is the result of possessing a variety of practical ideas, and confidence in their correctness. 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, we 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 money-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 original, and besides numerous extracts and inte



rREFACE.                        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 Rich 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 republished in this country; and some valuable statistics and miscellanies, for a part of which I am indebted to Mr. Hunt, proprietor of
Hunt's Merchants' 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, notwithstanding its faults, will take some interest in its circulation, I leave
it in the hands of a generous public.
PHILADELPHIA, June 14, 1852.








CONTENTS.                           xi
-Good situation not to be abandoned-Punctuality: Why we like punctual men-Why we 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 clownPerseverance defined: Burgh's merchant-No employment so trifling as
not to afford a subsistence-William Wirt's observation-The weathercock an example of steadiness-Habits of business necessary to allWhat 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 law, how learned-A question tpbe asked-God has
designed man's happiness, proved-How to determine whether an action
be right or wrong-Why am I obliged to keep my word?-How are promises 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-ShoppingOne-price system-Market price a fair price-Paley's remark-Interesting question in casuistry-The corn merchant-Dr. Dewey answeredTo 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 obligation to pay debts rest?-Promises may be released in conscience-The
moral duties of the seller-Of the buyer-With whom does credit originate?-Agency and credit-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-Chalmers' splendid observation-Importance of honor in business men-When
a man violates the laws of honor-Instances-An appeal-Burns —How
to get money-The first step-Illustrations-The first rule-What kinds of
business are the safest-Second rule-Investments in land considered —A
great fact-Third rule-The true principles of business...58-71




Xii                        CONTENTS.
CHAPTER V.
GETTING MONEY BY FARMING.
Fnanklin-Agriculture needs no eulogy-A new theory-Isfarming profitable?-What is a good business?-A profitable business?-Joshua Tappan-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 effect?-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 essay-The perfection of farming-Capital-A    great mistake-DebtFarming in England-Doing every thing at the right season, illustratedCapital required to start a farm of one hundred acres-List and cost of
live stock-Do. of implements-Do. of Seeds-Number of laborers required-Maintenance of animals-Recapitulation-First year of farming
expensive and uncertain-Proper size offarms-Difference 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 fencingLanes-Convenience for watering cattle-A farm road-A specimen of
laying out a farm given-How to lay out a farm of irregular shapeFences-Cedar stakes-Stone walls-Hedges-Burnap's astounding assertion of the cost of fences-Gates-Self-shutting and self-fasteningNumbering fields-Bars and gates compared-Which the cheapestBuildings-How to be situated-The dwelling, where to be situated-The
size of barns and out-buildings-How to save one-third of the fodderThe wood-house-A small cheap movable horse-power-Root cellar-Objection 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
laborer may save one week's labor in four-Choice of animals-The bestQualities 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 best upon themHow are peaty soils made?-Why liable to frosts-Corn of early varieties
-How to improve heavy soils-Sandy soils-Subsoil ploughing-Mlanures
-Importance-Why manures possess different degrees of power-The
great art of saving manure-Thousands of dollars lost by want of this knowledge every year-A good story-Humphrey Davy-Unfermented manures
superior-How to treat fresh manure to make its influence like magicSwamp 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.                           siii
to do things at the right time-A small-book-A review-A great truthYoung farmers-When need we not fear for their success-Agriculture
the art of.peace-Beautiful conclusion... 71-94
CHAPTER VI.
GETTING MONEY BY MERCHANDISING.
Who are merchants?-Parker's curious definition-Man the only trading
animal-Origin 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 be 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 profession-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 profitable 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
various pursuits-A business library-How to become master of the art
-Apprentice fees-Judgment of the value of goods-Its importanceWhere it can be best acquired?-How to acquire it —"A patch to try"
-Bookkeeping, business correspondence-Technical terms-A laughable mistake-When can a man be said to understand a business thoroughly-Importing houses-A lamentable deficiency-Causes of PANICS
-Their cure-The laws that regulate supply and demand-Dry goods
business-How to judge of its present state and future prospects-The
means for a perfect analysis of the whole trade-Bacon-General acquaintance with all business- Capital-Amount of capital-A statementTrusting 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 matterfor produce and commission merchants to know-Making advances-Probable sales-An interesting and instructive story, showing what calculations a man should make before 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 London-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.
rangement of goods-A model 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 anecdoteHIow to judge whether a clerk is good-tempered-Fat and lean menFaithfulness 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 sellers-The consequences-Lying considered-A good buyer describedHis 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 consequences 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 systemBoring-Mode of proceeding-The laws governing sales and contracts: A
knowledge of the law-The choice of a confidential adviser-LawyersContracts 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 voidConsideration necessary-Exceptions-What is a valuable consideration?
-Mutual consent requisite-A negotiation by letter when completeWhen 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-FraudStatute of frauds-Reducing contracts to writing-An important rule on
the subject to be remembered-The meaning of words-Implied contracts
— Many important instances given where- the law implies a contract




CONTENTS.                           XV
though both parties have not assented to it-Commission MerchantsTransportation companies-Bacon's invaluable observations on negotiating-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 insurance-A dishonest speculation-Causes of neglect-Girard-Longworth
-The selection of an office-The great fault of insurance offices-Benton
-Life insurance: First life-insurance company-A banker's objections to
life-insurance-Savings-banks-Advantages of each-Three kinds of lifeinsurance companies-The joint stock described-The mixed-The mutual —Selection of an office-Advice-A dangerous provision-The best
offices-A short rule for ascertaining the expectation of life.  123-144
CHAPTER VIII.
HOW TO GET CUSTOMERS.
Different ideas on the subject-Plan in the seventeenth century-SignsFancy signs-The present era-How to draw customers-To satisfy them
-To induce them to buy-Advantages of advertising-The cost no impediment-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 opportunities-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 relationsShylock-A reason why the Jews are so successful in money-getting-A
striking statement-Firmness-Clarendon's remark-Mistake of professors of religion-Sharp's observation-Our Saviour a polite man-Counterfeits of politeness-Manners-Chesterfield's failure-The main thingHow to acquire the habit of politeness-Wicked men impolite-Gloomy,
melancholy men-A hunting party-Friendship-H-ow to make business
pleasant-The deficiencies in politeness-Professional men not politeLiterary men-Why both are generally poor-Anecdote-The prime wisdom....... 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 merchant?-Advantages
of commerce-The merchant who dishonors his vocation-The qualities
and capabilities that should distinguish a merchant-Performance of promises-Truth no trifle-How should a merchant separate his customers —
Credit: who is entitled to credit, and who is not-The main cause of ex -




Xvi                        CONTENTS.
travagance, over-trading, and insolvency-The philosopher's stone-John
Randolph-Selling liquors and implements of gaming-A merchant's duties in regard to agricultural and mechanical improvement-Education,
&c.-Buying rare books-Country merchants-How 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 amerchant should patronize the press in his locality-The proper mode of doing it-How a, merchant may aid his customers to pay for their goods-The consumption of
Massachusetts, compared with North Carolina or Tennessee-The reason
of the difference-Concluding remarks..... 156-164
CHAPTER X.
HOW TO GET RICH BY SPECULATION.
A profound speculator rarer than a great poet or general-Laws of specu
lation not understood-The first rule-Timothy Dexter-Distinction between speculation and trade-FIailures-Retailer's plan-The rise and fall
of prices-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 necessary means to make a fortune-Statistics-How to use them-How to
manage when the depreciation of price continues-Anecdote of a celebrated Englishman-Hope-Cotton-Carolina and Georgia newspapersThe two qualities that fit a commodity for speculation-Comparative superiority of trade and speculation-Usefulness of speculation-How to
make speculation a regular and safe business-The division of capitalNo difference whether prices rise 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 MONEY-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 business men-The repeal of the usury laws considered-The first usury law
-Aristotle —Calvin-Bentham-A letter-Squatters-Land sales in the
West-Indiana-Wisconsin-The office of a banker-Banks: two kinds -




CONTENTS.                         xvii
Paper money-Six ways to make money by means of bank chartersThe uninitiated instructed in the secrets of bank operations-VoltairePrivate banks-Their mode of doing business-The private banks of
London, of Scotland-Private banking in the Western States-Their profits-Private bankers the pillars of the State-A remarkable fact-Private
banking in Cincinnati-Interests on deposits-Rates of discount-Indorsing-A business recommended by which fortunes can rapidly be madeThe principles of banking-T. S. Goodman & Co.. 172-180
CHAPTER XII.
GETTING MONEY BY INVENTIONS, PATENT MEDICINES.
Patent office report-The number of patents compared with applicationsBitter disappointment-The spirit of invention-Impossibility of knowing
what has been done-What time should be employed in experimentsPiracy-Improvements-New    fields of invention-Plough-MotorsWants 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 management-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 proceedingBrandreth-Failure.                                      181-188
CHAIPTER XIII.
HOW TO BECOME MILLIONAIRES-OPINIONS OF MILLIONAIRES
Opinions-Rothschild's advice-His great rules-Three profits-Unlucky
men and places-What 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-AnecdotesHis 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. Longworth, 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''




xviii                       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 profits of a dozen concerns, and yet be great benefactors-The changes
that will be effected by adoption of this rule-The third rule —A splendid extract-Efficacy of prayer to attain success-Conclusion of getting
money-An excellent quotation.                           189-207
CHAPTER XIV.
LOSING MONEY-CHANCES OF SUCCESs-CAUSEs or 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 Cincinnati-Statistics of 400 business firms-Thoughts-Need of farther statistics-Causes of failures-Evidence of official assignees-The causes various-Anecdote of the most eminent literary man in the country-The
causes enumerated-Accidents-Bad legislation-Unstable legislationIts injurious effects-The remedy-Turner's evidence in the parliamentary
committee-The prominent attribute of a good legislator-Ability in discussion 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-Importing andjobbing-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 expenditureCredit-Dr. Johnson's remark-The effects of the credit system-A great
change-Bills of exchange-How easily a man may become a foreign mercha-nt-Buying wild lands-Disappointment of creditors-Imprudent speculations-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 predictionThe 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 anxietyThe path that leads speedily to wealth-What can parents do-When
should a man fail, considered-The duties of a man who finds himself
embarrassed-Hon. John Sergeant's remarks-The treatment of debtors




CONTENTS.                          Xix
-What creditors should remember-The distinction to be made between
fraudulent and unfortunate failures-Burns...      204-233
CHAPTER XV.
SAVING, SPENDING, GIVING, LENDING, AND BEQUEATHING MONEY.
Remarks-Saving money, should be intelligent of a purpose beyond-The
danger-Justifiable saving-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-Pleasure and
expenditure-To feel a want before you provide against it-Too much
leisure-A thoroughly conscientious mode of expenditurelaborious-Rich
men blamed for looking to differences of cost-A mistake of young menProdigality a vice of a weak nature-Giving money: All giving not generous-Spurious views-Gertrude-Anecdote-Cheerful self-denial-The
Choice of gifts-Anecdote-Gifts from public bodies-Generosity in accepting 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 rule
that is often overlooked-Borrowing and lending: Lendingto friends-The
refusal that is least apt to give offence-Debtors and prodigals always
consider themselves injured men-Poor men deserted by their friendsThe cause of this-The ordinary course of things in embarrassmentCastaways-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 consider?-A good rule-The way of the world in bequeathing.
CONCLUSION......... 234-252
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 investment 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 desiring to invest in real estate, or of changing their location..  273-279




SX                  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......      09-310
LEGAL ADVICE AND USEFUL SUGGESTIONS FOR THE
PURCHASERS OF THIS BOOK.
Agency......          313-315
Bills of exchange and promissory notes..  16-321
Guarantee and suretyship..                321-323
Letters of credit......            323-325
Law of partnership......        325-329
Law of interest......329-330
Miscellaneous advice.....             330-332
Fundamental legal principles.....   332




A 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 philosopher 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, forethought, 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, borrowing, and bequeathing, would almost argue' a perfect man."-TAYLOt'S NYotes
from Life.
OUR subject is Business, and our first inquiry is, What is Business?
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 occupations 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)




2'2                A PRACTICAL TREATISE
closely inspecting."  In the Latin, it denotes self-denial of easenego otium, negotium-I deny myself all pleasure and self-indulgence for the sake of business.
Man is a compound of body and mind. His nature is a complexity of the animal and the spiritual; of the physical and the intellectual.  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 distributes 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 superior 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 actions must pay a due attention to the regulation of both.  " Falstaff 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, matters are best conducted where neither party is unreasonable, and
where both are agreed."
What is the end of Business? We answer, happiness. The acquisition of property is subordinate to this end.  Money is valueless, except as it will satisfy wants. Business is a source of happiness in several ways. Its pursuit engages, invigorates, and enlarges the mind; 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
ticism, pleasure, action, repose, science, philosophy, at the bloody
shrines of paganism; 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 remorsestricken 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; to seek their happiness in the
study of abstract science and metaphysical speculation; but, alas!
it was impossible to <" solve insoluble enigmas," or attain unattainable frames of mind. About the sixteenth'century, a different
doctrine was promulgated. The multiplication of human enjoyments, 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 personal 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 employments 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 matrons who swallowed abortives in order to preserve their shapes,
took pains to be barren for fear of being homely."  It is to be regretted, 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 misconduct on the business, when in justice it should fall upon themselves.
Why should business pursuits be stigmatized as low? In the literature 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 troubled 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, can body and mind be better engaged than in some
one of those employments which, while they afford both an agreeable 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 in affliction —
no consolation in adversity. But religion, though indispensable, is
not all-sufficient for happiness in this life.;Man was not created to
spend 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, which, in 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 water 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 accustomed 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 tlie 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 intelligence 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, without 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. IIe may be able to interpret the eloquence
3




26                 A PRACTICAL TREATISE
of nature, and look out amongst the stars with 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 uselessness
and rottenness of death, because he lives in the consciousness ol
all that might have been for him, and ought to have been fdr him
but that, although awakened into earnestness by the urgencies oi
his 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 of
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 wilderness, because the heathen gods have been banished, and the
vale of Tempe 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
labor, and make demand for it. There is no happiness without
action: 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 oppressed, 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 happinessreligion, 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 eminently practicable, and the result will be happiness. The idea
that an energetic devotion to business in its time and place is incompatible with a high degree of moral culture or intelleetual
ability, is entirely erroneous.  On the contrary, a man must possess great strength of moral principle and an enlarged intellect to
carry on an extended business with a reasonable hope of success.
* Moore's I "Man and his Motives."




ON BUSINESS                        27
Business is, in truth, a test of virtue, a fiery furnace to principle.
Ite who passes his days in studious ease, holding converse with the
spirits 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 lax moral principle, he will become a rogue, and consequently 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 aun
thors may bury him from the sight of living men, we will reconsider our opinion. That trade is a severe trial to virtue-too
severe for the endurance of all men-is no proof that it is unfavorable to moral growth.  Life is a probation, and business may be
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 is
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 PRACTTIAL TREATISE
universal dissemination of those 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 industry 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 uncultivated land in the globe? Are there not hundreds of thousands 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 their
* Extract from Gist's Cincinnati in 1851. — The time consumed in seeding, 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
great 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 trip be within my estimate, say thirty-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
narvest 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 character. 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 business 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 itflourishes 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; 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 establishments of learning and religion, and every where it is identified with improvement-improvement in mind and manners"improvement in arts and letters —improvement in knowledge, in
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 populal
3*




80                A PRACTICAL TREATISE.
notion that poverty is an evil, and wealth a blessing; but, at the
same time, we hold that individual wealth is a reward too uncertain of attainment to be made an object of primary consideration.,No one who has become very rich can say, in strict truth, that he
"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 approach, 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 attainable by adhering to the laws of trade; a reasonable degree of happiness is attainable by the right management of business; but 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 wilfulness, 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 his happiness have at the
same time contributed to his worldly prosperity.
It is the design of this humble treatise to open the field of business 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.                      81
CHAPTER II.
BUSINESS EDUCATION-CHOICE OF A BUSINESS.
" IT is the great advantage of a trading nation that there are few
in it so dull and heavy, who may not be placed in 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 disposition; 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 torment, 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 best 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 profession.
I. It has been frequently remarked-and a late author* has expressed it the most forcibly-that the best temperament for great
affairs is " a combination of the desponding and the resolute; or,
as I had better express it, of the apprehensive and the resolute.
Such is the temperament of great commanders. Secretly they rely
upon nothing and upon nobody.  There is such a powerful element
of failure in all human qafairs, that a shrewd man is always sa&ying
* Companions of my Solitude.




A PRATrICAL TREATISE
to himqself/ What shall I do,'if that which I count.pon does not
come out as I expect!  This foresight dwarfs and crushes all but
men of great resolution."
These are wise words. IHe 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 dreams.  But the true business man thinks
not of the end; as there is a " powerful element of failure in all
human affairs," he will probably fail; but he is determined to try,
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 twm 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. The: are the instruments by which
experiments are to be observed, and discoveries to be made; and
in trade, perhaps' one-half of the superiority 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 advantage to possess the blind man's acuteness of touch?  " Man



ON BUSINESS.                      33
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 worth remarking 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 naturally pleasurable
to children, and may, therefore, be easily promoted and improved,
and in distinguishing smell, colors, taste, and the touch of various
things, the pupil will soon become expert if he have a suficient
supply of visible and tangible objects on which 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 ungoverned.  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 knowledge, and there stop. The beaver displays no more originality in
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, and
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




34                 A PRACTICAL TREATISE
and happiness of man. The excellent Dr. Barrow says of the
mathematics: " They effectually exercise, not vainly delude, nor
vexatiously torment studious minds with obscure subtleties, but
plainly demonstrate every thing within their reach, draw certain
conclusions, instruct by profitable rules, and unfold pleasant questions. These disciplines also enure and corroborate the mind to
a constant diligence in study; they wholly deliver us from a credulous simplicity, and most strongly fortify us against the vanity
of scepticism; they effectually restrain us from a rash presumption, 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 England 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 instruments 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 peculiar duties of the advocate require rhetorical skill-yet " that a
large proportion of the most distinguished members of the profession has proceeded from, the University, that of Cambridge, most
celebrated for the cultivation of mathematical studies."
Chemistry should receive especial attention in a course of practical education. As the profits in the old channels of business become 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 France furnish a remarkable 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; her manu



ON BUSINESS.                       35
factories were idle, and her soldiers useless for want of almmunition
In this distress, the ministers called upon the chemists to devise
some means of relief, and they quickly informed them of the immense quantities of saltpetre which nature had deposited in her
bosom; and that animal and vegetable substances, the refuse of
cow-houses and aviaries, would yield still greater quantities.
Of languages, the German and the Spanish are the most likely
to be useful.  The German emigration into this country is immense. As many as five hundred emigrants arrive in one day
at the port of New York, and in the year 1847, fifty thousand
landed 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 payments, 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 language. And, as the public mind is now earnestly attracted towards
Cuba, Mexico, California and the Sout-h 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 language.
fIow 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.  Journeymen 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 disciplined to obedience and stocked with knowledge holds his acquisitions 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 furnish extracts from private letters of the Hon. John Freedley, deceased, late member of Congress
from the Fifth Pennsylvania Congressional District. -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 perhaps
unsuspected by any but his intimate friends; and his capital he turned to




86                   A PRACTICAL TREATISE
that render the work less difficult-they surround the student
with an intellectual atmosphere that prepares the mind to receive
such advantage that, in less than thirty years of active life, without indulging in hazardous speculation, he accumulated a fortune of near $300,000.
He will 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-cultivation. 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 first 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 attain 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 foundation 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. Firmness 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 putting him upon his own improvement. He will find it removing difficulties; searching 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 nonentity 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.                         37
impressions, and they place within 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 unpractical learning.  A collegiate education therefore cannot be recommended.    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 benefitted. 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 happiness and usefulness.   Certain it is that he who has passed this
ordeal with his health unimpaired-his intellect unwarped, and
his morals unscathed, is a man of extraordinary mental and moral
power.   Yet 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 admonitions proper deference is to be paid, and hence to consider all' partial
evil as universal good.' The idea conveyed 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 general 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 mysterious field."
* Extract from a private letter of the Hon. John Freedley, dated Nov. 21,
1846: " 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 gewgaws are apt to inspire, a diploma is of service. I think Webster, Kent, Spencer, and most of the men who have distinguished themselves in high stations in our country are graduates. Even
Ewing and Corwin, who earned their money by chopping wood for the fur4




88                  A PRACTICAL TREATISE
counting-house is the business man's college.  When the youth
has finished his course of preparatory education at a school or private 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 important 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 are 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 countinghouse.   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
naccs 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
with the other ninety-nine. They will point to their diploma as the ultimatum 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 without a diploma, but who works, plods, and attends to every thing that pertains 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 their 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 contradiction and needlessly sensitive.  He is probably conceited,
possibly pedantic, and pretty sure to want 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 countingroom finds himself perhaps the youngest member of a large establishment; 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 eyes 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 selfcommand, and the grain of his character grows firm under the discipline of life." A counting-house education will be of advantage
to every man, whatever his future occupation may be.   To farmers 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 deficiencies. To the professional man, it will afford a clearer insight 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 mechanic, a navigator, a seaman so far as navigation and an acquaintance with
the different parts of a vessel are concerned, but must also be able to read,
speak, and translate the different languages in use in the different parts
of the commercial word. No man, can try a case and do it justice unless het
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, either
mercantile or mechanical, previous to studying law, generally succeed besl
in obtaining practice.'"-John Frecdley.




40                 A PRACTICAL TREATISE
house should, of course, vary with circumstances. A youth de.
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 spend some two years in a counting-house
after he has completed his preparatory course, and then go to one
of our law schools, and devote mome time to the study of mercantile 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 his
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 recollection 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 conversation 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 worldmen 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 qualities 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 successful whose opinions are always the most valuable. To those
who have no special advantages, we say, cultivate your sensesobserve keenly-disc9ipline your mnind, especially by 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 profession 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 I am sure it is an embarrassing
one to him who is sensible of its importance.  It is a choice that
must be made 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




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 question 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 neglected 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 employments 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 choicebut it is a quality.too evanescent in itself to control the judgment.
Our third and main rule is, let there be a correspondence between the prominent feature of the mind or character, and the
prominent requisite of the business. 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 combination 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 physical
strength are those of day-laborers, butchers, and farmers.  A farmer will succeed best who possesses mental cultivation of the first
order; but still, the leading requisite of the business is physical
strength, 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 ingenuity are generally called trades. A tailor, shoemaker, or brushmaker 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 mathematics and drawing. A stone mason must possess the same, with
perhaps greater power of endurance.  A jeweller must have ingenuity, 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 education, retentive memory, and a persevering disposition.
III. Good address presupposes some education, a genteel person, 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 apothecary 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
Requisite in all kinds of speculation, and, when combined with
every other great and good quality, makes the merchant, the professional 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, moneymaking 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 husbands, and, hence, with address, they may obtain serviceable fathersin-law. But the professions should be chosen from other considera-' I intended to compile a table of occupations, which I must defer to a
more " convenient season," if it ever 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 average wages of operatives in iron works, in the United States, is 97 cents a
day; in Pennsylvania, the average is $1 06. The average wages of males,
in cotton factories, is 70 cents; of females, 37- cents. In Pennsylvania,
males get 65 cents, and females 33 cents, on an average. In woollen
factories, males 82 cents, and females 44 cents. In the Pennsylvania woollen 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 exercise 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 fortune 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 attorney, 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.




04$                A PRACTICAL TREATISE
CHAPTER        III.
-HABITS OF BUSINESS, WHAT ARE THEY?
WHEN we have chosen our business wisely-when we have become 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 master of your business? and have
you habits of business?  The former is presumed; but what is
meant by habits of business?  Habits of business include six
qualities.  Industry, arrangement, calculatioon, prudence, punctuality, and perseverance. Are you industrious? Are you methodical?  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 occasional 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
of perfection in the cultivation of these qualities than in almost




ON BUSINESS.                       47
any thing else; and, at all events, it is certain that he who " aimeth
at the sun, though he may not hit his mark, will shoot higher than
he that aimeth at a bush."
Industry 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 industry to attain to; it is the gift of tongues, and makes a man understood and valued in all countries and by all nations; it is the philosopher'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 itself pay contributions." The tendency of matter is to rest, and it
requires an exercise of force or of will to overcome the vis inertice.
When a thing should be done, it must be done immediately, without 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 apportions time to duties, and keeps an exact register of its transactions; it has a post for every man, a place for every tool, a pigeonhole 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 represented 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 his
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 recommends that the learner seize on "c 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 another 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
rnow, and why?    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 individual to pause, in order to estimate a sum like that above mentioned.
Many, indeed most persons, who are familiar with figures, might compute these nunibers while reading, and without the slightest pause;
but it certainly requires some practice. And the most important
use of arithmetical studies, except as a discipline to the mind, is to
enable us to reckon without slates and pencils.  He has but a miserable knowledge of arithmetic who is no arithmetician without a
pen or pencil in his hand. These are but the ladders upon which
he should ascend to the science, and not the science itself."




ON BUSINESS.                      49
But calculation as a business habit is not limited to arithmetic.
It deals with principles as well as figures, and frequently arrives at
principles by means of figures. It deduces the value of economy,
and distinguishes between a true and a false economy. It shows
that a man who spends a dollar and a half in hiring a horse, and
also the greater part of a day to purchase six or eight bushels of
wheat at a sixpence a bushel less than he must have given nearer
home, is not so economical as he may have imagined. It satisfactorily demonstrates that honesty is the best policy, and that a
rogue is a fool. I cannot comprehend the force of that philosophy
which excludes calculation as an unworthy process of arriving at a
right course of action. A maxim, that is true, can be proved to
be so by any test; and in considering a principle, a man should choose
that means which ordinarily yields him the greatest certainty of
conviction. There is nothing debasing in reducing every thing to a
rigid system of calculation; and principles that will not bear it are
not sound. A man takes advantage of confidence to perpetrate an
act of villainy; is he a wise man or a fool? How does his account
stand? On the debtor side is found the confidence of the community, which would have supported him for life, lost; his family
disgraced; his happiness embittered; his soul endangered, and
much more. On the creditor side is found a temporary advantage
gained, and the balance is largely against him. The man who
killed his goose to get at the golden eggs has not been handed
down to us as a very wise man; and Solomon says, " He that getteth riches, and not by right, shall leave them in the midst of his
days, and at his end shall be a fool." Policy, right, reason, and
revelation, all harmonize.
Prudence is defined to be wisdom applied to practice. As this
is one of the most important of qualities, and the most difficult to
describe, we subjoin the various definitions of prudence, and some
general rules that may be serviceable. Under prudence are comprehended that discreet suiting and disposing as well of actions as
words in their due place, time, and manner.  It is principally in
reference to actions to be done, and due means, order, season, and
method of doing or not doing. A man exhibits the highest prudence who places himself in such a position that, whether the priu
5




50                 A PRACTICAL TREATISE
ciples he acts upon prove true or false, he secures a happy issue to
his actions. In a case where the probabilities on the one hand
somewhat preponderate the other, yet if there be no considerable
hazard on that side which has the least probability, and a very great
apparent danger in a mistake about the other, prudence will oblige
a man to do that which may make most for his safety. It is always prudent in matters of importance to conceal intentions, or we
may be anticipated by others; and it is generally prudent to conceal motives, letting only friends have a key to our hearts as to our
garden. It is prudent to withhold confidence from an entire stranger, and in some disagreeable cases it is prudent to do nothing.
" When a prudent man," says Chesterfield, "gets into that predicament that he must ask himself more than once what he shall do,
he will answer' Nothing.' Where reason points out no good way,
or at least none less bad than the other, he will stop short and wait
for light. A little busy mind runs on at all events-must be doing,
and like a blind horse fears no danger because he sees none."  " I
think a prudent man," says Plutarch, "ought not to permit any
thing at all to trust to fortune, but to trust some things to his
wife, some things to his servants, and some things to his friends,
while he is employing his reason about such matters as are most
proper for him, and of greatest concernment."  Prudence is the
result of judgment. Judgment is an original faculty of the mind
which God has given to supply the want of certain knowledge,
and by which a man takes a proposition to be true or false without
perceiving demonstrative evidence in the proofs. A total want of
judgment cannot be supplied by art; but, where the faculty exists,
it may be cultivated to an extraordinary degree of accuracy.
Partnership, marriage, and the proper time or age for commencing business are important subjects for the exercise of judgment.
In any remarks on these subjects, I desire to be understood as expressing my individual opinion, and not well-settled truths, as my
range of facts is limited.
Partnership is prudent or not according to the nature of the
business and the relative situation of the parties. It is prudent in
an extended business where each partner will have separate and
distinct duties, or where it is necessary for them to be in different




ON BUSINESS.                      51
places, without a constant supervision of the others. It is prudent
in cases where one furnishes capital and the other knowledge, good
character, and activity.  It is generally prudent for clerks to take
an interest in well-established houses in which they have been employed when they can, and it is prudent for the merchants to give
them an interest when they have shown themselves to be worth a
salary of a thousand dollars a year. But it is imprudent to form
an ordinary partnership to carry on a small business, where every
transaction would be likely to come under the supervision of both.
It is imprudent to enter into partnership with a covetous man, or a
very passionate man, or an obstinate man, or a revengeful man, or
a familiar crony, or a man involved, unless it be a limited partnership, in the case of a creditor, with a view of escaping greater
loss. And, in general, it may be said to be imprudent where the
business can be managed with a reasonable degree of success without it.
"The trust reposed in copartners," says a distinguished commercial lawyer, "notwithstanding all precautions, is wholly indefinite and unlimited. And when one thinks of forming a connection of copartnership with another, he should ask himself if he is
willing to trust him with the power to ruin him; for such and no
less is it. He will, therefore, be careful to consider not only his
business capacity as a man of shrewdness, of skill, of experience,
but will need to look into his social and moral qualities. Is he a
man of good temper, with whom difficulties will not be likely to
occur? Is he placable, one who will not lay up the memory of an
accidental slight, of a heated expression, or of an unreasonable
wrong, which you have done every thing in your power to redress?
Is he a man keen in the pursuit of his own interest? Will he listen
to any candid views adverse to his own? Will he in a difference
between you be willing to unite with you in consulting mutual
friends as mediators? Are you sure of his principles? Do you
know his associates?  All these are questions not merely of taste
and curiosity, but entering into the very essence of your decision
as to a partner."
lMarriage is a matter in which there is so little "demonstrative
evidence in the proofs," that, if it were generally entered into on




52                 A PRACTICAL TREATISE
prudential grounds, it might be considered a test of judgment.
The apostle Paul intimates that it matters little whom, or from what
considerations a man marries, the result will be all the same; and
mankind frequently take that view, believing that possibly they will
have leisure enough to repent it.  "But and if thou marry, thou
hast not sinned: and if a virgin marry, she hath not sinned.
Nevertheless, such shall have trouble in the flesh: but I spare
you." 1 Cor. vii. 28.
But, though it may often demand a seer's power to divine the
character of the wife in that of the girl, and however willing men
may be to sacrifice themselves, if need be, on the altars of the
blind god-I deem it a duty to offer one suggestion, for the consideration of those who, in this predicament, have one of their five
senses yet in a healthy condition-and that is, that they strive at
least to ascertain whether their choice be meddlesome, or desponding, or extravagant. A sprinkling of ugliness, and a spice of
temper-a tinge of vanity, and occasional attacks of folly, are
triflles; but he, whose wife is always meddling and never understanding-or forever croaking evil, and doing nothing to avert it,
or unceasingly crying give, give, and never economizing, must
either fold his arms in listless despair, or with an iron will summon a supreme contempt for her and her wishes, her words and
deeds. Neither horn of the dilemma is a pleasant one, and in
relief, we give the following picture drawn for the model wife of
a statesman, but which will answer equally well as a mirror in
which the model wives of accomplished business men may see
themselves reflected.  "The wife of a statesman's choice should
be sound in health, and of a light and easy temper, neither jealous herself nor giving cause for jealousy; neither going much
abroad, nor requiring her husband to be more at home than his
avocations will permit; fresh in her feelings, and alert as to her
understanding, but seasonable in the demonstration of either, and
willing at all times to rest contented in an intelligent repose."'The proper time or age for commencing business on one's own
account is a mooted question. It is imprudent in any one to embark in business without that moderate capital ordinarily required
in the business.  It is imprudent in a young man to accept a loan




ON BUSINESS.                     53
from a money-lender, giving his friends as security, in order to get
that moderate capital.  But suppose that the friends of a young
man who is of age and out of his apprenticeship, propose to furnish him the necessary capital to set up business, is it prudent in
him to embark? I will merely express a few of the arguments on
both sides, and leave it to the exercise of the individual judgment.
A good deal undoubtedly depends on the previous education, and
the extent of his knowledge. On the one side it is stated that
experience is a relative term; a man at twenty-one has frequently
more knowledge, than many men of forty. Knowledge, not experience, is the one thing needful. Experience is only one of the
ways of arriving at knowledge.  "Wise men are instructed by
reason; men of less understanding by experience; the most ignorant by necessity, and beasts by nature." The mind is a thing
of impulse, of quick penetration; it acquires its knowledge of
life by bounds and flights. In war, literature, and statesmanship,
the greatest exploits of the most renowned men have been performed at an early age. Hannibal crossed the Alps before he was
twenty-four. Alexander the Great died at thirty-three; Byron
wrote Childe Harold at twenty-one. Bonaparte was first consul
before he was thirty. " Of all the great human actions ever heard
or read of," says Montaigne,  of what sort soever, I have observed, both in former ages and our own, more have been performed before, than after the age of thirty; and oft-times in the
very lives of the same men. May I not confidently instance
those of Hannibal, and his great competitor, Scipio?  The better
half of their lives, they lived upon the glory they had acquired
in their youth; great men,'tis true, in comparison with others:
but by no means in comparison with themselves."
On the other side, we have the general observation of mankind.
that those who have been most successful in business, have generally begun life with "an axe and a tow-shirt," and worked themselves gradually up. We have the facts that Girard was a poor
man at thirty, and even at forty; that Rothschild did not get his
capital of ~20,000 till after he was thirty years old: that at thirty
Astor had not made his first $1000, which, he says, was harder to
make than all the others. We have the assertion of men who
5*




54                 A PRACTICAL TREATISE
have spent twenty years in their avocation, that, although they
thought themselves wise when they began, they were exceedingly
ignorant. We have the knowledge that an energetic prosecution
of business makes large draughts on the physical constitution;
and the assertion of medical men that the frame does not harden
till thirty; and, lastly, we have the example of our Saviour, who,
although able to confound the doctors at twelve, did not commence his ministry till he was thirty years of age. Now, when
doctors disagree, who shall decide? I will merely remark, that
a man who has, or can obtain, a good situation, should not abandon'it from slight reasons; that the task of the employed is easier
than the employer; and that the reputation of doing business on
one's own account is a consideration too trifling to influence a wise
man's decision.
Punctuality is the hinge of business.  It is a virtue that all
men reverence in theory, but all do not carry into practice. We
like a punctual man because he respects his word, and has a regard for our convenience: we dislike an unpunctual man, because
he interferes with our plans, consumes our time, causes uneasy
feelings, and impliedly tells us that we are not of sufficient importance, in his estimation, to make him prompt. Punctuality
has reference to time engagements, money engagements, and engagements for work. It is a quality that is usually found in connection with other good qualities, as the want of it argues the
absence of other essential habits. A want of system, defective
calculation, and imprudence in making promises when the probabilities of fulfilling them are very uncertain, are frequent causes
of want of punctuality. To be unpunctual is sometimes considered a mark of consequence by little great men, but truly great
men have always thought differently. Blackstone was punctual,
and could never be made to think well of any one notoriously
defective in this virtue. Lord Brougham, while a kingdom
seemed to be resting on his shoulders-who presided in the House
of Lords and the Court of Chancery; who gave audience daily to
barristers, and found time to be at the head of at least ten associations which were publishing works of useful knowledge-was so




ON BUSINESS.                     55
punctual that, when these associations met, he was uniformly in
his place in the chair when the hour of meeting had arrived.
In the complexity of business affairs, it is not always possible
to be punctual in all things; but it is always possible to avoid the
infliction of trouble and uneasiness. In payments of money,
creditors generally compel their debtors to fix a time of payment,
and these promises are made, and understood to be made, conditionally on the fact of having the money at the time, which is not
always the case. When this occurs, a punctual man will not
keep his creditor in suspense as to the cause, or put him to the
trouble of calling to ascertain it; but will give him timely intimation of the fact by sending him a note or an agent, or calling himself, and renew the promise.  A. man who does so, though he
fails a dozen times in the same transaction, is more worthy of
credit than the clown who, besides keeping you out of your mo
ney, consumes your time, and causes uneasy and unhappy feelings.
Perseverance is the last of the business habits that we have to
notice. It means the steady pursuit of a plan, whether good or
bad; but it would be very unwise to persevere in a plan which
conscience or practice had proved to be bad. In actual life,
where there are so many different pursuits, and different ways of
doing the same thing, it means steadiness in the execution of
whatever plan is determined upon. Burgh makes mention of a
merchant who, at first setting out, opened and shut his shop every
day, for several weeks together, without selling goods to the value
of two cents, who by the force of application for a course of
years rose, at last, to a handsome fortune. But I have known,
he says, many who had a variety of opportunities for settling
themselves comfortably in the world, yet for want of steadiness to
carry any scheme to perfection, they sank from one degree of
wretchedness to another for many years together, without the least
hopes of ever getting above distress and pinching want. There
is hardly an employment in life so trifling that it will not afford a
subsistence, if constantly and faithfully followed. Indeed, it is
by indefatigable diligence alone that a fortune can be acquired in
any business whatever.
The accomplished William Wirt says, " That the man who is




56                 A PRACTICAL TREATISE
perpetually hesitating which of two things he will do first, will do
neither. The man who resolves, but suffers his resolution to be
changed by the first counter-suggestion of a friend-who fluctuates from opinion to opinion, from plan to plan, and veers like' a
weathercock to every point of the compass, with every breath of
caprice that blows, can never accomplish any thing great or useful.
Instead of being progressive in any thing, he will be at best stationary, and, more probably, retrograde in all. It is only the
man who carries into his pursuits that great quality which Lucan
ascribes to Cesar, nescia virtus stare loco-who first consults
wisely, then resolves firmly, and then executes his purposes with
inflexible perseverance, undismayed by those petty difficulties
which daunt a weaker spirit, that can advance to eminence in any
line."*
Did you ever know any body," says the lamented Neal, " to
stick to any kind of business, no matter how unpromising, ten
years at most, who did not prosper?  Not one! no matter how
bad it might be in the beginning-if he stuck to it earnestly and
faithfully, and tried nothing else, no matter how hard he found it
sometimes to keep his head above water, still, if he persevered,
he always came out bright in the long run-didn't he?-whatever
it might have been at the beginning, at the end of ten years he
had made a business for himself."
These are the qualities that are included in the term Habits of
Business. There are many others which give value to character
and accomplishment to mind, but these are essential to the successful prosecution of business.  They are as necessary to the
clerk as to the employer-to the mechanic as to the merchant-to
the professional man as to the mechanic-to the man of genius as
to a dull man.  With them, a man of the most ordinary abilities
* The magnetic needle and the weathercock have always been favorite
illustrations of unsteadiness, but it seems to me they are examples of
steadiness also. The mind of a business man may be allowed to vibrate.,
for that the needle does; but, like the needle, it must still be constant;
it should veer like a weathercock, with changing times and circumstances,
but, like a weathercock, it should always show which way "the wind
blows."




ON BUSINESS.                      57
may hope to realize a competency for himself, and, with favorable
circumstances, perhaps a fortune.  Without them, a man of the
most brilliant genius, though he may rise speedily and dazzle for
awhile, will as suddenly dart into an oblique course, and sink into
oblivion. Fortunate is he who acquires them early.




58                 A PRACTICAL TREATISE
CHAPTER IV.
GETTING    MONEY.
"To catch Dame Fortune's golden smile,
Assiduous wait upon her,
And gather gear by every wile,
That's justified by honor;
Not for to hide it in a hedge,
Not for a train attendant;
But for the glorious privilege
Of being independent."
ST. JAMES says, "If a brother or a sister be naked, and desti
tute of daily food, and one of you say unto them, Depart in
peace, be ye warmed and filled; notwithstanding ye give them
not those things which are needful to the body, what doth it
profit 2"  And how can we give without first getting? Or what
excuse can there be for not having, when we might get? To get
money,* then, seems to be a religious duty, as well as a necessity
and a right, and needs no other vindication.
To beacharitable to the destitute is also a religious duty. But to
be independent ourselves, and have the ability to be charitable to
others, it is necessary to have a surplus. No one, then, has any
moral right to limit his exertions by his wants.  It is reasonable
for every one to consider himself as destined, under Providence, to
discharge some duty, or fill some station, in which money may be
a valuable means; and as a reward for continued, energetic exertion, there is a pleasure attached to the process of accumulation.
It by no means follows that, because one man gets more than the
necessaries of life, others must want them. The earth is an inex* I use the word money in its popular sense.




ON BUSINESS.                      59
haustible mine, in which, if I and my neighbors work four hours a
day, we may probably get sufficient for our daily wants; but, if I
continue to work longer than they do, or more skilfully, I will
probably get more. The claims of the weak and the unfortunate
to assistance are equally binding upon us all-those that have a
surplus, and those who have not; but with my surplus, if I choose,
I can have the happiness of relieving my co-laborers from their
support. The getting of money, and the proper use of money, are
distinct subjects, and must not be confounded. It is right that
every man should get all the money he can under proper limitations, and it is also incumbent upon him to make good use of it,
in conformity with the dictates of reason, and the commands of
his Creator.
" To get all we can, and keep all we get," is a doubtful natural
right, and certainly only applicable in a state of nature. In civilized life, there are limitations upon the right of getting, and restrictions upon the right of keeping. As population increased, it
may be reasonably presumed that the good old rule" The simple plan
That they shall take who have the power,
And they shall keep who can,"
did not answer well in practice, and men, for the better security of
that which they possessed, consented to limit their right of indiscriminate acquisition by certain rules; and upon this consent are
founded, and these rules are called, the laws of the land. The
Creator of both world and man has been pleased to aid men on
their journey to happiness, by the revelation of his will; and, in
so far as it relates to the acquisition of property, the natural right
of accumulation is still further limited by his will, which may be
termed the moral law. As business became complex, it was found
that the laws of the land were too general, and the obligations of
morality too weak, to induce right action in all cases; and it was
necessary to establish still another limitation, with the severest of
all penalties to an unimbruted mind, the discountenance of honor
able men. Hence, a man has the right, and it is his duty to get




60                 A PRACTICAL TREATISE
all the money he can, consistently with a due obedience to the laws
of the land, the moral laws, and the laws of honor.
The laws of the land, or human laws, comprehend all those
rules of conduct which originate in the wisdom of man individually
or collectively considered, and which are designed to regulate their
behavior to one another in society, and which are enforced by
human authority and worldly sanction. They are rules of conduct,
proceeding from the will of those who by nature are on a level with
the rest of mankind, but who have the consent of the others to
govern them for their temporal or political good. Every law has
two branches, the one declaratory, and the other penal; the former
defines the rights to be observed, or the wrongs to be eschewed,
and the other signifies what penalty shall be incurred by those who
disregard these rights, or commit these wrongs.  Hence, there are
two ways by which a conscientious man can obey a law that has no
other sanction than the power of civil authority; the one is by observing the declaratory part of the law, and the other is by disregarding that, and suffering the penalty, in either case, the law is
obeyed and satisfied. Human laws, as they proceed from men no
wiser than ourselves, are full of imperfections; and he who has no
other standard of morality than the laws of the land may be, and
probably is, a villain.
Moral laws are of higher origin and greater force. They are
identical with the will of God, as learned from two sources: first,
express revelation; and, secondly, the light of nature, or tendency
of any action to promote or diminish the general happiness. Where
the Great Creator has expressly made known his will, " it sure
becomes the creature" to obey. " Thou shalt not steal," is a plain
command, and plainly forbids one mode of getting money. But
where his will is not so plainly manifest, we must inquire of our
reason, in order to determine whether an action we are about to
do be right or wrong in view of morality, what would be the effect
on the general happiness of mankincd, if such action was generally
permitted? God has plainly designed the happiness of his creatures, as may be seen in the construction of the world and of man.
"If he had wished our misery, he might have made sure of his




ON BUSINESS.                     61
purpose, by forming our senses to be so many sores and pains to
us, as they now are instruments of gratification and enjoyment; or
by placing us amidst objects so ill suited to our perceptions as to
have continually offended us, instead of ministering to our refreshment and delight. He might have made every thing we tasted
bitter; every thing we saw loathsome; every thing we touched a
sting; every smell a stench; and every sound a discord." Whatever, therefore, would tend, if generally done or allowed, to increase
the happiness of mankind, is in conformity with His will, and
whatever would produce evil, or inconvenience, or misery, is a
violation of the moral law. Here we arrive at the foundation of
the obligation of contracts. Hence, I am obliged to keep my word,
to perform my promises, to execute my contracts; because, if generally disregarded, there would be an end to confidence, which is
essential in all the relations of life, and to the existence of happiness.
The obligation of promises is to be measured by the expectation
which the promiser voluntarily and knowingly excites; and, therefore, Moral Philosophy, which is one of the interpreters of moral
law, has deduced a rule governing the construction of contracts,
which is thatWhatever is expected by one side, and known to be so expected
by the other, is to be deemed a part or condition of the contract.
Incidental to this, and included in it, there are two other rules
which are of daily and hourly application in the business of life.
The first is, that the seller is bound in conscience to disclose the faults
of what he has to sell.
The buyer expects a certain article, or an article of a certain
quality-and the seller knows that he expects it; hence he is bound
to furnish such an article, or make known its faults. The man
who advances a direct falsehood, in recommendation of an article,
is called a cheat. He who conceals faults which he knows it
possesses, acts from the same motive, viz., to procure a higher price
than he could otherwise expect, and the effect to the prejudice of
the buyer is precisely the same. This is a just and a practical
6




62                  A PRACTICAL TREATISE
rule, for it is obligatory on all alike, from. the manufacturer to the
retailer, and on all who buy and sell.*
The second rule is that the price which the seller asks or charges
for his merchandise is impliedly the market price. " Where there
exists no monopoly or combination," says Paley, " the market price
is always a fair price; because it will always be proportionate to
the use and scarcity of the article."' Whoever opens a shop, or in any manner exposes his goods to
public sale, virtually engages to deal with his customers at a market
The temptations to a violation of this rule in trade, and many of the
complaints of cheating, arise from two causes-a want of ability on the part
of the merchant, and a want of honesty on the part of the consumer. A
defective buyer is strongly tempted to sell, as he buys, an inferior article
for a better. There is an unfortunate idea abroad that "off-handedness" is
a sign of a smart business man. Sellers like this quality in buyers, as it
saves theml trouble and gives them chances; and they always praise it.
There are some men whose first thoughts are the best; but there are others,
slower in conception, who affect it; and frequently find their tongues are
more " off-hand' than their wits. They go off " half cock'd" in buying, and
must cheat in selling, or lose. Those who are careless in buying should be
careful to deal with reputable houses, who make it a point to consult the
interest of the buyer, as much as to get his money.
Consumers are not always honest. Persons go into a store, and inquire for
a certain article; it is shown them, and a fair price asked. At once they object, and try to get it for three-fourths its value. Probably an article worth
about what they offer is shown them, leaving them to infer that it is as good
as the other: they take it, and think they have got a great bargain. When
they discover the difference, they complain loudly about being cheated. Is
this cheating? It is an admitted exception to the rule in the case of a
person who buys a horse at public auction without warranty, when it is
usual to warrant, and I am disposed to consider this as another. Tho buyer
in both cases has a compensation in the price, and the fact of its being a
bargain is always sufficient to excite suspicion, and put him on his guard.
This habit in customers has led some men to impose an extra price on their
goods, in expectation of falling, and thus to wrong persons who act on a
different plan. To avoid trouble and imposition, it seems best not to go a
shopping at all; to select reputable houses-always giving the preference
io those who would be essentially benefittcd by our custom-from whom we
buy regularly, and with whom we have a fair understanding. The one
price system is a good one if rigidly adhered to.




ON BUSINESS.                      63
price; because it is upon the faith and opinion of such an engagement that any one comes within his shop doors, or offers to treat
with him. This is expected by the buyer; is known to be expected
by the seller: which is enough, according to the rule delivered
above, to make it a part of the contract between them, though not
a syllable be said about it. The breach of this implied contract
constitutes the fraud. Hence, a man who disclaims such engagement may set what price he pleases on his property."
There are many interesting questions in casuistry, which scholiasts have propounded and discussed with various conclusions, to
which we need not refer; but there is one that originated with
Cicero, and, having been treated by nearly all the writers on morals
since his day, we cannot omit it without incurring the charge of
oddity. A corn merchant of Alexandria arrived at Rhodes in time
of great scarcity, with a cargo of grain, and with the knowledge
that a number of other vessels laden with corn had already sailed
from Alexandria for Rhodes, and which he had passed on the passage; was he bound in conscience to inform the buyers of that fact 
Cicero decides that he was; Chancellor Kent intimates that he
was. Dr. Dewey, in a late work, devotes one or two pages to this
question, and decides that he was; but informs us that Grotius,
Puffendorf, and Pothier, dissent from this opinion with careful
qualifications. Dr. Dewey bases his decision upon the presumption
that every man in asking a price impliedly says, that the price asked
is in his opinion the fair value of the article-that it is worth it.
It is singular that he should, make this presumption, inasmuch as
he had previously laid down the true doctrine that "there can be no
such thing as abstract value. The worth of a thing depends on the
want of it." " The value of a thing is the market price of it. This
is the only intelligible idea of value, and the only reasonable adjustment of price." Now, market price is the result of competition
among buyers, and is constantly fluctuating.  In the case of the
corn merchant it is to be presumed that he had little to do in fixing the price; that he took what was offered, after fair competition;
or in other words the market price at the time of the sale, without
regard to the market price some days hence, when the other vessels might arrive. Dr. Dewey states a case. Suppose that the




614                A PRACTICAL TREATISE
people of Rhodes had been suffering a famine, and this merchant
had taken all their disposable property as the price of life, and
borne it off, all the while knowing that bountiful supplies were at
hand, what should we have said?  He answers, that his perfidy
would have been equal to his cruelty, and he would have been both
a pirate and a villain.. But;scarcity is not famine. Famine or
danger of starvation would have given them the right to take the
grain without the owner's leave or any payment at all, except a
fair restitution when it was in their power. We can imagine
many questions that would have had as much effect in depressing
the market price as the fact that other vessels might shortly arrive.
Suppose that the merchant was "short" of cash; that he must
sell; that there was an execution out against him, and the sheriff
would be down on him in a few hours; when they could have got
the grain at their own price, was he bound in conscience to reveal
that fact? This is a question of superior information as much as
the other. I can imagine a state of society in which my opinion
in both of these cases would be in the affirmative; but it must be
remembered that mercantile business is an artificial sphere, which
men have created to increase their comforts, and occupy their minds,
and in which they have the right to lay down what rules they choose,
provided they do not contravene any plain laws of nature or revelation. The golden rule, " Do unto others as you would have them
do unto you," is in such cases to be interpreted with a view to established customs in trade. Wisdom consists in adopting such rules
as tend to make the business an agreeable pursuit; and I am seriously of opinion that it would promote the happiness of the greater
number to do away with superior information in matters of contract altogether; but, while it is allowable by general consent, a
man can act honestly in conformity with the rule.
There is another question. Is a man who has failed in business,
and been discharged from his legal obligations 62y the act of his creditors, morally bound to pay his old debts whenever he has the
means to do so? This is a delicate question, for which no rule can
De given that is applicable in all cases. In the event of failure,
the debtor is always bound to examine his conscience and see
whether he has acted with fraud, misrepresentation, carelessness,




ON BUSINESS.                      65
or extravagance, and if so, he is morally bound, when able, to pay
to the uttermost farthing; btut if he is satisfied that he has not, I
cannot think it would promote the happiness of society to establish
the doctrine of moral liability. The majority of those who engage
in business, strictly so called, fail at least once in their lifetime,
and if there were any obligation resting upon them to pay their old
debts, and they practically felt its force, the wheels of business
would stop, or drag along in heaviness and labor. A load of old
debts is more than poor human nature can bear; but a legal discharge, that is not also a moral one, is a mere fiction. There need
be no fear of harm in deciding this question in the negative, for
honest men alone are interested in its settlement.  Rogues care
nothing for moral nor legal obligation if they can evade it. We
would say, then, that the moral liability to pay debts rests solely
on the general moral obligation to perform promises. There is no
scriptural injunction that I am  aware of, which says, Pay your
debts. It is true, St. Paul says, " Owe no man any thing, but to
love one another;" but this, if interpreted strictly, would prevent
the creation of a debt. Debts being then not more sacred than
promises, they follow the general condition of promises. Now, a
promise may be released in conscience as well as at law, and when
released is no longer binding. This is evident. If I promise a man
to go to a certain place and he afterwards excuse me from going,
I am certainly not bound to go, and it matters not what reasons
induced the release, provided it be not compulsory, or caused by
any wrongful act of the promisor, for no man has a right to take
advantage of his own wrong.
In all cases of credit, where there are no words or acts of especial
trust and confidence, the relation of buyer and seller, of borrower
and lender, is one of mutual promise and mutual risk. The seller
impliedly promises to deal fairly, and charges a profit proportionably
to his opinion of the risk; and the buyer agrees to make a fair representation of his circumstances, to, act with such prudence, and
to live with such economy that he may reasonably hope to pay his
debts, and where both parties act in good faith, but the buyer is
compelled to fail, a full surrender of property is, as much as the
creditor can ordinarily demand in justice.




66                A PRACTICAL TREATISE
Credit originates with men of large capital with a view to increased profit, and partakes largely of the nature of agency. Agency
and credit in a commercial community are necessary and eminently
beneficial; they should be used in perfect good faith, and guarded
by the nicest honor; but where misfortune occurs, it is a misconception of justice that all loss shall fall on the agent and none on
the real owner of the property.
But in all doubtful questions of principle, a man must consult
his own conscience, and be governed by the decision.
In the majority of failures, I believe there are circumstances
known to the conscience of the individual, which render it obligatory upon him to make reparation, and all that I would contend
for is that there shall be no universal public rule that will cast a
stigma upon those who feel no such obligation. Every man knows
with as much certainty as he can know any thing, whether he has a
good conscience or no. The very meaning of conscience is the
knowledge which the mind has of the true springs and motives
that have governed the actions, and the judgment either of approbation or censure which it makes upon them; and it is well to leave
a good deal, both in law and in morals, to this judgment of the
individual, which he may do or not do, as he sees proper. In laying down principles, there is danger, by asking too much, of losing
all. A law that is generally broken or evaded is worse than no
law; a moral rule that is impracticable weakens the sense of moral
obligation, and leads to a disregard of other rules of vital importance. The creed that would take away from the individual the
right of controlling his actions by his judgment, and reduce every
thing to a system, like the theory that would deny to energy and
skill rewards superior to indolence and ignorance-that would yoke
the Arabian steed and the ox in the same plough-is false in policy,
and immoral in tendency.
The only limitation upon the indiscriminate acquisition of money
that remains to be considered is that of honor. In a populous community, where business is complex, and interest powerful, it is
necessary to have a court of chancery to law and honesty. This
is the object of the court of honor. Its'decrees are not written in
a code, nor are its proceedings regulated by rules and formulas.




ON BUSINESS.                     67
Its seat is in the bosom of nature's noblemen, and its power is
manifested in the infinite variety of unwitnessed transactions, and
the extended confidence of commercial intercourse. Without
honor, commerce must stop at every step to prepare her writings;
and suspicion, like a heavy armor, would impede the march of enterprise. "It ought to tempt one," says Chalmers, "to be proud
of his species, when he looks upon the faith reposed in a merchant
by a distant correspondent, who without one other hold of him
than his honor, confides to him the wealth of a whole flotilla, and
sleeps in the confidence that it is safe. It is, indeed, an animating thought, amid the gloom of a world's depravity, when we behold the credit which one man puts in another, though separated
by seas and continents; when he fixes the anchor of a sure and
steady dependence on the reputed faith of one whom he never saw;
when with all his fears for the treachery of the various elements
through which his property must pass, he knows that, should it
arrive at the door of his agent, his fears and suspicions may be at
an end. We know nothing finer than such an act of homage
from one being to another, when perhaps the diameter of a globe
is between them; nor do we think that either the renown of her
victories, or the wisdom of her counsels, so signalizes the country
in which we live as does the honorable conduct of her merchants,
or the awarded confidence of those men of all tribes and colors
and languages, who look to our agency for the faithfulness of all
management, and to our keeping for the most inviolable of all
custody."
Honor is the foster-parent of credit. Who would trust his property in the hands of another, looking to the law alone for repayment? Honor is the patron-saint of business. Who would take
upon himself the immense load of labor necessary to do business
if no man's word could be relied upon? Business would degenerate into petty traffic, and society retrograde into barbarism.
Honor is to business men what courage is to the soldier, what zeal
is to the advocate, or impartiality to the judge.
A man violates the laws of honor, when he uses information
confidentially intrusted to him, to anticipate the informer.  A
man violates the laws of honor when he takes the advantage of




68                A PRACTICAL TREATISE
another's unskilfulnessj or inexperience, or the technicalities of
the law, to impose upon him. A man acts dishonorably when he
does not make sacrifices to pay his debts promptly; when he gives
his rivals in business a worse reputation than he knows they deserve; when he attempts to raise the market price on another
buyer; when he sells below the market-price to get away his
neighbor's customers; when he is unmindful of favors; when he
does not allow his clerks and dependents to share in his prosperity; and, in all cases, when he does acts which, if thoroughly
understood, would tend to lower him in the estimation of his customers, or of any good man.
Merchants'! pardon a word of appeal. When the storms of a
faithless ocean have sent your ships to the bottom; when markets
fall, and hope dies; when the gaunt demon of bankruptcy stares
you in the face, grasp hold of the sheet-anchor of honor, and
never let go. Write to your correspondents as Francis I. did to
his royal mother: "' All is lost but honor." The day will succeed
the night; the storm will pass by; the sun will shine again; and
"the flower will bless the cloud when it hath passed by."
Business men of America! Get money. Get an abundance
of it; but get it honorably. Elevate your business. Remember
that the more elevated the business character, the more easy it
will be to get money. Talk not of the baseness of commerce, or
the corrupting nature of business. It is men's willingness to be
corrupted that makes them corrupt; it is men's dishonorable actions that cast a stigma upon business. Let each one who believes
in the right, take his stand and boldly maintain it. Frown down
all tricks; all cunning; all those winding and crooked courses:' The goings of the serpent, which goeth basely upon the belly
and not upon the feet." Brand the man, who violates confidence
and abuses trust, as a thief. Remember the public credit of this
nation is in your keeping. If you are tricky, faithless, and dishonorable, such will be the American character in all parts of the
giobe. Let your stores, warehouses, and marts be temples consecrated to honor. Inscribe over the doors: " Who comes within
these walls is safe."  Let it be said of American business men as




ON BUSINESS.                      69
it was said of ancient Tyre: " Her merchants were princes, and
her traffickers the honorable of the earth."
"The fear o' hell's a hangman's whip,
To haud the wretch in order;
But where you feel your honor grip,
Let that, aye be your border.
Its slightest touches instant pause,
Debar a' side pretences;
And resolutely keep its laws,
Uncaring consequences."
Having considered the limits within which we may get money,
we must now proceed to inquire how we shall get it. It may be
remarked, in the first place, that all business has its origin in
wants, and the object of business is to supply wants. Hence, our
first important step would be to discover or fix upon some general
want which we could supply on terms as favorable as any one else
can do, or, in other words, to choose some regular business, as we
are presumed to have done. But, as political economists have
satisfactorily demonstrated that all useful employments are equally
productive and profitable (for when one is known to pay more than
the average rate of profit, hundreds rush into it, and soon reduce
it to the ordinary level,) it is a matter of less importance what
pursuit we follow, provided we are adapted to it, than how we
manage it. A man who can lay by, regularly, $500 a year, will
be certain to become a rich man if his life be spared to a reasonable age, while he who makes $10,000 in one year, and loses a larger
amount the next, will, very probably, be dependent on the charity
of friends for support in old age. A man, in New York, is reported
to have made $60,000 by selling lead-pencils about the streets, at
a penny apiece, and safely investing his profits, while it is not an
unfrequent occurrence to hear of men who commenced life with a
capital larger than that, afterwards reduced to the necessity of following a similar employment for a livelihood.
A man who intends to make money, not merely to try his
chances, must look first to the safety of his business. It is a wellascertained fact that those occupations which are the most useful




70                 A PRACTICAL TREATISE
are the safest, and that those commodities which can least be dispensed with, pay, in the aggregate, the largest profits. The demand
for them is stimulated by actual want, and grows with every increase of the means of production. It is a comparatively rare
occurrence for those who deal in superfluities to get rich, as they
are subject to continual losses from changes in the fashions, and a
hundred circumstances beyond their control; and Say has truly
remarked, " The most fashionable tradesmen are oftenest in the
list of bankrupts." Next to the supply of indispensable wants,
those kinds of business are the safest which are concerned in the
production, manufacture, or sale of articles of general convenience, and on which a large percentage of profit can be made,
though the cost to the consumer is inconsiderable. Secondly, a man
must look to the safety of his investments. Land is, undoubtedly,
a safe and profitable investment in this country, and the largest
fortunes have been made by a rise in the value of real estate.
When we reflect that the population of this country is increasing
at the rate of three per cent. per annum, and that, in less than
half a century hence, within the lives of many of us, this country
will contain one hundred millions of inhabitants, it requires no
gift of prophecy to foresee that land, in good locations, is destined
to reach a point which would now seem visionary.  But, in making investments in land, or in any thing else, a man must be careful, unless he wishes to become a land-speculator, which is a business no safer, nor more profitable in general, than any other, and
which must be managed on the same principles, that he does not
withdraw from his business more than the actual surplus profits
not needed to insure its future productiveness. Thirdly, a man
who intends to make money must understand the true principles
of business.
As this is a matter of great importance, and not well understood, we may, probably, derive hints that will be valuable in all
kinds of business, from a consideration of the best modes of managing a few of the most prominent pursuits.




ON BUSINESS.                       71
CHAPTER V.
GETTING MONEY BY FARMING.
"t THERE seem to be but three ways for a nation to acquire wealth. The;rrst 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."-FRANKLIN.
AGRICULTURE needs no eulogy.. Learned men in all ages, philosophers, statesmen, orators from Cicero to Kossuth, have done
themselves honor and " appeased the gods" by laying their goodwill 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 birth, and
that he who forsakes it for other pursuits must show substantial
reasons for the departure 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 distributor 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 furnished a safe and healthy employment for all men.    He has
endowed certain men with peculiar talents suited to the exceptional kinds of business; those who are diligent or fortunate in
the XiscoNery 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 province to discuss theories.  Facts, figures, and
certain principles are our boundaries, and we have too much reverence for the law and men's rights " to trespass" on other people's
ground.
I. Is farming profitable?  This is a practical question. It is
also a relative question, and suggests another inquiry.  What is
a good and profitable 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 profitable business. The statements of what has been done in farming are numerous in a scattered shape, and we will only select a few of the least extraordinary.
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 $405 f6%.
A. T. Perkins, in the 2Maine 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 purchased 35 acres of land near that village, which 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
oi' land, $3,050.  Produce sold in 1846, $1,116 41. Expenses,




ON BUSINESS.                         73
labor, taxes, and estimating his own labor at $50, $467 -O6  leaving
$64075- as profits, or 201 per cent., for the use of the land.*
It is estimated by practical men that one-third of the proceeds 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 twothirds as profits."  A writer in the Genesee Farmer gives an account of two farms in his neighborhood, which he regards as a
sample of the well-managed farms.    One contains 86 acres; and
capital invested, including farm and stock, is $4500. The proceeds
per annum average $1442. Profits (one-third less), $962, or interest at the rate of 21 per cent. Another contains 40 acres; capital, including farm  and stock, is $1600.    Proceeds per annum
$85149%.    Profits (one-third less), $567-o, 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, frequently 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, and 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 mismanagement 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 books and agriculturalpapers. 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, near 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
$3,498i -2.
The farm connected with the House of Industry at South Boston contains 30 acres. The proceeds of the farm for the last year
amounted to $5,2879%1, being equal to $176 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
nature 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 five 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 successful farming in the 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 better 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 weariness to the flesh.
"A little farm well tilled;
A little house well filled;
A little wife well willed"
am e 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 impressed 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 farming intelligently.  He had wondered that farmers generally got
along so well as they actually do in their careless mode of management. For himself he had regained his own health by farming.
The open air had restored him."
II. What management is necessary to make farming profitable 2
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 premium from the New York 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 FARM MANAGEMENT-PRIZE ESSAY.
BY J. J. THOMAS.
THE great importance of performing in the best manner the different operations of agriculture is obvious to every intelligent mind,
for on this depends the success of farming. But a good performance of single operations merely does not constitute the best farmer. The perfection of the art consists not only in doing every thing
well individually, but in a proper adjustment and systematic arrangement 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 collected 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 essential 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 are wholly inadequate. One of the greatest-mistakes 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 begin 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 disheartens 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 decide
from the appearances of the buildings and premises of each occupant, whether he is in or out of debt.
In England, where the enormous taxes of different kinds imperiously compel the cultivator to farm well or not farm at all, the
indispensable necessity of a heavy capital to begin with is fully understood. The man who merely rents a farm, there, must possess as
much to stock it and commence operations as the man who btuys
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
money 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 farmer is thus able to pay an amount of tax often more than the
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, accomplished the
task with two days' work, and the young plants then grew vigorously, 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 six 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 twothirds of the amount of the former, yet that difference 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 becomes an object to know what else is needed and at what cost, before 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 allotted for them. These being all in order, the following items requiring 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 with circumstances, prices, &c.
I. LIVE STOCK.
The amount will vary with the fertility and products of the land,
Ats quality, and situation with regard to market.  The follow7*




78           A PRACTICAL TREATISE
ing will approximate the average on good farms taken at the spring
of the year or commencement of work: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, &c...  70 00
1 Ox-cart.....   50 00
1 Double farm harness.... 30 00
I 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 Steel-plate hoes..       2 25
2 Dung-forks    ~     ~   ~   ~  2 25
3 Hay-forks....           3 00
2 Hand-rakes.                 0 25
1 Revolving horse rake...  8 00
2 Grain-cradles..           8 00
Carried forward...   $355 25




ON BUSINESS.           19
Brought forward.. $355 25
2 Scythes....4 00
1 Wheelbarrow..             4 00
1 Pointed shovel....1 25
1 Grain-shovel, or scoop-shovel..  1 25
1 Pick.......        50
1 Mall and wedges..         2 50
2 Axes....             4 00
I Hammer.                     50
1 Wood-saw......     1 50
1 Turnip-hook......     75
1 Hay-knife......    3 00
2 Apple ladders (for gathering).  1 50
2 Large baskets.             1 25
2 Hand-baskets.....     50
1 Tape-line (for laying off land)..  2 00
2 Sheep-shears...      2 00
1 Grindstone....   3 00
1 Steel-yard, large, and one small..  2 00
1 Stable lantern.....     50
1 Curry-comb, and one brush..  75
1 Half-bushel measure..       1 00
20 Grain-bags...   8 00
1 Ox-chain....             3 00
1 Crow-bar....    2 00
1 Sled and fixtures...     30 00
Total......  $437  00
Other articles might be included, as subsoil plough, sowing-machine, &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,
hammer, 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.
21 Bushels clover seed for 10 acres..    $15 00
2     c"   corn   "       6..      1 00
30     "    potatoes    "  2   "..      7 00
3 Pounds ruta-baga seed   1 acre..      1 50
2    "   field beet  "..      1 50
2    "   carrot     "     i  "..      1 00
30 Bushels seed wheat "  20  acres..     30 00
10    "    oats      "   5    "..      2 50
10    "    barley    "   5..      4 00
Total.......     $63 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. The expenditure needed, then, would
be,
2 Hired men, eight months, $15 per month   $240 00
1  "    boy,   "    "       6      "         48 00
Day labor in harvest....       32 00
Total......    $320 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.                      81
be benefited by a liberal feeding of roots, including swine. The
amount of all these supplies needed would be about
7 Tons of hay...              $42 00
200 Bushels oats.....     50 00
400    "    roots..                   50 00
Total..                       $142 00
RECAPITULATION.
Live stock..                       $870 00
Implements......    437 00
Seeds.......     63 00
Labor.                                  320 00
Maintenance of animals...      142 00
Total... $1,832 00
The amount of capital needed the first year, in stocking and conducting satisfactorily the operations of one hundred acres of improved 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 commence 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 previous counting oficost.
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-five.Now, observe the difference in 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, hoe, and cut up ten acres, besides paying the interest on ten acres, worth from three to five hundred dollars. The
other farmer gets 250 bushels from four acres at the farthest; and
he only ploughs, plants, cultivates, and hoes, to obtain the same
amount, four acres, which from their fine tilth, and freedom from.
grass and weeds, is much eaiser done, even for an equal surface.The same reasoning applies throughout the farm. Be sure, then,
to cultivate no more than can be done in the best manner, whether
it be ten, fifty, or five hundred acres. A friend who owned a four
hundred acre farm told me that he made less than his next neighbor, who had only seventy-five. Let the man who applies a certain
amount of labor every year to his farm reduce its dimensions until
that labor accomplishes every thing in the very best manner. He
will doubtless find that the amount of land will thus become much
smaller-than he supposed, more so than most would be willing to
reduce it; but, on the other hand, the net proceeds from it will
augment to a greater degree than perhaps could possibly be believed.
But let me not be misunderstood. Large farms are by no
means to be objected to, provided the owner has capital enough to
cultivate every part as well as some of our best small ones are caltivated.




ON BUSINESS.                      83
As an example of what may be obtained from a small piece of
land, the following products of fifty acres are given, and are not
more than I have known repeatedly to be taken from good land
by several thorough farmers:10 acres of wheat,    35 bushels per acre, at $1 00  $350 00
5   "   corn,        90     "       a        40   180 00
2   "   potatoes,   300     "                20    120 00
1 acre  ruta-bagas,  800    "                10    80 00
6 acres wint. apples, 250   "                25   375 00
6   "   hay,          21 tons,             6 00     90 00
10   "   pasture, worth....      60 00
5   "   barley,      40 bushels per acre     40    80 00
5   "   oats,        50     "                20    50 00
Total products of fifty acres of very fine land,  $1,385 00
This aggregate yield is not greater than that obtained by some
who might be named, from a similar quantity of land. Good land
could be brought to that state of fertility very easily, at a total cost
of one hundred dollars per acre, and then it would be incomparably
cheaper than many large good farms at nothing; for, while the
fifty acres could be tilled for three hundred and eighty-five dollars,
leaving one thousand dollars net profits, large poor farms hardly
pay the work spent upon them. One proprietor of such a farm
declared, "It takes me and my hired man all summer hard at
work to get enough to pay him only."
LAYING OUT YJARM. —-This department is very much neglected
The proper disposition of the different fields, for the sake of economy in fencing, for convenience of access, and for a full command
of pasture and protection of crops at all times, has received comparatively little attention fiom our agricultural writers and from
farmers.
Many suppose that this business is very quickly disposed of;
that a very few minutes, or hours at most, will enable a man to plan
the arrangement of his fields about right. But this is a great




84                 A PRACTICAL TREATISE
error. Even when a farm is of the simplest form, on a flat uniform piece of ground, many things are to be borne in mind in laying it out.
In the first place, we all know that the fencing of a moderately
sized farm costs Mnany hundred dollars.  It is very desirable to do
it well, and use at the same time as little material as possible. To
do this, much will depend on the shape of the fields. A certain
length of fence will enclose more land in the form of a square than
in any other practicable shape.  Hence fields should approach this
form as nearly as possible. Again, the disposition of lanes is a
matter of consequence, so as to avoid unnecessary length and fencing, and occupy the least quantity of ground.
But these rules may be materially affected by other considerations. For instance, it is very desirable that land of a similar
quality may be in the same enclosure.  Some may be naturally
too wet for any thing but meadow or pasture; some may be much
lighter, and susceptible of ploughing, whilst others are not: some
may be naturally sterile, and need unusual manuring with green
crops. Aul these should, as far as practicable, be included each in
its own separate boundary. The situation of surface drains, forming the boundaries of fields, may influence their shape; facilities
for irrigation may have an essential bearing: convenience for
watering cattle is not to be forgotten.  Where, in addition to all
these considerations, the land is hilly, still more care and thought
are required in the subdivision, which may possible require years
of experience: but where fixed fences are once made, it is hard to
remove them: hence a previous thorough examination should
be made. A farm road, much used for heavy loads, should be
made hard and firm, and cannot easily be altered: it consequently
should be exactly in the right place, and be dry, level, and short;
the shape of adjoining fields even conforming with these requisitions; but a road little used should not interfere with the outlines
of fields.
In laying out a farm with a very uneven surface or irregular
shape, it would be best to draw, first, a plan adapted to smooth
ground, as the one just given; and then vary the size and shape




ON BUSINESS.                        85
of the fields, the distance of the lane from the centre, its straightness, &c., according to the circumstances of the case.
FENCES.*-The kind of fence used, and the material for its construction, must depend on circumstances and localities.  A good
fence is always to be preferred to an imperfect one: though it will
cost more, it will more than save that cost, and three times the
amount in vexation besides, by keeping cattle, colts, and pigs out
of fields of grain. A thriving farmer whose whole land, except a
small part with stone wall, is enclosed by common rail fence, with
upright cedar stakes, and connecting caps to the tops, finds that it
needs renewing once in six years.   He accordingly divides his
whole amount of fences into six parts, one of which is built new
every year. All is thus kept systematically in good repair. Stone
walls, if set a foot below the surface to prevent tumbling by frost,
are the most durable fence.   Hedges have not been sufficiently
tried.  The English hawthorn is not well adapted to our hotter and
drier climate, and though sometimes doing well for a time, is not
to be depended on.  The buckthorn in New England, and the Newcastle and Washington thorns in Pennsylvania and Delawar e, have
succeeded finely.
GATrE.-Every field on the farm should be entered by a good
self-shutting and self-fastening gate. A proper inclination in
hanging will secure the former requisite, and a good latch, properly
constructed, the latter.  Each field should be numbered, and the
number painted on the gate-post.   Let the farmer who has bars
instead of gates, make a trial of their comparative convenience, by
* "Strange as it may seem, the greatest investment in this country, the
most costly production of human industry, is the common fences which
divide the fields from the highway, and separate them from each other.
No man dreams that when compared with the outlay of these unpretending
monuments of art, our cities and our towns, with all their wealth, are left
far behind. You will scarce believe me when I say that the fences of this
country have cost more than twenty times the specie there is in it. In
many of the counties of the Northern States, the fences have cost more than
the farms and fences are worth."-Burnap.
8




86                 A PRACTICAL TREATISE
taking them out, and replacing them without stopping, as often as
he does in one year on his farm, say about six hundred times, and
he cannot fail to be satisfied which is the cheapest for use
BUILDINGS.-These should be as near the centre of the farm as
other considerations will admit. All the hay, grain, and straw
being conveyed from the fields to the barn, and most of it back
again in manure, the distance of drawing should be as short as
possible. This will, also, save much travelling of men and cattle
to and from the different parts of the farm.  The buildings should
not, however, be too remote from the public road, and a good, dry,
healthy spot should be chosen.  The dwelling should be comfortable, but not large; or, it should rather be adapted to the extent
of the lands. A large, costly house, with small farm and other
buildings, is a bad indication of management. The censure of the
old Romnan should be avoided, who, having a small piece of land,
built his house so large that he had less occasion to plough than to
sweep.
The barn and out-buildings should be of ample extent.  The
barn should have space for hay, grain, and straw. It is a matter
of great convenience to have the straw for littering stables housed
and close at hand, and not out of doors, under a foot of snow. There
should be plenty of stables and sheds for all domestic animals.
This provision will not only save one-third of the fodder, but stock
will thrive much better.  Cows will give much more milk, sheep
will yield more and better wool, and all will pass through the
winter more safely. The wood-house, near or attached to the
dwelling, should never be forgotten, so long as comfort in building
fires and economy in the use of fuel are of any importance.
A small, cheap, movable horse-power should belong to every
establishment, to be used in churning, sawing wood, driving washing-machine, turning grindstone, cutting straw, and slicing roots.
There should be a large root-cellar under the barn, into which
the cart may be dumped from the outside. One great objection to
the culture of ruta-bagas and beets, in this country-the difficulty
of winter keeping-would then vanish.
Both barn and house cellars should be well coated, on the bot



ON BUSINESS.                     87
tom and sides, with water-lime-mortar, which is a very cheap and
effectual way to exclude both water and rats.
CHOICE OF IMPLEMENTS.-Of those which are much used, the
very best only should be procured. This will be attended with a
gain in every way. The work will be easier done, and it will be
better done. A laborer who, by the use of a good hoe for one
month, can do one quarter more each day, saves, in the whole
time, an entire week's labor.
CHOICE or ANIMALS.-The best of all kinds should be selected,
even-if costing something more than others. Not "Cfancy" animals, but those good for use and profit. Cows should be productive
of milk, and of a form adapted for beef; oxen hardy, and fastworking; sheep, kept fine by never selling the best; swine, not
the largest merely, but those fattening best on least food. A Berkshire, at 200 pounds, fattened on 10 bushels of corn, is better than
a "landpikce" of 300, fattened on 50 bushels.
Having now taken some notice of the necessary items for commencing farming, it remains to glance a little at
SOILS, AND THEIR MANAGEMENT.-Soils are of various kinds,
as heavy and light, wet and dry, fertile and sterile. They all require different management in a greater or less degree.
Heavy soils are often stronger and more productive than light;
but they require more labor for pulverization and tillage. They
cannot be ploughed when very wet, nor so well when very dry.
Although containing greater or less portions of clay, they may be
distinguished, as a class from lighter soils, by the cloddy surface
the fields present after ploughing in dry weather, by their cracking
in drought, and by their adhesiveness after rains.
Sandy and gravelly loams also contain clays, but in smaller
quantity; so that they do not present the cloddiness and adhesiveness of heavy soils. Though possessing, generally, less strength
than clay soils, they are far more easily tilled, and may be worked
without difficulty in wet weather. They do not crack or break in
drought. Indian corn, ruta-bagas, and some other crops, succeed




88                 A PRACTICAL TREATISE
best upon them. Sandy soils are very easily tilled, but are generally not strong enough. When made rich, they are fine for some
succulent crops.
Peaty soils are generally light and free, containing large quantities of decayed vegetable matter. They are made by draining
low and swampy grounds. They are fine for Indian corn, broom
corn, barley, potatoes, and turnips. They are great absorbers, and
great radiators of heat; hence they become warm in sunshine and
cold in clear nights. For this reason they are peculiarly liable to
frosts. Crops planted upon them must, consequently, be put in
late, after spring frosts are over.
Corn should be of early varieties, that it may not only be planted
late, but ripen early.
Each of these kinds of soil may be variously improved.  Most
of heavy soils are much improved by draining; open drains to
carry off the surface-water, and covered drains, that which settles
beneath. An acquaintance covered a low, wet, clayey field with a
net-work of under-drains, and from a production of almost nothing
but grass, it yielded the first year forty bushels of wheat per acre,
enough to pay the expense, and admitted of much easier tillage
afterwards. Heavy soils are also made lighter and freer by manuring; by ploughing under coatings of straw, rotten chips, and
swamp muck; and, in some rare cases, by carting on sand, though
this is usually too expensive for practice. Subsoil ploughing is
very beneficial both in wet seasons and in drought; the deep, loose
bed of earth it makes, receiving the water in heavy rains, and
throwing it off to the soil above, when needed; but a frequent
repetition of the operation is needed, as the subsoil gradually
settles again.
Sandy soils are improved by manuring; by the application of
lime, and by frequently turning to green crops. Leached ashes
have been found highly beneficial in many places. Where the
subsoil is clayey, which is often the case, and especially if marly
clay, great advantage is derived from shovelling it up and spreading it on the surface. A neighbor had twenty bushels of wheat
per acre on land thus treated, while the rest of the field yielded
only five.




ON BUSINESS                       89
MANURES.-These are among the first of requisites in successful farm  management.  They are the strong-moving power in
agricultural operations. They are as the great steam-engine which
drives the vessel onward. Good and clean cultivation is, indeed,
all important; but it will avail little without a fertile soil; and
this fertility must be created or kept up by a copious application of
manures; for these contribute directly or assist indirectly to the
supply of nearly all the nourishment which plants receive. It is
these which, produced chiefly from the decay of dead vegetable and
animal matter, combine most powerfully to give new life and vigor;
and thus the apparently putrid mass is the very material which is
converted into the most beautiful forms of nature; and plants and
brilliant flowers spring up from the decay of old forms, and thus
a continued succession of destruction and renovation is carried on
through an unlimited series of ages.
Manures possess different degrees of power, partly from their inherent richness, and partly from the rapidity with which they throw
off their fertilizing ingredients, in assisting the.growth of plants.
These are given off by solution in water, and in the form of gas;
the one as a liquid manure, which, running down, is absorbed by
the roots; and the other, as air, escaping mostly into the atmosphere, and lost.
The great art, then, of saving and manufacturing manure consists in retaining and applying, to the best advantage, those soluble and gaseous portions. Probably more than one-half of all the
materials which exist in the country are lost, totally lost, by not
attending to the drainage of stables and farmyards. This could be
retained by a copious application of straw; by littering with sawdust, when saw-mills are near; and, more especially, by the frequent coating of yards and stables with dried peat and swamp
muck, of which many parts of our States furnish inexhaustible supplies. I say dried peat or muck, because, if it is already saturated
with water, of which it will often take in five-sixths of its own
weight, it cannot absorb the liquid portions of the manure. But,
if it will absorb five-sixths in water, it will, when dried, absorb
five-sixths in liquid manure, and, both together, form a very en
riching material, The practice of many farmers shows how little
8*




90                A PRACTICAL TREATISE
they are aware of the hundreds they are losing, every year, by suf
fering this most valuable of their farm products to escape. Indeed,
there are not a few who carefully, and very ingeniously, as they
suppose, place their barns and cattle-yards in such a manner, on
the sides of hills, that all the drainage from them may pass off out
of the way into the neighboring streams; and some one mentions
a farmer who, with pre-eminent shrewdness, built his hog-pen directly across a stream, that he might, at once, get the cleanings
washed away, and prevent their accumulation. He, of course,
succeeded in his wish; but he might, with almost equal propriety,
have built his granary across the stream, so as to shovel the wheat
into the water when it increased on his hands.
The loss of manure, by the escape of gas, is often very great.
The proof of this was finely exhibited by Humphrey Davy, in an
experiment performed by filling a large retort from a heap of fermenting manure, and placing the beak among the roots of some
grass. Nothing but vapor left the vessel, yet, in a few days, the
grass exhibited greater luxuriance around the beak of the retort
than any of the surrounding portions. Hence the superiority of
unfermented manures; the rich portions are not yet lost. And
hence, too, the importance of preventing this loss by an immediate
application, and ploughing into the soil, and also by mixing it in
composts with muck, peat, swamp mud, and even common earth,
in a dry state-and of preventing its escape, from stables and yards,
by a daily strewing with dried peat, lime, or plaster.
The superiority of unfermented manure has just been mentioned,
which is by many doubted. But the very facts on which these
doubts rest only prove its efficacy; for, they say, " I have always
found fresh manure to be attended with little effect the first year,
while it yet remains fresh; but afterwards, when fermentation and
decay had taken place, the benefit was great and striking."  But
here is the proof at hand that, not until the rich, soluble, and
gaseous parts had well penetrated and been absorbed by the soil,
was their powerful and invigorating influence exerted upon the
growing plants.  Fresh manure is generally in a state not readily
mixed with soils. It is thrown into large lumps over the surface,
some of which are ploughed in, and others not; but;none of them




ON BUSINESS.                     91
prove of immediate use to the crops. But, on the other hand,
fermented manure, from its ready pulverization, admits of an easy
admixture.  Let fresh manure be thoroughly ground down, and
worked into the soil by repeated harrowings, and two or three
ploughings, and its influence will be like magic.
Swamp muck has often been spoken of as manure; but those
who expect great and striking results from its application will be
disappointed, as the writer has been. Even with ashes, it is much
less powerful than stable manure, not only because it possesses less
inherent richness, but because it has less soluble parts, and, consequently, imparts its strength more slowly to growing plants? But
this quality only makes it the more enduring. By decoction in
water, vegetable mould loses a small portion of its weight by solution; but, if the remaining insoluble part is exposed to the air
and moisture a few months, another part may be again dissolved.
Thus, peat, muck, and all decayed vegetable fibre, become a slow
but lasting source of nourishment to plants.
But it is when shovelled out and dried, to be mixed with farmyard manure, as a recipient for its evanescent parts, that peat or
muck becomes pre-eminently valuable.  Some parts of the State
abound with inexhaustible supplies in almost every neighborhood;
many land-owners have from twenty to a hundred thousand cubic
yards on their farms, lying. untouched, while half-starved crops are
growing in the adjacent fields. There are whole counties so well
supplied with it that, if judiciously applied, it would, doubtless,
double their aggregate products.
All neat farming, all profitable farming, and all satisfactory
farming must be attended with a careful saving of manures. The
people of Flanders have long.been distinguished for the neatness
and excellence of their farms, which they have studied to make
like gardens. The care with which they collect all refuse materials which may be converted into manures, and increase their
composts, is one of the chief reasons of the cleanliness of their
towns and residences; and were this subject fully appreciated, and attended with a corresponding practice generally, it would, doubtless,
soon increase, by millions, the agricultural products of the Sta'e.




92                 A PRACTICAL TREATISE
But there is another subject of scarcely less magnitude. This
is a systematic
ROTATION or CROPS.-If manuring is the steam engine which
propels the vessel, rotation is the rudder which guides it in its
progress. Unlike manuring, rotation does not increase the labor
of culture; it only directs the labor in the most effective manner,
by the exercise of judgment and thought.
The limits of this paper do not admit of many remarks on the
principles of rotation. The following courses, however, have
been ftund among some of the best adapted to our State:I. 1st year-Corn and roots, well manured;
2d year-Wheat, sown with clover-seed; 15 lbs. an acre;
3d year-Clover, one or more years, according to fertility
and amount of manure at hand.
II. 1st year-Corn and roots, with all the manure;
2d year-Barley and peas;
3d year-Wheat, sown with clover;
4th year-Clover, one or more years.
III. 1st year-Corn and roots, with all the manure;
2d year-Barley;
3d year-Wheat, sown with clover;
4th year-Pasture;
5th year-Meadow;
6th year-Fallow;
7th year-Wheat;
8th year-Oats, sown with clover;
9th year-Pasture or meadow.
The number of the fields must correspond with the number of
the changes in each course; the first needing three fields to carry
it out, the second four, the third nine.  As each field contains a
crop each, in the several successive stages of the course, the whole
number of fields collectively comprise the entire series of crops
every year. Thus, in the list above given, there are two fields of
wheat growing at once, three of meadow and pasture, one of corn
and roots, one of barley, one of oats, and one in summer fallow




ON BUSINESS.                     93
OPERATIONS IN THE ORDER OF TIME.-The vital consequence
of doing every thing in the right season is known to every good
farmer.
To prevent confusion and embarrassment, and keep all things
clearly and plainly before the farmer at the right time, he should
have a small book to carry in his pocket, having every item of
work for each week or each half month laid down before his eyes.
This can be done to the best advantage, to suit every particular
locality and difference of climate, by marking every successive week
in the season at the top of its respective page. Then as each operation severally occurs, let him place it under its proper heading; or,
if out of season, let him place it back at the right time.  Any
proposed improvements can be noted down on the right page. Interesting experiments are often suggested in the course of reading
or observation, but forgotten when the time comes to try them.
By recording them in such a book, under the right week, they are
brought at once before the mind. Such an arrangement as this
will prevent a great deal of the confusion and vexation too often
attendant on multifarious cares, and assist very essentially in
conducting all the farm work with clock-work regularity and
satisfaction.
In reviewing the various items which are most immediately essential to good farm management, some of the most obvious will be
-capital enough to buy the farm and to stock it well; to select a
size compatible with these requisites; to lay it out in the best manner; to provide it well with fences, gates, and buildings; to select
the best animals, and the best implements to be had reasonably;
to bring the soil into good condition, by draining, manuring, and
good culture; to have every part under a good rotation of crops;
and every operation arranged so as all to be conducted systematically, without clashing or confusion. An attention to all these
points would place agriculture on a very different footing from its
present condition in many places, and with most farmers. The business, then, instead of being repulsive, as it so frequently is, to our
young men, would be attended with real enjoyment and pleasure.
But in all improvements, in all enterprises, the great truth must
tot be forgotten, that success is not to bk expected without dili



94                A PRACTICAL TREATISE
gence and industry. We must sow in spring, and cultivate well
in summer, if we would reap an abundant harvest in autumn.When we see young farmers commence in life without a strict
attention to business, which they neglect for mere pleasure, well
may we in imagination see future crops lost by careless tillagebroken fences, unhinged gates, and fields filled with weeds-tools
destroyed by heedlessness, property wasted by recklessness, and
disorder and confusion triumphant; and unpaid debts, duns, and
executions, already hanging over the premises. But, on the other
hand, to see cheerful-faced, ready-handed industry, directed by
reason and intelligence, and order, energy, and economy guiding
the operations of the farm-with smooth, clean fields, and neat,
trim fences-rich, verdant pastures, and fine cattle enjoying them;
and broad, waving meadows and golden harvests, and waste and
extravagance driven into exile, we need not fear the success of
such a farmer; debts cannot stare him in the face, nor duns enter
his threshold.
It is such enterprise as this that must place our country on a
substantial basis.  Agriculture, in a highly improved state, must
be the means which, next to the righteousness which truly exalts
a nation, will contribute to its enduring prosperity. All trades
and commerce depend on this great art as their foundation. The
cultivation of the soil and of plants was the earliest occupation of
man. It has, in all ages, been his chief means of subsistence; it
still continues to furnish employment to the great majority of the
human race. It is truly the great art of peace, as during wars and
commotions it has languished and declined, but risen again, in
strength and vigor, when men have lived at peace with each other;
it has then flourished and spread, converted the wilderness into
life and beauty, and refreshed and adorned nature with embellished
culture. For its calm and tranquil pleasures-for its peaceful
and healthful labors-away from the fretful and feverish life of
crowded cities, "in the free air and beneath the bright sun of
heaven "-many, who have spent the morning and noon of their
lives in the anxious cares of commercial life, have long sighed for
a scene of peace and of quietude for the evening of their days




ON BUSINESS.                     95
CHAPTER        VI.
GETTING MONEY BY MERCHANDISING.
I WILL use the term Merchants in the subsequent pages in the
Parkerian sense, meaning men who buy and sell; who buy to sell,
and sell to buy the more. They fetch and carry between the other
classes. They are distributors; they are the merchants. Under
this name I include the whole class who live by buying and selling,
and not merely those conventionally called merchants to distinguish
them from small dealers. This term comprises traders behind
counters, and traders behind desks; traders behind neither counters
nor desks. There are various grades of merchants.  They might
be classed and symbolized according as they use a basket, a wheelbarrow, a cart, a stall, a booth, a shop, a warehouse, a countingroom, or bank. Still all are the same thing-men who live by
buying and selling. A ship is only a large basket; a warehouse, a
costly stall. Your peddler is a small merchant going round from
house to house with his basket to mediate between persons; your
merchant is only a great peddler sending round from land to land
with his ships to mediate between nations.
The Israelitish woman who sits behind a bench in her stall on
the Rialto at Venice, changing gold into silver and copper, or loaning money to him who leaves hat, coat, and other collaterals, in
pledge, is a small banker. The Israelitish man who sits at Frankfort-on-the-Maine, changes drafts into specie, and lends millions to
men who leave in pledge a mortgage on the States of the Church,
on Austria, or Russia, is a pawnbroker and money-changer on a
large scale. By this arithmetic, for present convenience, all grades
of merchants are reduced to one denomination-men who live by
buying and selling.




96                 A PRACTICAL TREATISE
We will examine first
THE PRINCIPLES AND PROSPECTS OF TRADE.' Man, they say, is a trading animal-the only one. The
wants of each individual are more numerous and varied than his
faculties and capacities devoted to supplying them. Each producer
of necessaries or comforts naturally produces a superabundance of
whatever he grows or fabricates, and exchanges it for a competence
of other wares or staples adapted to his wants. The grain-grower
has a large surplus of grain, but requires nearly every thing else;
the pin-maker consumes perhaps a dollar's worth per year of his
own products, and four hundred and ninety-nine dollars' worth of
other people's, obtained by the sale of his own. And as man rises
in the scale of civilization his wants are increased and diversified.
H-e labors more, produces more, exchanges far more. The lowest
savage may produce or gather a hundred dollars' worth per annum,
and exchange ten dollars' worth of it for other necessaries or comforts; while the population of the United States or Great Britain
produce at least five hundred dollars' worth to each able-bodied
man, whereof two-thirds at least is exchanged by producers with
each other, and with the producers of foreign lands. And, as man
shall continue to rise in the scale of intelligence, industry, efficiency, and comfort, not merely the amount but the proportion of
each man's products exchanged for those of others, must continue
to increase. The aggregate of exchanges of property is probably
now expanding throughout the world at the rate of ten per cent.
per annum, though the annual increase of population is less than
three per cent.
But while the aggregate of exchanges is rapidly increasing, the
profits of the exchanges tend steadily to diminish. It is the interest of the producers of all classes and climes to effect their exchanges with each other as directly and simply, at all events as
cheaply, as possible. It matters little to the producers, as a whole,
whether prices be low or high, if they be justly proportioned. If
A, being a farmer in 1815, received a dollar per bushel for his
corn, and bought the broadcloth for his coat at five dollars per
yard, and now can get just such broadcloth for two dollars and a




ON BUSINESS.                      97
half, while his corn will bring but fifty cents per bushel, he is
neither better nor worse for the change, all other things being
equal. But if in 1815 he paid five bushels of corn for a yard of
broadcloth, while the maker of the cloth received but four bushels,
and now he gives the like five bushels per yard, but the maker
receives four bushels and three pecks of corn, or their full equivalent, for every yard of cloth he turns off, then there has been a
real improvement in the condition of the producers of cloth, if not
of corn also. And, as intelligence is diffused, and knowledge is
brought to bear upon the most intimate and homely relations of
life, the cost of making exchanges, in other words, the charges
and profits of non-producing traders, must and do decrease continually.
But this by no means proves that trade is poorer, nor that
traders, as a class, do worse than formerly. It only proves that
the number of traders cannot and does not increase in proportion
with the increase of trade, without subjecting them to the necessity of taking smaller and still smaller profits. Every year the
number of producers, and of customers of others' products increase,
as also the aggregate of products exchanged. Every year the construction of canals, railroads, harbors, steamships, and other facilities of transportation and traffic, impels greater and still greater
production, with a still larger extension of commercial exchanges.
The neighborhood in the Ohio Valley, which was clad in homespun,
and did not pay ten dollars to each person for all its purchases
from others half a century since, now wears the fabrics of Old and
New England, and is a liberal patron of the spice growers of both
the Indies, the tea of China, the coffee of Brazil, and the fish of
Newfoundland, probably paying thirty dollars per head for the
products of other industry than its own, although the average
range of prices is about half what it was in 1800. Trade has
greatly increased, is increasing, and is bound to increase even more
rapidly than it has ever yet done.
It is idle, therefore, to say that commerce is ruined, prostrate,
because overdone. It is only the possibility of making fortunes by
trade, with no decided capacity for the vocation, that is vanishing.
The time is at hand, if not already upon us, when the mercantile
9




98                 A PRACTICAL TREATISE
is to take rank with the most intellectual and arduous of the liberal
professions. The merchant of the next age must be a genius-a
financier-a man born to be an efficient and beneficent distributer
of the bounties of nature, of the products of human labor. If he
lack these essential characteristics, let him aspire to be any thing else
rather than a merchant, for his own sake and that of others. An
incompetent doctor may live, though his patients should not; a
poor lawyer may damage his clients, yet pocket their fees; a thickheaded merchant must inevitably ruin both himself and his trusting friends. The chances that he may blunder on and dodge bankruptcy for years have grown less and less until they are very nearly
extinguished.
It is idle and mischievous to hope for large profits henceforth,
save in rare, exceptional cases. The general diffusion of intelligence, and improvement of the facilities for direct exchanges
between producer and consumer, render extensive and regular
trade on the old basis of small sales and large profits impossible.
If the flour-dealers of New England, the coal-dealers of New York,
the shoe-dealers of Ohio, will not supply their customers at moderate prices, they provoke competitors to supplant them; or, this
failing, they incite consumers to combine and buy at wholesale a
cargo of flour, of coal, of shoes, for themselves. Any serious attempt to restore the old system of sales on long credits to doubtful
customers, but at such high prices as will compensate for the risk
and delay of payment, would only serve to impel the consuming
classes to withdraw more and more of their custom from traders as
a class, and effect more and more of their exchanges by agencies
and arrangements of their own. The practical choice of the mercantile class lies not between large and small percentages on their
sales, but between small ones and none.
But small advances on cost do not imply smallprofits.-On the
contrary, there never was a time when larger profits are realized
than may be now. Let us suppose, for example, that New England annually consumes ten thousand tons of Western bacon, and
that the quantity so consumed is annually increasing. Now, if any
Boston merchant at home can manage to become the channel of
interchange between the producers and consumers of half those




ON BUSINESS.                      99
hams at an average net profit of 2 per cent., assuming the hams
to be worth $150 per ton, that merchant or house would clear
$15,000 annually on bacon alone. So with flour, groceries, and
every thing else.
These, then, are the essential bases of a profitable and safe trade
in the future; first, ability to supply the public demand on as
favorable terms as any one else can offer; secondly, universal
knowledge of the fact, and assurance that it may be relied on.
Let a Boston dealer in flour, or meats, or cloths, or any thing else
be able to supply New England with whatever he deals in at the
lowest possible rate, and let all New England be assured of the
fact that he can and will do so, and his fortune is made. No
matter though his average net profit should range even below 1 per
cent., his annual income must exceed his necessary expenses by
thousands of dollars.
The merchant, therefore, who aims to succeed in business must
aim at these two points: first, to be sure that he can satisfy a wide
demand for the articles he deals in on the lowest practical terms;
secondly, that every body within the proper scope of his business is
made aware of his ability, and confident of his disposition to do
so. These points attained, he has only to do his business properly
as it comes in upon him, and his fortune is secure."
Having thus settled upon the general principles and prospects of
trade, we shall proceed to consider in detail: First, What constitutes ability to supply a public demand?  Secondly, How to get
customers? and Thirdly, The characteristics and duties of the
merchant, or the true man of business.
TIHE FIRST REQUISITE OF ABILITY IS A KNOWLEDGE OF THE
BUSINESS.
Every business that is worthy of the name has two departments:
its science to be understood by study, and its art to be acquired by
practice. A knowledge of both is especially necessary to the complete education of the merchant. The number of good practical
business men who have failed within the last fifty years is sufficient
to show that the science or principles of business has not received the study and attention which it deserves. A knowledge of




100                A PRACTICAL TREATISE
the theory of a profession gives stability to character, a disposition
to act within known laws, checks the temptation to sacrifice principle for a temporary end, and throws around the dull details of
practice an air of intellectuality that is exceedingly attractive to
an ingenious mind. It does more. It gives wisdom in practice,
and traces out consequences by the light of experience. What is
science?  " To know while any thing is taking place what must
follow; in other words, to know the necessary consequence of
what is going on at the present moment-that is science. To
know, when any thing has occurred, what must have preceded; in
other words, to know the necessary antecedents of what has occurred-that is science."  It is the extracted essence of facts-the
logical result deduced from repeated experiments.
Observation, conversation, and reading are the sources from
which a knowledge of the theory of a profession is to be derived,
The first two will furnish facts, while books will furnish facts and
principles. The wisdom, touching negotiation or business, has
not been entirely collected into writing, even at this day, though
much has been done in late years-and the student of mercantile
science is compelled in a degree to depend upon his own sagacity.
He must, therefore, never forget that he has two eyes, two ears,
and one tongue. He must be continually on the watch for ideas
which may give him a clue to that labyrinth in which few have
travelled safely, and thousands have been lost. Books on general
or special business should be his vade mecum. They should be
owned, read, and re-read. They contain the experience of men who
have gone over tne same or a similar road; or the thoughts of others
as to its places of safety and of danger, based on the united experience of many. They cannot fail to furnish valuable hints; and
may suddenly dart into his mind an idea that will be worth to him
thousands of dollars. Books of history, facts, and principles, are
always valuable. They deserve to be held in higher estimation by
practical men than they are. They stimulate the mind to think,
and suggest safe expedients in doubtful circumstances. There is
unquestionably an analogy between all the various pursuits of
mankind-between war and speculation-between statesmanship
and the management of public bodies; and it has been remarked




ON BUSINESS.                    101
that those who have been distinguished for success in business are
of the same stamp as those who are eminent in the walks of literature and science.
Every man and every store should have a library of select practical works. But many books are not desirable. It is the man of
few books and much thought who wields power. A distinguished
writer remarks that he never felt afraid to meet a man who has a
large library. Those books should be selected which have a tendency to excite ideas in the mind of the reader, and to arouse the
mental energies into action, and which afford deeper and clearer
views of life and the business of life. Books are the sources from
which the student should draw his first knowledge of his profession;
and he should continue to draw from this fountain through life.
" What you read to-day will soon be gone-expended or forgotten;
and the mind must be continually filled up with new streams of
knowledge. Even the ocean would be dried up, were the streams
to be cut off which are constantly flowing into it. How few read
enough to stock their minds. And the mind is no widow's cruise
which fills with knowledge as fast as we empty it.'It is the
hand of the diligent which maketh rich.'"
But the knowledge of the science of his profession will not constitute any one master of the art. He must know not only how
his trade should be performed, but how to perform it. He has a
habit to acquire-a practical power and facility in the application
of principles. This is a work of time, and the result of progressive drilling and repeated effort. This is especially true of the
mercantile profession, and to this end an apprenticeship is necessary.
In London, it is customary to pay a fee for being taught almost
any trade or calling. It varies from $50 to $3,000. In mercantile business the fee is usually from $500 to $1500, according to
the business, character of the house, and the means of the party
applying. In the United States, apprentice fees are not customary.
But they are given, in rare instances, for special reasons, as I have
heard of the sum of $500 being paid for the opportunity to learn
the art and mysteries of the silk business.
One of the most important objects to be acquired during apprenticeship, if not the most important, is a judgmment of the value of
9*




102                A PRACTICAL TREATISE
goods.  A man must possess this knowledge to do justice to his
customers and to himself; and to avoid cheating and being cheated.
The want of it will blast his reputation, and defeat the best laid
plans for success. It is a defect that cannot be concealed.  A
shrewd seller will detect it in a buyer as quickly as an old banker
will ferret out an accommodation bill; and, unfortunately, there are
few who will not take advantage of it. He must, then, sell what
he buys, an inferior articlei for a better, and this is a sure way to
get a bad name and drive away custom. It is a knowledge that
can only be acquired, to perfection, in youth. A judgment taken
in early is seldom lost, as a judgment taken in late is seldom good.
Here the cultivation of the senses, of which I have before spoken,
is especially valuable; here the Indian's habits of close observation,
the blind man's acuteness of touch, are aids to fortune.
In the dry-goods business, a retail store is a better school, in
which to attain this knowledge, than a wholesale house.  The
wholesale merchant buys of the manufacturer under a warranty,
and the principal bone of contention is the price.  He sells again
to the retailer, with the same warranty, or the retailer may choose
or reject, without stating reasons, so that the observer, however
attentive, may learn nothing. In a retail store it is different. The
frugal housewife, who may be a customer of the retailer, is not so
taciturn and credulous; warranties will not satisfy her; she " wants
a patch to try;" and if soap, boiling, and half a day's hard labor
will change it, she triumphantly returns it in vindication of her
foresight. This may be called positive evidence. Besides this,
there are a hundred observations and objections made by different
customers, in a retail store, which one person would never think
of, and which the young man who is desirous of improvement sh'ould
use as suggestions for examination. He knows the first cost of the
goods; he seeswhat gain or what loss is made; he is led to inquire
into the reason of the difference; sees where they are deficient, and
if he is careful in his observations, he is naturally led to have a
good judgment of their value.
Book-keeping, business correspondence, and their adjuncts, are of
essential importance in a mercantile education. They are now regarded as such, and no deficiency need be noted. Books have been




ON BUSINESS.                    103
called the tradesman's repeating-clock, to tell him how he goes on.
The system of book-keeping by double entry is, perhaps, the most
beautiful one in the wide domain of literature or science. Were
it less common, it would be the admiration of the learned world.
The object of speech or writing is to convey our thoughts so
that another may understand them. Business correspondence
should be plain, clear, and concise. Fine writing is ridiculous;
verbose writing is tedious; while the terse, curt style, which some
use, is affected. The accomplished business man should make it a
point to familiarize himself with the peculiar technical terms of art
which are found in every trade or calling, while he should avoid
using those of his own profession when writing to men in a different occupation. Singular mistakes have occurred from a want of
this understanding. I will mention one: ( A brick-maker, being
hired by a brewer to make some brick for him at his country-house,
wrote to the brewer that he could not go forward unless he had
two or three loads of Spanish; that otherwise his brick would cost
him six or seven chaldrons of coal extra, and the bricks would not
be so good, and hard neither, by a great deal, when they were
burnt. The brewer hereupon sends down two cart-loads, with about
twelve hogsheads or casks of molasses, which frightened the brickmaker almost out of his senses. The case was this: The brewers
formerly mixed molasses with the ale to sweeten it, and abate the
quantity of malt, molasses being at that time much cheaper, and
this they called Spanish, not being willing their customers should
know it. Again, the brickmakers, all about London, mix sea-coal
ashes or laystal stuff as we call it, with their clay, and by that
shift, save eight chaldrons of coals out of eleven, to the burning
of 100,000 bricks in proportion to what other people burn them
with; and these ashes they call Spanish; but neither the brewer
on the one hand, nor the brickmaker on the other, understood any
other of it than as it related to his separate business."
The object of apprenticeship is to understand a special business
thorouzghly. A man cannot be said to understand a business
thoroughly, unless he is acquainted with its remote as well as its
immediate connections. He must not only be a good judge of
the article in which he deals, but he should know where they are




104                A PRACTICAL TREATISE
manufactured, of what, and the manufacturer's prices, how bought
at first hand, the best markets to buy and to sell in, the rate of
duties, &c. This information it is sometimes difficult to acquire,
but " where there is a will there is a way." It is necessary in
order to buy right. In importing houses, it is a customary thing
to see men swallow down a story that an article cost $2 50, to
import which cost, probably, $1, and then again haggle about the
price of another article which is offered at less than cost of importation. To be entitled to the distinction of understanding a business thoroughly, he must be able to judge, too, at all times, from
his own resources-that is, independently of his neighbor's opinion-of the condition and prospects of his business in all its
relations. If this be true, which I think the majority will admit,
I will not hazard the popularity of this book by mentioning the
number of those who do understand their business thoroughly.
That there is a lamentable deficiency in this respect, is evidenced
by those extraordinary fluctuations in price so often witnessed,
and by the fact that panics can frequently be manufactured at
will by speculating men, whenever sufficient time has elapsed after
a previous one, for traders to become frightened at their own prosperity.  How often have we witnessed fluctuations in the price
of articles, for which none could account! How often, when the
political and commercial skies appeared as calm as a summer's day,
have we suddenly heard the cry of hard times rung out, and felt
the reality follow, for which the wisest could not assign a rational
cause! Why is this? What are called crises in the commercial
world are, in my opinion, the result mainly of two causes; a want
of accurate knowledge among the majority of trading men respecting the true condition of things; and, in addition, the consciousness of a general disregard of prudence in extending liabilities far
beyond capital. Consequently, when a few influential speculators,
seeking, perhaps, more lucrative investments for their money,
aided by a few respectable newspapers, begin their dire forebodings, followed by stout asseverations that their predictions
have come true, fear seizes hold of men's minds, and they create
the ruin they would fain avert. Fluctuations in prices must and
will occur-money will be at certain times less abundant than at




ON BUSINESS.                     105
others-but the laws that regulate supply and demand, if left to
the operation of natural causes, or such as could be foreseen by
all if all were attentive observers, are as regular as the ebb and
flow of the tides. Did each trader, then, fortify himself by an
accurate knowledge of the business in which he is engaged, all
the arts of speculators in the country could not produce a sudden
nor extraordinary rise or fall in the prices of his merchandize.
Did each business man cease the petty retailing of his neighbor's
opinions as facts, as well as maintain at all times, or rather without regard to times, a prudent proportion of liabilities to capital
in the management of his business, all the inventions and croakings of the stock-jobbers of the world could not produce a panic.' Among the innumerable and troublesome ills of life," observes
the Dry Goods Reporter, and we cominiend these remarks to the
consideration of merchants as a matter of vital importance, " that
of slackness, or a want of promptitude in our business, stands
pre-eminent. A common feeling prevails among men of every
variety of trade, more especially those termed the dry goods
branch, that the opinion of our neighbor in business, relative to
the condition of the market for purchasing and selling, will enable
us to better judge of the greatest profit and loss. This, to a
limited extent, may be true; but only true to the man who has no
other sources of information. It is the want of a system in such
people's method of doing business-a careful concern troubles
them relative to paying out a few shillings for information which,
in many instances, would add hundreds of dollars to their profits.
There is true merit in the determination to keep our expenses within a reasonable limit, but still there is manifest danger of damming
up, with avarice, some streams that would mingle and swell the
tide of accumulation. If there is any one worthy of success, in
the purchasing and selling pursuits, it is, and must reasonably be,
the man who looks into the resources-the outgoes and incomes
of the branch of business that sways his investments. The manufacturer is accustomed to make a calculation of the cost of raw
material, of the labor bestowed, the waste in manufacturing, the
transportation, commissions, and the numerous little expenses
attending the production and sale of the article he designs to




.06                A PRACTICAL TREATISE
fabricate. The mechanic and artistvork by fixed rules-and there
is, as a general thing, so much intelligence among the two classes
mentioned, that they can inform you of the cost and amount at all
times of every article they produce; and this it is that enables
them to transact their business with such success. It is a fact,
sustained by abundant proof, in nearly all manufacturing towns,
that the mechanics are the wealthiest citizens. We speak of them
as a body-we do not intend to advance the idea that they, as
individuals, hold the greatest amount of wealth; nor do we think
to introduce the jobbers-but allude more particularly to the retailers. The reason we assign for the existing evil, is a want of
system and self-reliance.  Let that trader, who has sunk the last
twelve months as many hundred dollars, lean no longer upon the
opinions of a few, who regulate his purchases and post him up, on
the condition of the large markets.  The means are abundant for
a perfect analysis of the whole trade, both on a small and a large
scale; by watching closely the amount of importations and the
exports, we may know at all times the bulk and styles in the
markets-and from the weekly auction sales of New York, Boston and Philadelphia (through which beats the pulse of the market,) we may calculate upon the absolute demand and surplus of
goods. We ourselves might spend the whole week in the market,
inquiring the prices of A. B and C, and return to our sanctum as
lean as we went out; but when we strike at the resources of the
producers, the manufacturer's orders, and trace through the domestic and importing avenues the amount of goods coming forward, we have a source of information which is tangible and
entirely reliable.  Such sources cultivate self-reliance-induce
men to think and act upon a sure basis. The loss and gain may
be calculated upon to a single farthing.  We can only add, that a
correct knowledge of any branch of business in which we engage
will secure prosperity, if promptly attended to."*
* Among the sources of reliable statistical information may be mentioned, the two principal commercial magazines of the country-the Miercnant's Magazine of New York, and De Bow's Review of the Southern and
Western States, conducted by J. D. B. De Bow, Professor of Political
Economy, &c., in the University of Louisiana, and published at New Or



ON BUSINESS.                       107
But even this knowledge is not enough to complete the education of the accomplished business man. He should understand
more than his special business. " I have taken," says Bacon in a
letter, written when he was only thirty-one, to his uncle, Lord Burleigh, "I have taken all knowledge to be my province.".A merchant
should take all business to be his province. He should have a familiar acquaintance with one or more kinds of business, akin to his own,
and a general acquaintance with all trades and business. In the course
of a lifetime, he will be called upon to deal frequently with men
out of his line, and without this acquaintance he cannot deal advantageously or satisfactorily. And again, wars, embargoes, inventions,
and excessive competition may cause a falling off of his special business; and he who possesses this knowledge can more readily adapt
himself to another business than one who has neglected this precaution. When Napoleon's laws and decrees so seriously deranged
the commerce of England, pressing necessity forced the merchants,
to advise that every one should make himself master of two trades.
Having'completed the usual term of apprenticeship, and laid
the foundation of a business education, to be perfected by experience, the next grave question that will occur to a young man will
leans. The former is well known to the mercantile community; but the
latter, though extensively patronized, and a standard authority at the South,
has not received from the merchants of the North that support which an
enlightened regard to their own interests would seem to demand. The
statistical information embodied in its pages respecting the staples of the
South and West, which form the basis of a great part of all our leading
commercial transactions, is immense. More than three large volumes have
been published upon COTTON alone, and more than a thousand pages upon
SUGAR. In point of literary merit too, it is unsurpassed. The leading articles have been written with a vigor of thought and purity of style not
excelled, if equalled in the annals of commercial literature, and the intellectual tastes fostered by them are exceedingly favorable to mental growth
and worldly prosperity. Mr. De Bow, I have learned, will shortly publish
a condensation of all the important papers, articles, and statistics, that
have appeared in the twelve published volumes of his Review, in three, to
be entitled; " The INDUSTRIAL RESOURCES OF THE SOUTHERN AND WESTERN STATES," and I sincerely trust that no intelligent merchant will overlook the advantages he will enjoy, in possessing this vast repository of
reliable and valuable information.




108                A PRACTICAL TREATISE
be whether he shall embark in business on his own account, or
seek a situation in the employ of another. The two main points
that will govern his decision in this matter, will be the amount of
his capital, and the probable amount of his sales and net profits.
CAPITAL. -This, in a broad sense, means labor accumulated in
such form as to facilitate future production. In a commercial
sense, it means the stock of merchandise, or money which an individual or company originally puts into the business, or that part
which an individual contributes to the trading stock of a partnership when it is first formed. Mercantile transactions are so varied
in nature and extent that no certain amount which an individual
should possess can be suggested. The only rule that can be given
is, that the capital should be adequate to the business-that it should
be increased in proportion to the business, or the business be kept
down to a level with the capital.
No one is justified in starting a business without the moderate
capital usually required to carry it on, trusting to accommodations
and credit for success. It has been stated that four-fifths of the
men who are wealthy commenced business on borrowed capital.This may be true, but it was actually capital-borrowed for no definite period, or such length of time that it could be paid out of
the profits of the business, and not from the sales of stock. No
one who has tried doing a business without a suitable capital, even
if he has succeeded, will advise another to attempt it. It involves
an amount of anxiety, a degree of labor, embarrassment, and hazard, which is painful to reflect upon. To do a business altogether on credit requires a fortunate combination of circumstances,
to make it successful, that no prudent man would predict.
There are several important questions relating to the management of capital, that deserve consideration. One very important
one is, What proportion should capital bear to liabilities in a mercantile business? In other words, how far is it prudent for a man
to extend his purchases beyond his actual capital? I have taken
considerable pains to learn something on this subject, but cannot
boast of my success. In banking, the safe rule has been laid
down to be, the proportion of three to one.  Gilbart, manager of




ON BUSINESS.                     109
the London and Westminster Bank, says, in his Treatise on Banking, " Although the proportion which the capital of a bank should
bear to its liabilities may vary with different banks, perhaps one
would not go far astray in saying that it should never be less than
one-third of its liabilities. I would exclude, however, from this
comparison, all liabilities, except those arising from notes and deposits. If the notes and deposits together amount to more than
three times the amount of the paid-up capital, the bank should call
up more capital."  In New England, the safe limit, as I am informed by David M. Balfour, Esq., is considered to be that of two
to one. In business, one of the most eminent bankers in Europe
has given it as his deliberate opinion that a man should not extend
his business to more than three times the amount of his capital,
and if it be a large-business, to not more than twice his capital.I presume, however, that the rule must vary with different kinds
of business; but there is a limit in each particular business beyond
which it is not prudent to go. A man has the right to risk his own
capital, but he has no right to risk the property of others without
their consent, and he can only honestly extend his business at any
time, so that if his property should suddenly depreciate in value
to the ordinary level of low prices, and he should meet with the
average percentage of losses by bad debts, and other risks incidental to the business, he would still be able to pay his debts.Without accurate information on these points, I think that a man
whose liabilities are already three times the amount of his capital,
should be extremely cautious in extending his purchases, however
inviting the speculation may appear; and that in the taking and
giving of credit, he cannot calculate with any degree of certainty
in being able to meet his payments promptly, except by giving
one-third less credit than he takes.*
* Extract from a private letter of the Hon. Horace Greeley, dated April
22, 1852: " The extent to which a trader may innocently involve himself
in debt has been discussed by able writers, with varying conclusions. It
is manifestly impossible to prescribe any arbitrary rule on this subject.
One man may owe three times the amount of his capital, yet be perfectly
and impregnably solvent, while another who owes only twice the amount
of his capital may fail, and seriously injure his creditors. A farmer worth
10




110                A PRACTICAL TREATISE
Another question is, How should a surplus capital be invested?
When profits have accumulated, and the business does not demand an immediate increase of capital, or when the entire capital,
ordinarily required, is not in use, the balance is called a surplus
capital. This should be invested in a good mercantile security,
and held as a reserve for use when it may be needed, but I doubt
whether all who are engaged in business have a clear conception
of what constitutes a good mercantile security.  I have known frequent instances of great embarrassment arising from a misconception of this point.  Many whose lamentations are most mournful
when cramped with limited means, as soon as the pressure is
a little removed, will invest their surplus funds in such way,
that the next news is a protest.    Some buy a lot, but, as
they quickly discover that a lot without an improvement is an
expense, so the sooner they build the better, and they withdraw
a part of the capital actually needed in their business, in the
forlorn hope of replacing it by increased profits.  Others, again,
turn land speculators, and buy several lots, or a country seat, paying part cash, giving a mortgage for the balance; or they will
engage in an additional business, in either case, their creditors
can calculate with considerable certainty that they must shortly
renew their notes, or receive a protest.  It must be borne in mind
that capital is of two kinds, fixed and floating.  The distinction
between them is, that all commodities or improvements, for which
the owners only receive rent or interest, constitute fixed capital, as
houses, land, ships, machinery, &c..; and all commodities, the
entire cost of which is replaced out of the current income, are
floating capital.  The former are stationary, yield only income,
but $1,500, may buy a farm worth $5,000, pay $1,000 down, and give a
mortgage for the balance, being perfectly solvent in any probable event;
while he, who being worth $10,000 should invest $20,000 in shipments to
California, might be justly chargeable with reckless and culpable gambling,
with other men's property as his stock. The obvious rule is that no man
has a right to hazard other men's property, without fairly apprising his
creditors of the nature and extent of the risk, and obtaining their consent
to the measure. And then, the debtor should be careful that he incur no
responsibility that he cannot fully justify to his own conscience, and does
not unalterably purpose to discharge."




ON BUSINESS.                     11l
and are slow of transfer; the latter are constantly circulating,
and easily convertible into cash. A reserve capital should always
be easily convertible into money, as the exigencies of trade may
require, and hence it should always be invested in those commodities which constitute the floating capital of a country, as stocks,
merchandise, notes, bills of exchange, &c. There are few men
in this country who have more cash than they can advantageously
use in their business; and there is always an abundance of good
floating securities for temporary investment. Cash, and property,
in merchandising, are two different things, as the business of the
trader and that of the capitalist are different pursuits. The advice
of the Irishman is directly applicable to men in trade, in the management of their cash: "Be aisy, and if you can't be aisy, be as
aisy as you can;" and we may add, when you are easy keep easy.
To invest their surplus capital in such a way that it will be a
prop and not an injury to their business, is a matter for careful
consideration by men in all kinds of business, whether traders, mechanics, or manufacturers; but what constitutes a proper mercantile security is a consideration of the first importance to produce
and commission merchants, and to all who, being in the practice
of making advances on consignments, are especially liable to error
on this point. The London Economist, some time since, contained
the true doctrine on the subject.  It is quite legitimate, it says,
for a merchant residing at home to advance his capital on produce
consigned to him abroad, or for a merchant residing abroad to
advance his capital to the producer on the spot, in anticipation of
the future sales of the produce prior to its shipment. And it may
even be legitimate to make advances on a growing crop, especially
when the state of the law admits of an assignment of such property
in that state, and secures its delivery, and when the commodity
does not require to pass through a manufacturing process before it
is ready for market. But beyond this point, it is impossible the
merchant can pass without great hazard; or at least without
accepting what cannot be called a good mercantile security.  Up
to that point, the repayment of his capital is guaranteed by the
ultimate sale of the produce he holds, either in the form of bills
of lading, dock warrants, or bills of exchange, securities represent



112                A PRACTICAL TREATISE
ing his advances until the actual capital is again returned to him.
But the moment the merchant passes this point in his advances to
producers, the moment he lends money for the purchase of implements, or machinery, or land, or its improvements, on the security
of the estate or its plant, that moment he has invested his money
in a fixed, in the place of floating security, which is inconsistent
with his occupation as a merchant, and is calculated to be productive of great danger in the case of pressure in the money market,
especially if he is otherwise availing himself much of his own credit
in his business.  From a neglect of this plain rule in commerce,
there have been greater losses sustained than from any other cause.
* * * It is not difficult to discover the sort of irresistible means
by which houses become implicated in such securities, and get
their capital inconveniently locked up. First, a merchant advances on the produce of the planter; next, competition and the
urgent requests of the planter induce him to advance on the growing crop before it is in. All experience has proved that the first
advance of this kind becomes a precursor of other advances which
are necessary to secure the first; until, on the arrival of a period
of pressure, the merchant finds that his capital, instead of being
availableas it was when in proper mercantile securities, is locked
up in unavailable securities abroad, and though he may show a
large balance of property.in his favor, he is reduced to the painful
necessity of suspending payment.
PROBABLE SALES.-These can only be arrived at by calculation
founded on data exclusively personal. The considerations which
should enter into this calculation are agreeably detailed in the following pertinent anecdote, related by the editor of the Dry-Goods
Reporter: "A young friend of ours called on us the other day in
high glee; he was about concluding arrangements with two others
to embark in the jobbing trade, and was quite sanguine of brilliant
success. As we did not express full faith in his anticipations, he
rather chided us for our doubts, whereupon we questioned him a
little as to his prospects. At our suggestion, he took pen and paper
and put down first all his proposed expenses. We could see that
he had not done this before, as he seemed quite startled to find that




ON BUSINESS,                    -ib
even at the moderate estimates he had made, the total expenses for
rent, clerk hire, and living of the several partners mounted to the
snug sum of $8,200.'Now for the amount of business,' said we.'Oh, as to that,' he replied,'we hope to sell $300,000 per annum.''But what amount of trade do all of you at present influence?' we
asked.  ( Make now a careful estimate of the business you can rely
upon with some degree of certainty.' He did so, and, to his surprise, it did not quite reach $125,000.' Now what profit can you
average upon this?' After some debate, this was set down at 7~
per cent. This gave the sum of $9,375.'Now what shall we call
the losses?' These were settled at 2~ per cent. on sales, amounting
to $3,125, leaving the net income at $6,250 or $1950 less than
enough to pay his estimated expenses. He left us proposing to
show the estimate to his colleagues. He did so, and, after figuring
awhile without arriving at any more satisfactory result, they finally
abandoned the undertaking. We have no hesitation in saying that
if all who are about to embark in trade would thus boldly look at
the figures instead of closing their eyes and hoping for the best,
we should hear of fewer failures among business men, and there
would be less complaint that' trade is overdone.'"
We will presume that our friend can make better figures, or that
he has a stronger faith in things not seen, and the next step is the
selection of a
STORE.-The proper situation of a store is a matter of some importance. It should be situated where the principal stores in the
same line of business are. It is a great mistake to choose a location in a city because there are none others of the same trade in
the immediate neighborhood. Good customers make their purchases where the leading stores are, and, by keeping together, all will
do better. Fair competition is the life of trade. Apparent opposition yet secret partnership, has frequently made fortunes for
both. This is pleasantly illustrated in the following anecdote of
personal experience related by a stage-coach traveller: —
" When I was a young man," said he, " I set up in the hat trade,
and took a store in London, where there was not a hat store within
a quarter of a mile, thinking I should do more where there were
10



114               A PRACTICAL TREATISE
no others; but I found that, at the end of the year, all that I made
might have been put into the corner of my small eye, and not injured its sight. I sat down, one day, and, after thinking that my
lot was a mighty hard one, told my boy that I was going out
awhile, and that he must keep a sharp lookout for customers. I
went down town, and, looking around, found that two or three hatters were driving a very good trade very near together, and passing in to one store, I found its owner quite a talkative man. We
put our heads together, and in the course of a week, the store directly opposite his received my stock in trade, and a coat of blue
paint on the outside, while his received a coat of green. The first
day I did nothing but stand at the door, and look pouty at the
green store, and my friend Blake stood on his steps looking ditto at
me. As people came in, I commenced running down the green
store, and Blake always run the blue; so between us both we built
up a trade that was quite respectable. People having taken sides,
and new-comers always purchasing of one or the other, we gradually grew rich, and at the end of some dozen years, we settled up,
and I found that opposition, or apparently so, had made my fortune."  A retail store should be established on some leading thoroughfare. This has been considered essential to success. It has
also been strongly recommended to secure permanency in a situation once fixed upon, by a lease. Steady improvements in a retail
business are invariably local, that is, they follow the stand, and not
the man. In a word, says some one, if your business depends
upon customers, get them and keep them by staying where you
are. Do not listen to the advice which certain officious friends and
foolish people are continually in the habit of offering: "Don't
hamper yourself with a lease," say they, which being interpreted
into any thing intelligible, means, b Don't secure the only means
of security."  A lease to a trader is what an anchor is to a ship,
the only holtfast to be relied on.
A store should be plain, light, and well-ventilated. It is not
necessary that it be a handsome building; it is not necessary that
it be handsomely fitted up.  Fine fixtures and expensive ornament
are out of place in a business house. It is a useless expenditure
tof capital, and can only be justified on the plea of custom. In the




ON BUSINESS.                    115
European cities, expensive decoration is carried to an unreasonable
extent. A pastry-cook's shop in London, with a stock worth one
hundred dollars, will spend $1500 in fixtures. It is a practice that
should meet with no encouragement in this republican country.
It is a device of rich old traders to monopolize a business by throwing obstacles in the way of men with limited capital; and it is a
reprehensible device.  Marble palaces, granite buildings, pediments, columns, tiled floors, painting, gilding, &c., have a tendency
to foster a spirit of extravagance in trade that leads to ruin. These
are rarely the ambitious reachings of men who have commenced
life with a solid capital, or made their wealth by laudable means.
" Live and let live," is their motto.  Charities and city improvements in the way of fine public buildings, hotels, theatres, museums,
banks, parks, absorb all their means. Fine stores and fine churches
they justly consider as objectionable, the one keeping men out of
business, and the other out of heaven.
Light is a consideration worthy of attention in the selection of a
store. Customers look upon a dark store with suspicion; they are
fearful they may deceive themselves, and frequently leave without
purchasing for no other reason. Sunlight is also a matter of
economy, as Franklin has conclusively shown, in one of his essays,
that it is cheaper than lamp-light, and I presume gas-light. It imparts a cheerful, pleasant appearance to the store, without that
artificial glare produced by elaborate ornament, which sensible
people always look upon as deceptive, and, what is of more importance still, it promotes cheerfulness of mind in the employees,
which is an essential ingredient of politeness. " Light is sweet,
and a pleasant thing it is for the eyes to behold the sun."
Light is a desideratum that cannot always be obtained in cities
to a desirable degree; but, were it insisted upon more than it is,
an improvement would be effected. The counting house should be
light. Abundance of light prevents mistakes both in money and
accounts, and saves the time that would be employed in the discovery of errors. The desk of the bookkeeper should be placed so
that the window will be on his left hand. In a retail store, a
capacious double window is very desirable, as it admits of variety
and display




1.16               A PRACTICAL TREATISE
Another consideration of especial importance is ventilation. Air
kills more than the sword, is the translation of a Latin proverb.
Medical men have written volumes on the advantages of a free circulation of air, and the unwholesomeness of confined apartments
and crowded cities. In such cases, a person afflicted with consumption of the lungs may communicate the complaint to others, as they
must inhale the same atmosphere he has breathed out. Ventilation is of importance to the merchant in the construction of his
ships, his warehouse, his counting-house, and his residence. It is
well known that there are many commodities which a confined air
will effect; some change their qualities, others are predisposed by
it to decay, and some are actually destroyed.  Here is a field for
the exercise of science. It is also well known that a free circulation of air is necessary to decarbonize the blood, to preserve the
health, and that it will prevent the liability to take cold. Where
a store or warehouse is so unfavorably located as not to allow of a
natural ventilation, it may be remedied by an artificial circulation.
The treatises of Reid or of Wyman, on this subject, deserve a
perusal.
As much of the time of the merchant must necessarily be spent
where the air is not in its purest or freest state, the situation of a
residence is a matter of great importance.  The driest situation in
a city is preferable to others; a situation whence the water flows,
and where the atmosphere is most exempt from surrounding contamination.  The vicinage of graveyards, marshy grounds, and
stagnant pools should be avoided. Too many trees, with dense
foliage, around a dwelling, obstruct the free currents of air, and
cause moist and unhealthy exhalations.  In the country, the most
proper site for building is " in high places and in an excellent prospect;" a dry sandy plat, rather hilly and full of " downs," is preferable to the best soil.
The old physicians recommended that the front of the house
should be to the south, and one especially approves "the descent
of a hill south or southeast, with trees to the north, so that it be
well watered; a condition in all sites which must not be omitted."
The best sites for chamber windows, says another, in my judgment,
are north, east, south, and which is the worst, west. Lemnius at



ON BUSINESS.                    117
tributes so much to air, and "rectifying of wind and windows,"
that he holds it alone sufficient to make a man sick or well; to alter
body and mind. " A clear air cheers up the spirits, exhilarates the
mind; a thick, black, misty, tempestuous, contracts, overthrows.
Great heed is, therefore, to be taken how we place our windows,
lights, and houses; how we let in or exclude this ambient air. The
Egyptians, to avoid immoderate heat, make their windows on the
top of the house like chimneys, with two tunnels, to draw a tho..
rough air. Many excellent means are invented to correct nature
by art. If none of these courses help, the best way is to make artificial air, which howsoever is profitable and good, still to be made
hot and moist, and to be seasoned with hot perfumes, pleasant
and lightsome as it may be; to have roses, violets, and sweet-smelling flowers in their windows; a vessel of warm water to evaporate
in the room, which will make a more delightful perfume, if there
be added orange-flowers, pills of citrons, rosemary, cloves, bays,
rosewater, rose-vinegar, benzoin, laudanum, styrax, and such like
gums, which make a pleasant and acceptable perfume."
Having made due provision for what may be considered as incidental to the building, it will now become necessary to arrange the
goods, so as to enable any given number of clerks to discharge their
duties with the greatest efficiency, and so as best to attract the public eye. Little can be said on this subject that is applicable to merchandizing in general, as much will depend on the nature and extent of business, and other circumstances. Besides, it is a matter
that has been carried to a great degree of perfection.  Some of our
first-class dry-goods stores are a model of order and method in this
respect. Every department in the store is alphabetically arranged.
The shelves and rows of goods, in each department, are numbered,
and upon a tag attached to the goods are marked the letter of the
department, the number of the shelf, and row on that shelf to which
such piece of goods belongs. The respective counters are designated by some imaginary color, and the yard-stick and counter-brush
belonging to that counter are painted to correspond. Each esta
blishment has a tool-closet, with a small workbench in it, and every
tool has its place. All wrapping-paper, as soon as it is brought




118                A PRACTICAL TREATISE
into the store, is taken into the cellar, where boys cut it into sizes
to suit the parcels of the different departments, and carried there.
All pieces too small for use are put into a sack, and reserved for
sale.  The cashier or bookkeeper is responsible for all worthless
money that he takes, and is paid an extra sum for this responsibility.  Pages are kept to carry the bills and change from the
cashier's desk to the customer, so that the salesman is not obliged
to leave the counter. The proprietor's desk is on an elevated platform, facing the front, that overlooks every section of the retail department, and from this desk acoustic tubes communicate with every
department in the building, by which a person in any part of it,
from the garret to the cellar, may communicate with the principal
without leaving his station. Every salesman has a small book in
which he enters his sales as soon as made, on which his salary is
calculated as a percentage, so that, at all times, the proprietor can
compare their respective merits and efficacy. These matters may
appear trifling; but it is by attention to small things that large
fortunes are made
Another subject of great importance is the selection and appointment of
CLERKS.-A man's powers are too limited to carry on an extensive business with his own resources alone, and he is compelled to,all in the assistance of others.  His selection of coadjutors may
make or mar his fortune.
The chief qualifications to be sought for in a clerk, next to ability,
are honesty and politeness. To ascertain the existence of honesty, no
positive rule can be given. It is proper "' to inquire into the parentage of the candidate.  For although honesty and dishonesty do
not run in the blood, yet it is probable that religious and virtuous
parents have given their children a religious and virtuous education;
and a youth who has been accustomed to see examples of excellence
at nome, will be most likely to exhibit those excellences in his own
conduct. A high degree of moral principle is in itself a necessary
qualification in a post of trust and responsibility, and it is usually
associated with a cultivated and improved state of the intellectual
faculties  If there be in the character not only sense and sound



ON BUSINESS.                     119
ness, but virtue of a high order, then, however little appearance
there may be of talent, a certain portion of wisdom may be relied
upon almost implicitly. For the correspondence of wisdom and
goodness are manifold; and that they will accompany each other
may be inferred, not only because men's wisdom makes them good,
but also because their goodness makes them wise. Although, therefore, simple goodness does not imply every sort of wisdom, it unerringly implies some essential conditions of wisdom; it implies a
negative on folly, and an exercised judgment, within such limtits
as nature shall have prescribed to the capacity."*
Politeness of manner, and patience, or a serenity of temper which
nothing can disturb, are essential qualifications of a good clerk. An
impertinent, impudent, or ill-tempered clerk may drive away more
custom than ten good men can bring together. Serenity of temper
is a virtue of which all men cannot boast-and probably without
serious derogation of their character or abilities; but it is a funda.
mental constituent in the character of a clerk and a business man,
To command the temper is one of the first great lessons to be learned
in practical life. Demetrius, King of Macedon, had a petition offered him again and again by an old woman, and always answered
he had no leisure. Whereupon the woman said aloud in his presence, "Why, then, give over to be a king." We may say the same
to clerks: If you can't be polite and patient, I give over" clerking.
Good health and regular exercise are necessary to the maintenance
of a serene temper. A tendency to embonpoint or fatness is likely
to be associated with mildness of disposition. Lean men are not
always patient and long-suffering. Caesar noted this when he said
" I fear him not; but were my name
Liable to fear, I know no man I would avoid
So soon as that spare Cassius."
Lean men, however, have generally by far the most talent, and
manifest the greatest perseverance in enterprises that afford scope
for ability. A breadth between the eye-brows is said to denote
calmness; the opposite, perseverance. Impertinence or impudence
* Taylor's Statesman."




120                A PRACTICAL TREATISE
in any one, or to any one, admits of no excuse, and should not be
tolerated for a moment. Some of our public offices, transportation
companies, &c., occasionally afford disgusting examples of impertinence, and they do themselves great injustice in tolerating it.
Clerks should be faithful to their employers, and employers
should concern themselves in the welfare of their clerks. Faithfulness does not consist in the mere doing of things which we are
obliged to do; but in the performance of acts, and in the exercise
of care, which we are not obliged to do, and for which we receive
no direct remuneration. Many young men seem to think that
when they labor at the employment regularly assigned them, it is
all that should be expected. It is, probably, all that is expected;
but a faithful clerk will not, therefore, neglect opportunities, when
by a little extra labor-arranging a few parcels of goods, or putting
down an item of account-he can do his employer great service.
Some houses, I trust they are few, make it a practice to keep their
clerks on their feet all the time, engaged at something, whether
there is any thing of importance to be done or not. This is a most
unwise and unfeeling plan. When the body is wearied and exhausted, it is almost impossible to summon that cheerfulness of
spirit which is necessary to please and be pleased.  Clerks should
have all the rest they can get, without neglecting essential duties.
Every store, in my opinion, should have a select library of practical
works, to which those who choose can have access. It is a great
advantage to business men to have educated and intelligent assistants. We may use the observation of a bank manager, in advocating libraries in banks for the use of clerks: " Their superior
knowledge is always useful; the mental discipline they have acquired improves their business habits; and, possessing within'hemselves a constant source of enjoyment, they are the less likely
to indulge in those expensive pleasures which are the usual temptations to neglect and dishonesty." A library has since been introduced into the Bank of England and the principal London banks,
for the especial use of the clerks. I think there are stronger reasons
for the introduction of a select business library into stores, than into
banks. Clerks in stores are usually less constantly occupied than
in banks, and are confined for a longer period of time. The time




ON BUSINESS.                    121
which they can have to themselves should be devoted to physical
exercise in the open air, and hence without a library they are likely
to miss all opportunity for improving their minds by reading. Gambols or quarrels, in hours of leisure, should be discouraged.
Clerking, at the present day, is not one of the speediest ways to
" put money in thy purse." Competition has not only increased
the difficulty of obtaining a situation, but has reduced the average
rate of compensation.  It is difficult to say whether it is wise in
merchants to allow competition to influence the amount of a clerk's
salary or not. It would seem more proper to fix the amount of
the salary sufficient to insure contentment in the situation, and require qualifications of zeal and efficiency that will be worth it.
Competition should merely enlarge the field for making a proper
selection. It certainly is not wise to pay a salary below a standard
of living suitable to the sphere of society in which they are expected to move. When clerks are chosen for the amount of trade
they can influence, it is sometimes the practice to pay them only a
commission on sales. This arrangement rarely lasts long, or ends
satisfactorily. The interests of the clerk and the employer are, in
a manner antagonistical. It is the interest of the one to sell to
every body, and of the other only to good men, and where the latter refuses to ratify a sale which he may think doubtful, the clerk
is apt to consider himself defrauded. A certain fixed salary, with
a percentage on sales above a certain amount, is generally more
satisfactory.  Mr. Taylor, in his " Statesman," makes some remarks in relation to the appointment of clerks in public offices
which we may apply to mercantile life.  " There is no position so
strong as that of a man who stands upon his head: and if he be
not induced to the activity of just thinking and clear reasoning, he
will hardly be coerced to it. Upon the whole, therefore, I would
say that what is most conducive to good appointments in the first
instance, and thenceforward to deriving benefit from them, is to
offer small remuneration to the beginner, with successive expectancies proportioned to the merits which he shall manifest, and of such
increasing amount as shall be calculated to keep easy, through the
progressive wants of single and married life, the mind of a prudent man."
11




122                A PRACTICAL TREATISE
Clerks should always share in the prosperity of a house, as they
must consent to share in its ill fortune. Gratuities quicken zeal,
strengthen fidelity, and kindle a friendship " which neither heat
nor cold, nor misery, nor place, nor destiny, can alter or diminish."
Gratuities, kind words, and a manifestation of interest in his welfare, go further towards making a good clerk than a thousand business precepts. They give " a shock of pleasure to the frame more
exquisite than Nectarine juice." Harsh words-a display of passion-towards those who, by the nature of their situation can make
no defence, are not only galling to a sensitive mind, but often lead
to future evils which no opposite influences can counteract.
An old and faithful clerk is a tried friend. He should never be
forgotten. I envy not the man who, while accumulating his thousands, increasing in prosperity, forgets those who have borne the
heat of the battle with him: I despise the man who, when he retires perhaps to a country seat to enjoy his ease and luxuries, cares
not that those who have contributed to his prosperity must seek
some meaner court or alley to reduce the expenses of an increasing
family. His riches come not by right, and his end will be that of
a fool. The munificent charities of Girard are merely the Egyptian spices that embalm the fame of a loathsome carcase, for he
forgot the charities due to long service, and buried the heart of the
man in the money-bags of the merchant.
Masters, give unto your servants that which is just and equal;
lcnowing that ye also have a Master in heaven.-Col. iv. 1.




ON BUSINESS.                     123
CHAPTER         VII.
GETTING MONEY BY MERCHANDIZING-CONTINUED
BUYING AND SELLING.-[We hoped to consider this part of our
subject with comfortable feelings, but the following picture, drawn
by the editor of the Dry-Goods Reporter, has given us a " chill."]
" The manufacturer will over-estimate his goods, that his agent
may get a good price for them. The commission merchant will
misrepresent his stock, or profess to have made a cash advance,
when he is all the while chuckling over the sale. He will go out
with a sample card of the last case to close an invoice, when he has
a few more of the same sort left. He will assert, probably, that he
has just sold to A, B, & C large bills of the same kinds of goods, at
much higher prices than he is now asking (all of which is imaginary or grossly exaggerated), or that the house addressed (upon
which he assumes a very deferential air) is the only house to which
he would offer the article in question at so low a rate.  The importer will look you full in the face, and assure you that his goods
cost him more than he is asking you; when, for more, you should,
in truth, read less; or, if he have hold of a very green'un, will
pass off stale goods, which have kept shop most pertinaciously for
years, as new styles just brought out. The jobber will go from
house to house, when he is purchasing, cheapening goods; telling
A. that B is underselling him, inflicting the same tale on B, with a
positive assurance that A has offered him the same goods at less
price than B is now asking, and threatening C & D, alternately, to
cease buying from them, unless each will do as well by him as he
boasts he can obtain of the other.  Sometimes, if he has bought a
case or bale of goods a little too high, or when he has them at home,
his clerks (all of whom are called to give an opinion upon it) think
he has paid too much, he will send the bill back, asking a deduc.




124               A PRACTICAL TREATISE
tion, saying he has seen the goods elsewhere at less prices, when
the fact is, he has not seen them in any other store, and does not
know where else to look for them. The retailer goes about to
buy in the same way, repeating many imaginary offers of goods
which have been made to him at extra low prices, and which it is a
wonder he did not buy, so much does the price seem under the
market. And yet, when he comes to sell out those very goods,
how oblivious is he of the exceeding liberal terms at which he could
Lave purchased them! How valuable they have become! How
Lheap do the goods look to him now that he pronounced so very
dear when he purchased them! What romances will he tell about
the cost, the colors, or the quality when displaying them to a customer!
" Is that the lowest you can take for these lawns, Mr. Scissors?"
"Yes, Miss, the very best, and a bargain they are; I bought
them at auction, where they were closed out at a great sacrifice
and I offer them to you precisely at cost."
r But I saw the same goods at Shears & Co.'s at five cents a
yard less." 
"Not the same goods at all, ma'am; theirs are steam colors;
quite an imitation article, and not near so wide as this."
" The lady, being timid as to colors, is at last persuaded to pay
the price, and the shopkeeper pockets his fifteen per cent. profit
with as much complacency as if he had only drawn out his purse
to give a dollar in charity."
If this be an accurate sketch of buying and selling, then Ecclesiasticus is right: Sin does stick between the buyer and the seller as
a nail between the joinings of stones. If this be true, the man
who puts upon his sign, " Fair dealing done here, and no lies told,'
will make his fortune in a year; for every body must be disgusted
with it by this time. Admitting its truth for a moment, what are
the consequences? Has not a lie been told without advantage?
Have not men bartered their manhood for naught? Has either
party reaped any advantage that he would not have obtained by
adhering to straightforward truth? It must be so, or we severely
reflect on men's intelligence, and argue that they can be induced
to buy what they do not want, by any silly tale that a weak brain




ON BUSINESS.                     125
can invent. The consequences are, then, that these men have
needlessly added their influence to diminish the little confidence
there is between man and man.   They have probably sown the
first seeds of deception and dishonesty, which may grow up to be
rank weeds, and poison themselves, in the minds of younger
men, who are looking to them as examples of business tact, and
they have given additional cause for the contempt with which men
whose occupations are less useful and noble, but whose standard of
honor is higher, regard their profession.
Is lying necessary in buzying and selling?  This question needs
but a short answer; if it is, then buying and selling are sinful,
which is absurd. Many of the assertions in bargaining are mere
badinage; they are substitutes for want of something better to say,
and are generally an indication of poverty of wit. Many of the
falsehoods in trade are about irrelevant matters, not pertinent to
the bargain.  Cost is a matter never pertinent to a sale. It is not
to be presumed that a man who is in his right mind is selling at
cost, and what he paid for his goods is an interesting inquiry of no
practical importance. The reasons which make a man anxious to
sell are sometimes, but rarely, necessary to be mentioned. Lying
seems to be a natural defect in some men, and must be viewed in
the same light as the well-known natural propensity for stealing.
In others it is a confirmed habit; they have lied so long and so
often that it has become a second nature to them. Loquacious
men cannot always command the time necessary to stop and recollect the truth. But in no instance is the ability to lie a qualification of a good buyer or an expert salesman.
The chief qualification of a good buyer is, a judgment of goods;
of a salesman, a judgment of men. Both should have a special
acquaintance with the laws governing sales and contracts.
A good buyer is a man of few words.  He posts himself as to
the market-goes to the houses at which he usually deals, and
which he first selected on account of their reputable characterasks their price-makes his offer as near the market value as he
can, without comment on the prices of others; if accepted, the
bargain is closed; if declined, he "don't want it," or will look
further.
11k




126                A PRACTICAL TREATISE
Much comment on the part of the seller he regards as an incentive to be wary, and all pretences to confidential favors, unless
proved to be such by undoubted documentary evidence, as a
reproach upon his understanding. When the matter is in any
wise doubtful, he demands a warrantee or a guarantee, as the case
may require, knowing that no reasonable man can object to his
securing-himself against contingencies.
An expert salesman has a thorough knowledge of human nature,
courteous manners, and a ready tact in adapting himself to the
various humors of the buyers. He has perfect command of his
business, and having purchased with care he has no hesitation in
fairly recommending his goods, or warranting them when requested
to do so.  His great object or aim is, to acquire the confidence of
the public. To this end, every thing must bend and tend. Truthfulness is a trump card in his hands for this purpose, and he avoids
all doubtful or suspicious assertions of favor or sacrifice, even if
true, unless he has the documents at hand to prove their truth.
He rarely mentions the cost of his goods, knowing well that his
customers do not expect him to sell without a profit, or fearing
they would disbelieve him, which would destroy confidence. He
has a quick appreciation of the wants of his customers, and does
not comment with equal praise on all kinds or styles of goods to all
persons; but catches at the fancy of the buyer, and presses delicately upon that; or, if it is an injudicious choice, he points out its
defect, and produces a more suitable article, and thus inspires confidence. He does not treat his lady customers with an impertinent
familiarity, nor does he worry any one who is not disposed to buy
at the time with over-ardent solicitations; but he tries to leave
upon their minds such an agreeable and favorable impression that
they will be sure to call again.*
* A lady friend of ours, who is au fait in matters of shopping, seems to
intimate, in a private letter, that all who profess to be salesmen are not
masters of their business. We publish an extract, "for account of whcm
it may concern."
"Some stores in --   Street are noted and avoided, for the impertinently
familiar manner which the clerks think proper to adopt towards their lady
customers. When a lady goes into the store in search of some article that




ON BUSINESS.                       127
There are certain fundamental maxims ever present in his mind,
and his creed runs in a manner after this fashion:
I believe that the life of business is profit; and, as a general
rule, I will not make sales without profit.  "To sell low for cash,
never mind profits," is not my maxim.
I will sell to a punctual man at less profit than to an unpunctual
one; and on a short credit, lower than on a long one.
I will use every precaution with a stranger that I would wish
to have done, should he turn out to be a villain, and yet treat
every man as an honest man until he proves him to be otherwise.
Discretion in speech is more than eloquence.
" There is commonly less money,less wisdom, and less good
faith, than men do account upon," is an Italian proverb, and I believe a true one.
It is not all that can be sold to a customer that is well sold, but
only what he can conveniently pay for. A past due-bill is a detestshe is in want of, as soon as the gentleman sees her, he comes forward,
makes a grimace, pulls up his shirt collar, runs his fingers'through his hair,
and assumes an air of easy familiarity that is quite refreshing to look upon.
It is true he may not have much sense, but then he has a wealth of smiles;
indeed, to listen to his conversation with his victimized customer, a bystander
might come to the conclusion that he was proprietor of the establishment,
and the lady had made the article in question a mere excuse for a morning
call; this is annoying, but in this case one can leave the article, and walk
out; but there is one retail store in this city that is a perfect trap-once in,
it is impossible to get out; if the article does not suit you, you are worried
and talked at; if you attempt to move towards the door, you are run after
and brought back; if you tax your genius to give a most unmistakably
minute description of what you do want, the reply is,' Oh, yes, madam, in
the back store; if you will walk back, we have exactly the article you describe.' And so they get you further in; after looking about on the shelves,
they profess to have found the object of their search, and down comes the
very opposite of any thing you ever wished to possess. After making half a
dozen fruitless attempts to reach the street door, and being each time perseveringly caught and brought back, you give it up, and become submissive
and willing to buy any thing they wish you to, making at the same time a
firm resolve-as you see your money going for things you don't know what
to do with-that if you live to be as old as Methuselah, you will never
enter that store again."




128               A PRACTICAL TREATISE
able object, and goods not paid for are not sold, but thanklessly
given away.
I believe that rich dress, decisive tones, and confident airs are
frequently assumed for sinister purposes; and I will. always regard
those who make a practice of talking about religion and duty on all
occasions, in an affected and forced manner, with a degree of suspicion.
A sudden, bold, and unexpected question is a point of cunning
in some men to entrap an unwary answer; while others seek to
draw the attention from the main point of the negotiation by amusing tales and entertaining stories, as a counsellor and secretary did,
"that never came to Queen Elizabeth of England with bills to
sign, but that he would always first put her into some discourse of
estate that she might the less mind the bills."
Another article of his creed is to treat all men with courtesy;
to give cause of offence to no man, knowing that there is none so
mean that cannot do a tradesman an injury. " The least fly hath a
spleen, and a little bee a sting. An ass overwhelmed a thistlewarp's nest: the little bird pecked his galled back in revenge; and
the humble bee, in the fable, flung down the eagle's eggs out of
Jupiter's lap. Bracides, in Plutarch, put his hand in a mouse's
nest and hurt her young ones; she bit him by the finger.'I see
now' saith he, there is no creature so contemptible that will not
be revenged.''Tis lex talionis, and the nature of all things so to
do. If thou wilt live quietly thyself, do no wrong. to others."
In fine, he is a philosopher and a great man.
In buying and selling, it is customary to ma/ce discounts on merchandise, and it is necessary to have a clear understanding of their
effect. There is an essential difference between addition and subtraction, which, in this instance, is not always perceived. Thus,
20 per cent. added to $100 will make a $120; but 20 per cent.
taken off $120 will not leave $100. If A buys $100 worth of
goods for $80, and B. buys them for $70, how much per cent.
cheaper does B buy them than A? 12~ per cent. We know an
instance, says the London Economist, of a very deserving man
being ruined by a miscalculation of discounts. The article manufactured he at first supplied to retail dealers at a large profit of




ON BUSINESS.                    129
about 30 per cent. He afterwards confined his trade almost exclusively to large wholesale houses, to whom he charged the same
price, but under a deduction of 20 per cent., believing that he was
still realizing 10 per cent. for his own profit. His trade was very
extensive; and it was not till after some years that he discovered
the fact that, in place of making ten per cent., as he imagined, by
this mode of making sales, he was only realizing 4 per cent. To
~100 of goods he added 30 per cent., and invoiced them at ~130.
At the end of each month, in the settlement of accounts, amounting
to some thousands of pounds, with individual houses, he deducted
20 per cent., or ~26 on each ~130, leaving ~104- net for every
~100 value of goods at prime cost, in place of ~110, as he all
along expected. It is by far the simplest and best plan to conduct
transactions at net prices, or subject only to such moderate discount as may fairly apply to an early in place of.distant payment.
Another matter of the first importance in merchandising is the
length of credit that is given. It will astonish any one who has
never examined the subject, how small profits on short credits will
accumulate, in comparison with large profits on long credits. One
thousand dollars turned over every four months, at 10 percent. profit, will amountin six years, to $5,559 -91. The same sum turned
over every six months, at the same profit, will amount, in six years,
to                                           $4109 89
Do. every 12 months, at 10 per cent., in 6 yrs., 1771 56
"     18     "      "     "      "    1464 10
"     2 years,      "     "      "     1331 00
One thousand dollars, turned over every 2 years, at
20 per cent. profit, will in 6 years amount td  1728 00
Do. every 18 months,   "     "(     "    2073 60
12      "     "      c"     "    2985 98'   6      C"    "c            "    8916 10
"    4     u"     "      "     "    26623 33
Thus a man may make a profit of only $728, or a profit of over
$25,000 from the same capital, in the same time, and by selling at
the same percentage of profit, with merely a difference in the length
of credit which he gives. This is a subject that needs no argu



130                A PRACTICAL TREATISE
ment, as every one can satisfy himself as to his own interest by
his own calculations.
A merchant must obtain information of the means and standing
of those who desire credit. This is no easy task, and many men
seem to have given it up in despair. Some, having no faith in
human testimony, will sell to no one on credit, whom they have
not known from long personal acquaintance; while others, with
the same belief, take the opposite course, and sell to every one who
wishes to buy, trusting to Providence for a safe deliverance from
all their fears.  One source of information is from houses from
whom the parties applying formerly purchased. This information
may be defective, as it has been known that men have recommended a bad customer to credit, in order that he might obtain
from others the means to pay themselves.  Other sources of information are from parties in the same trade, and from customers
in the same place. Another source is the Mercantile Agency.Its professed object is to collect reliable information in relation to
the home standing and character of men engaged in business
throughout the country, and embody it in records for the convenience of those who choose to pay for access to it. If the system
could be made infallible, or in other words, if their correspondents
were omniscient men, above all favor or prejudice, I should regard
it with unquestionable favor. But this unfortunately cannot be.
Their reports are not infallible, as satisfactory evidence has
repeatedly demonstrated. HIence, what man whose credit is his
bread, does not feel anxious to know whether he has been misrepresented or not?  Hence too, the foundation of the generally just
prejudices against these agencies. As an additional means of
information either for confirming previous reports or for suggesting further inquiry, it is no doubt worth to subscribers more than
the amount of the subscription money; but an imperious sense of
duty impels me to say that all who believe in the golden rule
should watch it with the most jealous scrutiny. It is a system
that is fraught with danger. In its infancy it may be harmless
and comparatively accurate; but, should it grow to maturity, and
be generally relied upon, the credit of the mercantile community,
which is its life and soul, would be in the hands of a few men,




ON BUSINESS.                     131
self-constituted umpires, and their unknown and irresponsible
agents, subject to the errors of ignorance and mistakes of carelessness, with no guaranteed exemption from the influence of private
malice, favoritism, bribery, or corruption.
The main source of information is to see the man and hear
his statements. This, like other means of information, will sometimes fail, but generally the appearance and manners of a man will
show his character. A man who is not worth a dollar is frequently
more worthy of credit than another who has the nominal possession of thousands. Losses almost always occur in trusting to property and reports, and not to men. " If you have a doubt whether
a customer be tricky or honest, speculative or prudent," says an
old banker to his fellow-craftsmen, " be guided by the first impression-we mean the impression produced by the first interview. In
nine cases out of ten the first impression will be found to be correct.
It is not necessary to study physiognomy or phrenology to be able
to judge of the character of men with whom we converse on matters of business." It is a good plan to expect that strangers desiring credit should be introduced by some person to whom they
are personally known, and the character of the introducer for pru
dence and good management should not be overlooked in judgiLg
of his friend. Where the reference is good, and the impression on
the first interview favorable, it would be an excellent custom to
have what might be called a Representation or Information book,
in which the party should be requested to make a statement of his
business and affairs, and this statement would, in my opinion, be
more accurate, in the majority of cases, than the report of any one
else.  Were it made a general rule, it would be done as a matter
of course, and few who are trustworthy would object, though some
would no doubt be disposed to " skulk" a statement of their personal expenditures. We believe that it would materially improve
the credit system to repeal the law for the collection of debts, and
increase the penalties for false representation.  It has been said
that if a man cheats you once it is his fault, but if he cheats you
twice it is your fault.*
* "An individual, possessed of a moderate amount of money, commences




1.32                A PRACTICAL TREATISE
We have remarked in this chapter that both buyer and seller
should understand the law of sales and contracts, and we have recommended, in a former part of this work, that every one who expects to enter upon an extensive business should spend some time
at a law school in the study of Mercantile Law. This is necessary
in order primarily to escape litigation, and secondly, to have the
law on your side when dealing with litigious scoundrels, of whom,
unfortunately, the suipply is greater than the demand. Experience
has conclusively convinced me that it would be positive economy
for every man whose contracts are at all complicated, in fact, whose
business is not of the simplest kind, to choose at the outset of his
career an able attorney, with whom to consult and advise before
concluding any important undertaking. The younger members of
the profession are not to be overlooked in this choice, for though
they have of course less experience than others, they are more laborious in research, and careful to advise on the safe side.  There
are many able attorneys, I have no doubt, who would be willing to
hold harmless of litigation all who follow their advice, for a very
business in some thriving town. He comes to one of our'wholesale markets, and with one or two commendatory letters, but particularly with his
money, he soon becomes acquainted; at first but limited; but he has ouly
to manage his trumps (his money) with a little tact, and his acquaintance
will very soon extend. At first he purchases cautiously, and meets his
obligations promptly, always managing to have his goods carefully packed
and marked scientifically, and placed on the street several days before he
removes them,'Like books and money
Laid in show
As nest-eggs
To make clients lay.'
And he succeeds. He soon becomes known as a man of promptness and
capital, and doing a dashing business: and such a business he does do; for
the motto at home is sell low for cash, never mind profits. His acquaintance is courted; he is bedrammed, bedinnered, and besuppered.  Every
thing goes on swimmingly, and finally he buys largely, goes in deeply,
makes one grand manceuvre-a most prodigious swell, and then judiciously
and profitably explodes."'-Cin. Price Current.
These are the " suckers" our boring friends sometimes catch.




ON BUSINESS.                    133
moderate annual sum, and it would be essentially wise to employ
them. They are generally men who can see as far through a millstone as the miller himself, and a conversation with them will
frequently remove the film by which anxious cupidity sometimes
obscures the sight. To save men from lawsuits is the noblest
office of their profession.
CONTRACTS OF SALE may be in writing or not, and are of two
kinds, express or implied. The essential legal requisites of a complete and valid contract, as laid down by the jurists are, a person
able to contract-a person willing to contract-a thing to be contracted for-a good and sufficient consideration-clear and explicit
words to express the contract or agreement-and the consent of
both the parties contracting. -Equity will sometimes interpose
when some of these requisites are wanting, but they should be
borne in mind by all.
Infants, married women, idiots, and lunatics from the time of
the finding of the inquisition, are not as a general rule able to contract. A person who signs an obligation while in a state of gross
intoxication, may annul it. A sale by a person who has no right
to sell is not valid against the claim of the rightful owner, and a
sale of stolen goods is in no case valid. The proper owner may
take them wherever he finds them, even when the party holding
them has paid the full value for them; but, in the exercise of this
right, he must avoid committing a breach of the peace.
The thing sold must have an actual or potential existence, and
be capable of delivery, otherwise it is not a contract of sale, but a
special or executory agreement. If A sells B a horse, or a house
and lot, and it turns out that the horse was dead at the time, or
the house burned down, though the fact was unknown to both
parties, the contract is void.
Consideration is necessary to the validity of all contracts not
under seal, and the only exceptions are bills of exchange and negotiable notes, after they have been exchanged and have passed into the
hands of an innocent indorsee in the usual course of trade before maturity. The immediate parties to a bill or note, and the indorsee of a
bill over-due, equally with parties to other contracts, are affected
by want of consideration. A valuable consideration is one that is
12




134                A PRACTICAL TREATISE
either beneficial to the party promising, or to a stranger, or some
trouble or prejudice to the party to whom the promise is made.
Mutual consent is a requisite.  Where the negotiation is conducted by letter, the contract is complete when the answer containing the acceptance is dispatched by mail or otherwise, provided it
be done with due diligence after the proposal, and before any intimation is received that the offer is withdrawn.  On the other hand,
if A makes an offer to B, and gives him a specified time for an
answer, A may retract at any time before the offer is accepted, because the consent of both parties is necessary to make it a contract.
(See Kent's Corn. vol. ii. for a fuller exposition of the above principles.)
The moment that both parties have assented to the terms, the
moment that one has said, "I will pay the price demanded," and
the other has said, " I will receive it," the right of property vests
in the buyer, and the risk of accident is with him, though he does
not acquire the right of possession until he pays or tenders the
price, unless by the terms of the contract it is otherwise provided
(6 Dana, 48). Where the goods are sold on a credit, the buyer
has a right to possession without tender of price, unless he becomes
insolvent before he has them actually in possession. On intimation
of this fact, the seller has the right to retain them, or stop them
on the way, called in legal phrase stoppage in transitu.
When the contract has been completed in terms, it is the duty
of the seller to deliver the goods, that is, place them in the buyer's
power, so that he may remove them without rightful interference
(on performance of the conditions precedent by the buyer), and
comply with his warranties, express or implied. It is the duty of
the buyer to perform his conditions precedent, which are to tender
the price in the absence of a special stipulation, and if they were
to be paid for by note or bill, he must tender one. But the word
bill is not held to mean an approved bill, that means a bill to which
no reasonable objection can be made. A seller is not legally bound
to furnish change, though the custom is such that he would find
it his interest to do so.
The seller must comply with his implied or express warranties.
When a.man sells goods that are in his own possession, he implied/ly




ON BUSINESS.                    135
warrants the title, and must make it good in case of difficulty.
When, however, he sells goods that are in the possession of another,
and does not expressly warrant the title, the rule of caveat emptor
applies, and the buyer must run the risk. When the seller is manufacturer of the goods, a warranty is implied in the contract of
sale, that the goods shall be reasonably fit and proper for the purpose for which they were bought, and of at least medium quality or
goodness. If they come short of this, the buyer can return them,
after he has had a reasonable time to inspect them. And it has
likewise been held that this rule is not so limited, but extends to all
cases where the buyer relies on the skill and judgment of the seller.
Express warranties have been thus defined: every affirmation at
the time of the sale of personal chattels or goods is a warranty,
provided it appears to have been so intended.  Mere affirmations
or representations, whether oral or written, mere expressions of
judgment, opinion, or belief do not, however, constitute a warranty; it must be an assertion upon which he intends that the bulyer
shall rely, and upon which he does rely.
What would be sufficient evidence of this intention is a matter
of so much nicety, that the buyer who relies at all on the warranty
should always insist on express words and a direct engagement.
If there be no express warranty, and the goods be present to the
parties, and no fraudulent representations be made by the seller,
the purchaser will have no remedy after executing the contract, if
the goods turn out to be of bad quality, unsound, or of different
kind or denomination from what they were thought to be by the
parties. Thus, in a case where the purchaser, being present, bought
an article as Braziletto-wood, and described as such in the advertisements, invoices, and bill of parcels, which turned out to be
peachum-wood-comparatively worthless-(but the fact was not
known to the seller), it was decided that the purchaser had no
remedy. He must attend to those qualities which are within the
reach of his observation and judgment.
But it is also a general rule that each party is bound in every
ease to communicate to the other his knowledge of material facts,
provided he knows the other to be ignorant of them, and they be
not open and naked, or equally within the reach of his observa




136                A PRACTICAL TREATISE
tion. For instance, a horsejockey is not bound to disclose the fact
that the horse is blind-because it is within the observation of the
buyer to see it; but the seller of a ship, knowing of a latent defect
which the buyer could not by any possible attention discover, is
bound to disclose it, or the sale is void on account of fraud.Fraud vitiates all contracts.
In some'of the States, the statute for the prevention of frauds
and perjuries requires that all agreements-embracing contracts
for the sale of goods-not to be performed within one year, shall
be in writing and signed by the party to be charged, or his agent
daly authorized; but, irrespective of this, it is unquestionable
policy to reduce to writing all contracts, especially where performance does not immediately follow the agreement, as where weighing, or measuring, or counting is necessary before the bill of parcels can be rendered; because, in these cases, there is some conflict
in the law, I believe, as to who holds the right of property during
the intermediate period. At all events, the party affirming an absolute sale must satisfy the jury that it is such, which he may not
be able to do without some memorandum in writing-signed by
the party to be charged; and this will also prevent differences of
opinion, which, though honest, are not the less vexatious. But
care must be taken, in reducing contracts to writing, that they be
full, and contain all the material facts, and not leave any of them
to the verbal understanding of the parties-because the law will
not admit verbal or parol evidence to supply, explain, or contradict
a written agreement. Parol evidence is only admissible when it
goes to contradict, not the terms of writing, but to defeat the
whole contract as fraudulent or illegal. All matters of negotiation, antecedent to, or outside of the writing, are regarded as
merged in the written agreement.
These are a few of the leading legal principles that govern contracts of sale. In consulting elementary works on the law by nonprofessional readers, it must always be borne in mind that every
word has a meaning, and where if, but, unless, provided, occur in
the stating of a general rule, it must not be supposed that they
were introduced for literary ornament. They have invariably an




ON BUSINESS.                    137
important significance, and mean either an essential requisite or
an exception to the rule.
In the application of these general rules, courts frequently give
them a liberal construction, and imnply contracts without the terms
being known or expressly agreed upon by the parties. Thus, if A
desires B, a storekeeper, to send him a piece of linen, without
specifying price, and B sends the linen and charges it at eighty
cents a yard, the law implies that A agreed to pay for it, if the
price be not unreasonable, as much as if he had given such a promise in writing. When a man employs workmen, without agreeing on a price, the law implies that he agreed to pay what their
services were reasonably worth. Upon the same principles of justice, it will make an individual into whose hands money, belonging
to a third person, should chance to be paid, or a cargo of merchandise delivered, a trustee for such third person, and also implies that
a promise has been made to pay over the money, or the value of
the goods on proper demand by the real owner. In some cases, if
I expend money for the use and benefit of another, and in all cases,
where it is done at his request, the law presumes that he agreed to
refund, though we said nothing about it. If A inadvertently pays
the debt of B to C, and afterwards, on discovering the mistake,
demands a return of the amount, C would be compelled to refund
-the law assuming that he agreed to do so, in the event of mistake.
Commission merchants, transportation companies, &c., impliedly
agree with every man who intrusts them with goods that they will
exercise such care over tlem as a man of ordinary carefulness
would take of his own property.
We cannot better conclude our suggestions on buying and selling
than by quoting Lord Bacon's observations on negotiating. They
should be committed to memory, partly for use, and partly for protection against their superior use by others.  "It is generally
better to deal by speech than by letter; and by the mediation of a
third than by a man's self. Letters are good when a man would
draw an answer by letter back again; or when it may serve for a
man's justification afterwards to produce his own letter; or where
it may be danger to be interrupted, or heard by pieces. To deal
in person is good, when a man's face breedeth regard, as commonly
12.~




138                A PRACTICAL TREATISE
with inferiors; or in tender cases, where a man's eye upon the countenance of him with whom he speaketh may give him a direction
how far to go; and generally, where a man will reserve to himself
liberty either to disavow, or to expound. In choice of instruments,
it is better to choose men of a plainer sort, that are like to do that
is committed to them, and to report back again faithfully the success than those that are cunning to contrive out of other men's
business somewhat to grace themselves, and will help the matter in
report, for satisfaction sake.  Use also such persons as affect the
business wherein they are employed, for that quickeneth much;
and such as are fit for the matter, as bold men for expostulation,
fair-spoken men for persuasion, crafty men for inquiry and observation, froward and absurd men for business that doth not well bear
out itself.  Use also such as have been lucky and prevailed before
in things wherein you have employed them; for that breeds confidence, and they will strive to maintain their prescription. It is
better to sound a person with whom one deals afar off, than to fall
upon the point at first; except you mean to surprise him by some
short question.  It is better dealing with men in appetite, than those
that are where they would be. If a man deal with another upon
conditions, the start of first performance is all which a man can reasonably demand, except the nature of the thing be such, which
must go before; or else a man can persuade the other party that
he shall still need him in some other thing; or else, that he be
counted the honester man. All practice is to discover, or to work.
Men discover themselves in trust, in passion, at unawares; and of
necessity when they would have somewhat done, and cannot find
an apt pretext. If you would work any man, you must either
know his nature and fashions, and so lead him; or his ends, and
so persuade him; or his weakness or disadvantages, and so awe
him; or those that have interest in him, and so govern him.  In
dealing with cunning persons, we must ever consider their ends, to
interpret their speeches; and it is good to say little to them, and
that which they least look for. In all negotiations of difficulty, a
man may not look to sow and reap at once; but must prepare
business, and so ripen it by degrees."




ON BUSINESS.                     139
INSURANCE.-As soon as goods have been purchased or received
on consignment, they should be insured. Insurance is regarded
by the late ethical writers as an obligation of moral duty in all
cases where the interests of creditors are endangered through neglect of it. They reason in this wise: A merchant who trades on
borrowed capital is not honest if he endangers the loss of an
amount, which, if lost, would disable him from paying his debts.
A man who possesses a $1,000, and borrows a thousand, cannot
virtuously speculate so extensively as that, if disappointed in his
prospects, he would lose twelve hundred.  The speculation is dishonest whether it succeeds or not-because it is risking other men's
property without their consent. Upon the same principles, they
argue, it is unjust not to insure in all cases where, if the houses or
goods were destroyed by fire, the trader would be unable to pay
his creditors: and the injustice consists, not in the actual loss, but
in endcngering the infliction of loss. There are but two ways,
they conclude, by which the claims of rectitude can be satisfied:
the one is by insurance; and the other is by informing the actual
owners of the want of it, and let them run the risk.  Be this as
it may, the charge is trifling-and not to be compared with the
comfortable feeling of security that results.
It is probable that all men feel it to be their duty to insure: the
cause of neglect is generally procrastination.  It is postponed
from day to day, until by and by a sense of security arises, and
they begin to calculate how much they have saved by not insuring, and then abandon the idea altogether: others, who are
cramped for money, think they cannot conveniently spare the
premium. Let all remember that delays are dangerous.    It is
only men of large property, like Girard, or Longworth of Cincinnati, who can afford to neglect insuring: with them the occasional
loss of a house or two would not amount to so much as the premium
of insurance on all their property.  Men of limited property cannot do this: they should insure not only their houses, but their
goods-not only their dwellings, but the furniture in them.
Some care, however, must be taken in the selection of an office.
In all parts of the country there are good and bad, honorable and
dishonorable offices; and in making a choice, the attention should




140                A PRACTICAL TREATISE
be directed particularly to inquire, as far as possible, how they have
settled their losses with men of limited influence. The great complaint against insurance offices of all kinds is a disposition to resist
the payment of policies by quibbles and litigation. Men of extensive influence, and those who will be likely to make a noise, may
never have an opportunity to observe this trait, but attention to
the law proceedings in courts will show that men of less influence
have frequently just cause of complaint. Offices that manifest the
faintest indications of a disposition of this kind should be marked
with ink as black as that which Benton used to expunge the resolutions of censure against General Jackson.  It is their business,
or it should be, to take risks against every thing but fraud, and
then they should receive the universal support of the community.
INSURANCE ON LIFE is a device of man-some say of the devil
-since Solomon made the smart remark that " there is no new
thing under the sun." It is an older invention than the mercantile
agency, and a good deal better. It was in 1706 the first life insurance office, the Amicable, commenced business amidst many
prophecies of failure, and loud denunciations that it was flying in
the face of Providence. Its plan was to insure all, the young and
old, the sick and the sound, at one uniform rate of ~5 per cent.
per annum, and ~7 per cent. entrance money, and it succeeded.
Other offices soon followed in England and in other parts of
Europe-but the French, to maintain their usual consistency of
character, decreed it unlawful, "because it is an offence against
public decency to set a price upon the life of a freeman, which is
above all valuation."
The system of life insurance is now firmly established in Europe,
and is rapidly growing into favor in the United States. Its advocates in this country have had the field of argument, in a measure,
to themselves, until lately a banker* from the North, " of eager
search and dauntless soul," has pointed out to the people that their
profits, like the footprints around a slaughter-house, should admonish
those who are entering that the current inward exceeds greatly the
* A. B. Johnson, Esq., of the Ontario Branch Bank, Utica.




ON BUSINESS.                    141
current outwards. He states that a man twenty-five years of age,
who insures his life for $5,000, for which ehe pays an annual premium of eighty dollars, will pay in twenty-four years some thirty
dollars more than his family will receive at his death, and if he
lives to seventy-five years of age, will have paid in principal and
interest some $35,000. For this reason, among others, he argues
that a man should deposit the premium in Savings' Institutions.
This would be undoubted policy, if we could be certain that we
would live twenty-four or fifty years longer —but without that certainty, a man of small means endangers the future happiness and
comfort of his family, when he might avoid it, in case he should
die within the next year, or the next ten years. But, aside from
this, by insuring in a mutual insurance office he will certainly not
lose any such sum, and may gain in the way of profits and bonuses
even a greater sum.
Savings' Institutions and Life Insurance Companies are both
valuable and commendable, and it is prudent to avail one's self of
both. Let the man who thinks he should leave his family $10,000
at his death insure his life for $5,000, and whenever he pays the
premium on that, deposit a similar amount in a Savings' Bank,
and, in any event, he will be certain to leave his family above
destitution. The objections to a sole reliance on these banks
are, that they do not provide against early casualties; require an
immense deal of fortitude in pinching times to add to the deposits,
or to keep from drawing them out and using them; and they have
a tendency to produce a close and miserly disposition. Life
insurance is free from these objections, and is unquestionably
good, I think, in principle; but it also needs inprovement in practice, and greater safeguards by law.
There are three kinds or classes of Life Insurance Companies.
The first and oldest is the proprietary or Joint Stock Company.
They are established in the same manner as other joint stock companies, have an actually paid up capital, insure for certain fixed
sums, without any participation in the profits, which are divided
among the proprietors of the capital stock. Their peculiar advantages are, the security of the subscribed and actually paid up
capital, ard where not limited by State legislation, also the pri



142               A PRACTICAL TREATISE
vate wealth of the individual partners. If incorporated, however,
the individuals are not liable beyond the amount of their stock,
unless expressly made so in their charter or by-law. The Massahusetts Hospital Life Insurance and Trust Company, of Boston,
is a proprietary or Joint Stock Company, and was established in
1818, with a capital of $500,000, divided into 5000 shares. No
stockholder is liable beyond the amount of instalments remaining
unpaid on his shares.
The second class may be termed the mixed-they are joint stock
companies with a paid up capital; but, instead of giving merely
fixed sums to the insured at the termination of life, they, after
paying the stockholders simple annual interest, and setting aside a
contingent fund, divide the balance of the net profits among those
who have taken out policies for life, and generally in the proportion
of one-third to stockholders and two-thirds to policy holders.
They combine the advantages of security of capital and a participation in the profits. Of this kind is the Girard Life Insurance
Annuity and Trust Company of Philadelphia, which makes assurance on the life "of a healthy person, not engaged in any hazardous occupation, and residing within the settled limits of the United
States, north of the Southern boundary of Virginia and Kentucky,
or within the settled limits of the Two Canadas, Nova Scotia, and
New Brunswick."
The other kind is the mutual, which is similar in principle and
organization to the Mutual Fire and Marine Insurance Companies.
The act of incorporation usually prescribes that the company shall
not issue a policy until a certain sum, say $500,000, is subscribed,
the premium on which is their capital. In mutual offices, the
whole profits, after deducting expenses, and a proportion for a
guarantee fund, is divided among those who are holders of policies
for life. Every one insured is, during the existence of the policy,
a partner in the concern, and is mutually insurer and insured.
Though they have no previously paid up capital, experience has
thus far proved that they are equally secure with the others,
every one insured having an interest in its prosperity; and they
possess, in an eminent degree, the ingredients of popularity and
usefulness. Of this kind there are many; and to mention an ex



ON BUSINESS.                    143
cellent one, we name the Mutual Life Insurance Company of New
York.
In selecting an office, care must first be taken as to its security,
and its reputation for good management, which is the main thing;
and then particular care must be taken in answering the questions in
regard to the diseases which you have had, that nothing be omitted,
whether it be material or immaterial. It is better not to insure at
all, than, after paying premiums for years, your family finds the
policy void, after your death, on account of some omission or misstatement. I would advise every one who is not well posted in
legal significations, before he signs a policy, to consult his own
private attorney, as he ought to do in every important transaction.
I say, his own attorney, and not a stranger, for a great number in
the profession are secretly in the interest of the Insurance companies, and receive a commission on all the policies they influence.
By doing so, you may probably escape signing or taking a policy
containing a provision like the following " The company will pay
a stipulated sum within three months after death, provided every
statement, declaration, and all testimonials and documents addressed
to or deposited with the company, in relation to the insurance, shall
be found to be, in all respects, true."  Now, " all testimonials and
documents addressed to or deposited with the company," embrace,
besides your own statement, the statement of your friend to whom
your have referred, the statement of your physician, and the statement of their own medical adviser, all of which you have never
seen, nor do you know what they contain. These statements are
then held as warranted, and taken as the basis of the contract; so
that the policy shall be void, if any important information has been
omitted.
They do not take it upon themselves to prove the misstatement or
omission; but if they merely take a fancy to object to payment,
your family, or whoever may be the owner of the policy, cannot
recover unless they can prove, to the satisfaction of the jury, after
you are dead, that you had not at any time, from infancy upwards,
all or any of the diseases or symptoms of disease mentioned in the
proposals. They throw the burden of proving every thing, though
they have the documentary evidence in their possession, upon the




144                 A PRACTICAL TREATISE
claimant of the insurance, and he is placed in the absurd position
of having to prove the affirmative of a negative proposition.
This is a common provision, I believe, in London insurance
offices; but I am advised that it is not common in American policies. It is true that all generally settle their losses with liberality,
and competition increases the security in this respect; but no wide
awake man should take a policy that will extend throughout years
with no stronger guarantee than the liberality of an incorporation.
The few policies which I have seen make the truth of one's own
statement the basis of the contract, which is more reasonable; but
insurance offices, of all kinds, should adopt the principle of the
London Indisputable, which is that every policy issued by the company " shall be indefeasible and indisputable, and the fact of issuing
the same shall be considered sufficient evidence of the validity of
the policy."  Those offices, if there are any, that adopt this principle, should, other things being equal, receive the preference.*
We must now leave the first division of our subject. We must
consider ourselves prepared to supply a public demand, and inquire
how we shall get customers.
* "A short rule for ascertaining the expectation of life, according to the
Northampton tables, is to take the age from the number 86, and then divide by two." Thus a man 40 years of age will live upon the general average 23 years, for 86 less 40 is 46, which, divided by two, leaves 23. The
expectation, at birth, is 25 years, and at one year 32. These are exceptions to the rule. The value of a policy, in case the insured wishes to
sell, is considered worth about one-third of the whole amount of premiums
that have been paid.




ON BUSINESS.                    145
CHAPTER         VIII.
GETTING MONEY BY MERCIIANDIZING-CONTINUED.
HOW TO GET CUSTOMERS.
IN the progressive stages of civilization, men have held many
erroneous ideas, and have been chargeable with much folly, but I
am not aware that at any time, or in any age, they considered it
sufficient to place themselves in one of the " main grooves of human
affairs," and wait for fortune. Mercantile men certainly have never
entertained the idea that all that is necessary, in order to do busi.
ness, is to open a shop or store and stock it with merchandise. To
take some means to inform the public of the nature of their business, and solicit their patronage, has ever been a matter of primary
importance. In the middle of the seventeenth century, the shopkeepers of London made known their business viva voce. The
masters or proprietors would take a turn before their doors, crying
out, "What d'ye lack, sir? what d'ye lack madam?" and then run
over a list of the commodities they dealt in, and when tired, the
task was assumed by the apprentice, thus making the city a Babel
of strange sounds.
This democratic era was succeeded by the age of signs, which
genius soon improved and ornamented by all imaginable devices.
Painting, gilding, boars' heads, flying dragons, and fying swans,
were conspicuous emblems. As the capabilities of the printingpress were developed, shrewd men saw in it a chance to "universalize their sign-board;" they saw they could place upon it not only
their name and number, but a full account of their stock, and their
range of prices; they saw that they could challenge the attention
not only of those who passed by their store, but of men in all
places, and at all times. The present is the era of advertising,
13




146                 A PRACTICAL TREATISE
Advertising is the best mode of drawing buyers that I can suggest.
By means of it men can sell articles that are valueless, and make
fortunes by it; why should not those who have valuable articles
to dispose of? An extensive system of advertising is invariably
resorted to by those who have trash to dispose of, and it succeeds;
how much easier, then, to sell a useful and valuable article? Advertising and politeness are the main levers to get customers. Advertising will draw them, ability to fill their orders will satisfy
them, and politeness will induce them to buy.
ADVERTISING.-" To the merchant or dealer who is sure of his
ability to fill orders on the most favorable terms, the attainment of
an adequate publicity is the matter of primary concern. If his circle of trade is properly the county in which he lives, then he should
take effectual measures to let every family in the county know what
he sells, and on what conditions. It is idle to speak of the cost as
an impediment. He might as well object to the cost of sheltering
his goods from bad weather, protecting them from thieves, or dealing them out to customers. All the other cost of his business is
incurred without adequate motive or return, so long as the essential
element of his business is neglected or scrimped.  If his location
and his stock only entitle him to expect the custom of his own township and neighborhood, then he should incur the expenses of fully
informing that locality. Just so with the wholesale merchant who
aspires to a custom coextensive with his State, his section, or the
whole Union. If he is prepared to satisfy so wide a demand on
favorable terms, the expense of apprising those whom he desires
for customers of the nature of his business, the character of his
btock, the range of his prices, and the reasons why he should be
dealt with, is one which he cannot refuse to incur without gross
incompetency and ruinous prodigality. By thus refusing, he in.creases his expenses for rent, lights, fuel, clerk hire, &c., from onehalf per cent. to three, five, and in some cases ten per cent. on his
aggregate sales, and renders it morally impossible that he should
sell at a profit, and at the same time sell as cheaply as his more enterprising and capable rivals. In effect, he confesses defeat and incapacity, and retreats to the rear-rank of his vocation.




ON BUSINESS.                     147
Some men who know enough to advertise are yet so narrow
as to confine their advertisements to journals of their own creed
or party. If they do not choose to trade with any but men of
like faith, this is wise; but if they desire to have the whole public
for customers, it is otherwise.
" There is a large class who delight to shine in newspapers and
placards as wits and poets, and announce their wares in secondhand jokes, or in doggerel fit to set the teeth of a dull saw on
edge. If their object is notoriety or a laugh, this is the way to
attain it; but if it be business, it would seem better to use the
language of business. Leave clowns' jests to the circus, and let
sober men speak as they act, with directness and decision The fewest words that will convey the advertiser's ideas are the right ones.
" Men of business are hardly aware of the immense change which
a few years have wrought in the power of a public press. A few
years since, a circulation of three thousand copies was a very large
one for a daily paper. Now there are journals issuing forty to fifty
thousand copies daily, while lists of ten to twenty thousand are frequently and rapidly increasing. As a general rule, an advertisement in a paper now will meet the eyes of four to ten times as
many persons as a like announcement would have done twenty years
ago. It is easy to place one where it will meet the eyes of one
hundred thousand persons within two days, or, by using half a dozen
papers, to challenge the attention of half a million of persons. When
it is practicable to attain such publicity at thecost of a few dollars,
and when some actually do attain it, how can those who neglect it
expect to build up a new business? An old one may subsist until
its customers gradually drop off by death or removal; but he who
would build up a business now, must be'like the time,' and improve the advantages it offers. Foremost among these is the facility
now so cheaply afforded for general advertising. To neglect it is like
resolving never to travel by steam nor communicate by telegraph.
It is to close one's eyes to the light and insist upon living in peri
petual darkness. An individual may do this at his own cost; but
a community-a class, will never act so insanely; and he who
neglects the advantages of advertising, not only robs himself of
his fair advantages, but bestows the spoils on his wiser rivals."




148                 A PRACTICAL TREATISE
POLITENESS is also a powerful lever in the hands of an able man.
In the course of a business lifetime, there are many opportunities
for the merchant to enlarge the circle of his friends by leaving a
favorable impression on the minds of strangers.  Strangers frequently call into stores to get some information which is interesting or beneficial to themselves, and this is a golden opportunity. A
shrewd, polite man will invariably satisfy their inquiries with manifest good will, to the best of his ability-a fool will invariably think
himself too busy, when there is no immediate prospect of gain.
As the life of the merchant is the favorable opinion of the public, a shrewd man will seize hold of every opportunity to add to
his troop of friends-a fool will make a neutral his enemy.
Politeness has been defined to be the art of showing men, by external signs, the internal reyard we have for them. It indicates a
good heart and a wise head. It is not limited in its expression to
set forms or ceremonies, nor can it be learned by any system of
rules. The same wisdom that appreciates its value will direct in
the choice of the external signs by which to manifest it, and form
the manners.
Mankind are naturally polite. There is nothing so graceful in
its gestures and winning in its ways as an unspoiled child. It
seems to be the private mark of the great Creator, stamped on the
infant's brow by the manufacturer's own hand, to tell the world
that he is of the family of man. Its import is understood in
every language, and in every clime. But, like any other private
mark, men may scratch it off, and make themselves beasts-they
may counterfeit it, and make themselves fools, or they may set it
off, polish it, exhibit it, and make themselves gentlemen. Politeness has a great affinity with nature. It is oftener found ( in
lowly sheds, with smoky rafters, than in tapestry halls, and courts
of princes."  Men in cities are liable to become impolite.  They
are liable to contract a contempt for their species. They become
acquainted with their vices, and familiar with their miseries, and
soon lose that internal regard and reverence which one human
being should have for another. The cultivation of the mind and
of the heart will check this tendency; and I regard it no small
commendation of a mercantile life that it demands a close attention




ON BUSINESS.                    149
to the forms of politeness, even if the essence be wanting, Motives
are inscrutable to mortal ken, and the man who shows he is desire
ous of pleasing another may charitably be presumed to have some
internal regard for him. The merchant of the present and the next
age must be a polite man. The boors have had their day. Henceforth, they will only succeed where gold dollars can be picked up
as the Israelites did the manna. Competition in less fortunate
places will drive them to their proper vocation of tending swine.
Politeness is never a trifle, and there are no trifles in business.
Small things may produce mighty consequences. Every one who
has risen to eminence from an humble station can, if he will take
the trouble, point to the precise period in his life when a change
was unexpectedly wrought in his favor; and, if he examines
closely, he will find it associated with some trivial circumstance,
or caused by some humble instrument.  One morning a poor old
soldier called at the shop of a hair-dresser, who was busy with his
customers, and asked relief, stating that he had stayed beyond his
leave of absence, and, unless he could get a lift on the coach,
fatigue and severe punishment awaited him. The hair-dresser listened to his story respectfully, and gave him a guinea.  " God
bless you, sir 1" said the veteran, astonished at the amount. < How
can I repay you? I have nothing in the world but this," pulling
out a dirty piece of paper from his pocket;  it is a recipe for making blacking; it is the best that was ever seen; many a half guinea
I have had for it from the officers, and many bottles I have sold;
may you be able to get something for it to repay you for your
kindness to the poor soldier!" That dirty piece of paper was the
recipe for the renowned Day and Martin's blacking; and that
hair-dresser is the now wealthy Mr. Day, whose manufactory is
one of the ornaments of London, and whose palace in Regent's
Park rivals in magnificence the mansions of the nobility.
"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."
It is a wise ordination of Providence that we cannot foresee the
13'




150                A PRACTICAL TREATISE
golden moment of opportunity, so that we may plant ourselves on
the rock of principles which the wisdom of ages has built up, and
that we may at all times hold ourselves in readiness to embrace
opportunity. Were it otherwise, we would have no present interest to act prudently, and could afford to indulge in negligence.
It is well always to remember that relations in business are continually changing. The stranger of to-day may be the creditor of
to-morrow; and the harsh creditor of one week may be an unfortunate debtor in the next. Banks sometimes shut down, and a
oan would be convenient. A better than Shylock might answer
to the man who considered it unnecessary to be polite to strangers
and inferiors
"You spurn'd me such a day; another
You called me dog; and for these courtesies
I'll lend you thus much money."
It is a matter of daily observation that the Jews are more successful in money-getting than any other people. As rich as a Jew,
is a proverb.  How to account for this-to what cause to ascribe
it-has no doubt been a puzzle with many. If the following statement be correct, there is no difficulty in accounting for it: " The
politest people in the world are not the French, the English, the
American, the Italian, nor the German, but the Jewish. For the
Jews are maltreated and reviled, and despoiled of their civil privileges, and their social rights: yet are they every where polite,
affable, insinuating, and condescending.  They are remarkable for
their industry and perseverance; indulge in few or no recriminations; are faithful to old associations; more respectful of the prejudices of others than these are of theirs; not more worldlyminded and money-loving than people generally are; and every
thing considered, they surpass all nations in courtesy, affability,
and forbearance. Few persons excel in address a bright and polished Jew.  There is no rusticity among that people."  Whether
the representation be correct or not, we scarcely know; but it is
certain that, by doing likewise, we would be on the high road to
success.
Politeness is not inconsistent with firmness. It is only the polite
man who dares at all times to refuse doing that which his judg



ON BUSINESS.                     151
ment condemns. C Most men," says Lord Clarendon, ". are slaves
because they cannot pronounce the monosyllable' No.'"  A polite man may pronounce it, whenever he chooses, with less danger
of offence than a rude man's "yes."
Politeness is not inconsistent with a proper degree of spirit.
When we have to deal with a bully, resistance is our only alternative. Any sign of deference or submission will only provoke increased rudeness. A polite man never undervalues himself. He
that suffers himself to be ridden, says Burton, or that, through
pusillanimity or sottishness, will let every man baffle him, shall be
a common laughing-stock to flout at. As a cur that goes through
a village, if he clap his tail between his legs, and run away, every
cur will insult over him; but if he bristle himself up, and stand
to it, and give a counter-snarl, there's not a dog dares meddle
with him; there is much in a man's courage and discreet carriage
of himself.
Politeness is not inconsistent with religion.  It is a mistaken
notion that some professors of religion seem to have, that bluntness is a mark of sincerity. Young men frequently complain that
they take advantage of interviews on business to read moral lectures, and enforce doctrinal points. As I am not of the brotherhood, I will merely commend to their attention an observation of
Brother Sharp's, in Discourse VIII. vol. v.: "As for our Saviour,
he was a person so far from being morose or reserved in his carriage or a lover of singularity; so far from setting up a way of'
conversation of his own making, distinct from the way he found
in the world, that he was the most free, obliging, civil, and, if I
durst use the word, I would say the most complacent person that
ever appeared in the world." A careful observance of his Sermoh
on the Mount will make a polite man.
Politeness has no identity with foppery, prudery, pomp, or affectation. These are its counterfeits.  The choice of the external
signs of manners is, as was said before, a matter for the exercise of
individual wisdom. Polite men have not always the most finished
manners, nor are those who have the latter always polite. In
forming the manners, what is borrowed from study or observation
must be adapted to the natural character, or it will not set.well.




152                A PRACTICAL TREATISE
That which is eminently becoming in one man is the opposite in
another. Manners are best taught in childhood and youth, and
when acquired later, are rarely perfect. But care must be taken
that the mind be not confused by many rules, nor overwhelmed by
minute observations. Chesterfield wrote three volumes on the
graces to his son, and, as might have been expected, he made a
very awkward booby of him. To have the desire of pleasing always uppermost in the mind, is the main thing. He who manifests a desire to please, under all circumstances and to all men, is
a polite man, whatever may be his manners. But the latter are
by no means to be despised, and he who possesses them in perfection, or can attain them, is a fortunate and well-armed man.
The Rev. John Todd, in his work to students, gives some hints
for the cultivation of politeness that are worthy of attention.
His first rule is, that " Good-hunmor is essential to politeness,"
and by good-humor he says he means " the habit of being easily
pleased."  It must arise from kind feelings within, and it may be
an encouragement to know that every exercise of these kind feelings will surely increase them'; so that what is begun as a duty
will soon become a pleasure.  WTe all know that outward expressions of kindness have no value any further than as they are an
index of the feelings within; but it is a kind provision of Providence that even the outward expression of kindness has a tendency to cultivate the feelings of good-will."
2. That the cultivation of the conscience will increase your politeness.
" The very spirit of the gospel is that you love your neighbor
as yourself; and all know that is true politeness: so that, when
you see an impolite man make great pretensions to religion, you give
him credit for having probably deceived himself. You may now be
able to think of a man who is notorious for being wicked. Look
at him, and see if he be not far from being a man of politeness.
Look again, and see if his wickedness did not first commence at the
point of being impolite towards men; for impudence towards men
will almost invariably lead to disrespect of God, so that he who begins by throwing aside kind and proper feelings towards his fellows
will most assuredly end in despising the commands of his Maker.




ON BUSINESS.                     153
The best way, then, to become a man of politeness is to begin with
the heart, to act on the principle of making every one as happy as
in your power, because you would have all others do so to you."
3. Cheerfulness is essential to a polite man.
"A   gloomy melancholy man can never think of much except
himself. He cannot forget so important a personage to attend to
you.  He may have cause for all his bad feelings, sufficient to excuse them; but you cannot count any of them as being very kindly
towards others. For the purpose of appearing cheerful, you must
really feel so; and to feel cheerful, you must be in good health.
No one can feel cheerful with a severe toothache upon him, or while
turning and tossing under a burning fever.  Your health must be
good, and kept good by a frugal diet, and a regular course of exercise. It is impossible for the mind to be cheerful, and the spirits
buoyant without this. No man ought to undertake to pass himself
off in company, or expect to render himself even tolerably agreeable, for a single day, unless he has prepared himself by some
suitable exercise. The cheerfulness and buoyancy of a hunting
party is proverbial; it is owing to the fact that they are all taking
an agreeable exercise without having an object before thea of
importance enough to do any thing more than barely excite them.
There is no real life but cheerful life; therefore, valetudinarians
should be sworn, before they enter into company, not to say a word
of themselves until the meeting breaks up."
4. The cultivation of friendship will add to your politeness; for,
so far from rendering the heart selfish by giving warm affections
to a few choice friends, it will become more generous towards
others."  "He that has no one to love or to confide in, has little
to hope. He wants the radical principle of happiness; and he who
wants this, will in vain strive to be a happy man, or to confer happiness upon others."
The propriety of dwelling upon this subject so long may be questioned, but its importance must be my excuse. Politeness is an
important agent in getting money, and, what is better still, it makes
business an agreeable occupation. When business men neglect politeness towards each other, the world will be a bear-garden, and
business a treadmill. It is the life, animation, beauty, poetry of




154                A PRACTICAL TREATISE
business, that gives it all its flavor. It is a virtue, too, that needs,
and will bear extension. ilerchants are polite enough to customers
who buy goods, and to those who pay monely, but all are not always
polite to inferiors, and to those who come to receive money. The
man who cannot bear dunning should not run in debt, and the man
who is insulting, when dunned, should feel the virtue of the law.
Clerks are polite enough to their superiors in power, but they are not
always polite to strangers who ask them for information within their
knowledge. But the main deficiency in politeness is found in what
are called the lower and the higher classes. Professional men are
rarely polite.  They seem to rely upon their character and talents
for success, and hence despise the small courtesies of life. Let a
stranger go into their offices, and ask some slight information, and
it is ten chances to one that he will receive a satisfactory reply.
Literary men are not always polite. This may probably be one reason why so many in both these classes are as poor as church mice.
No station, rank, or talents can ever excuse a man for neglecting
the civilities due from man to man. When Clement XIV. ascended
the papal chair, the ambassadors of the several States represented
at his court waited on his holiness with their congratulations. As
they were introduced and severally bowed, he also bowed to return
the compliment. On this the master of ceremonies told his holiness that he should not have returned their salute. " 0, I beg your
pardon," said he; "I have not been pope long enough to forget
good manners."
It is well to remember that the end of business is happiness, and
all that we gain on the road is so much clear gain.  Much of life
is necessarily passed in business pursuits, and all have an interest
in making its transactions as pleasant and agreeable as possible.
" To know
That which before us lies in daily life
Is the prime wisdom; what is more, is fume
Or emptiness, or fond impertinence,
And renders us in things that most concern us
Unpractised, unprepared."
The third and last part of our subject, " The characteristics and
duties of the merchant or the true man of business," is treated of




ON BUSINESS.                    155
in the following chapter by the lion. Horace Greeley, whose able
essay on advertising, which we have given before, made me solicitous to obtain his views for the benefit of my readers, and who, so
far as my experience goes, may be cited as a pattern of the true
business-courtesy, as he is an example of industry and self-cultivation. Mr. Greeley may entertain notions on matters purely speculative with which we cannot accord, but none can deny him eminent
sagacity in the management of his own business, sincerity of purpose, moral uprightness, and a remarkable vigor of thought and
expression.  He may think that the whole machine of society
should be taken apart and remodelled, while we think it only needs
some repairs to work capitally well; but this does not affect the
value of his judgment on the proper mode of making the repairs,
if that is the course determined upon. In the following original
and excellent $50 prize essay, written for this work, he has shown
how men may make their business more successful, and at the same
time benefit their fellow men, and we solicit for it a candid and
attentive perusal, in the hope that, if the judgment approves, correct sentiments will beget correct conduct.




156                  PRACTICAL TREATISE
CHAPTER        IX.
GETTING MONEY BY MERCHANDIZING-CO          NCLUDED.
THE TRUE MAN OF BUSINESS.
" As a nail sticketh fast between the joinings of the stones,
says Ecclesiasticus, " so doth sin between buyer and seller."  The
writer does not mean to assert this as an unvarying fact, but to
indicate a general tendency. There is temptation, there is peril to
integrity, in the position and attitude of a trader; and this danger
should be pointed out so that it may be avoided. It is a fearful
thing to stand face to face with the fact that, if I were only able
to buy such a one's property, or sell him mine, before he could
receive the news brought from Europe by the last steamship, my
fortune would be made. It must be hard for a merchant to know
that if to-day's telegraphic dispatches would only embody the news,
even though false, of a killing frost throughout the cotton-growing
region, or the conflagration of all the mercantile quarter of New
Orleans, he would be solvent and wealthy, while in the absence of
such tidings he must inevitably suspend payment.  Mercantile
integrity is subjected to trials of which the farmer or artisan lives
and dies in happy unconsciousness-trials none the less real that
we all know how false and fleeting is the success or deliverance
achieved through wrong-doing. For ages, for centuries, men have
repeated, parrot-like, the axiom that " Honesty is the best policy;"
yet how many profoundly realize its truth?  How many really
believe that a man in pecuniary difficulty who might extricate
himself by a night of fortunate gaming would be most unwise in
consenting to do so? It is so easy to be superficially honest, in
the absence of any strong temptation to knavery, that a great
many who are ingrained rascals have never yet suspected the fact.




ON BUSINESS.                    157
A youth launches gayly and hopefully on the sea of active life,
and sails smoothly on its placid bosom, impelled by gentle, favoring
gales, unthinking of peril and unsuspecting the neighborhood of
adversity-what can he learn from such a voyage? In the absence
of danger, what is proved by his freedom from fear? Blest with
abundance and ease, what merit is there in his refraining from
deception and robbery. And thus it chances that very much
which passes current for honesty is only undeveloped or undetected
knavery.
Integrity is the corner-stone of the character of the true man of
business, in whose absence the whole edifice topples to its ruin. It
is quite possible, nay, it is notorious, that dishonest men have acquired wealth by traffic; but they are exceptions to the general
rule, and their success, hollow and unreal at best, was a consequence of some good quality they possessed, and not of their lack
of the best quality of all. If twenty have succeeded out of one
hundred merchants who have traded in any county, or in any particular block in some city, at least fifteen of them would prove, on
a careful scrutiny, to have been more upright and conscientious
than the great mass of their less fortunate rivals. Vainly shall a
man hope to live and thrive by buying and selling after his neighbors, his customers, have learned by sad experience that his word
is not reliable-that his representations of the cost or quality of
his wares are not to be trusted. Of two persons of equal capacity,
who have been ten years in trade, one having acquired therein only
experience, with the decided confidence of his neighbors and a fair
circle of dealers and customers, while the other has amassed some
twenty thousand dollars, but at the cost of a reputation for slipperiness and dishonesty, the latter is this day the poorer man, as
time will clearly establish.-Nothing is more common, or more
fatal than the grasping of an advantage at the cost of ten times its
value; and he who has traded out his neighbor's good opinion is
pretty certain to die a poor man, however high the price for which
he sold it.
But integrity, though indispensable, is not all-sufficient as a basis
of the true mercantile character. The true merchant must be impelled to his vocation by a conviction that therein can he best serve
14




158                A PRACTICAL TREATISE
God by blessing mankind. The merchant is an intermediate, an
electric wire, a channel of intercourse, between producers in different sections, climes, or countries. Since it is certain that the heat
of the tropics, germinates and ripens many useful plants which could
never mature under the skies of the temperate zone, while even
the polar regions contribute many things to the sustenance and
comfort of man which could not be advantageously produced elsewhere, the honest and capable exchanger of the diverse products
of these varying latitudes is a common benefactor.  Though not
literally a producer, he is essentially and practically so, by enabling
each customer to satisfy his legitimate wants more cheaply and
thoroughly than he otherwise could do, and thereby inciting to
greater activity and efficiency in production. Without commerce,
many who now earn and enjoy the material comforts of civilization
would rest contented with the few, rude, and scanty devices and
satisfactions of barbarism.  Commerce increases both the impulses
toward and facilities for perpetual progress in the useful arts,
whereof intellectual progress is the natural counterpart and concomitant. The merchant, therefore, whose sole attachment to his
calling is a sordid lust of gain, coupled with a belief that he can
acquire property faster or easier by exchanging others' products
than by directly producing himself, is most unlikely to honor his
vocation, or even to be eminently successful in the ranks of its
votaries.
Assuming, then, that integrity, with an earnest conviction that
this is for him the path of duty and of philanthropy, should form
the bases of the character and career of a true merchant, let me
proceed to indicate some of the qualities and capabilities for which
he should be distinguished:I. He should be methodical and exact in his calculations and
dealings. His promises, however casual their origin or trivial their
subject, should be performed to the letter, and he should insist on
the like good faith from others, under penalty of never confiding a
second time in one who has forfeited his word.  The property or
interest immediately involved may be of trifling value, but truth is
no trifle.  The merchant should, as early as practicable, separate
his customers and others with whom he deals into two classes —




ON BUSINESS.                     159
those whose word is to be implicitly relied on, and the other sortand thenceforth, treat each class according to their respective merits.
To the latter he should say frankly, whenever the proper opportunity presents itself: " I cannot again confide in your word, because
you have shown me that you either cannot or will not redeem it.
I do not judge you;- but, if I trust at all, it must be some one who
fulfils his promises at whatever inconvenience or sacrifice."  By
this course, he will perpetually and strongly inculcate the advantages of probity and fidelity, and thus conduce to their increase
and diffusion.
II. He should inflexibly set his face against any system of loose,
general credit on goods purchased for consumption.  Credit is an
excellent, a most beneficent device; but, like most good things, is
susceptible of the greatest abuse. A poor young man, qualified to
manage a farm or conduct some mercantile business, seeks credit
for his farm or his stock, and perhaps for some share of his seeds
and implements; though every man should earn something by
working for others before running in debt for the outfit of an independent business. The merchant who sells largely may very well
require credit for some part of his new stock, if he has taken notes
which lie cannot readily turn for the old one. But neither farmer,
mechanic, nor any body else should run up bills from week to week
for food and clothing, but should make a point of paying for his
subsistence as he may require it. The neglect of this rule is one
main cause of the prevalence of extravagance, over-trading, and
general insolvency, frequently resulting in mercantile bankruptcy
and general revulsion. The humble cultivator who owes for half
his farm and cannot turn off more than two or three hundred
dollars' worth of produce per annum, out of which one hundred
dollars must be paid as interest on his debt, is often tempted, by
the facility of obtaining credit, to buy silks and satins for his wife
and daughters, broadcloth and fine boots for his sons, or allow them
to buy such for themselves on his account, when he can by no
means afford such expenditures. It is the duty of the true merchant to resist and correct this tendency, by insisting on prompt
payment for all purchases except under peculiar circumstances.
Cash should be the general rule; credit the rare exception. The




160                A PRACTICAL TREATISE
poor man who has encountered some sudden and severe calamity,
such as the burning of his house or the destruction of his crops by
hurricane or flood, may very properly be proffered credit for a season
at cash prices; so may the poor widow whose children, this year at
school, will be earning wages and able to help her next season.
But in all ordinary cases the merchant, if only from a patriotic regard for the general well-being, should inflexibly refuse to sell on
credit, since such selling is, and ever must be, to the uncircumspect
majority, a temptation and facility for general improvidence and
over-trading. —" Mr. President," said the eccentric John Randolph,
interrupting himself in one of his Senatorial diatribes, "I have
discovered the Philosopher's Stone!-It consists of four short words
of homely English — Pacy as you go.'"
III. On the same principle the true merchant will carefully consider, in selecting his goods, not merely whether he can sell them
at a profit, but whether that profit, should he accept it, would not
be made at the expense of the moral and pecuniary welfare of the
community. tie might seem to make a large profit on alcoholic
beverages, implements of gaming, &c.; but he knows, in the first
place, that he has no moral right to make money in any such way;
and, next, that all the devil's gold that may thus be realized is sure
to vanish, like dream-won treasure, even while the hand fiercely
clutches it. The merchant who sells intoxicating liquors is burning
up his customers for the little fat he can fry out of them, and
wasting nine-tenths of it in the process.  He gets some twenty
dollars clear profit on a pipe of brandy, and uses up, by selling it,
a customer, out of whom he had made fifty dollars a year, and who,
falling into intemperance and insolvency, does him out of two hundred dollars or so charged on his books. Thus, all traffic which
panders to vicious appetites is ruinous to the legitimate business of
the dealer, and every dollar of profit he secures by it costs him ten,
twenty, or thirty; but, even if such were not the fact, he has no
right to seek gain through the enlargement of Satan's kingdom.
The end of his mortal existence is quite other than that.  He is
here to do good and not evil-to erect barriers to the spread of vice,
and not to facilitate and profit by its diffusion.  He may, indeed,
have a good opportunity to secure gain in this way; but to argue




ON BUSINESS.                    161
thence that he has a right to do so, is to sanctify the treachery of
Judas, and proclaim his earning of the thirty pieces a " fair business transaction."
IV. But the merchant's virtue should be not merely negative
and obstruetive-it should be positively and actively beneficent.
He should use the opportunities afforded by his vocation to foster
agricultural and mechanical improvement, to advance the cause of
education, and diffuse the principles not only of virtue but of refinement and correct taste. He should be continually on the watchrfor
whatever seems calculated to instruct, ennoble, refine, dignify, and
benefit the community in which he lives. He should be an early
and generous patron of useful inventions and discoveries, so far as
his position and means will permit. He should be a regular purchaser of new aLd rare books, such as the majority will not buy,
yet ought to real, with a view to the widest dissemination of the
truths they unfold. If located in the country, he should never
visit the city to replenish his stock without endeavoring to bring
back something that will afford valuable suggestions to his customers
and neighbors. If these are in good part farmers, and no store in
the vicinity is devoted especially to this department, he should be
careful to keep a supply of the best ploughs and other implements
of farming, as well as of the choicest seeds, cuttings, &c., and of
those fertilizing substances best adapted to the soil of his township,
or most advantageously transported thither; and these he should
be very willing to sell at cost, especially to the poor or the penurious,
in order to encourage their general acceptance and use. Though he
make no profit directly on the sale of these, he is indirectly but
substantially benefited by whatsoever shall increase the annual production of his township, and thus the ability of his customers to purchase and consume his goods. The merchant whose customers and
neighbors are enabled to turn off three, five, seven or nine hundred
dollars' worth of produce per annum from farms which formerly
yielded but one or two hundred dollars' worth beyond the direct
consumption of their occupants, is in the true and safe road to
competence and wealth if he knows how to manage his business.
Every wild wood or waste morass rendered arable and fruitful,
every field made to grow fifty bushels of grain per acre where but
14*




162                A PRACTICAL TREATISE
fifteen or twenty were formerly'realized, is a new tributary to the
stream of his trade, and so clearly conducive to his prosperity.
V. For a higher reason than this, but not therefore in ignorance
of the fact, he should be a steadfast and liberal patron of religious
instruction and worship, of intellectual culture and discipline, of
temperance, of agricultural societies, and mechanics' associations,
and whatever sensibly conduces either to diffuse and strengthen
morality, or to ennoble and increase industry. A community
wherein God is not obeyed, and labor is not respected, must seem,
to any reflecting man, a very undesirable place for the training of
his children.  There life can-rarely be tranquil and happy; there
property can hardly be secure; there the sweets of peace and contentment can scarcely be enjoyed through a series ofyears. If it were
possible for the atheist or the sensualist to be truly wise, he would
labor to inculcate and diffuse the great fundamental truths of religion and morality, if from no higher motive than a selfish regard
for his own ease and safety. Nations, states, and smaller communities subsist by faith and virtue, and perish through the disintegrating influences of sensuality and vice. That community which
has cast off all faith in the invisible and everlasting, and cut down
its creed to a mere recognition of the material and the palpablewhich realizes only that sugar is sweet, that fire will burn, and that' ginger is hot i' the mouth"-is on the broad highway to destruction, however dazzling its present outward show of prosperity.
VI. The true merchant will be a liberal but discriminating supporter of the press in his locality. He will not feel an obligation
to patronize any and every thing that wears the form of a newspaper, but will scan carefully the intellectual ability and moral fitness of those who assume- the lofty responsibility of public teaching through the press.  He will not encourage the dissemination
nor continuance of journals edited by the incompetent or unworthy;
but if there be none other than these already in existence in his
county, he will combine with men like himself to procure the
establishment of such a journal as is needed, or the transfer of one
already existing into the hands of some one qualified to guide opinion and dispel mental darkness.  Such a journal he will liberally
and steadily encourage and support by advertising in its columns at




ON BUSINESS.                    163
good prices, by urging upon other business men the duty of doing
likewise, and by soliciting his customers and neighbors to give it
at least their subscriptions, regularly continued and uniformlyfpaid
in advance. By pursuing this course, the merchant may do very
much toward the diffusion of intelligence, the predominance of sound
principles, and the purification of morals. He need not be a
political brawler nor habitual agitator on any subject-there is a
more excellent way. He may give to an approved and influential
journal in his county from two to five hundred dollars' worth of
advertising per annum, and procure from others by the power of
his solicitations and example, five times as much more; while each
name added to the list of its subscribers extends the publicity of
his announcements and their potency in enlarging his business.
Thus will he exert a noiseless, unintermitted influence in diminishing the kingdom of darkness, extending the sway of virtue, and
layiag deep and broad the foundations of general and personal
prosperity.
VII. The true merchant will not be likely to forget that his essential function is that of an exchanger of products, and not merely
that of a seller. In great cities and at certain commercial points,
this function is properly subdivided, not merely between buyers of
produce and sellers of goods, but usually between many different
classes of sellers and buyers; dry-goods, groceries, paints, meats,
breadstuffs, &c., &c., being severally bought and sold by dealers in
each particular department. It is otherwise, however, throughout
a good part of the country, where, from the necessity of the case,
the same person is both buyer and seller, and deals in nearly every
variety of product exported, or fabric required by the people of his
neighborhood. Here the merchant should be not more solicitous
to sell goods than to enable his customers readily to pay for them;
to which end he should zealously promote every effort by feasible
means to increase their facilities of communication with the seaboard, and to bring markets for their products nearer to their doors
by there calling into existence new branches of industry, and building up or reviving manufactures. No wise merchant will fear that
his trade will suffer by this diversification of pursuits; for abundant
experience has demonstrated that they uy most from cabroad who




164                A PRACTICAL TREATISE
produce most antd in greatest variety at home.  Thus, Massachusetts consumes far more (in value) of foreign products per annum
than North Carolina or Tennessee, because the wide extension of
her manufactures has rendered her industry far more universal,
and has, by largely increasing her aggregate of production, correspondingly increased her power of purchase and consumption. Whether by reducing the. expense of reaching a distant market, or by
bringing a market for their surplus productions much nearer, the
merchant who conduces to the essential advantage of his neighbors, his customers, ministers thereby to his own thrift and solid
prosperity.
These suggestions might be indefinitely extended, but enough
has been said to show that the mercantile is properly a beneficent
and liberalizing vocation, and the merchant's true interests are
deeply inwoven with those of the community from which he draws
his sustenance. The sordid trader may narrow and degrade his
vocation into that of a mere money-getter-a shave-a cormorant;
but, if so, he does violence to its nature and wrong to its highminded devotees. If each merchant would but realize what is the
true spirit, what are the essential reqnirements, what the beneficent
capabilities, of his calling, he could scarcely fail to live worthily
and usefully, and transmit an honored name to his children. May
the time speedily arrrive when none but the true merchant can find
customers whereby to live, and when the knavish, the unprincipled,
the rapacious, the vicious, shall be driven into employments where
their moral defects, if not thoroughly remedied, shall be less widely
influential and less glaringly pernicious! That such a time will
come, the steady diffusion of knowledge, the prevalence of observation and reflection, render all but inevitable.




ON BUSINESS.                    165
CHAPTER X.
HOW TO GET RICH BY SPECULATION.*
THE attributes which constitute greatness in men are bestowed
reluctantly on individuals. A good poet is the pet of an age; a
great general is the marvel of a century; and a profound speculator
a rarer gift than either. Every science has its laws; and when
we neglect laws, we are in ignorance. Empiricism disappears, and
quackery takes flight when we discover the law of a phenomenon.
The laws of speculation are not well understood; indeed, they may
in part be considered not well established. Let us attempt the
labor of laying down the necessary rules which ought to govern
this great art.
And here in the outset we apprise the reader 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, we 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 which
we design to set forth are partly original and partly compiled.
Few men have written books without saying something wise on
the subject of money-getting. What we have learned from divers
sources respecting this matter may be reduced to the following
heads:In the first place, be it observed that successful speculation is
not in general mere luck, like that of Lord Timothy Dexter, of
Newburyport, when he sent the cargo of warming-pans to the West
Indies, for, notwithstanding this instance of fortunate miscalculation,
Dexter commonly based his speculations upon good calculation and
* By a Merchant of Beoton.




166                A PRACTICAL TREATISE
foresight. Ignorant as he was of geography, and domestic life in
the tropics, he had a knowledge of human nature, and a shrewd
instinct in money matters. He studied and calculated; and a fool
who proceeds by study and calculation will do better than a wise
man who tries to do without them.
In the second place, it must not be forgotten that there is a wide
and essential difference between speculation and trade, two things
which are very apt to be confounded together in theory and practice. It is true that trade and speculation meet in State street,
but they have in them nothing in common; and although the object of each is a California at home, they search for its discovery
by totally different roads. The trader, properly speaking, has nothing to do with business but to stick to it; and as every business
must pay, and all sorts of business in the long run are equally
profitable, small gains, carefully accumulated, in time realize a
fortune. You are surprised that many men fail in business; but
be assured that the fault was in the bankrupt, not in the business.
Trade of necessity must pay; and, in the long run, the gains
must exceed the losses, otherwise there could be no trade.
Reflect on this fact a moment, and then proceed to the discovery,
among the retailers in Hanover street, that traders who know their
business are unaffActed by change in prices; they lose on their
goods when prices fall, but they gain when prices rise.  "Put
that against that," and if your bookkeeping be correct, one in the
course of time balances the other.
The speculator is a very different person. Like the last new
comet, he acknowledges a law of his own. He does concern himself in the rise and fall of prices, for they deeply concern him.
The trader depends on customers; the speculator has none.. The
trader depends upon small but regular gains; the speculator looks
to sudden and eccentric enrichment. The world is his market.
No doubt speculation is a lottery, but so is going to California
Since the suppression of lotteries in Massachusetts, mercantile
speculation, daring, dashing, hazardous, break-neck adventures,
have greatly increased, not only in actual amount, but proportionally in comparison with regular trade. The fact is there is a certain quantum of the spirit of wild, and eager, and hazardous




ON BUSINESS.                    16'7
adventure ever in the community, and it will seek exercise and
gratification in some form or other. People who bought lotterytickets thirty years ago, now buy "fancy stock" in railroads,
bales of cotton, bags of coffee, or the promises of such thingsgo to bed and dream of castles in the air-the same as formerly.
Then, they paid five dollars for a chance-now, five thousand.
ien, therefore, will speculate; though to the uninitiated, speculation has all the risk of lottery dealing. We will attempt for this
reason to initiate those who are bent on this course of adventure.
Three things are essential to a successful speculator-time, capital and courage; and these are of little avail without judgment.
All speculation has reference to a future, in which the question of
time is involved. Results are never immediate. Capital-every
body knows nothing can be done without that; and if a man wants
courage, let him draw a handcart, sell friction-matches about the
streets, get in coal, shovel snow, clean boots, or sit in his chimney
corner, and wish he had an office under the government: he will
never make a speculator; for he ought to be large of faith-a believer in things not seen. Activity is essential to trade; patience
in speculation. Nothing is to be done when nothing is to be gained
-a maxim which, from the obvious cause of the necessity of keeping customers, cannot always be followed in trade. Watchful ever,
must we here " bide our time," the proper time for buying, the proper time for selling; although, no doubt, it is equally necessary to
strike, to act decisively, when that time arrives. That, in fact,
nothing be done, when nothing should be done, is, in the present
instance at least, not so easy to a mercantile man as may be imagined; for a man of business must always be doing, whether at a
profit or a loss, while the periods between the buying and the sell
ing point, or one speculation and another, are necessarily long,
dreary intervals of idleness, which afford no room for the exercise
of the faculties. He is, therefore, apt to take a narrow, peddling
view of things, so different from the qualities required in the mor p
abstracted if not higher calling here taken into view.
The time for entering on trade is when things are at their worst,
and that is not a bad time to enter on speculation; you may trade
in any thing or every thing, but you can speculate only in a few




168                A PRACTICAL TREATISE
things. You should not speculate in axe-handles, wooden bowls,
hoop-poles, shoe-pegs, washing-machines, or mouse-traps, because
countrymen and mechanics can make them to order in any quantity when they are wanted.
This law applies to all manufactures, except in reference to the
raw material; and raw material admits of speculation only when
it is affected by the season. The proper objects of speculation are,
therefore, agricultural produce of most kinds, flour, cotton, sugar,
coffee, tea, &c., which amply suffice the speculatorito make a fortune or to lose one.
As you wish to make a fortune, take the necessary means;
study statistics, and attend to great political and commercial changes. Take a commodity and find out the average price of years,
excluding from consideration extreme cases, and when the price
has fallen below the average of years, buy. Thus, let us suppose
that this commodity is flour, that there has been a great crop of
wheat, or that the price has fallen below the average, or, in other
words, it has become cheap; if the harvest after all be bad, you
gain; if otherwise, it does not follow that you are to lose; sell,
and replace your old stock by a new one.
If the depreciation continue, it might perhaps be well in some
cases for a person to become a dealer in the article till a bad crop
or under-production takes place. In this way it will be observed
that he is always to have the same stock or quantity on hand,
which he may have, if not entirely, for nearly the same money;
and when a bad crop or under-production takes place, his speculation being now ripe, he is immediately to sell out.
An Englishman of some celebrity used to say that the first of
his ancestors, of any note, was a baker and dealer in hops, who, on
one occasion, to procure a sum of money, robbed his feather-beds
of their contents, and supplied the deficiency with unsalable hops.
In a few years a severe blight universally prevailed, hops became
very scarce, and enormously dear; the hoarded treasure was ripped
out, and a good sum procured for hops, which, in a plentiful season, would not have been salable; and thus, said he, " our family
hopped from obscurity."  Hops are said to fail, on an average,
every five years-a hint to speculators.  The rule laid down in
reference to flour, applies equally well to cotton, but-take care of




ON BUSINESS.                     169
your statistics. Distrust the Carolina and Georgia newspapers.
Long as we have lived, we do not remember a season without a disual story that the " cotton crop had entirely failed at the South."
There are two qualities which principally fit any commodity for
speculation: first, frequency in the change of its price, and,
secondly, the extent of that change; it being obvious that alteration-a fall as well as a rise-is necessary to the purpose of the
speculator, and the extreme of prices is that which he will chiefly
look to, or in which he will seek his gain.
Of the two, trade and speculation, which is superior-which the
inferior, we apprehend there cannot be a doubt.  Speculation, is,
in truth, a mere exception in business, arising out of the derangements of trade, or impossibility of adjusting the supply to the
demand; yet so far useful to, or coming in aid of trade, as it has
a tendency to produce readjustment; to prevent extremes in price,
as well that which is ruinously low as that which is excessive, to
prevent dearth and famine. For, if a person buys when prices
are low, this has a tendency to raise price; as when he brings out
a store, and sells when prices are high, it has to lower it.
Trade is steady and uniform, and can be carried on at all times;
speculation, on the other hand, only occasionally, or when opportunity offers. There is, therefore, a peculiar certainty which belongs to the former, which does not belong to the latter; and this
certainty is the certainty of employment, or the scope for it. The
time also required to mature a speculation is not to be forgotten,
during which it may be conceived money will often be made in
the regular course of trade. As in mechanics, so in speculation,
what we gain in force we lose in time. Yet without doubt, occasionally, very large sums are made by opportunities which it requires but a very ordinary share of sagacity to foresee and take
advantage of. Such, however, is the variety of productions afforded
by commerce, or brought into demand by the necessities and luxuries of man, and the complex state of things thereby occasioned,
that when an object of speculation is dismissed, or fails, a wide
field exists in which to look out for another, there is, in fact, always something which is plentiful or scarce, that is, at a price
below or above the average-namely, grain, or a particular species
15




170                A PRACTICAL TREATISE
of grain, cotton, hemp, flax, wool, leather, oils of various kindswhale, palm, olive, seal, sperm, cod, whalebone, rice, sugar, coffee,
tallow, tar, turpentine, saltpetre, indigo, &c.; so that a person
may, at any given or particular time, have an opportunity of laying
the foundation of a speculation by purchase, or of finishing it by
sale; if not the one, at least the other; and the state of things
which fits for the one is just as necessary as that which fits for the
other. Thus may irregularity be converted into regularity, and
that which is in its nature occasional made permanent, or the
subject of a continued mode of operation, or one speculation be
uniformly succeeded by another.
There is likewise another consideration which occurs here. In
general, it requires considerable time to mature a single speculation, and bring it to a successful termination. Now, if a person
embark his whole disposable means in any one article, he is in
that case not only obliged to wait the issue of this one adventure,
according to the fortune of the article, but is during the time
precluded from having any thing to do with any other, whatever
advantages it may offer. Therefore, if a person be inclined to make
speculation a business, it would seem best to invest only a part of
his capital in any one commodity, so as to have many speculations
afloat at the same time, different in their stages, some, if possible,
always commencing, and others falling in, or terminating.  By
these means it may be brought more nearly to the nature and condition of a regular trade, in which not only is a person's whole
capital with some certainty engaged, but an average established,
rendering it more uniform and safe. And so considered, it matters
not to a speculator whether things rise or fall.  When they fall
he is to buy, when they rise he is to sell.  His only difficulty is
when they stand still. Nor is this to be confounded with wholesale trade strictly understood, which is a different thing, and consists in supplying set customers for a regular profit. But how do
you know when commodities are highest or lowest?-when they
begin to rise or fall?  Shall this be your guide?  Not without
careful reference to elaborate statistics-the lowest and highest
averages. When prices are high, of course there is a great demand,
and business is brisk: when prices are low, there is little demand,




ON BUSINESS.                    171
and business is dull.  Hence the temptation in the one case, and
the discouragement in the other. Therefore, to be a good merchant
or speculator, as to be a good general, nerve is necessary: and the
one as well as the other must often act in the face of appearances.
He must believe, contrary to what the fabulous first inhabitants of
the earth are reported to have done, that the sun will rise again
after it has set. Nay, we should say a good merchant must always
act contrary to appearances, at least to what appears to the generality of mankind.  He must buy when no other person will buy;
sell when no other person will sell; although certainly, if properly
considered, it is most consistent with reason to buy when things
are low; to sell when they are high.
The rule, therefore, generally is (the temptation being apparent)
to speculate in high prices; that is, to buy when things are high,
in the expectation of their rising still higher.  In this, indeed,
there may often be much gain, but there is always great risk.
Therefore, to be safe, the articles must be got rid of immediatelythat is, soon-whether at a gain or at a loss; if at a loss, to save a
greater. And the last holder, in cases of this kind, be it observed, is always a dupe.  The conduct described is, indeed a
common one, by which we find many ruin themselves, and often
throw away the fruits of a long life of industry by a single false
step.
Is there any danger of letting people into these secrets? None
whatever; for, as Spurzheim  said, men are so stupid there is no
fear of their ever becoming wise.  He, it is said, who has the
folly of mankind for an inheritance, has a plentiful estate. The
great object of speculation, indeed, being to substitute sagacity for
toil, to enable men to live by their wits instead of their labor, the
sole efficiency of the first-mentioned quality in one class refers
exactly to the want of it in another.
An American trading-vessel, after interloping at a port in Japan,
and making the most of her time, was ordered off, as usual, by the
government. The Japanese official said to the captain. "You must
never come here again; but when you do, be sure to bring some
more of that fine broadcloth." So we say to all and singular, who
shall read the above: "Never speculate; but when you do, be sure
to mind our rules."




172                A PRACTICAL TREATISE
CHAPTER XI.
GETTING MONEY-CONTINUED.
INTEREST-BANKING-PRIVATE BANKING.
INTEREST is the sum paid by the borrower of a sum of money,
to the lender, for its use. The rate of interest is dependent on the
security of the principal, and the rate of profit which may be made
by the employment of capital in industrial pursuits. No person
would lend money, on personal security of a doubtful character, at
the same rate of interest as on a good mortgage; and where profits
in ordinary business are high, interest is also high. The same laws
that regulate the price of commodities, or the rates of insurance,
govern the charges for the use of money.
The rate of interest is, in fact, the net profit on capital.  Whatever returns are obtained by the borrower, beyond the interest he
has agreed to pay, really accrue to him on account of risk, trouble,
or skill, or of advantages of situation and connection. This being
so, it is not difficult to perceive that interest is the most certain
way of getting money that can be named. The men who, to-day,
receive the interest of a portion of the capital of the country, will,
eventually, if they pursue the same mode of investment, own the
whole property of the country. The young man, twenty-five years
of age, who invests a capital of $10,000 on, mortgaged security, and
reinvests the interest, annually, in the samre way, at ten per cent.
per annum, which is legal in the State of Ohio and some of the
other States, will be worth over $100,000 at the age of fifty, without calculating any thing that he might save from the labor of his
head or hands, over and above what is necessaryfor his livelihood.
* Those who are looking through this book for secrets in money-getting
may make a note of this. The diligent searcher will find several others.




ON BUSINESS.                    173
This will be the net profit of capital; while those who borrow the
money with a view of making larger profits, by assuming risks, will,
most probably, at the same age, find themselves in a worse condition, pecuniarily, than when they commenced. Interest upon
money, and the producing or manufacture of articles necessary in
civilized life, are the only ways of making money that would not
be rendered more secure by a guarantee.
Inasmuch, then, as interest is a sure mode of accumulating money, while the profits of industrious undertakings are uncertain, it
is a matter of the first importance to a business community that
the rates of interest should be kept down. To this end, governments have passed laws fixing certain rates of loans, which it is
deemed legal to charge, and illegal to exceed. It is now considered, by an immense number of intelligent men, that these laws have
failed in their aim; that their effect is to increase, not diminish, the
rate of interest; that they deter the timid from lending when the
market rate is higher than the legal, while the bold disregard them,
and charge proportionally for the risk; that they are necessarily
evaded by circuitous devices, and thus encourage a feeling of disrespect for law; that they are a violation of the fundamental maxim
that trade prospers best when untrammelled by legislative enactments, and therefore should be repealed. The repeal of the usury
laws is a matter of experiment; the result can now be only conjectural. If the effect would be to lower the rate of interest, and prevent those ruinous fluctuations, by increasing the number of lenders,
in times of scarcity, they shozld be repealed; and the arguments
that have been adduced by able men in England and America,
for many years, are sufficiently strong to justify the experiment.
The first usury law, which was passed in England in 1554, had for
its object, not to prohibit the lender from charging interest beyond
a certain sum, but to authorize him to charge ten per cent. Previous to that, it was considered unjust to charge interest at all.
Aristotle argued that, as money could not produce money, no return
could be equitably claimed by the lender. This prejudice is still
supported by law in Mohammedan countries. Calvin was one of
the first who saw and exposed the fallacy of such notions; as Bentham was one of the first who exposed the inefficacy of the usury
15*




174                 A PRACTICAL TREATISE
laws. Subsequent English statutes reduced the rate, first to eight
per cent., and then to five per cent.  In 1833, the British parliament abolished the usury law in respect to mercantile paper, for a
certain period of time, and a recent act continued the exemption
until the Ist of January, 1856.*
* Extract from a letter written by the author to a friend on the usury laws:
"Antiquity of a usage is no proof of its justice. People frequently acquiesce
in established evils, and console themselves by thinking they could not be
otherwise. An emperor of Japan thought he would have died of laughter on
hearing that the Dutch had no king. The Iroquois could not conceive how
wars could be carried on with success, if prisoners were not to be burnt.
The Roman law allowed creditors to cut their insolvent debtors into pieces;
the Scotch placed them in a pillory; the English imprison them in jail; all
of which they thought right, and we think wrong.
" The repeal of the usury laws is a simple matter of policy. Principle
has nothing to do with it. If it is once admitted that interest may be taken
at all, a uniform unvarying rate of interest can never be justly established.
High and low interest are relative terms-what may be high at one place
would be low at another. There are hundreds of men in the Western States
worth their thousands, who would be penniless to-day had they not been
able to borrow money, some dozen years ago, at twenty-five per cent.-'Squatters' have frequently paid a higher rate, and done wisely by so doing.
They select their location; capitalists attend the land sales; buy their
claims; give them bonds for deeds on payment of double the amount in
from two to four years. This is a customary mode of proceeding, and it is
one way of evading the usury laws. Many of these tracts are now worth,
in their wild state, from $50 to $80 per acre. Interest on borrowed money
is generally the cheapest form of credit. Every body knows that goods can
be bought in the Eastern cities at from ten to fifteen per cent. lower for
cash, than upon a credit of six months. The buyer, with the cash in his
pocket, has also the range of the market, which is no mean advantage.
Whence did legislators get their wisdom to know what interest all men,
under all circumstances, could afford to pay?
It has been said that several of the new States tried a repeal of their
usury laws, and were compelled to re-enact them. The trial was not a fair
one; the time of repeal was too short. The attention of capitalists had not
been specially directed that way. In Indiana, interested men took occasion
to ascribe the ruin of the' speculating times' to the repeal of the usury
laws, when, it was really the principal and not the interest that ruined men:
and, in Wisconsin, the time of the repeal was very short. To my personal
knowledge, just before these laws were re-enacted, a number of capitalists




ON BUSINESS.                        175
The lender and borrower do not, under the present system, meet
each other face to face. A dealer in money, usually called a banker,
acts as an intermediate party. He borrows of one party, and lends
to another; and the difference between the terms at which he borrows and those at which he lends is the source of his profit.
Banks are of two kinds; public and private.     A  public bank is
that in which there are numerous partners or stockholders, and
they elect from their body a certain number as managers or directors. A private bank is that in which there are but few partners;
and these attend personally to its management.  The banks of the
United States are generally public or joint-stock banks.  In so far
as they facilitate loans, drawing into active operation small sums of
money, and accommodating those who are in need of additional
were arranging plans to invest over a million of dollars in that State, on
terms equally as beneficial to the borrower as to the lender. The experiment of repeal should be fairly tried, especially in the Western States; and
I believe millions of dollars would flow in from Europe and the East; rates
would be comparatively high at first, as they now are exorbitant, and then
gradually sink to a general level,
*        *         ~        *        *                  *,  *
"But, banks of circulation, I think, should be restricted in their charges.
They create money, and can monopolize money. They are endowed by the
legislature with a species of money-manufacturing privileges, which the constitution has placed in the hands of government alone. This high prerogative is justified solely on the ground of public benefit. Their ostensible
object is not to make profit for themselves, but to facilitate the trade of the
community. Petitioners for a bank charter do not openly solicit legislative
interference in behalf of themselves or their friends. This would not look
patriotic. Public good is the plea. A clear distinction should, therefore,
be made between incorporated banks and individuals. Deriving their sole
existence from law, partaking of the delegated powers of government, law
should direct their mode of management, nature of business, and amount
of profits. A rigid regard to thepublic good seems to require that they should
exchange their notes for the notes of individuals, under careful regulations,
charging a difference merely sufficient to pay the expenses of management,
ind, perhaps, that average of losses, which will accrue under the best management, and directors should be paid for attending to the wants of the
community. At all events, the extent of their powers should be distinctly
defined."




176                A PRACTICAL TREATISE
capital to carry on their transactions, they are eminently useful;
but to this is added a dangerous feature. They are incorporated by
the legislature, with power to issue bills which shall circulate as
money, and with limited liability. While there is not enough metallic money in a country to facilitate exchanges, or it is too unwieldy to be generally serviceable, paper money of some kind
seems desirable; but the creation of this paper money is a privilege too solemn to be delegated to unofficial and irresponsible indi
viduals. The benefits and evils of the American Banking System,
however, are a field too extensive to enter upon; and as it has been
made a political question, it is necessarily excluded from consideration, in accordance with our original plan.-Taking things as they
are, all that we propose doing is to instruct the uninitiated in a
few of the ways by which money has been and can be made. In
doing so, we will notice the speculative ways first, and the honorable mode afterwards.
The first step with bank speculators is to apply to the legislature
for a charter for a bank; say with a nominal capital of $100,000,
divided into a thousand shares of $100 each. It is provided in the
charter that, as soon as a certain sum shall be paid on each share,
the bank shall commence operations. The payment of the other
instalments is left to the discretion of the directors. The speculators themselves subscribe for the whole of the stock, and pay the
first instalment, say $5, on each share; and the bank commences
business, and issues notes perhaps to five times the amount of capital paid in. The notes are then borrowed by the speculators, and,
being current as money, they are used in their private speculations.
The interest which they pay as borrowers, they receive back again
as stockholders; and thus they have a great advantage over their
neighbors. The other instalments are arranged by the discounting
of stock-notes, and the payments are merely nominal. This is the
first way of making money by bank speculations. It is not generally practised; but it has been and can be done.
The second way to make money is to manage the bank so that it
will declare a large dividend the first year. If it declares a dividend of ten per cent., the stock will be worth in the market $150
a share. The speculators will then sell the largest portion of their




ON BUSINESS.                    177
stock at this rate to parties who will not interfere with the bank
management, and invest the proceeds in substantial property,
retaining enough, however, to keep the control of the institution
in their own hands.
Another mode of getting money is to act the part of the syren in
the fable; to tempt men of an ambitious disposition by the proffer
of loans~ to extend their operations far beyond their capital and the
bounds of prudence; and at the very time when further assistance
is most needed, to shut down on them-draw the reins-plunge
them in bankruptcy while the managers of the game, or their
agents, buy up the valuable pieces of the wreck for a song, and
hold for a rise.
Another way is to refuse discounts of unexceptionable paper at
their banking office at legal rates, and buy up the same paper,
through brokers or agents, at two, three, and four per cent. a
month. As corporations have " neither bodies to be kicked nor
souls to be damned," there seems to be no present nor future danger of punishment.
Another way of making money through the medium of incorporated paper-money banks is to deal in government stocks. Voltaire
gives us some insight into this in one of his letters from Ferney, in
Switzerland. "Here I am," he says, " living in a way suited to
my habits, and caring but little for to-morrow: for I have a friend,
a director in the Bank of France, who writes to me whenever
money is to be made in the public funds. Sometimes he writes to
me desiring me to sell, because the bank is going to withdraw its
notes. At other times he bids me to buy; for we are going to issue
a quantity of notes; and so, through the kindness of my friend, I
always make money, though living two hundred miles from Paris."
The honorable, safe, legitimate mode of making money by public
banking is to discount business paper to the extent of the capital
and the average balance of deposits; equalizing loans among the
community, and looking rather to the moral character of the parties applying, and their reputation for prudence, than to the extent
of their business or the amount of their property.
Private banks are more in accordance with the spirit of the age
and republican institutions, than public banks. It is certainly the




178                A PRACTICAL TREATISE
opposite of that rapidity which characterizes the business movements of the age to have discounts only once or twice a week; and
wait perhaps two days for an answer to an application. It is certainly a serious drawback to the full realization of republican sov'ereignty to be compelled to court the favor and influence of some
half dozen directors of an overgrown moneyed institution in order
to obtain a loan. Private banks are free from these objections.
Ihey discount every hour of the day when they discount at all;
and an answer to an application may be had in five minutes. In
dealing with a private banker, the applicant deals as with a private
trader, to whom it is of as much importance to lend, as it is to himself to borrow. The extent of their business depends in a degree
on the disposition they manifest to accommodate their customers.
They are responsible in the whole amount of their fortunes; their
whole faculties are exerted in the management of their business;
and this is the only way that any business can be well conducted.
An able writer has remarked;  All the cities of EIurope have
furnished eminent examples of the power and usefulness of private
capitalists. Unlike banking associations, they combine immense
power in the person of a single far-seeing and capacious mind,
which is the centre of a large circle of mercantile operations, operating around and depending upon it. While it restrains them from
pushing too fast in times of confidence and prosperity, it puts out
the hand and supports them in the hour of adversity. It was a
remarkable fact on the occasion of a political revolution and change
of government in Paris, with the presence of a foreign army, that
very few failures occurred among the mercantile classes; because
the private capitalists, understanding perfectly the nature of the
crisis, instead of partaking in a common panic, and rushing headlong to ruin, as is always the case under such circumstances with
corporate institutions, extended liberally and freely their aid to all
their customers, carrying them through their obligations as they
matured, until the return of the political calm; when business, reviving, brought back their means with safety and profit to all
parties.  The prevalence of banking corporations in this country
ilas hitherto stifled the growth of this class of citizens, who are emphatically the pillars of the State.  They form the only resource of




ON BUSINESS.                    179
the government, in furnishing forth its armies to beat back the invading enemy, and in supplying revenues which perish with the
cessation of commerce. At such times paper banks are crushed
with the weight that leans on them. Of late years public banking
has been going out of favor, and individual genius and enterprise
are rapidly assuming its position. The public are already, in cheap
exchanges and superior facilities, experiencing the superiority of
individual over corporate bankers."
In London, private bankers do, probably, the largest portion of
the banking business of that immense metropolis. They discount
bills, receive deposits, and, in some cases, allow interest on deposits.
In Scotland, it is customary to receive upon interest even small
sums, and also allow, interest on the balance of a running account.
In our Eastern cities, private banking is not known as a distinct
profession, and broking and stock-jobbing by no means compensate
for the want of it. In the western States, the business of private
banking flourishes to a considerable extent. A deficiency of banking capital, and the demands of commerce called it into existence,
and the competition among borrowers for money has made it the
mnost certain, and perhaps the most profitable business of the WVest.
In Cincinnati, of late years, private banks are a marked feature.
The capital of the public banks of the sixth city of the Union is
little more than one and a half millions of dollars, and their notes,
as well as gold and silver, are at a premium, and of course rarely
seen. It is easy to perceive that this is a mere' plum" for the
directors and their friends, with a slice for the pork merchants.
Traders, manufacturers, and mechanics, keep their accounts with
private bankers, partly from necessity, and partly from preference
The latter usually allow an interest of six per cent. on current de
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 quarter or one and a half per cent. a month. It is customary with several of the private banks to make temporary loans to their customers, on individual security, without requiring indorsers. This is a
good plan; and we believe that the general establishment of private banks will essentially modify the inconvenient and dangerous




180                A PRACTICAL TREATISE
system of indorsation, now made necessary by the demands and
regulations of incorporated banks.
Private banking is a business that should receive the consideration 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 are
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 XII.
GETTING    MONEY BY INVENTIONS-PATENT MEDICINES,
ETC.
" IT will be perceived that the number of patents, compared with the
nfmber of applications, is as three to four, nearly.  I have had occasion to remark, in previous reports, that the number of patents cannot 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 previously.  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 example 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 sufficiently comprehensive 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
16




182                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 safety-valve when the pressure of competition in regular 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 imprudent 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, succeed 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 advance 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 desires 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 solicitous to polish those of other men." The field of original invention-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 agriculture, 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 motive 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 archmagician'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 invention to imitate nature, the maturity of science and art to tread in
her steps."
We have quoted the extract, at the commencement of this chapter, from a report made by an experienced officer of the patent department, as a word of warning, that those who are wasting their
time and substance, and neglecting their business, in trifling experiments, 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 information, 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 improvement 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 cupidity 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 medical university. At his first lecture he burned the works of Galen
and Avicenna, and asserted that there was more knowledge in his
cap than in the heads of all the physicians, and more experience
in his beard, than in all the universities. Great and learned men
were among his patients; and the noted Erasmus consulted him.
lie boasted that he had discovered a panacea which would cure all
diseases at once, and even prolong life indefinitely; but, unfortunately 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 discoveries 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 consumption.  The idea is a good one, though the mode of management 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 physicians, and certified by them as safe, and ordinarily 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 probably be said of patent medicines.
As a pursuit the patent medicine business is not more successful 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 splendid 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 considering alone the actual cost of the stock; hence thousands have
been rashly invested in the manufacture and distribution of remedies 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 establish agencies in every part of the country; it being almost without
exception a commission business, and this is the only means of extending it. Of course, without a very large capital, nothing of
late years can be done to compete with the already established remedies. Townsend labored two years, and accomplished nothing.
Finally, Mr. Clapp, of Albany, who is wealthy, joined him, investing 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), seeing such a demand for patent medicines, and knowing that if they
did not, others would sell, have made up' cure-alls,' and distributed 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 competition 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.
"CWe 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 medicine. 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 recommendation 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 Providence 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 London, by manufacturing many articles to be taken for the same complaint. 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 philanthropy 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 when
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.'




ON BUSINESS.                    189
CHAPTER XIII.
HOW TO BECOME MILLIONAIRES-OPINIONS OF
MILLIONAIRES.
MANY of those who have risen to elevated positions by unlocking 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.
ROTHSCHILD'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:i. "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; 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 off-handed man.
3. "Never have any thing to do with an unlucky 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 bold. 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 accnozoledgecl fundamental
maxim, will soon perceive that particularly two principles were
never neglected by this banking-house; to which, besides to a prudent 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 capitalsthat 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 themselves independent of the play of accidents."
DAVID PICARPDO, 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 can 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




ON BUSINESS.                   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 partnership 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 inr banking.
In 1811, he had $1,000,000 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.
Hie 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 little
"C actions."




192                A PRACTICAL TREATISE
A gentleman from Europe purchased a bill of exchange on,
Girard, to defray the expenses of a tour to this country. It was
duly honored on presentation, but in the course of their transactions, 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 apologized, and tendered him a six and a quarter cent piece, requesting
the difference. Mr. Girard tendered him in change five 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 (Giiard), 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 themselves," 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 his 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 savings he invested in lots around Cincinnati, the rise of which was
the foundation of his fortune. He then turned his attention entirely 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 horsestealing, and who had nothing else to give, two second-hand copper 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 $500,000. 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




194               A PRACTICAL TREATISE
however, that the taxes in Cincinnati are no trifle on any amount
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 indispensable requisite, that a man who desires to get rich, should be
from Jersey, where he himself hails from. I regard this as metaphorical 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 OF BOSTON, of fifty years' standing, who is represented 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,
" D) YOU WHAT YOU UNDERTAKE THOROUGHLY.
BE FAITHFUL IN ALL ACCEPTED TRUSTS.
"C I am satisfied they have served me well threescore years."
JOHN FREEDLEY'S never-varying motto was, self-dependence, selfreliance.
" It is a mistaken notion," he writes, " that capital alone is necessary 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 successful in 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, perseverance, and industry; and these qualities, whether in the East,




ON BUSINESS                     195
West, or South, sooner or later, will crown the aspirant with suc3ess. But to enable any new beginner to succeed, 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 independent-to have the means of livelihood without being under obligations to any person; whatever more is acquired increases the
power of doing good and extends influence."
JOHN GRIGG, of Philadelphia, the founder of the well-known
publishing house of Grigg & Elliott, and G. 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.
Tis 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 his
sincerity, honesty and ability. 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, "d 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, which 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 begin to save, the moment they enter 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 denying themselves any of the real necessaries and comforts of life.
Our people are certainly among the most improvident and extravagant on the face of the earth. It is enough to make the Merchant of the old school who looks back and thinks what Economy,
Prudence and Discretion he had to bring to bear on his own business, (and which are in fact the bases of all successful enterprize,)
start back in astonishment to look at the ruthless waste and extravagance of the age and People. The highest test of respectability 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
cannot be safely entrusted with wealth.
II. To industry 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 implicitly 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. Remember 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 others to meet their own engagements 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 minutice 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 emploiyments of less consequence is the most'successful introduction to
great enter2prises.  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 acquisition-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 pecuniary, 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.
VII. 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 beginnings; 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 tJiing, 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 relating to business, trade,* &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 McDONOGH, 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. McDonogh,' You are a very rich man, and I know
that you intend to leave all your property to be expended in charitable 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 came 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 become acquainted with the Spanish
* Mr. Grigg has sent me a note for this edition, that he would like to
add that every merchant should have a copy of the Merchant's Magazine,
De Bow's Review, and (ought I to mention it?) Freedley's Treatise on Business, an elementary treatise on the principles of Business. " Every counting-house, every private and public Library," he has been pleased to add,'' should have 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 spending 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, I obtained their goodwill 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 influence 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 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 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 observe, 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 Almighty with fervor and zeal, and you will be sustained in all your desires. I never prayed sincerely to God, in all my life, without having
my prayer answered satisfactorily.' He stopped, and I said,' Is this
all?' 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 company,'have you followed his advice?"
"' 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 become rich, he must corrupt the high, oppress 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 the




200                A PRACTICAL 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 periodical, whether religious 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 perception 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
in the " slough of despond" and the morasses of poverty, will be
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 abstract. A rule may be good, though the instance given to elucidate 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 rules 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 matter of extreme doubt.  It is a plan that, though harmless in itself,
has lost its originality; and from abuse has fallen into discredit.
I. McDonogh's first abstract rule for success in life is " to obtain
the favor and influence of the 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 inconsistent with the adoption of the third rule, prayer, which completes the system. A man cannot pray to the " Almighty with
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 desires 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 shantees, 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. But independence,
to be admirable, must be perfect. The man who aspires to the
virtue of absolute independence must stand like an iceberg, isolated and alone, disdaining all connection with the mainland of
humanity. Hle 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




102               A PRACTICAL 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
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 office? Court the
favor of those who have offices 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 unnecessary 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 patronize 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 whenever 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 choose his time opportunely-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 magistrates; to be ready to every good work; to speak evil of no man:
to be no brawlers; but gentle, showing all meekness unto all men."*
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 pronounces "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 construction than those which Mr. MIcDonogh 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 seamen?  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 PRACTICAL TREATISE
We think it has a great deal of meaning in it, but does not embrace 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 recommendation is physical strength and stupidity. The business of clerking,
or agendizing, in the United States, is, at the present time, overstocked 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 educated, 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 various 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 are
desirous of increasing their fortune, will endeavor to have constantly 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.
We think it means, in the third place, that whereas it is a wellknown fact that men of talents and learning delight in the company of active, intelligent, business men, who possess more of the
world's comforts than themselves, the man of business, who is desirous of increasing his fortune, should encourage their visits by
polite, flattering attentions, all the while keeping both ears open




ON BUSINESS.                    205
to catch information or suggestions from them, which, though
useless to themselves, he may appropriate to his own great advantage.
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 services; or should associate himself with them in a limited partnership, and divide the profits. Thus one capitalist may share the
profits of a dozen different establishments, and yet be a great benefactor. There are hundreds of able men, in all countries, who are
useless to themselves for want of capital, and whom capitalists
should seek out; and there are thousands of men, of splendid talents in their way, who are utterly incompetent to manage a business for themselves, even if they had the capital, but who, associated with men of a different 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 mankind 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 qualified 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 learning, and learned men would be made happy in the partial enjoyment of the comforts of wealth.
III. McDonogh's last rule is prayer. This is all that was want18




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 the
character; it curbs that levity and frivolity which trifle with important concerns, viewing every thing as a game; it gives a restraining power in the hour of temptation, and makes simple faith
mightier than wisdom; it creates a subdued enthusiasm, a calm
confidence in eventual success that no present danger can overthrow-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 efficacy
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 denied 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."  *  *  *  "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."
Revelation 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 understanding. In all thy ways acknowledge him, and he shall direct
thy paths."  Prov. iii. 5, 6. " Call upon me in the day of trouble. 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
seeketh mischief, it shall come unto him. He that trusteth in his
riches shall fall; but the righteous shall flourish as a branch."
Prov. xi. 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 humblest
individual in the land. What 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 curtain, and spreadeth them out as a tent to dwell in."
I must close this chapter, and the whole subject of "Getting
Money;" and I 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 confidence 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
CHAPTER XIV.
LOSING MONEY.
CHANCES OF SUCCESS-CAUSES OF 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;
perchance, we may see our way clearer, and possibly discover the
post of safety, if not of hpnor.' 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
our chances of success; and, secondly, as to the causes of failures
and their remedies, if any.
CHANCES OF 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
startled many, and attracted the attention of business men in all
parts of the country. Freeman Hunt, Esq., of the iferchant's
Miagazine, wrote to General Dearborn for a copy of his remarks,
made in connection with that statement, which he placed at his disposal. 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 considers himself a freeman 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 broadcast over the territory, and had their villas, their castles, and chateaux 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 consequence 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 horticulture, 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 intelligence 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
1.8i




210                 A PRACTICAL TREATISE
wealth; and it is equally as remarkable, that those who have accumulated 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 sentiment, 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 competence and independence in the country, why they should not seek
to enjoy the refreshing exercise, the delightful recreations, and the
privileged hours of retirement 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 uncorrupted
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 extensive 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 with great
distrust that I came to this conclusion; but, after consultzig 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 they 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
humble 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 Milton here may rest;
Some Cromwell, guiltless of his country's blood.' "




ON BUSINESS.                      211
The following confirmatory remarks of of an intelligent gentleman from Boston appeared in the Farmer's Library:"The statement made by General Dearborn appeared to me so
startling, so appalling, that I was 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 relating 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
Jive in one hundred remained. They had all, in that time, FAILED, OR
DIED DESTITUTE or PROPERTY. I then went to a very intelligent director of the Union Bank-a very strong bank. He told me that thebank 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 thousand accounts which were opened with them in starting, only six remained; they had, in the forty years, either failed or died destitute of
property. Houses, whose paper had passed without a question, had
all gone down in that time. Bankruptcy, said he, is like death, and almost as certain; they fall single and alone, and are thus forgotten;
but there is no escape from it, and he is a fortunate man who 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, within a few days, I have gone back to the incorporation of our banks in
Boston. I 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 fail to a dead cer.
tainty."




212                A PRACTICAL TREATISE
CHANCES OF SUCCESS IN BOSTON, PHILADELPHIA, AND NEW YORK.
NAHUM CAPEN, Esq., Editor of the Massachusetts 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.
HON. TRUMAN CLARK.
MY DEAR SIR: In accordance with your wishes, I 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 commonwealth, for the purpose of collecting information for the Massachusetts
State Record. As these returns were imperfect, I deferred any publication of them till another year, when probably I 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,
56; number engaged mostly in navigation, 9; number of failures
reported, 357.
Business of Ban7crupts.-Farmers, 59; manufacturers and mechanics, 182, including 70 boot and shoe manufacturers; laborers, 9; innholders, 1; speculators (farmers), 4; ministers, 1; traders, 63; business not stated, 48. * * *
It does not appear, from my returns, how many farmers failed in
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 accumulated, 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
sufficient to buy the whole State of Massachusetts, and it would exceed 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 twenty-five years, his fund would




ON BUSINESS.                     213
amount to $5,000. If he were to own the farm, he might have a fund
at interest of $10,000 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 $10,000 in
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 nearly 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
an 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 lalor and anxiety, compared to that 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 New 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 periods 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 bankruptcy; 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...   440,934,615
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 PRACTICAL TREATISE
In the Southern district of New York, one cent was paid, on an
average for each dollar due; in the Northern district, 13k, 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 $1,000
Maine....     i cent "   I00
"Michigan and Iowa..        "  "    100
"' New Jersey...    4 cents to   100
"Tennessee....    4    "  "    100
"Maryland..         1 dollar to  100
" Kentucky...    8 dollars to 1,000
"Illinois....    1 dollar to 1,500
" Pennsylvania, East Virginia, South Alabama, Washington, nothing.
Palmer's Almanac, 1849.
After making every possible allowance for the enhancement of
this enormous amount of debt by inflation of values, speculative
prices, &c., the proportion of $400,000,000, lost by those of the
1,049,603 creditors who were engaged in proper and legitimate
business, must still have been immense, and may justlybe 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 acquiring political or social distinction and eminence, is the more remarkable, 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, for 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 fluctuations 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 distinguish 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 circumstances.' 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; the
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 intemperate.
" 20, 21, 22, 23. Died intemperate.
"26. A firm; one of the partners in another business; one re
moved to New York, and one a clerk.'t 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 abcve
is a sample. I know of but five now in business whw were so twenty
years since. Such is mercantile success."
We regret to say 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 business with the ardent desire of sudden acquisition, and indulging
in golden visions of easily acquired affluence. Taking the experience 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 common caution that men invited disaster upon their enterprises, and
that with greater caution, prudence, and the aid of improved experience, we may escape their fate.
These statements come with a different meaning to different
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 unfortunate, 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 economy, 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 not
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 intelligent statisticians of the country that they attend to this matter.
We find the following in the " Report of his Majesty's Commissioners for inquiring into the Administration and Practical Operation of the Poor Laws, 1834."
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 furnished 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 accommodation 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 particular
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 attributed to any general distress. It is my opinion that 32 of them
19




218                A PRACTICAL 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 speculations,
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 entering into a contract with the French authorities for the supply of
Paris 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 investigation-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 majority 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 suggested 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 permission 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 temptation 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 especially 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 commercial 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. Suppose 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 butcher on credit, and, in
the mean time, low prices of produce, or a scarcity of money render the farmers unable to pay their debts to the country storekeepers-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,
and 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 expenses-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; bad legislation; defective personal habits; and
excessive use of credit.
Accidents do not occur so frequently as we might suppose. Insurance 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 failure 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 embarrassment. 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 existing laws are liable to a serious loss from a change of the laws; and,
on the other hand, capitalists, aware 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 productive 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 in 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 prominent mental attribute of a good legislator is, soundness of judgment.  He should also possess stern integrity and business habits.
Ability in discussion is no recommendation, but a decided disadvantage; and is rarely associated with superior judgment.  The
man who can make a three hours' speech is prima facie incompetent for a legislator; and those who have spent a considerable portion 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 discerning what is true, as if it were a praise to know what might be
said, and not what should be 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 have referred to convertible and inconvertible currency. Do you
think that any system of currency, convertible or inconvertible, can be devised, 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
beyond their means; but under a proper systenz, there would not be whole rows
of perfectly innocent people knocked down as there have been lately."-CHARLES
TurntNEn. 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 settled 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 Parliament are often clumsily drawn, but they generally hit the grievance between wind and water. Every thing is for use, and nothing
for show. Parliament is, in short, a factory for the making of laws,
and they will no more listen to a professor's discourse on the principles 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 business 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 perception, 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 surp
of himself. One glass at certain times will produce more intoxication than five at other times. Occasional periods of excess, though
more disgusting, are less dangerous than habitual tippling, provided the debauchee takes the precaution to transfer his business in




ON BUSINESS.                     223
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 gradually 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 unguarded 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 business is a personal matter that frequently results in failure. Men 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 began 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 instance, 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 DryGoods 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 1847, realizing therefrom over two thousand dollars, says he
would willingly give all the money he made in'47, and five hun



224                A PRACTICAL 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 belong to our importers. They are merely the factors; 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 resident 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 exports, 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 speculator) 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 exlpenditure. 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
C more than they could reasonably hope their profits would be,
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;" that he who spends as much
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 Journal 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 income, 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 investigation, that the large estates of the 175 individuals who possess
one-half of the whole property in this city, have been solely acquired 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 small




226                 A PRACTICAL TREATISE
sums, compounded with interest, and finally summed up at the
termination of a long life, as exhibited in the following abstract:TABLE SHOWING THE 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  $360  $790 $1,540  $2,900
54      "       20   "   260    720  1,580  3,080   5,800
84      "       30   "   390  1,080  2,370  4,620   8,700
11       "       40   "   520  1,440  3,160  5,160  11,600
13-      "      50    "   650  1,860  3,950  7,700  14,500
274      "      100   " 1,300  3,600 7,900 15,400   29,000
55       "      200  "' 2,600  7,200 15,800 30,800  58,000
82       "      300   " 3,900 10,800 23,800 46,200  87,000
$1 10       "     400' 5,200 14,400 31,600 51,600 116,000
1 37       "   - 500    " 6,500 18,000 39,500 77,000 145,000
By reference 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 threescore and ten years, the aggregate, with interest, amounts to $2,900;
and a daily expenditure of 274 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 farm. There are few
mechanics who cannot save daily, by abstaining from the disgusting 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 by about a dollar per day will find himself
similarly possessed of $116,000, and numbered among the one
hundred and seventy-five men who owzn 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 thousand 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 dollars. Extend the time eleven years, and this sum, great as it is,
becomes 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.
Waith the plain statements of actual results before us, it cannot,
therefore, be a matter of surprise that the present general prevalence 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 advancement 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 expenditure compels them to resort to accommodation bills, and other
means of supplying their necessities. Dr. Johnson has observed
that c 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 PRACTICAL 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 goldsmith 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 difficulty
that he met, in providing the requisite funds, that he was putting
at risk-perhaps the accumulations of his life; and was led, therefore, 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 dispatch 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 Canton, for instance, for teas or silks. To pay for them, bills or orders
to receive money in London would be given. Although the Chinamen would not want such bills for their own use, the English, from
whom they purchase 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 people to engage in business in which they had no previous experience,
und for which they have, in many cases, suffered severely themselves, 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 purchaser 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.*
But 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 affairs 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 resign 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 amusements must be of the same princely order. In'course of time,
however, their dignity and business collapse together, carrying
* Hon. 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
tro;zundous shock on the India trade, were immediately tracealle
to an error of this kind.  They invested their own capital, and
that intrusted to them by others, in indigo factories in India, conducting their home business on credit, and, as can be easily understood, 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 th  a-Sile c-ause.
Messrs. Reed, Irviung,-  Co, Ilv- failed in'46'47, for an immense 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 information was elicited. Several distinguished merchants gave their
opinion as to what constitutes overtrading. Charles Turner, a merchant of Liverpool, says: a 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 examining 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 with a house in London to the extent
of two hundred th)usand pounds; that is to say, the friends of this




ON BUSINESS.                    231
house 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 overtrading."
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
offices. 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 disasters in his trade; but to trading beyond his capital, an imprudent
meddling with land speculations, bonus operations, and their consequent usurious interest.
What are the remedies for an excessive use of credit?  The remedies 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 definitions, and attend to it. We venture, however, to predict that, in
less than fifty years, gold and silver will not be the only legal tender; 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-proportioning 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 PRACTICAL TREATISE
case of wages, will be repealed, and transactions between individu.
als reduced to a cash standard. But, until the laws aid us in keeping aloof from danger, our only remedy is a moral or personal one.
The leading causes of failure, which we have noticed, are founded
on a desire to get forward too fast-an ambition, on the one hand,
to get rich without labor, and, on the other, an impatient desire to
enjoy the luxuries of life before we 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 impediment of the mind." The facts which we have given, and
which cannot be disputed, afford us powerful arguments for regulating and moderating our desire for gain; and a careful observation of the world will confirm the resolution. It is certain that the
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 judgment, and misleads into visionary schemes and ruinous speculations, 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 wisely. 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 unsought 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 riskswho urge us to plunge in where the business is most weighty and




ON BUSINESS.                    233
important. We must 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 occasionally 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 result, 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 materially improve our chances of success, and at the same time
strengthen the character and increase our happiness. The Hon.
Thomas G. Cary, an eminent merchant of Boston, and formerly a
director of the U. S. Bank in its palmy days, in an address delivered some years ago, has furnished us with some excellent incentives 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 meeting
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,
207




234                A PRACTICAL 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 only 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 command, 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 endangering 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 treacherous 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 determination 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 pursued ten years sooner or ten years later, might have been successful, yet owing to causes entirely beyond his own control, it could not
possibly succeed when he attempted it: and that it required all the
skill that he possessed even to avoid ruin.
In truth, the path that leads speedily to wealth is generally discovered, when found at all, by some accidental concurrence of circumstances. But the turnings that lead to failure and disgrace can
be seen from afar; and may, in most cases, be avoided by seasonable 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 be vast, if her aspirations for
his greatness, which are, perhaps, sowing the seeds of selfish and
fatal ambition in his mind, should be exchanged for the spirit of
real affection, that would instruct him in the virtues of industry
and truth. In a word, it does not lie with the young mtn, when
he begins life, to say whether 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 PRACTICAL 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 unnecessarily endangers the failure of those who rely upon him in
order to meet 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 probably 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 catastrophe of failure seldom comes at once. The shadows of it are
often cast before. As they deepen and thicken, they offer continual temptation, hard to resist. In this protracted agony, it is
that men commit the greatest errors-errors, which, with sometimes 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
iKnows 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 next thing to be-done is to consult judicious friends. If it be




ON BUSINESS.                     237
hard for a man to look steadfastly at a painful and humiliating
truth, still harder is it for him frankly to make it known to
others. Yet it must be done, if we would profit by the advice
of friends. And, lastly, it is the duty of a man, in these circumstances, to counsel with his creditors; for it is their interest 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 disclosure, a full surrender, and an equal distribution.
Another consideration is the treatment of debtors. When creditors are notified of a failure, all opinion should be suspended
until a thorough investigation is had.  A   clear distinction
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 confidence, 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; that he suffered the debt to be contracted with the hope of advantage to
himself; that he proportioned the profit to his own opinion of
the hazard, and, that there is no reason why one should punish
another for a contract in which both concurred."  But a failure
from evident misfortune merits not only liberal, but kind treatment. 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 his calamity
cometh."
Finally, the world should remember that,
" They wha 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,
Yet hae nae cash to spare him."




238               A PRACTICAL TREATISE
CHAPTER XV.
SAVING, SPENDING, GIVING, TAKING, LENDING, BORROWING, 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 resolve 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 efforts used in acquiring capital train to habits
of business which, as we have before shown, are necessary to success, 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 themselves in
the world, are the most successful. It is astonishing on how small
a sum a man who is determined to save, may live comfortably.
One of my predecessors in the  Art of money-catching," as he
has entitled it, has girsn " directions for preparing fourscore good
and wholesome dishes, on most of which a man may live for twopence a day." Every thing depends upon the habits and associations 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
jigs to a milestone as to hope to make headway in the world, or
to retain it if thrust upon him by others. A particularly fast
man, with an ardent admiration of "good stock," will very probably discover that his business and money took to flying when he
took to riding. An excellent judge of good wines, or a connoisseur 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 wlwich 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 debt, which no one can fail to pay without moral bankruptcy. It is a debt so binding in its nature that physical impossibility to have the means to discharge it is the only sufficient
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 intelligently,
and in accordance with the precepts of the gospel, all could attain
twice their present ratio of prosperity with one-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-sickening sight, as in the Old World, to see the extremes of unbounded
affluence on the one hand, and miserable degraded poverty on the




240                 A PRACTICcAL TREATISE
other. Truly, as I once heard an Irishman observe when speaking of a famished countryman who 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
keep his patience." It does prove that there is something radically 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 proporly used what they rightfully obtained. They have not borne their share of the bulrdens 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 religion. Supposing the population of Great Britain to amount to 16,000,000,
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, have incomes averaging
~500; the tenth of these incomes would produce a sum of ~2,000,000.
Supposing the tenth part of the remaining population, 196,000, to have incomes of ~200 a year, the annual tithe would be ~3,920,000. Suppose the
remaining 1,764,000 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 twenty millions of pounds, which is 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 getting
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 one time 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 possibly be able to give without unremitted industry. A preacher, on
one Sabbath morning, will speak so disparagingly of the worldliness 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, proone 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
numerous 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 to 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 keeping up the pomp and dignity of a station is to be set 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 service 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 Christ
ian name."-Thomas Dick, LL. D.
21




242                 A PRACTICAL TREATISE
bably, he will argue for an amount in charity-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 a right perception of the just claims of all who
are born on the earth to the necessaries of'life, but with a seemingly
wrong conviction that we all are demented, would haie 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 waistcoating. Our doctrine would'be totally different from this.  We
would say to the modern philosophers who sincerely desire to benefit and reform mankind: Admit that the choice of the mass of mankind, in devoting themselves energetically to the physical improvement 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 principles, 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 get 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 charitable 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 villanous 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 beautiful of women, and he must constantly undergo the pain of refusal,
or be beggared. If he gives to street beggars, he is liable to imposition; 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 regularly as his tax bill. The penalty for non-payment should be publication 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 [ REATISE
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 accumulated 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 Government, 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 substance 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 accomplished 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 justifiably 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 subordinate, 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 disposition 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 cases, into avaricious errors. His case, as being most common, and that in which
men are least on their guard, deserves to be the more closely considered.
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 saving for a provision 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 insufficient 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
them from the necessity of earning the main part of their livelihood;
for, unless a man's property be large enough tofind him an occupation 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 primogeniture 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 husbands, and in most cases 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 inferred that rich men would. HIe might be mistaken in his inference, 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 limitation of choice, who needlessly adds wealth to the number of essentials. 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 transferred. It may be that the cares, duties and responsibilities of a




ON BUSINESS.                   247
large property and a high proprietary station are not suitable to a
widow in the decline of life; but this is not left for her to determine, 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 money.  The art of living easily as to
money, is to pitch the scale of living one degree below 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 per se.
Let yourself feel a want before 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 undecided 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 implies 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 trouble 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 ofa weak craving for the blandishments of
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 prodigality 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 represented 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 weakness and softness in which it begins will not prevent the hardheartedness 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
When you give, therefore, take to yourself no credit for generosity,
unless you deny yourself something in order that you may give.
I have known 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 flattered 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 income 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 sympathies 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
choice as well as in the cost of it. I have known a couple who
married on ~300 a year receive three carriages 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 there 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 practices of the present time founded. It is not an uncommon thing
amongst some persons, with peculiar notions of doing things delicately, for contributions to be conveyed to some decayed gentlewoman 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 occasion 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 pretences 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 feelings in those who receive.  God sends misery and misfortune into
the world for a purpose; they are to be a discipline for His creatures who endure, and also for his creatures who behold them. In
those, 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 thought,
subduing, for the moment, at least, the light, vain, and pleasureloving 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 themselves and by themselves, I by no means disparage; there is a time
and a place for them; but things which are excellent at one time
and occasion, are a mere desecration at another. It is much more
easy to desecrate our duties, than to consecrate our amusements;
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 ministers
to selfishness in others; and it should be our care to give all
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 cannct 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 wisely and 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 becoining 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 displeassure. 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 embarrasment.
", An unthrift was a liar from all time;
Never was debtor that was not deceiver."
lThe refusal which is at once the most safe from vacillation, and
perhaps as little apt to give ofence as any, is the point blankc refusal
without reason asstgned. 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
should be prepared, therefore, to suffer in reputation as well as in
their purse. Let us learn from the son of Sirach: " Many, when




oN BUSINESS.                    253
a thing 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 submissively; 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 be rarely found that a person in a fair condition of life is allowed to sink unassisted into extreme indigence
without some serious fault and offence; 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 altogether approve his conduct, but think it would be ungenerous in
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
22




254                A PRACTICAL TREATISE
favors; he has incurred whatever humiliation belongs to it; and
having begged once, it costs him comparatively little to beg again.
This process of begging and borrowing goes on, therefore, becoming continually more frequent and less efficacious; and as the borrower 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 friendship; 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 embarrassed 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, because 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 asile, expectations generated by the customs of the world are




ON BUSINESS.                     255
sufficient to establish a moral right to inherit, and to impose a corresponding obligation to bequeath. For custom may be presumed,
in the 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 individual 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 disregarded, all expectations to the contrary notwithstanding" What 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 circumstances should be able to find in himself a competency to correct 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 inheritance 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 undue deprivation of 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, without 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 avoid 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 property 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 perform 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
AND
M I S C E L LA N I ES
"iL 27257








LETTERS FROM HON. JOHN FREEDLEY.
MR. —FREEDLEY was born near Norristown,Montgomery Co., Pa.,
May 22, 1793. He was engaged in making brick for a while, but
concluded to abandon "foot" work and try "head" 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 inventory, which he afterwards kept regularly, is dated April 1,
1822, and is $5,68057c.
In 1832 or 1833, he embarked in the marble business, and gradually 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 1
was a simple six 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 did 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 1844 or'45, he disposed of his marble business,
and in 1846, though a Whig, was elected to Congress as Representative 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 December 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 interest 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 stopped. 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.
*            *   *                  -       *.
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.
s to the pol l horizon, I scrcelykno   what to say. The news
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? How 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, July 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 respecting 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 opportunity of the best of information on this subject. The two new members from Wisconsin are in our mess. The one, Mr. Lynde, is a lawyer, and speaks very discouragingly 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 MISCELLANIES.
his land will sometimes be sold on account of the carelessness of the
officer to give credit. He 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 nbn-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
purpose 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 admits that care and attention are necessary. -He is a shrewd discriminating 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 suiveys, 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 $175 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.
J. F.
To E. T. F.
July 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 I
shall be incapacitated for public speaking, and shall decline being a,andidate for a re-election.




LETTERS AND MISCELLANIES.                263
The following is an extract from his " Address to the Free Electors 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 has
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 the
amount of near forty millions, and turned the balance of trade in our
favor, so that specie flowed into the country by millions, which stimulated 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 exports do not exceed one-third of that amount.
The distress existing in Europe has reduced the amount of consumption and prices there, and leaves the market glutted and depressed. 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 mechanic, 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 disappeared-and why?-Because our country is flooded with foreign
manufactures which come in competition with, and undersell our
own, and thus deprive the manufacturing portion of our community




264              LETTERS AN)D 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 laboring 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 advantage on the part of the European manufacturer, so as to give some
security for capital invested in manufacturing establishments here?
The opponents of a protective tariff say it must be by reducing the
wages 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 manufactured 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 experience proves it to be a mistaken notion that a protective tariff enhances 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 consideration 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 same 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 benefit 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 agriculturist, 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 laborer will have plenty of work and good wages; but when the business fails to remunerate the employer, the workman will soon feel his
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, dependent 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 protective tariff law was passed, 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 contrast.  How many hives of industry have sprung up within that
time? How have your cities and towns increased?-thereby affording additional markets to the farmer for his products. How many
operatives and mechanics have, within that time, secured to themselves 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 operatives, 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 cotton mills, by which it appears that at this one establishment there is
paid as wages to operatives, every four weeks, the large sum of $6,100,
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 tradesman. In its ramifications. it sustains the business and affords a livelihood 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 $8,337.
This goes to give employment and support to the miner-the boatman-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 establishments in this Congressional District to which I have already alluded,
each exercising a like beneficial influence in its vicinity by the employment it gives. Now, let us suppose that the policy of our government 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 consequence? These four hundred operatives would be thrown out of employment, 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 throughout the neighborhood would at once feel its withering effect. Property and prices would droop. Those indebted would become bankrupt, and the poor be without support. This effect upon the neighborhood by the stoppage of a factory is but the type of the general
depression upon the whole country where its manufacturing interests
are paralyzed by excessive importations. Bankruptcy and widespread 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 laborer 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 compel him to lessen his expenses by reducing wages, and perhaps ultimately 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 this free trade policy,
to which the Democracy of Pennsylvania have so suddenly and so
strangely become a convert? If the effect is to destroy the business
of the manufacturer, or to coerce the labor of this country into a copartnership with the pauper labor of Europe-if its effect is to check
and destroy that prosperity, that bounding forward which we 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 sellif its effects are to flood our markets with the product of foreign workshops, 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 subsistence: 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.
who 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 wigwam, 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 practical knowledge of the staging
of that country. I w6nt up the Fox River to Neenah at Lake Winnebago, 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 warrants I had given Dr. Darling to locate for me. Ile 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 mortgage 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 assistance 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




LETTERS AND MISCELLANIES.                271
small scale, and gradually expand. I wish to enter into a joint concern with you in this matter, and wish you to go to that country and
make the necessary examination early after September next as may
be. 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;
aind 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 Alabama, 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




270              LETTERS AND MISCELLANIES.
soon 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, judgment, and close attention, and would be in connection with your professional 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 " Nicaragua" fever, though perhaps happily, the attack was light.
June 24, 1850.
YoUR favor of the 8th inst., came duly to hand, and I herewith
send you an article from this day's National Intelligencer, on Central
America, which has had the 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 Nicaragua 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 climate, 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 California, 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
baianas 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 concern with you in this matter, and wish you to go to that country and
make the necessary examination early after September next as may
be. 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;
aind 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 Alabama, 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.
better locations for all kinds of manufacturing than either the Eastern 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 trolble and anxiety have upon my spirits, admonish me
that I would better sit down among my friends, and enjoy my few
remaining days in quiet, divested of the anxieties and cares of business. This would be better accomplished at Philadelphia or at Norristown 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 investments 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 strive at accumulation. So you will see I am not yet able to make to you a definite 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 with 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 apprentice his hopeful son to the law: " Can your son, sir, eat sawdust
without butter?" 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 8000 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 more 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 location, 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 West, gives
a good deal of valuable information on this subject in the following letter and articles:ADRIAN, MiCH., Feb. 2, 1852.
DEAR SIR:Yours of 9th January reached me after a slow progress, characteristic 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 West, including its increase in population, commerce, and arts. As connected




274             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 YzHnt's Merchant's Magazine, is an article
prepared with considerable labor, intended to show, in a bird's-eye
view, the relative growth of the towns of the United States. This
article would indicate the towns or cities which, 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 induced 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 460 miles in length; the other, 247 between Toledo and
Cincinnati. The common trunk of both, extending 70 miles westward to the junction, is over 60 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 practical terminus of the Southern Michigan railroad, now nearly finished
to Chicago. Connecting with this at Toledo, is the Toledo, Norwalk,
and Cleveland railroad in progress of construction, to be finished this
year. A railroad is being constructed from Dayton northward, intended 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
southwestward, are now endeavoring to get up a line of railroad from
Toledo to Terre Iaute. Looking at the map, you will see that railroads may 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 is 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 $1800 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 towvns, for both reason and experience told me, years ago, that investments 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 years. 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 becomes more plethoric, the duplication might be much sooner, and
e converso. All our lake towns of promise are 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 Cleveland, Sandusky, Toledo, Detroit, and Chicago. All afford good society. 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. Population over 5000. What more shall I say, and about what?
Respectfully,
J. W. SCOTT.
To E. T. FREEDLEY, Esq.
The following is an extract from that valuable article in the November number of Hunt's iferchants' Magazine, to which Mr.
Scott above refers, and which I have the permission of the courteous 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 reputation of American books in England, and in 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 certainly 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 reference; and thirdly, he will take the best possible means to put himself 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, for
the last thirty years, in the order of most rapid growth:



LETTERS AND MISCELLANIES.              277
AVERAGE TIME OF DUPLICATION.
Years.             Years.                Years.
Lowell... 4     Zanesville..13  Richmond... 24
Buffalo... 6~   Springfield, Mass. 13  Baltimore... 25
St. Louis.. 7   New Orleans.. 15   Savannah... 25
Rochester.. 7     Boston.... 15    Portland... 25
Cincinnati.. 7   Albany...15~ Wilmington, Del. 25
Louisville.. 8  Philadelphia.. 16  Lancaster, Pa.. 25
Detroit... 8    Hartford, Ct.. 16  Newburg... 26
Columbus, Ohio 8~ Nashville.. 17   Taunton... 26
Pittsburg.. 8~ 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.
Years.              Years.              Years.
Cleveland.. 5   Erie..... 9      Nashville...  14
Columbus.. 5    Louisville... 9~ Lynn..... 141
St. Louis.. 5  Pittsburg... 10  New York.. 15
Sandusky City. 6  New Albany. 10  Troy... 15~
Detroit... 6    Madison... 10   Chillicothe... 16
Indianapolis. 71 Rochester.. 10~ Wheeling... 16
Mobile.. 71 Worcester.. 11  Philadelphia.. 17
Lowell... 8   Newark, N.J.. 12  Providence... 17j
Cincinnati.. 81 Zanesville..12   Hartford..... 171
Marietta.. 8} Syracuse..     13  Washington.. 18
Dayton,.. 81 Lockport... 14      New Orleans.. 18
Bangor... 8     Springfield, Mass.14  New Haven... 181
Buffalo... 81 Fall River.. 14  New London.. 18}
24




278             LETTERS AND MISCELLANIES.
Years.             Years.                Years.
Portland...18, Richmond.. 21   Salem, Mass... 37
Baltimore.. 19  Reading, Pa.. 21   Newburyport..40
New Bedford. 19   Lancaster.. 24  Carlisle... 40
Bath, Me... 19    Savannah.. 24  Charleston, S. C.  50
Utica..... 19      Harrisburg.  24   Norfolk... 50
Boston.   20   Natchez... 25   Portsmouth, N. 11. 90
Albany... 20    Taunton... 26     udson, N. Y.. 100
Wilmington, Del. 20  Poughkeepsie. 28  Newburg, N. Y.. 100
Schenectady..20    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:AVERAGE TIME OF DUPLICATION.
Years.             Years.               Years.
Milwaukie.. 3     Springfield.. 10  Troy...14
Chicago... 3, Fall River.. 10     Wilmington, Del. 15
St. Louis... 4   Hartford... 11  Lancaster, Pa.. 15i
Manchester, N.H. 4  Reading... 11   Patterson.. 16
Sandusky City. 54  New York.. 12   Bath, Me... 16
Columbus, Ohio  6   Boston... 12   Albany... 164
Cleveland..  6   Washington.. 12   York, Pa... 20
Toledo... 6    Rochester.. 12   Utica.. 24
Cincinnati.. 6    Chillicothe.. 12  New Bedford.. 26
Marietta... 7    Philadelphia. 124  Lockport.. 27
Indianapolis. 74  Savannah.. 12   Schenectady.. 28
Pittsburg..      Portland... 12t Newburyport.. 28
Newark, N.J.. 8     Providence.. 12   Norfolk... 30
Oswego... 8    Lynn....12      Petersburg, Va..32
Dayton... 8     New IIaven.. 13   New Orleans.   34
New Albany. 8    Columbia, S. C. 13  Charleston, S. C.. 35
Buffalo... 84 Baltimore.. 13i Portsmouth.. 40
Nashville... 8    Wheeling.. 134  Salem...      42
Detroit... 9    Lowell... 14   Newport, R.I.. 65
Zanesville.. 9   Mobile.. 14  Natchez...  85
Louisville..  9  New London. 14  Poughkeepsie.  90
Worcester..   91 Bangor...14    Hudson...    100
Madison... 9, Richmond.. 14  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 fiom
the wilderness, and take a place on the census list, in successive decennial enumerations.  The figures represent, with an approach to
accuracy, the number of years each place has required, on the average, to double the number of its people.
AVERAGE FOR
60     50     40       30       20     10
Years.  Years.  Years.  Years.  Years,  Years.
New York...           15    14~     15       13      15      12
Philadelphia.          18    20      18-      16      17      124
Baltimore....          17    21      21       25      19      13}
Boston..      21    23      18-      15      20      12
Albany...           16     15     16       154     20      162
Salem, Mass.              50    50      85       60      37      42
Worcester....          21     18     17       12      11       94
Charleston, S. C...     45    45      50       40      50      35
Providence......    23      194      18      174     12}
Washington......   13      164      20      18      12
Richmond, Va.....   24      29       24      21      144
Lancaster, Pa.....    40      35       25      24      15Alexandria, Va.....    50    200      450     440     400
Cincinnati......     64     7        7-      84      6
Pittsburg.....              9      9 9       8     10       8
St. Louis......     94     9        7       5-      4
New Orleans.......    144      15      18      24
Louisville........                8        8      94      94
Buffalo..........      84      64      84      84
Detroit...........     81       8       6       9
Bangor............       10        9       8}     14
Wheeling.......     104       94     16      131
Utica............    12       13      19      24
Wilmington, Del......         174      25      20      15
Newark..........    174      12      12       8
Reading...........    19       17      214     11i
Hartford, Ct..........    194      16      174     11i
Providence.........    194      18      17}     12]




280 L-ETTERS AND MISCELLANIES.
60  50  40   30   20   10
Years.  Years.  Years.  Years.  Years.  Years.
Savannah.......     21   25  24   124
Portland, Me........  21  25  84  124
New Haven......  21  19   18I  13
Harrisburg.........  22  20   22  27
Schenectady........30   19  20   28
York, Pa........ 32   30   29  20
Lancaster, Pa........ 35  25  24  15}
Carlisle........  45  40  40  180
Norfolk, 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   7   14
Zanesville.........     13   12   9
Springfield, Mass.........  13  14  10
Nashville............  17   14   84
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
Syracuse.............  13  10
Poughkeepsie............28    90
Lockport...............  14  27
Lynn.............            144  124
New Bedford...............  9  26
Fall River.............  14  10
New Albany, Ia.............   10   8
Natchez...............   25  85
Madison.............  10  9}
Indianapolis.............        7 7
Cleveland...............  5   6




LETTERS AND MISCELLANIES.                281
60     50     40      30    20    10
Years.  Years.  Years.  Years. Years. Years.
Columbus............     5     6
Marietta.............  8    7
Sandusky City............    5     5i
Dayton.............   5      8
Chicago.................                4
Manchester, N. II...............  4
Milwaukie...............                  3
Toledo.............    6
NOTE. Lawrence, 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 railroads, 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 aliment. The pine barrens extend from the coast some fifty to one
hundred and fifty miles. This has to be past, in connecting Charleston, Savannah, &c., with the country, on whose 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 tee exercise of his talents, to have the means provided of judging of the rela24




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 years in the future. Ought they to be made with
or without knowledge of all the circumstances that may be reasonably 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 real estate.
In 1860, New York, with its suburbs, may be expected to contain
half a million more than her present numbers. ~Where will these be
located, and what will 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 expecting 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, offers 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 future. 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 duration 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 estimated 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
as on those of the latter-other things being equal?
On account of the permanency of the record afforded by the llers




LETTERS AND MISCELLANIES.              283
chant's Magazine, the opinion is here repeated that, within one century, the largest cities of America will be in the interior, and that
Cincinnati, Chicago, St. Louis, and Toledo will be the four largest.
J. W. S.
CENSUS OF CITIES OF THE UNITED STATES IN 1850.
List of Cities and Towns in the United States whose population,
by the Census of 1850, is 10,000 and upwards.
1  New York,       N. Y.... 515,507
2  Philadelphia,    Penn.. 408,815
3  Baltimore,       Md... 189,048
4  Boston,          Mass..           136,871
5  New Orleans,     La.. 116,348
6  Cincinnati,      Ohio,..      115,436
7  Brooklyn,        N. Y..            97,838
8  St. Louis,       Mo... 64,252
9  Albany,          N. Y..       50,763
10  Pittsburg,       Penn...    50,519
11  Louisville,      Ky.... 43,196
12  Charleston,      S. C..       42,985
13  Buffalo,         N. Y.... 42,261
14  Providence,      R. I... 41,512
15  Washington,      D. C.... 40,001
16  Newark,          N. J...       38,894
17  Rochester,       N. Y.. 36,403
18  Lowell,          Mass.... 33,383
19  Williamsburg,    N. Y.... 30,780
20  Chicago,         Ill..            29,963
21  Troy,            N. Y..       28,785
22  Richmond,        Va... 27,482
23  San Francisco,   Cal...       25,000
24  Syracuse,        N. Y... 22,271
25  Alleghany,       Penn.. 21,262
26  Detroit,         Mich... 21,019
27  Portland,        Maine,.. 20,815
28  Mobile,          Ala.      P,. 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  Reading,         Penn...15,748
40   Cambridge,      Mass..                  15,215
41   Savannah,       Ga. estimated,.. 15,000
42  Bangor,          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,        Va...11,391
57  Patterson,       N. J...       11,341
58  Dayton,          Ohio,..    10,977
59  Taunton,         Mass...      10,441
60  Norwich,          Conn...10,265
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-JOBBINGROTHSCHILD.
THE amount of business sometimes transacted in one day at the
Stock Exchange is very great. On some occasions, property, including 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, would have defeated his objects. Had he transacted his business 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: Supposing he possessed exclusively, which he often did a day or two before 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 use
Stock Exchange phraseology, "to tumble down at a fearful rate."
Next day, when they had fallen, perhaps, one or two per cent., he
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, ignorant of the commission given to others. Had it been known the purchases were made for him, there would have been as great and sudden 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 reduced prices. The gains by such extensive transactions, when so
skilfully managed, will be at once seen to be enormous. By the supposed 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
has on more than one occasion made upwards of ~100,000 on one
account.
Repeated efforts, 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 imitating 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 bb
performed as openly as possible. Mr. II —   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 extent 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 sohle time a member, was privately re-transferred 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
amounta, 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 96 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 unhealthy 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 himself as an able general. Going into
the house one afternoon, he accosted one of the most respectable jobbers 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?"
" I'll 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 gentleman 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 was to be expected, contemporaneous with this sudden and extraordinary fall in the price of oonsols, there was a run on the Bank of England which almost exhausted
it of its specie. He 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 remarkable than in the reserve he maintained on all matters relating
to the money-market. The rivalry of Mr. H —     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 9f
boldness than of judgment. In about two years after the above extensive "operation," he attempted another on a scale of corresponding 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 deputation from the committee waited upon Mr. H —  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 received 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 which 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 money-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 ~1,500,000. 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 transferred to the name of the party advancing the money-Rothschild's
object being to raise the price of consols by carrying so large a quantity 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 4~ per cent., and that if the price 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 latter sold it, along with an immensely large sum which had been previously standing in his name, amounting altogether to a little short
of 23,000,000. But 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 example. 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 his
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 capitalists, 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 parties, and not to any purchases effected or
sales made by the public, 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.
*        *        *        *        *         *
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 day, 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.
FF-, 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 indignity to which poverty more frequently than dishonorable conduct
is subjected. The loss of a handsome fortune, coupled with the treatment he had received from the committee, worked his feelings up to
such 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
shilling he had in the world over the bridge into the water. For a
f{w moments afterwards he stood imotionless on the sp)t, leaning




LETTERS AND MISCELLANIES.                291
over the parapet, and gazing vacantly into the water. T The emotions
which then passed through his mind were of a nature which no second
party could describe; and which, indeed, even he himself could not
by possibility 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 insensate 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 persons who were passing and repassing, he would have thrown himself over the parapet of the bridge, and ended his woes by ending
his existence. From that instant, he formed the purpose of committing 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 intimacy. 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. Hie managed to lisp out an "0,
how are you?"
" This is a most important affair to both countries," said the Frenchman.
"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 1 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. He felt as
if he had become a new man. The advantage to which such important intelligence might be turned on the Stock Exchange, the scene of
so many disasters and so much degradation to him, immediately shot
across his mind.
"And the battle was an important one?"
"Most important," said the Frenchman, with great emphasis. "It




292             LETTERS AND MISCELLANIES.
will prove fatal forever to the prospects of Bonaparte. His usurpation is at an end," he added, with evident joy, being a great adherent
of the Bourbon family.
"Were 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 information, 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. Ie made the same
proposals to them he had done to the other firm: they also, not supposing 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 Mr. 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 proceeded 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 —; "take




LETTERS AND MISCELLANIES.                 293
your time." The other quitted the room, and on getting to the outside, locked the door, unknown to Mr. F. —-, and put the key in his
pocket. In about half an hour, 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 information. Both partners proceeded to the apartment in which they had
shut up their prisoner, and apprised him of the rise 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 exceeded ~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 different 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 supposed likely to affect 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 themselves in the predicament of the persons who had boen so often
25*ok




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. He 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. He
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 victorious.'
" I am exceedingly obliged to your lordship for your kindness in
giving me the information: I am a ruined man," said the Stock Exchange speculator, making a low bow and withdrawing. He had calculated 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 successively offered. The relation of my transactions with a man will
show the general mode of doing business. I-He bids me call again,
which I do several times without doing any thing  lie wishes to be
the last I do with; but all cannot be last, and all have wished to be
so. 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 ye maun tak'
aff 5 per cent."
" But, sir," says I, "would you not think me an unconscionable
knave to ask 10 per cent., or even 5 per cent., more than I intended
to take?"
He laughs at me. " Hoot, hoot, mon, do ye expect to get what ye
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 price, 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 standing 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 2~ 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 settlement, it would be quite fair to charge an additional price to cover the
extortion. I now congratulate myself on having concluded my business 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 being




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 draws me a bill at three months after date,
payable at his own shop.
"And what 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?"
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 we are not to cash for four
months and a half."
"Weel, 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 circumstances, 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 kindhearted, 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-" Herr 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
Review.




LETTERS AND MISCELLANIES.                297
tile house, whose acquaintance would greatly advantage me. 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 badlycombed 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. He 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 recovered 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!" 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 was 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."  Herr Mohrfeld interrupted
me. "Not now; by and by I will speak with you in the countingroom; 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 coffee, 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 coffee 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 coffee, continued,
Gather it all up, and put it again in the sack. Then have it properly
mended; and you, Mr. Moller, 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 coffee""Only a little coffee!" 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 many warm




298              LETTERS AND MISCELLANIES.
days are necessary.  So! not worth the trouble?  Negligence is
a great failing, and ruinous to ordinary business. Mr. Moller, when
this man again, even in the smallest particular, displays his carelessness, discharge him on the spot. I make you answerable."
" Great God!" thought I, "for a handful of coffee, will he deprive
a man of his bread? Iow hard! how cruel! how will it go with
me?"
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 employer, 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 business, sir."
The young man became purple in the face, withdrew himself backwards like a crab, and vanished through the door. The merchant
strode through the store, and entered the counting-room, where I followed 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. Caston," 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 Livonia 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 yesterday on board the Artemisia, Mr. Kohler?" he asked.
"t 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 appearance 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 examine some letters that had waited his coming. A deep silence now
pervaded the room, which was broken only by the monotonous scratching of many quills. No loud word was spoken, and seldom a suppressed 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 employ three lines where three words are sufficient. 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 useful employment. I have warned you-take care for the future."
This was a brilliant prospect?  What reception could a novelwriter 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 myg
letter; but he had not opened it ere we were again interrupted.' See there! good-morning, Captain Heysen," 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 MIISCELLANIES.
of it, you may be back by Christmas. Well, adieu, Captain: you
have"-here he glanced at the almanac —"no time to lose. It is
now high water; 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?" 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 fast 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?"   "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 posture, stood before the wealthy merchant.
"I beg a thousand pardons," he answered; "I am Doctor Eck,
fiom 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 important 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 1 It is a pleasure
to me when my signature can be of use to a meritorious and learned




LETTERS AND 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. Farewell 1"
The doctor retired, and made room for a man who pressed close
up, and without further ceremony began: " Mr. Mohrfeld, your'Fortuna' is quite ready, and can be launched at any moment. I
wish to know 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 are you?"
This was addressed to a poorly-clad woman, with pallid cheeks 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 who was so unfortunate as to
fall from the loft and break his leg."
" Shocking! very shocking! I am very sorry for Bodmer; he was
an orderly man, and ever cheerfully performed his duties. But my
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?"
" Have confidence in the man in whose service you have met the
misfortune," answered the merchant. " What the patient needs of
wine and strengthening food shall be furnished from my kitchen
The weekly 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. Your circumscribed time has probably prevented
an earlier call?"
I stammered out a lie, something about my indisposition to disturb
so active a business man, and that at the moment I was in great
necessity. IIe did not let me finish, but went on:26




302              LETTERS AND MISCELLANIES.
" You are here highly recommended 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 weekdays 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 nature, as a pleasing smile played round the lips of the merchant; but
suddenly, as if betraying a weakness, it again vanished, 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 poured forth a multitude of words,
among which the most emphatic were, "want of money."    To an
elegant construction of sentences at such a moment, would even D)emosthenes 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 hand
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 with
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 BIERCHANT'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 circumstance 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. IIe had on several occasions manifested an interest in me,
and now came to proffer his advice.
" You have commenced business," said he, "under favorable
auspices, and, under God, your success depends upon yourself. I am
an old man, and have been intimately acquainted with all the mysteries of your trade for more years than you have lived. And now I
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 buy too largely. My advice to you
is, do not sell more than $ 2000 worth of goods to any one man or
firm 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 paiy you, you will lose all the profit
made on the goods sold to the other nine."-So saying the old gentleman left me.
I was convinced of the truth and justice of his remarks, but I could
not now do otherwise than send the goods. Mr. Prompt had bought
the bill, given his note, and gone home. I had "drummed" him
more assiduously than I ever drummed afterwards. I had sold him
$ 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.
and 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 the winds. 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 "overtraded,"-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 were very unfortunate, and so
was I. I should mention that they owed me for two 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, frequently gave me the following advice: " Attend," said he, " to your
legitimate business. You will find that it requires all your energies
to keep tiat under your own control: so that you cannot afford 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 constantly deal."
This was the substance of advice with which Mr. B. in his kindness
and friendship frequently favored me. But it required a little experience 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 attentionespecially 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"
just 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 be better informed in beeswax
statistics than any of the other dealers.  I well remember his 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 occasionally to South America. After a little deliberation, I declined
taking his offer, 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 22-} cents, having first ascertained 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 600 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 thirty months! At last there
was a slight advance. It was quoted at 24~ cents. I went immediately to my South American friend, and asked for another offer.
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 22} cents again in a week."
I assure you that I was heartily sick of the very name of beeswax;
and when he offered me 23} 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 24~ 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
difference. My loss, in interest, loss of weight, &c., was very nearly
$100. After all I got the experience at a moderate price.
E. B. D.
WWASHINGTON, D. C., JaC1uary 7, 1853.
23* 




306             LETTERS AND MISCELLANIES.
P. T. BARNUM'S RULES 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 "I 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 welcome to it; but, gentlemen, do not, I pray you, forget to mention
the source from which you obtained it, or to tell your readers that' there are a few more of the same sort left."  Amidst the multiplicity 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 generally
known; and, secondly, he should be certain of his own strength —
that is, he should be a Barnum before he attempts to rival a Barnum.
BRIDGEPORT, June 28, 1852.
EDWIN T. FREEDLEY, 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 I determined 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 in 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 proposed, but will name a few rules that I am convinced, from experience
and observation, must be observed in order to insure success in business.
1st. Select the KIND of business that 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 another. "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 unsuccessfully several times. I never could be content wfth a fixed salary, for
mine is a purely speculative disposition, while others are just the reverse, and therefore all should be careful to select those occupations
that suit them best.
2d. Let your pledged word ever be 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 he 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, do with all your might.-Work at it, if necessary, 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 now. 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 neighbor remains poor for life, because he only half does his business.
Ambition, energy, industry, and perseverance, are indispensable requisites 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




3$E')8          LETTERS AND MITCELLANiES.
lay his plans, and reason to guide him in their execution, so, no matter how bountifully a man may be blessed with intelligence, if his
brain is muddled, and his judgment warped by intoxicating drinks,
it is impossible for him to carry on business successfully. How many
good opportunities have passed, never to return, while a man was sipping 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, but be 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 powers.-Engage in one kind of business
only, and stick to it faithfully until you succeed, or until you conclude to abandon it. A constant hammering on one nail will generally 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 continually be suggesting improvements of value, which would escape
him if his brain were occupied by a dozen different 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 competent 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 peculiarity of character, or disposition, dispense with his services, and do
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.                309
8th. Advertise your business. Do not hide your light tunder a bushel.
-Whatever your occupation or calling may be, if it needs support
from the public, advertise it thoroughly and efficiently, in some shape
or other, that will arrest public attention. I freely confess that what
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 conceive 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. IIomceopathic
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 business, and never would, had it not been for your advertisement appearing 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 Genin, 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 reverse in life, can never attain a pecuniary independence. A brief reference to my own history may, perhaps, serve
to illustrate this part of the subject.  By the death of my father in




'310            LETTERS AND MISCELLANIES.
1826, I was thrown upon the world at the age of sixteen, dependent
solely upon my own resources for support. I never found any difficulty in mnaling 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 American 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 set 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 Museum."
"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 Win. Niblo, down to the most humble puppetshowman of the day, knew me perfectly well. Mr. Francis Olnsted,
the owner of the Museum building (now deceased), a noble, wholesouled 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 moneytaker 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 children. 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 my
treasure of a wife (and such a wife is a " treasure") 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 brought from home in the morning.




LETTERS AND MISCELLANIES.                311
" id this the way you eat your dinner?" he inquired.
" I have not eaten a warmi dinner since I bought the Museum, except 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 me familiarly on the shoulder, and he
was right, for in less than a year from that period I was in full possession of the Museum as my own property, every cent paid out of
the profits of the establishment. Iad 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 probably 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 expenses, 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 clothing, 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," or, in other words, a small sum of money,
after paying all expenses, they will be surprised at the pleasure to be
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 hundred dollar party, when the reflection on the difference in cost
is indulged in, by those who begin to know the peasure of saving.
Thousands of 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 expensive 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 adversity, especially sudden prosperity. " Easy come, easy go," is an
old and true proverb. Pride, when permitted full sway, is the great
undyling canker-worm which gnaws the very vitals of a man's worldly




312              LETTERS AND MISCELLANIES.,ossessions, let them be 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 firstbh.egan
to prosper, his wife would 7have a new and elegant sofa. " That sofa,"
he says, " cost me thirty thousand dollars 1" The riddle is thus explained. 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 furniture, 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 et 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 necessary 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, because with much less care, on as many hundreds. The truth is," he
continued, "that sofa would have brought me to inevitable bankruptcy, had not a most unexampled tide of prosperity kept me
above it."
10th. Do not depend upon othem's.-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 observations 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, CONN., Jane 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 letters for insertion, under the head of " Letters 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 historysome 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 excellent 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 now 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 instance, "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 tiat 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 prosperity attend you I
27








LEGAL ADVICE
AND
USEFUL SUGGESTIONS
FOR THE
PURCHASERS OF THIS BOOK.








LEGAL ADVICE AND USEFUL SUGGESTION S.
As the public has been disposed to treat this book with unmoerited 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 exceeding his authority.
Every general power necessarily implies the grant of every matter
necessary to its complete execution. An attorney who has power to
convey land has necessarily the power to receive the purchasemoney.
27*                 (317)




318                     LEGAL ADVICE.
In the appointment of a general agent, as he is bound by all his acts,
a man should take particular care whom hte authorizes, or it may be
of the most fatal consequence to him. If a person on a former occasion, 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
held 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 whose 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 correspondents 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, andjyou do not intend
to assent to it, give immediate notice of your dissent.-Silence is considered in law an equivalent to a ratification.
Be cautious in sanctioning acts unauthorized by 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 hisproperty or credit in your own behalf, for you expose yourself if
the adventure is a losing one to bear the loss, and if a gaining one to lose
the profit. It is optional with the principal to disavow such transactions 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 obligations as agent, not to use language im



LEGAL ADVICE                       319
porting personal obligation on your part.-The mere use of the 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 authority is not discretionary, obey orders strictly whatever may be 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
offer, be it what it may; but it is meant that the agent must not in
such case attempt to wait a.ny 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 contains
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. prilncipal constantly instructed as to your proceedings. The duty of keeping up correspondence is considered in
law a part of the reasonable diligence due the principal, for the consequences of a want of which the agent must suffer; 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 receive prompt answers to letters is a downright insult. A neglect of
business correspondence is prima facie evidence of incapacity.
In dealing with 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.




3,'O             AND USEFUL SUGGESTIONS.
BILLS OF EXCIANGE AND PROMISSORY NOTES.
Bills of Exchange are either foreign or inland. They are foreign
when drawn by a person residing in one country upon a person residing 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 Promissory 2ote 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
primafacie evidence of valuable consideration, both between the original parties and against third persons.
In an action by the bonafide 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 prima facie the rightful owner, and
is not bound to prove a consideration unless circumstances of suspicion appear.
Whenever the holder of negotiable paper has notice, either positively 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 drawn. 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 indorsement is made. A blank indorsement makes a bill transferable to
the indorsee by mere delivery; and its negotiability by that method.annot be restrained by any subsequent indorsement in full, hecause




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, " paythe 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 payment 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 payable. 6. That where the instrument is intended to be negotiated,
words of transfer be inserted. 7. That the money to be paid be distinctly 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., transferable by mere delivery, lose or be robbed of it, while in his possession, 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 h. wee, at the time it is due, and he pay it before
he has notice of th \ 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 possession of it, by a forge I indorsement, will not acquire any interest in
it, although he was not aware of the forgery. Consequently, the ori



32                      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 fide owner of a bank note cut it'into two parts, and
send the^parts in different letters, and one 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 together, does not alter the law, although the notice was.seen by the
party by whom the notes were cut. (Mcartin vs. U. S. Banlc.)
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 sufficient security and indemnification offered 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
sets, 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. Always present bills for acceptance as soon as possible; and presentment 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, payable 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 already 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
bonafide horder, although the drawee had no consideration for the promise.
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 partial or conditional acceptance, 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 payment 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 hotice; 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 indorsers, or in default thereof, may instantly commence an action.against them. (CHITT.Y 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 witnesses, 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 snake 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 without the acceptor's or indorsee's consent, such alteration will have the




324                      LEGAL ADVICE
same effect as to their liability. The effect of an alteration will be
the same, although the day of payment be thereby retarded. But an
alteration in a part not material, as, for instance, the insertion in the
acceptance of the place where the bill is to be presented for payment,
will not discharge the acceptor. It is, however, advisable never to
make any alteration after a bill has been executed, for it might possibly 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 which 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 liable 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 the
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
pound 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.
Ill 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 the
time it became due.
VI. Always present a bill 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 presentnient, but in the case of death it should be made to the executor or




AND USEFUL SUGGESTIONS.                325
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 accident, 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 prefer the latter, this does not discharge the debtor if the check be dishonored, 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-payment 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. WVhenever
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 contracts not under seal, no contract of suretyship
28




d316                    LEGAL ADVICE
is valid without sufficient consideration. Where the guarantor's promise is made before the credit is given, it is requisite that the creditor
give trust upon thefaith of that promise; and where the promise is
made after the credit has been given, there must be some new inducement, 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 express 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 him 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 validity 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 securities as may be useful to him.
III. If you intend to rely upon a guarantee, do not be 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 construction, 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 hundred 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 IUSEFUL 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 not
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 always use diligence in collecting the debt
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 will be discharged.
VI. When, as surety, you take a bond of indemnity as counter security, see that it contains two stipulations-one that the debtor shall pay
or perform the obligation required, and another, that you shall be indemnified 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 proceed 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 for 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 they
may prove his ruin; and, as the person who requests can easily calculate what amount of cash he is likely to want, I think the compliment, 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 credentials, 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:PHILADELPHIA, 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
mzech 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. SAMUEL F. PRINCE,
Merchant, Liverpool.
In a case, where A and B addressed a letter of credit to 0, saying:
"If D wishes to take goods from you 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 afterwards, 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 Johns. Rep. 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 billon
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 in
Albany, requesting C to deliver goods to B on the best terms, to a
certain amount. C, instead of delivering the 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 for the amount, it was




AND USEFUL SUGGESTIONS.                 329
held, that the engagement of A to C did not make him answerable
for goods furnished by any other person. A surety is not answerable 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 commerce or business, and to divide the profit and bear the loss in certain proportions. The two leading principles of the contract are, a
common interest in the stock of the company, and a personal responsibility 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 business: and that property is first liable for the debts of the company,
and after they are paid, and the partnership dissolved, then it is subject to a division among the members or their representatives, according to agreement. If one person advances funds, and another furnishes 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 valuable: and a mutual contribution of that which has value and can be
appreciated, is the essence of the contract. There must be a communion 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 themselves. It is a fundamental doctrine of the law, that though the person to be charged contributes neither money nor time, nor receives
any part of the profits, yet, if he lends hisname as partner, or suffers
his name to continue in the firm after he has ceased to be an actual
partner, he is responsible to third persons as a partner. Dormant
vartners, when discovered, are equally liable as if their names had
282




330                     LEGAL ADVICE
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 promise, 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 previous 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 previous 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 cautious 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 contracts 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 contrary to the private arrangement among themselves, will bind all the
partners if made without knowledge in the other party of the arrangement, and in a matter which, according to the usual course of dealing, has reference to the business transacted by the firm.
In all contracts concerning negotiable paper, the act of one partner binds all; and even though he signs his individual name, provided 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.ot bound by 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 drawing 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 Rep. 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 contract, 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 different 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 pledge as well as sell the partnership effects 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 property. 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 general principle of law that one partner cannot bind a firm
by deed, but nevertheless, he may by deed execute the ordinary release 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 copartnership should be formally drawn up, and they should specify
the commencement and intended duration of the partnership; the
kind of business to be pursued; the proportion of capital to be




3,2                    LEGAL ADVICE
brought in; the manner in which the gains and losses are to be divided: 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 property in the event of a dissolution.
III. Insert in your copartnership agreements an article against the
copartners becoming bound as surety or otherwise during the copartnership, except for the business of the firm.-A violation of this stipulation
gives the right to dissolve the copartnership.-This stipulation is exceedingly 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 salutary 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 disposition 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 property in the event of a dissolution; an event upon which it becomes
so peculiarly situated, from the equal and conflicting rights of dissenting 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 dissolution 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
him 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 withou' any definite period, a partner may withdraw at a moment's notice, when he pleases, and dissolve the partnership; and
even if the partners have formed a partnership by articles, for a definite 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 revocation 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
effectual mode, no person can make use of the joint property, in the
way of trade, or inconsistently with the purpose of settling the affairs
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 indorsed before the dissolution, and not put into circulation until afterwards, all the partners must unite in putting it into circulation, in
order 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 anothernor 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. Interest 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
sum, " 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 m
payment is caused by the default 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 finaljudgment 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 for 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 Yes. Jr. 96.)
A Rule for computation of Interest when 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 remainder 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 payment: 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, fronl your creditor, and intend
to dispute it, make your objections within % 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 be




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
Vern. 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.
III. 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 proceed 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 the
power is not revoked-that covenant to remain in force until the deed
be confirmed by the principal.
VII. 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




336       LEGAL ADVICE AND USEFUL SUGGESTIONS.
by a copy, or a full and clear statement of it, should be given to the
debtor.
FUNDAMENTAL LEGAL PRINCIPLES.
1. That which is originally void, does not by lapse of time become
valid.
If an infant 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 woman 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 are 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 possession 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 is 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 WHVOLESALE HOUSES.
A 1 IN TI-EIR RESPECTIVE BRANCHES IN THE CITY OF
PHILADELPHIA.
Compiled for the Convenience of Country Merchants, Young Men Commencing Business, and all desirous of having their orders
faithfully filled.
Also, Architects, Hotels, Insurance Companies, &c.
To make this partly a Reference Book for purchasers, I have compiled 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.            Importers & Commission
1Merchants.
STUART & BROTHER, (BRITISH F. V. KRUG & CO. (AGENTS FOR
DRY-GOODS BY THE PACKAGE), 13  COIIOES, N. B., SAXONY MILLS,
Bank St., and 14 Strawberry St.  TROY AND PHILADELPHIA WOOLCIHARLES COLLADAY (BUTTONS,     LEN SHIRTS AND DRAWERS; GER.
TRIMMINGS, BINDINGS,&,.,AGENT  MANTOWN  WVOOLLEN  HOSIERY,
FOR THIE MANUFACTURERS), 35   COMFORTS, HOODS, &c.), 6 and 8
Church Alley.                 Church Alley.
WRAY & GRAIAM (BRITISH AND HART & MITCHELL, (SHIRTS,
FRENCH DRY-GOODS BY PACKAGE,)  DRAWERS, CRAVATS, &c.,) 32 and
14 Church Alley.              34 Bank Stre.et.
NICHOLAS WOLFF (GERMAN DRY WRAY & GIILILAN, (BRITISH,
GOODS, CLOTHS, VELVETS, Ho-   FRENCH, AND SCOTCH GOODS,) 41
SIERY, GLOvES, &c.), 20 Church  Chestnut Street.
Alley.
29                 (337)




338            FIRST CLASS WHOLESALE HOUSES,
Importers.             HACKER, LEA & CO. (AMERICAN
__MANUFACTURED GOODS), 32 and 34
P. BRADY & CO. (BRITISH & FRENCH  Chestnut st.
GOODS), N. W. corner of Front and LAWRENCE, STONE & CO. Chestnut
Chestnut Sts.                   st. below Third.
E. M. DAVIS & CO. (FRENCH AND MANDERSON & LAMMOT, (FORINDIA SILK GOODS, GLOVES, &C.,)  EIGN AND AMERICAN), 17 Chestnut st.
183 Broadway, New York, and in JOSEPH  RIPKA, (MANUFACTURER
Philadelphia, at 16 Strawberry st.  OF FANCY COTTONADE, AND A VARIand 15 Bank St.                 ETY OF OTHER PANTALOON STUFFS),
ROBTIRT  EWING, (IMFORTER O,     Warehouse 32 South Front st.
ROB    ERT EWING, (IMPORTER  OF
B.RITSH DRY GOODS, AND COMMISSION THOMAS P. REMINGTON, AMERIMERCHANT), 31 Chestnut St.      CAN  ANUFACTURED GOODS), 22 S.
HENRY FARNUM      & CO. (FOREIGN SILL, ARNOLD   CO. (    N D
DRY GOODS), 12 Chestnut St.   SILL, ARNOLD & Co. (WOOLEN
LEWIS, BROTHERS & CO. (FRENCH,TGIos, 5        Ent  t 
ITALIAN, AND SWISS GOODS), 80 TREDICK, STOKES & CO. (COTTON
hstAnuN AND SWS OD)     AND WOOLEN GOODS), 18 S. Front st.
Chestnut t.                       J. TATEM, 23 Chestnut St.
LEWIS & CO. (BRITISH  DRY GooDs), T    AH A   M T     As
68 and 70 Market St.          THOMAS & MARTIN, (AMtERICAN
LOTTIMER, LARGE, ELLERY          MANUCTURED GOODS), 10 Nth
CO. (WHITE GOODS,|LACES, HOSIERY,  Front t.
EMBROIDERIES, AND FRENCH GOODS), TINGLEY CALDWELL & ENGLISH
80 Chestnut St. (Jayne's Building.)  AR Chestnut st.
WILLIAM    MCKEIE & CO. (IRISHCHARLES 1H. WELLING, 18 ChestWILLIAM      McKEE & CO. (Imisi   nut St.
LINENS AND BRITISH DRY GOODS,) 20 WEST, FOBES & LLOYD 41 ChestS. Front St.                    nut St.
S. Front St.                 YWEST, FOBES U b& LLOYD, 41 ChestGEORGE PEARCE     & CO. (LACE WILSON, BROWN & CO. (AMERICAN
GOODS, EMBROIDERIES, &C.) 85 Chest-  MANUFACTURED GOOS), 1 Chestnut St. Philadelphia, and 58 Broad-  nut St.
way New York.          WOOD   & ERRINGER, 37 ChestGEORGE B. REESE, (BRITISH DRY WOnut St. 
Goons), 70 Chestnut St.
STEEGMANN, BRITTAN      &   CO. WOOD, FU    ER & WELLS (FORGIOODS), 0 Chestnut St.       WOOD, FULLER & WELLS, (FoR(LACES, WHITE GOODS, AND EIMBROI-  EIGN AND AMERICAN), S8 Chestnut.
DERiES,) 70 Chestnut St.
DERIES,) 70 Chestnut St.      BANGS & MAXWELL, 14 S. Front.
THOMPSON, POTTER & KEMBLE, Commission            Merchants.
(LACE GOODS AND EMBROIERIES), 
179 Market St.                          General.
WM. WATSON & CO., (BRITISH AND
IRISH DRY GOODS BY THE PACKAGE,)THOMAS ALLIBONE   & CO. (NAVAL
8 Chestnut St.                  STORES AND COTTON), 63 N. Water
Ch~est~nut StD.       St., and 32 N. Wharves.
C s      Merchant i.   BUCKNOR, McCAMMON & CO. (ToCommission Merchants.            BACCO WAREHOUSE), 41 N. Water St.
Dry Goods.              A. G. CATTELL & CO. (GRAIN, SEED,
AND IRON), 13 N. Wharves.
DAVID S. BROWN & CO. (AMERICAN DANENHOWER & HARRIS, (ToMANUFACTURED GOODS), 38 & 40 S.  BAcco), 45 N. Front St.
Front st.                     LE FEVRE, BLACK & CO. (FLOUR,
BROOKS & ROACH, (PHILADELPHIA     GRAIN, AND WESTERN PRODUCE),
MANUFACTURED GOODS), 24 Chestnut  71 S. Wharves.
H-. L. CARSON, (PHILADELPIIA AND McCUTCHEON   & COLLINS, (PRORHODE ISLAND LINSEYS), 12 S. Front  VISIONS AND PRODUCE GENERALLY),
C. W. CHURCHMAN, (FOREIGN AND     S. W. corner of Front and New Sts.
DOMESTIC GOODS), 30 S. Front St.  GEORGE McHENRY & CO. (SHIPFARNHAM, KIRKHAM & CO., (AME-     PING AND GENERAL), 37 Walnut St.
RICAN COTTON AND WOOLEN GOODS), ROWLEY, ASHBURNER      &  CO.
34 S. Front st.                 (OILS, AND NAVAL STORES), 14 N.
J. 0, HOWE & CO. (MANCHESTER      Wharves, and 25 N. Water St.
PRINT WORKS, M.DE LAINES, PRINTS,) A. &. J. WRIGHT, (FLOUR FACTORS,
82 Chestnut St                  AND SALT DEALERS), Vine St. Wharf.




PHILADELPHIA.                      339
Commission      Merchants. SEXTON, SEAL          SWEARINGEN,
AWool..   (also FANCY DRY GOODS), No. 11 S.
Fourth St.
SMITH, MURPHY & CO. 97 Market.
EDWARDS & JENNESS, 6 N. Front SMITH, MURPHY & Co. 97 Market.
TEDWARDS & JENNESS, 6 NF     tT. SHARPLESS & SONS, 32 S. Second
COATES & BROWN, 43 Market St.
CBEFJAMIN BUTLTVLOCIK & CO. 32 -N. SIEGER, LAMB & CO. 49 N. Third St.
TBhiS    BULLOCK & CO.32N. SPARHAWK, DUNTON & WURTS,
Tniri Sti.                      9 Market St.
KIMBER, HENRY & CO. 74 N. FrontO. 150 Market St.
SCOTT, BAKER & CO. 150 Market St.
SREECt  & SEAL, 18 N. Frnt S.   TAYLOR & PAULDING, 96 Market.
REECPE                                   & BARKERSEAL, 161 Market.
WAINWRIGHT, HUNTINGDON, &
Importers     and   Jobbers.     FLOYD, 152 Market St., and 23
Dry Goods.               Merchant St.
J. T. WAY & CO. 81 Market St., and 10
BARCROFT, BEAVER & CO. (also      Church Alley.
CLOTHING), 163 Market St.     WOOD, BACON & CO. (also CLOTHBUCK, MORGAN & STIDFOLE, 113      ING), 127 Market St.
Market St. below Third.       WOOD & OLIVER, 131 Market St.
DEAL, MILLIGAN     &  CO. (also
CLOTHING), S. W. corner of Market Importers and Jobbers of
and Sixth Sts.
FITHIAN, JONES & CO. (FOREIGN      il     and Fancy DryAND DO3MESTIC), 77 Market St. and         Goods.
No. 4 Church Alley.
FASSITT & CO. 48 Market St.     BUNN, RAIGUEL & CO. (FOREIGN
IIAMMAN, SNYDER & CO. 146 Mar-    AND AMERICAN DRY GOODS), 91 N.
ket St.                         Third St.
HOOD & CO. 189 Market St., 5th door INSKEE,1' SIAKELFORD  & Mc-.
below Fifth St..                KEE, 124 Market St.
b  SIBLEY, MOLTEN & WOODRUFF,
HOSKINS, HIESKILL & CO. N. W. SIBLEY, MOLTEN & WOODRUFF,
corner of Market and Fifth Sts.  116 MaRket St.
LIPPINCOTT  PARRY, (CLOTHS, WOOD, COREY & WOOD, N. W.
CASSIMERES, VESTINGS, &C.), S. W.  corner of Forth an   aret Sts
corner of Market and Second Sts.  YAD, GILMORE  & CO. (FANCY
JAMES, KENT, SANTEE, & CO.        DRY GooDs, WHITE AND LACE GOODS)
(FOREIGN AND DOMESTIC), 147 N.  12 N. Third St.
Third St..
MILLER & LYON, (BRITISH, FRENCH, Importers of Fancy DryAND AMERICAN), 95 Market St.             Goods.
McFARLAND, EVANS & CO. (FOREIGN AND DOMESTIC DRY GOODS), MCFADDEN     &  GASS, (RIBBONS,
105 Market St., and 34 Church   LACE GOODS, EMBROIDERIES, HoAlley, between Second and Third Sts.  SIERY, TRIMMINGS, &c.), 7 Bank St.
REED, BROTHERS & CO. (also CLO- E. GRUNDY, (DRY GOODS, SMIALL
THING), 177 and 1771 Market St.,  WARES, &c.), 16 Church Alley.
above Fourth, (north side).   THOMAS MELLOR, (IMPORTER OF
RAIGUEL & CO. 128 and 130 N.      HosIlEY, GLOVES, AND TRIMMINGS,)
Third St.                      4 N. Third St.
Silks and Woolens,
TAILORING GOODS, TAILORS' TRIMMINGS, SHIRTS, & MEN'S FURNISHING GOODS.
JAMES HALSEY, (IMNPORTER AND WHOLESALE 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 DOMESTIC FANCY DRY GOODS: Satins, Vestings, Serges, Cravats, White Goods, Laces,
Gloves, Hosiery, &c.), 14 N. Third St., (west side), opposite Church Alley.




340            FIRST CLASS WHOLESALE HOUSES,
MARPLE, ELLIS & McCLURE, (Ho- Importers and Dealers in
SIERY AND TRIMMINGS,) 15 N. Third.  ore    an      DonesAio
MECKE & LEPPIEN, (GERMAN DRY        oreign   ane
GOODS, BELGIAN CLOTHS, &C.), 26 S.  Hardware and Cutlery.
Second, and 17 Strawberry Sts.
R. G. ORWIG, (FANCY DRY GOODS, MARTIN BUEHLER, BROTHER 
HOSIERY AND TRIMMINGS), 108 N. 
THOdStIERYA  TIMINO.rS), 105 N.  CO. 195 Market St. (north side) seeTh~ir~d St.^                     owFione door below Fifth.
CONRAD & ROBERTS, 123 North
Importers     and    Jobbers.     Third St.
JAMES J. DUNCAN & CO., 177~
Fancy     Goods.           Market St., between Fourth & Fifth.
FIELD & LANGSTROTH, 166 MarBEDELL    &  PEARCE, (HOSIERY,    ket St.
GLOVES, TRIMMINGS, &c.), 57 N. FAUST & WINEBRENER, 685 N.
Third St., one door below Arch,  Third St., above Arch.
(lower side).                 HEATON & DENCKLA, (AMERICAN
LIND, BROTHER & CO. 10 S. Fourth  AND FOREIGN HARDWARE COMMISSt., corner of Merchant.        SION MERCHANTS), 33 Commerce St.
OLIVER MARTIN & CO. (also Ho- JUSTICE, STEINMETZ & JUSTICE,
SIERY, GLOVES, TRIMMINGS, Ac.) 24  Fifth and Commerce St.
N. Fourth St.                 KAY & DEHAVEN, 185 Market St.,
W.'H. HORSTMANN & SONS, (also   (north side), between Fourth and
MANUFACTURERS), 51 N. Third St.  Fifth.
POWELL, HAZLETT &      CO. 1404 NEWLIN & MARSHALLS, (IMPORTMarket St., and 9 Merchant St.  ERS OF HARDWARE AND GUNS, AND
SCHAFFER, ROBERTS & CO. 187       DEALERS IN DOMESTIC HARDWARE),
Market St.                      151 Market St.
SELLERS, SITER & CO. (also Ho- ERASMUS C. PRATT & BROTHER,
SIERY, GLOVES, TRIMMINGS, &C.), 135  (IMPORTERS OF NEEDLES, FISH HOOKS
Market St.                      STEEL PENS, &C.), 28 Bank St.
JAMES SMITH & SONS, (GENUINE SHIELDS & MILLER, 79 N. Third St.
NEEDLES; HENRY WALTON, THE
AGENT), 83 Market St.
R. & G. A. WRIGHT, 23 S. Fourth S. H. BIBIGHAUS, (MANUFACTURER
St., below Market.              OF PLANES), 166 N. Third St.
WILLIAM    M. McCLURE & BROTIIER, (BUILDING HARDWARE AND
jSHNELL & TULL'S CHILDREN'S     TOOLS, EXCLUSIVELY), 287 Market
VELOCIPEDE, COACH, GIG, AND BA-TRUMAN & SHAW, (HOUSEKEEPING
ROUCHE MANUFACTORY, 64 Dock     AND BUILDERS' HARDWARE, also
St., above Second.              PLATFORM SCALES), 333 Market
LOUIS C. BAUERSACIIS, (IMPORT-    St., below Ninth.
ER OF FRENCH, ENGLISH AND GERMAN FANCY GOODS AND TOYS,) 170           Grocers.
Market St.
FRANCIS, FIELD     & FRANCIS,
(MANUFACTURERS OF TIN   TOYS, BAGALEY, WOODWARD & CO., 221
BLOCK-TIN WARE, PLAIN AND JA-   Market St.
PANNED), NO. 80 N. Second St.  JOHN BROCK, SONS & CO. 97 and
VOGT & ZOLLIKOFER, (IMPORTERS     99 N. Third St.
OF FRENCH CHINA, GLASS WARE, J. HARDING, JR., 29 and 31 S. Front
FANCY GOODS, TOYS, &c.), 205    St., 28-and 30 S. Water St.
Market St., (up stairs).      JAMES   H. & THOMAS HART,
229 N. Third St.
GEO. LIPPINCOTT & CO. 17 North
F. H. SMITH, (MANUFACTURER OF     Water St., and 10 N. Wharves.
POCKET BOOKS, PORTE MONNAIES, ROSS & DARLING, 129 N. Third St.
ROSE WOOD WRITING DESKS, DRESS- WATERMAN & OSBOURN, N. W.
ING CASES, AND WORK BOXES), 205  corner of Second and Arch (or MulArch St., one door below Sixth.  berry) Sts.




PHILADELPHIA.                       341
CALEB CLOTHIER, (FAMILY FLOUR JA.AI ES H. SPRAGUE, (also IMPORnTDEALER), 35 N. Fifth St.         ER AND DEALER IN WINDOW AND
PICTURE GLASS OF EVERY DESCRIPTION: Zinc and other Paints), 33
Drug's.    Importers     and.ancd 35 N. Fourth St., (east side).
r  ug 1 s.Imporers   and    C. C   - L. SCHAFFER, 215 Market.
Wholesale Dealers.            ROBERT    SHOEMAKER      &  CO.,
(WHOLESALE DRUGGISTS, AND IfrFREDERICK BROWN, (COMPOUNDER       PORTERS OF FRENCH, ENGLISH AND
OF PHYSICIANS' PRESCRIPTIONS, AND  BELGIAN,  COLORED,  ENAMELED,
ALL PHARMACEUTICAL PREPARATIONS  PIATE, AND CROWN GLASS, FRENCH
and sole Manufacturer of BROWN'S  WHITE ZINC, &c.), No. 354 North
ESSENCE OF JAMAICA  GINGER), N.  Second St. corner of Green.
E. corner of Fifth and Chestnut.  WETHERILL & BROTHER, 65 N.
BULLOCK & CRENSHAW, (IMPOR-         ront St.
TERS OF ENGLISH, FRENCH, AND GEORGE      D. WETHERILL & CO.
GERMAN DRUGS, CHEMICALS, AND     (IMPORTERS OF DRUGS AND CHEMICHEMICAL WARES), N. E. corner of  CALS, AND DEALERS IN PAINTS, OILS,
Sixth and Arch Sts.              GLASS, &c.), 56 N. Front St.
G. W. CARPENTER & CO. 301 Mar- ALFRED WILTBERGER, (also PURE
ket St.                          GROUND COLORS, VARNISHES, &C.
COLLINS & ANDERSON, 27 South       Country Dealers supplied on reasonaFourth St., below Market.        ble Terms), 169 N.. Second St.
CHARLES ELLIS & CO. (DRUGGISTS BREINIG, FRONEFIELD         &  CO.
AND MANUFACTURING CHEMISTS), 56  (Proprietors of the only genuine and
Chestnut St. LABORATORY Sixth &  scientific vegetable CATTLE POWDER
Morris St.                       and LINIMENT), 187 N. Third St.
FRENCH    &  RICHARDS, (also IMPORTERS OF FRENCH PLATE, and
Agents for American Window Glass), Boots Shoes, and       Straw
N. W. corner 10th and Market Sts.          Goods        S
B. A. FAHNESTOCK & CO. (PROPRIETORS OF B. A. FAHNESTOCK'S VERMIFUGE), 52 Market St.         BOKER, BROTHER & JONES, 82
THOMAS P. JAMES, 212 Market St.,   Market St.
(a few doors above the Red Lion BRODHEAD    & ROBERTS, 135 N.
Hotel).                          Third St.
JENKS & OGDEN, (IMPORTERS AND CONRAD, THOMPSON          & CO., 60
WHOLESALE DEALERS IN DRUGS,      Market St.
ACIDS, DYE STUFFS, AND CHEMI- WILLIAM DULTY, 98 Market St.
CALS), No. 106 N. Third St., 3 doors HADDOCK, REED & CO. 161 and
below Race.                      166 Market St.
CHARLES D. KNIGHT, (WHOLESALE HENDRY, COOPER & CO., Third
AGENT FOR TILDEN & Co.'s VEGE-    and Arch Sts.
TABLE  EXTRACTS, and Dealer in D. RODNEY KING, (MANUFACTURER
HERBS, ROOTS, PLANTS, and BOTANIC  OF LADIES', MISSES', AND CHILDMEDICINES), No. 7 S. Sixth St.   REN'S SHOES), 152~ Market St., S.
LINN, SMITH & CO. 8 S. Third St.   side, between Fourth and Fifth.
D. L. MILLER, JR., (also ACIDS, AND LEVICK, BROTHER    &  CO., 160
CHEMICALS GENERALLY), 56 South   Market St.
Front St.                      J. C. &. J. LEVIS, 60 N. Third St.
JOHN M. MARIS & CO. (DRUGS, J. W. McCURDY & SON, (WHOLEMEDICINES, DYE STUFFS, &C.), 9 S.  SALE MANUFACTURERS OF LADIES',
Third St.                        MISSES', AND CHILDRENS' BOOTS.
MOYER    &  HAZARD, (SUCCESSORs    SHOES AND GAITERS,) 111 Chestnut
TO A. FULLERTON), 174 Market St.  St. (up stairs).
T. MORRIS PEROT, (DRUGS, MEDI- J. MILES & SON, (WHOLESALE MANCINES, CHEMICALS, &c.), 19 N. Fourth  UFACTURERS OF LADIES', AND GENSt., above Market..        LEMEN'S, FINE BOOTS AND SHOES,)
GEORGE K. SMITH      & CO. (also   37 S. Fourth St.
IMPORTERS OF SALTPETRE AND SUL- RORER, GRAEFF & DARLING, 126
FHUR), 294 and 296 N. Second St.  N. Third St.
29*




342             FIRST CLASS WHOLESALE HOUSES)
RU CIMAN & PRICE, 144 N. Third. THOMAS F. CROFT & CO. (VEGETAJ. & M. SAUNDERS, 28 N. Fourth St.  BLE, FLOWER, GRASS, AND FIELD
BENJAMIN    STRATTAN, (LADIES'     SEEDS, FRUIT AND    ORNAMENTAL
FANCY BOOT AND SHOE MANUFAC-     TREES), 309 Market St.
TURER), 21 S. Fourth St.       H. A. DREER, (GARDEN, GRASS, AND
WHELAN & CO. 175 Market St.        FLOWER    SEEDS, PLANTS, FRUIT
B. P. WILLIAMS & CO. 14 S. Fourth.  TREES, GARDEN IMPLEMENTS, AND
BOOKS), 59 Chestnut St.
PROUTY & BARRETT, 194~ Market.
Clothiers.              C.B. ROGERS' SEED AND AGRICULTURAL WAREHOUSE, 29 Market St.,
Manufacturer and Dealer in all the
BENNETT & CO. (TOWER HALL), 182    most approved Agricultural and HorMarket St.                        ticultural Implements: Imported,and
CANS, LEBERMAN & CO. (WHOLE-       American Field and Garden Seeds:
SALE, (only); Merchants supplied on  Fruit, Shade, and Ornamental Trees:
the most liberal terms), N. W. cor-  Guano, Sup. Phos. Lime, Poudrette,
ner of Third and Market.          &c.; Inventor and Manufacturer of
A. T. LANE & CO. (MEN AND BOYS'    the Cast Steel Extending Point SurCLOTHING AT WHOLESALE), No. 171  face and Sub-soil Plough.
Market St., above Fourth, (N. side).
JACOB REED'S (WHOLESALE      AND
RETAIL CLOTHING  ROOMS), S. W.     Books.    Publishers.
corner of Fifth and Market Streets.
Country Merchants supplied on liber- LIPPINCOTT, GRAMBO & CO. (also
al terms.                        BLANK BOOKS), 14 N. Fourth St.
REED, BRO'S. & CO. (U. S. CLOTHING THOMAS, CO'WPERTHIWAIT & CO.
EMPORIUM. MEN AND BOYS' CLOTH-   253 Market St.
ING), 177 and 177~ Market St, north CLARK & HESSER, (BOOKSELLERS,
side, above Fourth St.           PUBLISHERS, AND BLANK BOOK MANWOLF, ARNOLD & NUSBAUM, 70~        UFACTURERS), 18 S. Fourth St. beN. Third St.                     low Market.
THE CRESCENT ONE PRICE CLO- C. G. HENDERSON & CO., SuccEsTHING STORE, (JONES & Co. PRO-   SORS TO G. S. APPLETON, (BOOKSELPRIETORS), Market St., above Sixth.  LERS, PUBLISHERS, AND IMPORTERS),
Corner of Fifth and Arch Streets.
IHave always on hand and offer to
the Bookbuying community upon the
best terms, the largest assortment
WILLIAM    CURTIS, (MASONIC AND    of American and Foreign Books, in
ODD FELLOWS' REGALIA), Odd Fel-  every department of Literature.
lows' Hall, Sixth St., below Race.:- Public and private Libraries, as
well as Bookbuyers generally, supplied at low rates.
Architects.              PARRISH, DUNNING      & MEARS,
(BOOKSELIERS AND STATIONERS), 30
S. D. BUTTON, 23 Merchants' Ex-    N. Fourth St.
change.                        T. K. COLLINS, JR., (BOOKSELLER,
JOSEPH C. HOXIE, 24 Merchants'     AND PUBLISER; FAMILY BIBLES AND
Exchange.                        Music BOOKS), 8 N. Sixth St.
NICHOLSON & WADSKIER, (AU- JOHN LOCKEN, (PUBLISHER OP BrTHORS AND PUBLISHERS OF THE      BLES AND PRAYER BOOKS O1 ALL
" PRACTICAL SCULPTOR), Johnson's  SIZES), 311 Market St.
Building, 103 Walnut St.        WM. G. MENTZ, (PUBLISHER'OF GERMAN AND ENGLISH BOOKS). Also,
Blank Book Manufacturer, No. 53 1.
Agricultural Implements            Third St.
MILLER & BURLOCK, (PUBLISHERS
Seeds, &C.                OF FAMILY AND POCKET BIBLES, in
various styles of Binding; SOUTHERN
R. BUIST, (SEEDS AND TREES), 97    HARIONY, etc.; also, BOOK-BINDERS),
Chestnut St. above Third.        22 N. Ninth St.




PHILADELPHIA.                        343
JOHN H. SIMON, (BOOKSELLER AND Brass Cock ManufacturPUBLISHER,) 114 N. Third St. Also,Brass 
Paper and Rag Warehouse, 234 N. ers and    Brass Founders.
Third St.
SOWER & BARNES, (BOOKSELLERS, H. BELFIELD, Willow and Ridge
STATIONERS, AND PUBLISHERS OF     Road; also, Broad above Willow.
PELTON'S OUTLINE MAPS AND KEYS), FRICK & GAUL, 364 N. Third St.
81 N. Third St.                 McCAMBRIDGE & FRY, 15 Cherry St
below Fourth.
Blank    Book    Mianufac-      J. & H. JONES, 93 and 95 Arch St.,
turers.                 below Third.
H. HOMER, 77 Race St. below Third.
JAMES B. S H &  O. 20 M-  BRASS KETTLES AND SHEET BRASS.
JAMES B. SMITHII & CO. 207 Mar-    AME      OF     (       C
ket St., above Fifth.           SAMUEL CROFT, (MANUFACTURER,
S. L. ADAMS, Manufactory 56 N. Third  53 Commerce St.
St., Stationery Store Callowhill St.,
above Eighth.                        Britannia Ware.
WM. M. CHRISTY, 65 S. Third St.
opposite Girard Bank.           HALL & BOARDMAN, (MANUFACPARRISH, DUNNING      & MEARS,     TURERS), 93 and 95 Arch St. below
30 N. Fourth St.                  Third.
PERRY & ERETY, (also STATIONERS),                            --
63 N. Third St. (up stairs).               Bricks
WM. PIERSON, (also STATIONER), 52             B
N. Fourth St.                   WHARTON & MATLACK, (MACHINE
-__ _ ___     AND HAND-MADE: also Agents for
Patent Rights of Culbertson & Scott's
Book-Binders.               Brick Machine), 110 S. Front St.
JOHN F. DUCOMB, No. 7 Hart's
Building, Sixth St. above Chestnut.  Burning - Fluid,   CamGEO. W. DONOHUE, (also BLANK         phene, and Alcohol.
BOOK MANUFACTURER), S. W. corner
of Fourth St. and Appletree Alley.  HENRY C. CORFIELD, (MANUFACJOHN LOCKEN, 311 Market St.         TURER OF   BURNING  FLUID, PINE
PAWSON    & NICHOLSON, No. 23       OIL, AND LAMPS), No. 454 N. Second
Minor St. between Fifth and Sixth,  St. below Poplar.
below Market St.                EDWARD F. CORFIELD, (also IrPORTER AND   DEALER  IN  FANCY
BOOK-BINDERS' DIES, ROLES & STAMPS.  GLASSWARE), 152 S. Second St, above
GASKILL, COPPER & FRY, (EN-         Spruce.
GRAVERS OF), 18 Minor St. Philadel- DAVIS & CULIN, (also LAMPS, LANphia. Book Binders'stock always on  TERNS, CHANDELIERS, &C.), N. E.
hand.                             corner of Fourth and Cherry Sts.,
Phila.: Front St. above Market, Camden, N. J.
Blaocking    and   In~k.      MURPHY'S, (also LAMPS, LANTERNS,
CHANDELIERS, &c.), 311 Market St.,
JOHN ANNEAR, (MANUFACTURER OF      and 27 South St.
WOOTTEN   &  ANNEAR'S PREMIUM   LEWIS L. PECK, No. 15 Dock St.
BLACKING,) 94 Spruce, & 13 N. 3d St. R. W. PLUMMER  & CO. (also DEOWM. CURREY, (MANUFACTURER OF       DORIZED ALCOHOL, VINEGAR, &C.),
WELLAR'S PATENT JAPAN BLACKING,  116 and 118 Queen St., Southwark.
8 Premiums received), 50 Chestnut St. JOHN W. RYAN, (also DEODORIZED
JAMES S. MASON & CO. (MASoN's      ALCOHOL), Washington and Swanson
BLACKING), 108 N. Front St.      Sts., Southwark. All articles warRUSHTON    & MEYERS, (ORIGINAL     ranted. Orders from the city or counMAGIC BLACKING. Also, DRUGGISTS'  try promptly attended to.
TINWARE), 39 Strawberry St.    YARNALL & CORFIELD, (MANUWELPLY & HILL, (BLACKING AND       FACTURERS), 274 and 280 N. Third,
INK MANUFACTURERS), 61 S. Fifth St.  above Noble St.




344             FIRST CLASS WHOLESALE HOUSES,
Manufacturing Chemists. E. & A. KERN, N. E. corner of Third
and Market Sts.
POWERS & WEIGHITMAN, (SUL- REINHOLD, DASH & CO. (WHOLEPHATE OF QUININE, &C.), S. W. COr-  SALE TOBACCO AND SEGAR WARE
ner of Ninth and Parrish Sts.     HOUSE), S. W. corner Third and Race.
POWERS, WEIGHTMAN & HARRI- A. STEVENSON, JR., 73 N. Third St.
SON, (OIL OF VITRIOL, &c.), ffice at
Powers & Weightman's Ninth and
Parrish Sts.                           Dental Depots.
ROSENGARTEN & DENIS, (SUL-__
PHATE OF QUININE, &c.), N. W. corner of Vine and Schuylkill Seventh.  JONES, WHITE & McCURDY, 116
J. P. & WM. WETHERILL, (WrITE-      Arch St. Philadelphia; 136 Broadway
LEAD AND CREMICAL WORKS), West    New York; 3~ Tremont Row, Boston.
Philadelphia.
ETOYngravers.
PVRTEUS' LABORHTORY,
WM. B. GIHON, (ENGRAVER ON WOOD)
Nos. 603, 605, 607, N. Front St.,   N. E. corner of Sixth and Chestnut.
AND                 C. T. HINCKLEY, (ENGRAVER ON
N. W. Corner Front & Canal St.      WOOD), 66 S. Third St. (3d Story.)
ALCT OHONFL            VWILLIAM     G. MASON, (BUSINESS
n a^nllwn.-.    CARDS, SEALS, STOCK CERTIFICATES,
Of all Descriptions.           AND ENGRAVING OF ALL DESCRIPPINMJE OIL                 TIONS), 46 Chestnut St. above Second.
Distilled by Steam.         J. & C. E. MAAS, (SEAL AND PLATE
~RNXING     FLUJI]DX     ENGRAVERS), 80S Walnut St.
[ E. D. MARSHALL & CO. (CALICO
VENICE    TURPENTINE,           ENGRAVERS), 6 Lagrange Place.
Naphthlaa,         Slia @oil      BANK NoTE ENGRAVERS AND PRINTERS.
Varnish of all Descriptions,    DANFORTH, BALD & CO., No. 95s
Walnut St. Philadelphia; No. 1 Wall
CHANDELIERS, LAMPS3             St. New York; No. 1 Gray's BuildGA~S^   FWnffX ]RpE    1ing, Boston; Fourth St. near Walnut,'A, F'l^'nf]^o             Cmf i Cincinnati. Original designs for VigBrass Work of all Kinds.            nette, and other embellishments furnished without charge.
ORDERS are filled on the day of their TOPPAN, CARPENTER, CASILEAR
receipt. Every article is warranted  & CO. 76, Walnut St. Philadelphia;
to please the purchaser, being man-  29 Wall St. New York; Liberty Tree
ufactured under the immediate super-  Building, corner of Washington and
vision of the subscriber.         Essex Sts. Boston; N. W. corner of
J. A. PORTEUS.      Third and Walnut Sts., Cincinnati.
Collecting     Agencies.          Furniture      ManufacC. R. HAWES & CO. (PARTICULAR AT-            turers.
TENTION PAID TO DOUBTFUL CLAIMS),
136 Market St.
WM. GOODRIC 3    CO. (MERCANTSLE W. & J. ALLEN, 136 S. Second St.,
WM. GOODRICH & CO. (MERCANTILE      helow Dock.
AGENCY), 116 Market St.         GEORGE    J.  IENKELS, (PAT NT
DAVID B. BIRNEY, (COM~MISSIONER     EXTENSION  DINING  TABLE), 173
OF DEEDS FOR 29 STATES), 116 Mar-  Chestnut St.
6ket St.                        HART, WARE & CO. (COTTAGE) Store
280 Chestnut St.: Factory Twelfth
Cigars, Tobao, &C.             and Buttonwood.
JAMES IRVINE, (STEAK TURNING,
FRISHMUTH &      BROTHERS, 105      FANCY CABINET MAKING ESTABLISHN. Third St. -MENT), 25 and 27 Dock St.




PHILADELPHIA.                        845
Furnishing      Goods.        GEORGE J: SCOTT (also CURLED
HAIR, WAGON-WHIPS, CHAIR AND
C. A. WALBORN & CO. (also GEN-      SOFA SPRINGS; Importer of Music
TLEMEN'S FURNISHING), 7 and 9 N.   Wire, and Piano Hardware), No. 9
Sixth Street.                     N. Fifth Street, Philadelphia; 2 Platt
WINCHESTER & SCOTT (GENTLE-         Street, New York.
DrEN'S FURNISHING) 172 Chestnut St.
above Seventh.                           Gold    Pens
THOMAS S. MOORE (IMPORTER AND              G          n.
DEALER) 54 N. Second St., up stairs. JONES &  MORGAN  (PROPRIETORS
G s ixue _ pAND MANUFACTURERS OF WILLIAM
Gas-Fixtures, &c.              FIFE'S  PATENT OBLIQUE-POINTED
CO-RNELI       BAKER, — ---- CO — (also GOLD PENS), 87 Tammany Street, and
CORNELIUS, BAKER, & CO. (also       Corner of Third and Chestnut Sts.
LAMPS, CHANDELIERS, &.), 176 CHARLES B. PEDDIE (MANUFACTUChestnut Street; Manufactory 131  RER OF GOLD PENS, GOLD AND SILVER
Cherry Street,. HBR         R     PENCIL-CASES), S. E. Corner of Third
HEID RICK, HORNING & BROTHER,       and Chestnut Street.
221 N. Second Street, above Vine, OS  N    ED (MANUFATURER), 74
Manulfactory 86'Noble St.       OSMON REED (MANUFACTURER), 74
Manufactory 86 Noble St.          Market Street.
Hardware, Guns, Cut-                   Hats and Caps.
lery, &c.
lery  &C      BOWEN, COWELL, & CO., 176 MarR. & W. C. BIDDLE & CO., 47 Market  ket Street.
Street, Philadelphia, have constantly C. H. GARDEN, 196 Market Street.
on hand Genuine Mouse-hole and W. HENDERSON    &  TRIEBELS, 144
Foster's Anvils, Blacksmith's Bel-  Market Street.
lows, Vices, English and American LASELL & BROTHER, 20 N. Fourth
Wagon-Boxes, Ames's & Rowland's   Street.
Spades and Shovels, Beatty's and J. J. KOHLER, 138 N. Third Street
Butcher's Edge Tools, Butcher's   (opposite the Eagle Hotel).
and Greaves's Files and Tools, PRICE I. PATTON & CO., 118 MarPugh's Auger Bits, Rose & Son's   ket Street.
Trowels, Wostenholm's and other JOHN C. YEAGER, 163 N. Third St.
Cutlery; which, with a full assortment of Hammered Pans, Brass
Kettles, Horse Nails, Wrought Nails,        Hotels.
Horseshoes, Hinges, Screws, Bolts, GIRARD HOUSE, PREUR AND BLLocks, Planes, Rules, Tacks, Brads, GIRARD HOtnSE, PRESBURY AND B
Sparables, and Shelf Goods gene-  INS, Chestnut below Nnth Street.
JONES'S HOTEL, 152 Chestnut.
rally, will be sold at the lowest mar- NITED STATE, Chestnut 
UNITED STATES, Chestnut between
ket prices, either by the Package or U urth and Fifth.
Fourth and Fifth.
foSPANG  & WALLACE (FISHG Ab FRANKLIN HOUSE, B. H. WOOLDAN
FOWLING TACKLE of every descrip-  (Terms $1 50 per day), Chestnut
tion), 94 N. Third Street.      AMERCAN HOTE, WILL            HART
_______94_N._Th__dStreet.AMERICAN HOTEL, WILLIAM HART
-----------------— CARR (Agent for the Proprietor,
Glue, Sand-Paper, Hide-            JOHN FATZINGER), opposite the Hall
Whips, &c.                 of Independence, Chestnut Street.
EAGLE HOTEL, DAVID STEM (Terms
BODINE, BAEDER, & CO. (also EME-    $I per day), 139 North Third Street.
RY AND SAND-PAPER, CURLED HAIR, THE RIDGWAY HOUSE, M. WIL
&c.), 86 Market Street, Philadelphia;  LIAMS, foot of Market Street (upper
235 Pearl Street, New York.       side), fronting the Delaware.
GERKER & BEEHLER (also CURLED MADISON        HOUSE, J. OTTENIIRK,
HAIR, ISINGLASS AND BRISTLES), No.  37 and 39 N. Second Street.
20 Commerce Street, Philadelphia; BALD EAGLE, DANIEL DALBY, 234
47 Vesey Street, New York.        N. Third Street.




346             FIRST CLASS WHOLESALE HOUSES,
MERCHANTS' HIOUSE, WILLIAM H. WM. P. CRESSON & CO. (STOVES;
BUSFI, 237 N. Third Street.      also, TINNED, ENAMELLED, AND TON
BLACK BEAR, WM. FRY (Terms 75      HOLLOW-WARE, &C. &C.), Willow
cents per day), 2411 N. Third Street.  Street above Thirteenth.
WHITE SWAN, WEAVER & BALD- NORTH, CHASE, & NORTH (STOVES,
WIN, 108 Race Street.            RANGES, HOLLOW-WARE, MACHINEUTAH HOUSE, ON THE EUROPEAN        RY, &c.); Foundry corner of SePLAN (similar to LOVEJOY'S, New  cond and Mifflin Streets; WareYork), ROBERT MILLER, Proprietor,  rooms 145 N. Second Street.
188 Chestnut Street.           JAMES YOCOM & SON (IRON FRONTS
JONES'S EXCHANGE HOTEL, 77         FOR BUILDINGS, AND MACHINE CASTDock Street, opposite Exchange and  INGS GENERALLY), Foundry No. 11
Post-Office.                      Drinker's Alley; Office 125 N. Second
Street below Race.
House, Hotel, and Steamboat Furnishing.                    Iron Railing.
ISAAC S. WILLIAMS, 256 Market COLEMAN'S ORNAMENTAL IRON
Street, between Seventh and Eighth.  WORKS, No. 48 S. Fifth Street below Walnut.
Ink.                HOOD & CO. (MANUFACTURERS OF
ORNAMENTAL IRON WORK) in all
A. W. HARRISON    COLUMBIAN INKS   its branches, at the CITY WORKS),
AND HAIR-DYE), 10 S. Seventh Street  121 N. Tenth Street above Race.
below Market.                   MORE & GALLAGHER, Corner of
JOSEPH E. HOVER (MANUFACTURER      Ridge Road and Broad Street.
OF HOVER'S INK, &c.), 144 Race WOOD'S ORNAMENTAL IRON RAILING
(Sassafras) Street.              WORKS, Ridge Road and Buttonwood
Street.
Iron.
M. WALKER & SONS (WROUGHTCOLWELL & CO., 1 1 N. Water Street,  IRON AND PATENT WIRE RAILING,
and 53 N. Wharves.               FARM FENCING, PATENT WIRE SACKGEO. EARP, JR. (GENERAL COMMIS-    ING BEDSTEADS, &C.), N. E. Corner
SION MERCHANT), 56 N. Wharves.   of Market and Sixth Streets.
FISHER, MORGAN, & CO. (BAR-IRON
AND CUT NAILS), 117 N. Water St., Jewelry    Wathes,.
and 56 N. Wharves.    WaeS.aw             y&c.
MORRIS, JONES, & CO. (COMMISSION          & M'CARTY (MANUFACTUMERCHANTS AND DEALERS IN ALL               THIMB        CTACL
DESCRIPTIONS OF IRON, NAILS, COP-  ERS     T     ES, SPECTACLES
SPOONS, AND IMrPORTERS OF WATCIIPER, &C.), Market and Schuylkill  S       AND I R         aTCve
PER, vent. Market and Schuylkill  ES), 105 N. Second Street above
Seventh Streets.Ah
NATHAN    TROTTER & CO. (alsoCONRAD BARD & SON (MANUFAMETALS), 36 N. Front Street.JOS. & G. P. WHITAKER (MANU-ETRNOIVRMITHS, AND IMPORTJOS. &'G. P. WHITAKER   (MAn-     ERS OF WATCHES    AND PLATED
FACTURERS OF PRINCIPIO, ROUGH    WARE), 1  Arch Street.
AND READY, AND DURHAM PIG-IRON;  WARE), 116 Arch Street 
AD READYl, AND DURHAM PIG-LRON; E. G. A. BAKER (MANUFACTURER
also sell BURDEN'S RAILROAD, SHIP,JEWELRY), Corner
AND DEALER IN JEWELRY), Corner
AND BOAT-SPIRES, HORSESHOES, AND  of N. Fourth and Branch Streets
RIVETS), 147 N. Water Street and 70  Office  N. Third Street.
N\. Wvharves.          JAMES BARBER'S (WHOLESALE AND
RETAIL  CLOCK  ESTABLISHMENT);
Iron Founders.               also, Sole Agent for A. W. Rapp's
celebrated Patent Scientific Niche
ABBOTT & LAWRENCE (LIBERTY         Gold Pen, wholesale and retail,
STOVE WORKS AND HOLLOW-WARE      South-East Corner of Second and
FOUNDRY), Brown St. above Fourth.  Chestnut Streets.




PHILAELPIIIA.                       347
DUBOSQ, CARROW, & CO. (WHOLE.      Leather, Morocco        &c.
SALE MANUFACTURERSOF, AND DEALERS IN JEWELRY), No. 5 Bank Alley, FRIT   WLLIMS   & 
lower side of Pennsylvania Bank.  &MRCOMNFS         U HENDRY
FARR & THOMP()N (IMPORTERS OF      (MOROCC  MANUFACTURERS, CURWATCHES AND JEWELRY, also GOLD   RIERS; IMPORTERS, COAMISSION AND
PEN                11ANUFACTURERS), 112 Chetnt GENERAL LEATH-ER DEALERS), 29
PEN MANUFACTURERS), 1 12 Chestnut  North Third Street.
Street.
Street.                          AlNorth Third Street.
THOMAS C. GARRETT & CO. (IM- GEORGE S. ADLER (MOROCCO AND
PORTERS OF WATCHES AND MANU-     PATENT LEATHER MANUFACTURER),
FACTURERS OF JEWELRY AND SILVER  21 Margaretta Street.
WARE), 122 Chestnut Street.    CHAMBERS & CATTELL (MANUJOHN M. HARPER (IMPORTER OF        FACTURERS AND IMPORTERS OF LEAENGLISH AND SWIss WATCHES), No.  THER), 67 Chestnut below Third.
3 Bank Alley near the Exchange.  E  AD & MAA           A   ALEWIS LADOMUS (IMPORTER OF, ANDEVELAND & MAHARG        (MANUFACTURERS OF MOROCCO AND FANCY
WHOLESALE AND RETAIL DEALER IN      TER    FRNC    CAF 
WATCHES, JEWELRY, SILVER WARE,   LEAR      FNC        L, BBNAND GOLD PENS), 106 Chestnut Street.  6INDR, BINDINS, LININGS, &c.)
OWEN & DUBOSQ, (MANUFACTURERS       0  ilow Street, between St John
AND DEALERS IN JEWELRY), 76 North   GAMBLE & BROTHER       M
Second Streete.                J. K. GAMBLE & BROTHER (MoROCCO AND FANCY LEATHER MANUOSMON REED (IMPORTER AND DEAL-     ROCCO AND FANCY LEATHER MANUER IN WATCHES, JEWELRY, GOLD     FACTURERS), 5 Margaretta Street.
ER IN WATCHS, JEWELRY, OLD M. T. McNEELY (MANUFACTURER
PENS, FANCY GOODS, TOOLS AND MA-       McN    Y    A   ATRER
TERIALS), 74 Market Street, below OF, FANCY LEATHER   CKrThird.                          SKIN, CHAMOIS, AND PARCHMENTS),
STAUFFER & HARLEY (IMPORTERS       46 N. Fourth Street.
OF WATCHES AND JEWELRY, AND MIDDLETON & CO. (TANNERS, CURMANUFACTURERS OF SILVER WARE),   RIERS, AND MOROCCO MANUFACTU96 North Second Street, corner of  RERS), Store, 281 N. Second St.; TanQuarry.                          nery, Crosswicks, N. J.
J. A. STODDART     (IMPORTER OF
WATCHES AND MANUFACTURER OF
JEWELRY, WATCH-TOOLS, AND MA-    Locomotive Builders.
TERIALS IN VARIETY), N. E. corner
of Market and Third Streets.   M. W. BALDWIN, Corner of Broad
TAYL(  R, LAWRIE, & WOOD (SIL-     and Hamilton Streets.
VER WARE), 114 Arch Street. Man-RICHARD NORRIS & SON, Schuylufacturers for Bailey & Kitchen, and  kil Sixth Street above Railroad.
Bailey & Co., 19 years.
C. & E. TRACY (MANUFACTURERS OF
WATCH-CASES AND DIALS; also As-   Looking-Glasses &C.
SAYERS AND DEALERS IN GOLD AND
SILVER BULLION-CALIFORNIA GOLD
BOUGHT), Goldsmith's Hall, Library JOSHUA COWPLAND   (WHOLESALE
Street.                          DEALER IN LOOIING-GLASSES), 27 S.
WILSON'S SILVER PLATE, SPOON AND   Fourth Street below Market.
FORK MANUFACTORY, S. W. corner THOMAS J. NATT & CO. (WHOLEof Fifth and Cherry Streets. Also  SALE AND RETAIL LOOKING-GLASS
Importers of Plated Ware.        WAREHOUSE AND PLATE-GLASS DEPOT), 117 Chestnut.
SHOW-CASE MAKERS.          JOSEPH S. NATT (FRENCH LOOKINGBEAL & FORMAN (SILVER AND GER-     GLASS AND PLATE-GLASS DEPOT), 182
MRAN SILVER MOUNTING), rear of   Chestnut Street, between Seventh
MAN SILVER MOUNTINGS), rear of   a     hth S
No. 7 Cherry, between Third and  and Eig   Streets.
Fourth.                        CHARLES N. ROBINSON (also CARV
FREDERICK, HAFNER       (GERMAN    ED GILT BRACKETS, GILT PORTRAIT
SILVER AND BRASS MOUNTINGS, NEW  AND PICTURE-FRAMES, ENGRAVINGS,
STYLE), 60 Vine Street below Second.  &c.), 248 Chestnut Street.




348              FIRST CLASS WHOLESALE HOUSES,
CHARLES S. SWAIN, 225 N. Second         ilitary Furnishing
Street.
Goods.
ISAAC J. CRESSWELL (also CLOCKS,
WHOLESALE AND RETAIL, BRITANNIA
WARE, AND FANCY HARDWARE), 299     W. H. HORSTMANN & SONS,
Market Street, below Eighth.           51 NORTH THIRD ST.
(Manufactory Fifth and Cherry),
Marble Dealers.                     MANUFACTURERS OF
JOHN   BAIRD    (MANTLES, TOMBS,          MILITARY GOODS,
SLABS, &c.), Ridge Road and Spring Ladies' Dress Trimmings,
Garden Street.                     Carriage Laces and Trimmings,
JOSEPH   MAPLES (SCULPTOR    AND      Upholsterers' Trimmings,
MARBLE MASON), Arch Street near         Blind Trimmings,
Broad.                                      Tailors' Trimmings,
ADAM    STEINMETZ, Ridge Road             Masonic and oher Regalia.
above Willow Street.                       IMPORTERS OF
J. E. & B. SCHELL, S. E. Corner of Hosery, Gloves,  Ya, &c.
Tenth and Vine Streets.                 Combs, Brushes, Fans,
H. S. TARR      (MANUFACTORY   OF French, English, and German
CARVED AND ORNAMENTAL MARBLE                      Fancy Goods, and
WORIc), Green Street above Seventh.         Manufacturers' Materials.
SOLE AGENTS FOR
Medicines.       Valuable.             RYLE'S SPOOL SILK.
SWAIM'S PANACEA, for the Cure of    Military Equipments.
Scrofula, or King's Evil, and all Diseases arising from Impurity of the LAMBERT & WHITE, 103 N. Third.
Blood.
SWAIM'S VERMIFUGE, a Valuable 
Family Medicine in Diseases arising  Importer of Mosaic
from Debility ofthe Digestive Organs.   Flooring Tile.
(See Pamphlets, to be had gratis.)_
Prepared at Swaim's Laboratory,
South Seventh St. below Chestnut.  S. A. HARRISON (also AGENT AND
WRIGHT'S INDIAN      VEGETABLE      IMPOTER OF TERRA COTTA WARE
PILLS, N. W. Corner of Fifth and  ARITECTUAL ORNAMENT), 
Race Streets.                     Walnut Street.
Race Streets.
Millinery Goods and Rib-Perfumery, Fancy Soaps,
bons.                               &c.
M. BERNHEIM, 11 S. Second Street. R. &. G. A. WRIGHT, 23 S. Fourth
THOMAS MORGAN        (Manufacturer   Street below Market.
of Bonnets and Millinery Goods), 88 XAVIER BAZIN 114 Chestnut Street.
North Ninth Street, above Cherry. 
JOHN STONE & SONS, 45 S. Second. A. W. HARRISON, 10 South Seventh
A. H. ROSENHEIM & CO., 23, South     Street, above Chestnut.
Second Street.                   W. SCHOLLENBERGER & CO., 26
J. C. & W. E. TABER, 19 S. Second    Merchant Street, first street below
Street.                            Market, between Fourth and Fifth.
SAMUEL F. PRINCE (DOMESTIC MARBLE AND SOAPSTONE), Chestnut and
Schuylkill Front Streets.




A FEW
OF THE
FIRST-CLASS WHOLESALE HOUSES
IN CINCINNATI.
Agricult'ral Implements. J. c. & H. L. TUMY (BOOK-BINDERS
-_ __- _.___ _____   _    _____    AND BLANK BOOK MANUFACTURERS),
J. M. M'CULLOUGH (FRUIT AND OR-     43 Main St.
NAMENTAL TREES, GARDEN, FIELD, H. B. PEARSON & CO., 17 E. Fourth
AND FLOWER SEEDS, HORTICULTURAL   Street.
AND AGRICULTURAL IMPLEMENTS),
162 Main Street. Nursery and Seed   Cigars, Tobacco, &c.
Farm, Pleasant Ridge.
-NEILSON & CHURCHILL (IMPORTERS
Exchange Brokers and               AND MANUFACTURERS OF HAVANA
AND DoMESTIC CIGARS, AND DEALERS
Bankers.                 IN [OBACCO, SNUFF, &C.), 23 Main St'
T. S. GOODMAN & CO.          B. VETTrERLEIN & CO., N. W. cor.
(EXCHANGE AND BANKING HOUSE),     of Columbia St. and Broadway. Con101 Main Street.           stantly on hand an assortment of HaStocks bought and sold on commis-  vana, Principe, and Domestic Cigars;
sion; collections made on all points Havana, Cuba, St. Domngo, and Spathrou'ghout the country, and returns nish Seed LeafTobacco; Maccoboy,
French, Fine and Coarse Rappee and
nmade with current rates of exchange  French, Flne and Coarse Rappee and
without charge, and all other busi- Scotch sufs. The most appred,ess appertaining to Bankluig.b          
ness apperta.ining to Banking.    brands of Virginia Manufactured Tobacco.
J. S. DYE ()YE's EXCHANGE (FFICE),                       A
S. E. Corner Third and Walnut Sts.,  SIMEON B. WILLIAMS,
Manufacturer of FINE-CUT CHEWING
opposite Masonic Hall.
_'    __:_ _ -___       AND SMOKING ToB.Acco, and dealer
BDook Publishe-rs.            in IMPORTED AND DOMESTIC CIGARS,
88, 90, and 92 Pearl St. First PreAPPLEGATE & CO.              miunis, 1852, awarded at American
Institute, N. Y., Mechanics' Institute,
BOOKSELLERS, PUBLISHERS, STATION.Cincinnati, Ohio State Fair, CleveERS, PRINTERS, AND BLANI(-BOOIC
ERSRMNRUA   K-BOOK land, Michigan State Fair, Detroit.
MANUFACTURERS, 
No. 43 Main Street, West Side,
below Second Street,       (hina, Glass,      Queensware.
Cincinnati.
Cincinnati.SAMPSON- & CO. (IMPORTERS AND
SMITH & FAIRMAN (BOOK-BINDERS       DEALERS IN CHINA, GLASS, AND
AND BLANK-BOOK MANUFACTURERS),    QUEENSWARE), 92 Main Street, three
141 Main St.                      doors below Third.
30




350            FIRST-CLASS WHOLESALE IOUSESI
Commission Merchants.             Drugs.     Importers and
WVholes   ale Dealers.
CINNAMON    & KERR (COIISSIONolesale Dales
MERCHANTS AND DEALERS IN PRO-BURDSAL & BROTHER, N. W. CorDUCE), 11 Water Street.          ner of Main and Front Streets, is
STRAIGHT & DEMING (WESTERN         a FIRST-CLASS WHOLESALE   DRUG
RESERVE CIIEESE & BUTTER, FLOUR,  HOUSE. AND IMPORTERS AND DEALBACON, LARD, DRIED FRUITS, SEEDS,  ERS IN ALL ARTICLES IN THE DRUG
SAL]ERATUS, POT AND PEARL ASHES,  TRADE. (Motto-Large Sales and
FISH, HEMP, COTTON, and all kinds of  Small Profits.)
PRODUCE, GROCERIES, and Maufac- C. S. BURDSAL & CO. (DEALERS IN
tured Articles), 31 Sycamore Street.  DRUS, MEDICINES, PAINTS, OILS,
Particular attention given to the pur-  DYESTUFFS, GLASSWARE, &C.) 228
chase of goods on orders. ___    Main Street, between Fifth and Sixth
Streets.
Clothiers.              CONKLING, WOOD, & CO. (MANUFACTURERS OF CASTOR-OIL, WHITE
AMBERG & STACHEL (WHOLESALE        AND RED LEAD, LITHARGE, WHITCLOTHING DEPOT), 209 Main Street,  ING, PUTTY, CHROMES GREEN, RED,
4 doors above Fifth.             AND YELLOW, ASSORTED COLORS, DRY
FECHHEIMERS,GOLDSMI rH, & CO.      OR IN OIL, AND IMPORTERS OF COARSE
(WHOLESALE CLOTHIERS AND DEAL-   PAINTS), North side of Court Street,
ERS IN DRY GOODS), No. 72 Main St.,  East of Broadway, Cincinnati, Ohio.
fifth door below Lower Market St.  ROBERT FLETCHER, AGENT FOR
T. W. SPRAGUE & CO. (FASHIONABLE   LANDRETH'S (Philadelphia) GARDENTAILORS: also FINE CLOTHING REA-  SEEDS; BAZIN'S (Roussel) PERFUDY MADE), 113 Main St. Amount of'  MERY; NEW JERSEY ZINC PAINT,
stock on hand, $75,000.          N. E. Corner Sycamore and Lower
-—, _MMarket.
A. H. GUTHRIE & CO.         R. MACREADY (WHOLESALE DEALER
(DRAPERS, TAILORS, AND GENTLEMEN'S  IN DRUGS, MEDICINES, PAINTS, OILS,
FURNISHING STORE),         VARNISHES, DYES, BRUSHES, GLASS34 Fourth St., N. side, between Main  WARE, &C.), S. W. corner Front and
and Walnut.             Walnut Sts.
_ ADI MAONI- AD    J. & C. REAKIRT (also DEALERS IN
WILLIAM ADDIS (MASONIC AND ODD-    SATINET WARPS, STEEL    REEDS,
FELLOWS' FURNISHING STORE), Sixth  SHUTTLES, ICKERS, HARNESS TWINE,
Street, Bacon's Building, under Mag-  ROLLER CLOTH, PRESS PAPERS, TEN-.nolia Hall, Manufacturer of Costumes  TER EOOKS, CARD CLEANERS, COMB
and Regalia of every description, for  PLATES, &C.; and Agents for SaIITH,
Masons, Odd-Fellows, and Sons of  WOODCOC, & INIGHT'S MACHINE'Ternperan ce.                   CARDS), 21 Pearl Street.
~   Being a member of the above or-  A RZ   R     l         Dr
ABIA ZELLER (WHOLESALE DRUGders, I am prepared at all times toABIA    ER (W   LESLE 
GIST), N. E. Corner of Main and
firnish everything appertainingthere. GIS ColuNLba Strnets.
t ) with punctuality and dispatch. 
KOST, BIGGER & CO., Publishers of
Cocoa and Chocolate.," Kost's Materia Medica and Therapeutics." Kost's " Domestic MediLAMBE & CO. (MANUFACTURERS), 130   cine,"  ost's "Pharmacy and OrColumbia Street, between Race and  ganic Chemistry," " Howard's PracElat    ____  _       ___n.  _tice," " Howard's Midwifery," and
" Howard's Physiology;" wholesale
Confectioners.              dealers in Foreign and Domestic Medicines (warranted pure and fresh),
MYERS & CO. (WHOLESALE CONFEC-     Perfumery, and Surgical Instruments,
TIONERS), 40 Main Street.        45 E. Fourth St.




CINCINNATI.                         351
Dental Furngishing:Depot.         Sts. Also engraved in a style corresponding in excellence to that of
S. WARDLE & CO. (MANUFACTURERS      Bank Notes, Railroad, State, and
OF SINGLE TEETH), 256 Walnut St.  County I3onds, Bills of Exchange,
Block Work made to order; Dentist's  Checks, Drafts, Certificates of Stock
Instruments, Lathes, Tools, Operat-  and Deposit, Promissory Notes, Bill
ing Chairs, Spittoons, Material, &c.  and Letter Heads, Diplomas, Visiting
&c. Orders with remittances prompt-  and Professional Cards, Notarial,
ly attended to.                   County, and Hand Seals, &c. Constantly on hand, Bank-Note Paper, of
Daguerreotype Stock.              various tints, made to order, of very
superior quality. The above office
PETER   SMITH (DEALER AND IM-       is under the supervision of GEO. T.
PORTER OF DAGUERREOTYPE STOCI,    JONES, Practical Engraver.
FANCY AND MILITARY GOODS), 36
Fifth St.
Fancy Goods.
D. &  Dry Gr~ooods.  ____   DORR & ARNOLD (WHOLESALE DEALD. & R. BROWN (MANUFACTURERS OF     ERS IN FANCY GOODS), 6 Sixth Street,
HOSIERY, IMPORTERS AND WHOLE-     between Main and Walnut. ManuSALE DEALERS IN RIBBONS, GLOVES,  facturers of various brands of Cigars.
LINENS, LACE, SILK GOODS, SMALL TAYLOR, FRENCH, &        WYNNE,
WARES, &c.), 253 Main Street, three  79 Main and 3 Pearl Streets.
doors above Sixth.
Gdoors above Sixth. G WHTF. SCHULTZE & CO. (IMPORTERS OF
GEORGE WHITE (WHOLESALE AND         FANCY GOODS, TOYS, FRENCH CHINA,
RETAIL DEALER IN EVERY DESCRIP-     AN  G        LASSWARE, COMBS
TION OF FOREIGN AND DOMESTIC DRY-  WR-XES,       MUSICAL   INSTRUGOODS), No. 56 and 58 Fifth Street,  iENT,, 64  ain Strt.
North side.                      M3ENTS, &C.), 64 Main Street.
North side.________________________
Engravers.               Furniture. Fashionable.
H. C. (ROSVENOR (ENGRAVER ON JOHN GEYER (WESTERN CHAIR AND
WOOD), N. E. corner of' Fourth and  FURNITURE MANUFACTORY) NOS. 8
Walnut Sts.                       and 10 East Fourth Street.
H. H. SHIPLEY, & BRO. (MANU- MITCHELL &             RAMMELSBERG
FACTURERS OF EMBOSSED BUSINESS    (WHOLESALE AND RETAIL FURNICARDS AND ENVELOPS), 22 W. Fourth  TURE WAREROOMS), 23 and 25 E. SeStreet.                           cond St., between Main and SycaENGRAVERS ON WOOD.              more.
FRAZER & DENIS, Gazette Building,
120 Main Street. Every description    L. M. C RAtE,
of WOOD ENGRAVING executed in su-  MANUFACTURER OF FASHIONABLE
perior style.
{: Orders from abroad punctually at-  CABINET     FURNITURE,
tended to.                            SOFAS, CHAIRS, ETC.
J. R. TELFER, 7 Gazette Building, W, S Sa        S 
120 Main Street. Landscapes, ViewsWarooms, 81Syc    eSt.  e dr
of Buildings, Newspaper Headings,oe 
&c. engraved to order. 0'2 Work done to order; Furniture reH. H. SHIPLEY & BROTHER, Nos. 6     paired; Upholstering done with neatand 22 W. Fourth Street. Engraving  ness and dispatch, at moderate terms.
on Wood done in the best style.
AARON    SHAW, 18 East Fourth St.
BANK-NOTE ENGRAVERS AND             The subscriber keeps constantly on
PRINTERS.                 hand the richest PARLOR, CHAIIMBER,
RAWDON, WRIGHT, HATCH, & ED-        AND COTTAGE ENAMELLED FURNISON, S. E. corner Fourth and Main  TURE.           AARON SHAW.




352             FIRST-CLASS WHOLESALE HOUSES,
Grocers.               EVENS PERCUSSION PRESS, with
SEAL, complete for $5. C. F. HALL,
ENGRAVER, 14 W. Fourth Street. and
BISHOP, WELLS,      & UC.      corner of Fifth and Walnut, General
Agent for the United States.
R. I. BISHOP,) Wholesale Grocers, This unique invention is now used and
W. W. WELLS,    Forwarding and     highly recommended by Bankers,
G. WV. B1110P,  Commn    rchants,  Merchants, Editors, Lodges, Notaries
n  ublic, Bodies Corporate, &c. &c.
Front St., five doors east of Main, opposite the Steamboat Landing.  U. S. ENGRAVING ROOMS, 14 W.
Fourth Street, next door west of Firsf
JOSEPH C. BUTLER & CO. (WHOLE-     Presbyterian Church; sign, Arms ot
SALE GROCERS AND COMMISSION MER-  the U. S. Seals (Arms) Designed and
CHANTS), 47 Main Street.         Engraved for Bodies Corporate, Civil
___and Ecclesiastical Courts, Lodges,
Albert G. Richardson,         Notaries Public, Bankers and MerERL  rnmMI N MERTrNT      chants, &c. Seal Presses, Copper
ENER1AtL CO1MMIOI SSION M llERCIuNT  and Steel Plate Engraving and PrintAND                 ing; Marriage, Business, and Address
WHOLESALE GROCER.            Carts; Self-Sealing Advertising EnCorner of Walnut and Columbia Streets.  velops and Colored Embossed C.irds
all executed in the best style of the
SMITH   &  GRAHAM    (WHOLESALE    art.             C. F. HALL.
GROCERS AND PRODUCE MERCHANTS,-_
AND DEALERS IN FOREIGN AND Do-     Hats.    Fashionable.
MIESTIC LIQUORS, WINES, &C.), 4 and
5 Commercial Row.              L. H. BAKER & CO. (FASHIONABLE
SPRINGER & WHITEMAN, 16 and        HATTERS), S. W. Corner of Main and
18 Columbia Street.              Fourth Streets.
Hotels.
Hardware and Cutlery.          BIURNET HOUSE,Third and Vine Sts.
DENNISON   HOUSE (W. & E. B.
R. W. BOOTH & CO. (CARPENTERS'     DENNrSON), Corner of Main and Fifth
AND COOPERS' TOOLS, ENGLISH SIN-  Streets.
GLE AND DOUBLE BARREL GUNS; GIBSON HOUSE (0. H. GEFFROY),
also AGENTS FOR FAIRBANKS'S PLAT-  Walnut Street, between Fourth and
FORM SCALES), S. W. Corner of Wal-  Fifth.
nut and Pearl Streets.
LATIMER, COX, COLBOURNE, &        HORSES AND CARRIAGES TO
LUPTON (JOBBERS OF HARDWARE),               HIRE.
New Store, 74 Main St., near Pearl. ISAAC D. JOHNSON, East side of
TYLER, DAVIDSON, & CO., 140 and    Walnut, between Eighth and Ninth
142 Main Street.                 Streets.
J. L. WAYNE (DEALER IN HARDWARE, PLUSH, HAIR CLOTH, SOFA     India Rubber Goods.
SPRINGS, BURLAPS, CANVAS, TWINE, B T & H          (   
GIMP, VENEERS, GLUE, LOOKINGBART & HICKCOX (also UMBRELLAS,
GLASS PLATES, &C. &C.), 124 Main St.  HOSE, STEAM PACKING, AND MACHINE BELTING, at Factory Prices),
M'GREGOR, LEE, & CO. (MANUFAC-     N. W. corner Fifth and Main Sts.
TURERS OF POWDER-PROOF BANE
LOCKS, PRISON, STORE, AND HOUSE       Iron Founders.
LocKs; also HOTEL AND STEAMBOAT
BELL WORK, &c., and DEALERS IN J. H. BURROWS & CO., COLUMBIA
BUILDING  HARDWARE), Western     FOUNDRY, Columbia Street, between
Row, between Sixth and Seventh Sts.  Elm and Plum; Office, 23 W. Front




CINCINNATI.                         353
St., between Main and Walnut: also  Lithographers and EnManufacturers of J. H. Burrows's
Patent Grist Mills, French Burr Mill        gravers
Stones, of all sizes, Steam Engines,MDDLETON & WALACE (RAILGrist arid Saw Mill Irons, and Cast*  P 1. 1    n ^~ROAD BONDS, CERTIFICATES, MAPS,
lngs of all descriptions: also Dealers  Rc., VIEWs OF BuRLnATEs, SMow
&C., ViEwVS OF BUILDINGS, SHOW
in Bolting Cloths, Plaster of Paris,  CARDS, CIRCULARS, &c.), Odd Eel&c.                                lows' Building, 115 Walnut St.
WM. C. DAVIS.   WM. C. BARNARD.          Iarbl        al
W. C. DAVIS & CO., Proprietors of thear         e     eaer
ANCHOR IRON WORKS, and Manufac- D. BOLLES (ARTIFICER AND DEALER
turers of Fisk's Patent Metallic Bu- 
rIN M.4RBLE), East side of Vine, berial Cases, and every description of  twn  ifth and sith St
Cooking and Heating Stoves, Hollow
Ware, Dog Irons, Sad Irons, Tea CHARLES RULE (LATE LOWRY AND
Kettles, Caldron, Potash, and Sugar  RULE), corner of Broadway and Fifth.
Kettles, and Castings in general, and  Monuments, Tombs, Grave Stones,
Dealers in English and American    Mantels, &c. constantly on hand and
Steel; Juniata Iron, and Nails of all  furnished to order.
sizes and of a warranted quality. The Trade supplied with Marble in
Sales Rooms corner of Ninth and    Block and Slab, or sawed to order.
Main; Foundry on Hunt Street.- 
Mathematical Instruments.
__ Lard  OilU_. -T. F. RANDOLPH & BROTHER, N.
BURCKHART & CO. (ANUFATUR-  W. corner of Fifth and Walnut Sts.
ERS AND WHOLESALE DEALERS N  IN   (second story Apollo Building), ManLARD   OIL, STEARINE, CANDLES      ufacturers of Surveyors' Compasses,
LARD   OiL, STEARINE, CANDLES,
SOAP, &c.) N. E. Corner Sixth and  Theodoltes, Transits Levels, &c.
Walnut, and 12 lHammond Street.    &c. Repairing and adjusting InstruHENRY (GOOCH, LARD OIL MANU-         rnents done to order.
FACTURER,-130 Columbia Street, between Race and Elm.                 Mercantile Colleges.
PROCTER & GAMBLE (also CANDLES, SOAP, PEARL-STARCH), 252 BACON'S MERCANTILE COLLEGE,
Main St.,between Sixth and Seventh.  N. W. corner Sixth and Walnut Sts.
=_______ _'The Course of Instruction consists of
Lt-oo.ing-G   l asses, &o         Double Entry  Bookkeeping, emO gbracing every department of Trade
13OWN & HARTIGAN (GILDING AND        ard Mercantile Accounts, PenmanLOOKING-GLASS ESTABLISHMENT), 16   Silship, Commtiercial Calculations, LecLOOKINGC-GLASS ESTABLISHMENT), 16
East Fourth Street. Steamboats and  tures on Comercial Law, Political
Storeroomns decorated with Compo-  Economy, the Science of Accounts,
sition, Portrait, Picture, and Looking-  Custos of Merchants, &c.
glass Frames, and Window Cornices                BACON     cip
of every Description, made to order. GUNDRY'S MERCANTILE COLFine Engravings, Lithographs, &c.  LEGE, Incorporated 1848. This inW1LLIAM WISWELLJR. (LOOKING-        stitution qualifies individuals for the
GLASSES, PORTRAIT, AND PICTURE-    Counting-room and business pursuits.
FRAMES OF EVERY PATTERN; WIN-      Terms for the full course $40.
DOW, PLATE, AND OTHER FRENCH              JOIN GUNDRY, Principal.
CRYSTAL GLASS OF ALL SIZES), 129
Main Street, between Third and THOMPSON'S PENMAN'S INSTIFourth Streets. Looking-glass Plates  TUTE, S. E. cor. Walnut and Eighth
of every Size put into Old Frames.  Sts. Open Day and Evening.
30*




354             FIRST-CLASS WHOLESALE HOUSES,
House and Sign Painters. Printers, Stereotypers,
and Publishers.
J. M. HUSTON (PLAIN AND ORNA-__
MENTAL), 67 W. Third, between Wal- I. HART & CO., 41 and 43 Columbia
nut and Vine Sts. Fresco and Kal-  St. All kinds of JOB AND CARD
somine Painting, in all their various  PRINTING neatly executed at this esbranches, Imitations of Woods and  tablishment.
Marbles, Plain, Ornamental, and
Stained Glass, Damask, Tapestry,   Perfumery and Fancy
and Morocco. Specimens of each
may be seen by calling at the Store.        Articles.
Wall Painting in Oil, Turpentine, and
other Composition Colors.  Zinc, KOHL & THORNE (IMPORTERS AND
Lead, Paints, Oils, and Glass, con-  DEALERS IN  PERFUMERY, FANCY
stantly on hand and for sale. Block  ARTICLES, AND ALL THE POPULAR
Letters cut to order.              GENUINE FAIILY MEDICINES). WestH. CUMMINGS (PLAIN AND ORNA-         ern Agents for Myer's Extract of
MENTAL), 126 Walnut St., between   Rock Rose, Kendall &Taylor's TherThird and 6Fouut St, Freso nd      mometers, &c., N. E. Corner Fourth
Third and Fourth Sts. Fresco and   and Vine Streets. Chas. A. Dexter,
Kalsomine Painting, in all their vari-  in 
ous branches; Imitations of Woods  Travelling Agent.
and Marbles, Plain, Ornamental, and
Stained Glass, Damask, Tapestry,    Paper Box Factory
and Morocco. Specimens' of each 
may be seen by calling at the Store. D. B JORDAN, S. E. corner Main and
Wall Painting in Oil, Turpentine, and  Fifth Sts. The oldest establishment
other Composition Colors.  Paints,  of the kind in the West. A good
Oils, and Glass constantly on hand  stock constantly on hand.
and for sale. Block Letters cut to
order.
ROBINSON & CARLIN (PLAIN AND              Piano-Fortes.
ORNAMENTAL), S. W. corner of Third
and Race Sts. Sign Writing, Gilding, DAVID  A. TRUAX  (PIANOFORTE
Graining, Glazing, and Wall Coloring AND MUSIC WAREROOMS), SO Fourth
done in Distemper with neatness and  St., between Walnut and Vine. A
dispatch.splendid assortment of SHEET Music
kept constantly on hand.
TEASDALE'S NEW YORK DYE HOUSE
is a four story building with stone  Rifles and     Pistols.
front, opposite the Walnut St. House, GRIFFITHS & SIEBERT (RIFLE AND
between Sixth and Seventh Streets.  PSOMAUCTRR             W   LE
This is the only house in the West  PISTOL MANUFACTURERS; WHOLEthat ever received a premium for co- SALE AND RETAIL DEALERS IN DOUlors: it has no connection with anv  BLE AND SINGLE BARREL SHOT-GUNS,
other New York Dye House in Cin-   REVOLVERS AND SINGLE PISTOLS, AND
cinnati, and is the only house of the  SPORTING APPARATUS), 279  ain St.,
above name where first-rate work is between  xt and Seventh. Guns,
done.                              &c. neatly repaired. Gunmakers furnished with Gun materials at the lowest prices.
Millinery     Goods.
Pork and Beef Packers.
J. SHUMARD & CO. (DEALERS IN FASHIONABLE STRAW GOODS, SILK BON- CHAS. DAVIS & CO., PORK AND BEEF
NETS, RIBBONS, FLOWERS,   SILKS,   PACKERS, Sycamore Street, between
TRIMMINGS, &C.), 187 Main St.       Eighth and Ninth.




CINCINNATI.                         355
Saddlery.                  Wines, Liquors, &c.
MOORES & BUTTERFIELD        (SAD- HAWTHORN      & DUNN (IMPORTERS
DLE, HARNESS, AND TRUNK MANU-     AND DEALERS IN WINES AND LIFACTURERS), 89 Main St.           QUORS, VIRGINIA, MISSOURI, AND
KENTUCKY TOBACCOS, TEAS, &C.), 50
Stationers.                Pearl Street.
H. B. PEARSO0    & co,            Window-Shades.
WHOLESALE AND RETAIL
THOS. J. ERNST (NEW YORKc WINCheap Book, Periodical, and Station- THOS-  dE DEPOT), 2 coRee Iall.
DOW-SHADE DEPOT), 2 College Hall.
cry Dealers,             Manufacturer and Dealer in all kinds
17 East iFourth Street.         of Transparent Window-Shades; also
Cords, Tassels, Brass-Mountings, &c.
Tea Dealers.                Shades of every Description made to
__ _,__ _Order.
MOORE & CHESTER (WHOLESALE
TEA DEALERS), Seventh and Walnut Wool and Cotton Carding
Streets.
L. F. HARTER (TEA DEALER), 42              Machines.
Fifth Street, one door west of Wal-. C. BROWN (CINCINNATI MACHINE
nut, Apollo BuROWN (CICINNATI MACHINE
nut, Apollo Building.             WORKS), 37 Walnut St. Machine
Cards, Wool, Cotton, and Hair PickTrunks, Valises, Carpet             ing Machines, Portable French Burr
Bags, &C.                Mills, Steam-Engines, French Burr
______ _____Mill Stones, Bolting Cloths, Reaping
G. W. SCHOLL & BROTHER (MANU-       and Mowing Machines, Horse Powers
FACTURERS), W. Row and Plum Sts.,  and Thrashers, Stock Mills, Corn
between Everet and Mason, and 57  Shellers, Straw  Cutters, Tobacco
N. W. corner of Walnut and Colum-  Screws, Mill Screws, Lard and Wine
bia, keep constantly on hand the  Press Screws, Machinery Castings,
largest stock.                    &c. for sale.




PENNSYLVANIA RAIL ROAD.
NOTICE TO WESTERN TRAVELLERS.
A CONTINUOUS RAIL ROAD
From PHILADELPHIA to PITTSBURGH, Penn'a.,
1assillon, Wooster, Cleveland, Cincinnati, 0., Indianapolis,
La Fayette, Terre Haute, Ind., and Chicago, Ill.
THROUGH from PHILADELPHIA to PITTSBURG            in 19 Hours.
"(     "              " (  "tP < CLEVELAND in 26   "
" ((       "     (    "    " CINCINNATI in 38      "
<("     "         "          "C CHICAGO     in 42    "
Beig,' the Shortest aid e,ic;est Rooue from         the
tiag    tic Cities tL the      Ire t   Fest.
FARE from PHILADELPHIA to PITTSBURG by Railroad, $9 50
"- " -     "?iMASSILLON       "     10 00
('  <"'o           CLEVELAND         "      10 00
"'          "           GCINCINNATI       "      16 30
"t   <( ('                    CHICAGO          it     20 00
(     ('4        L             CINCINNATI S. rckt fomitts- 11 00
burgI to C, incinnati.
On or about the Middle of MARCI, the Road from WOOSTER to CRESTLINE will be
opened, and Time between PHILADELPHIA and CINCINNATI REDUCED to 34 Hours.
NOTICE.-In case of Loss, the Company will hold themselves responsible for personal bag.
gage only, and for an amount not exceeding $100.
THIOS. MOORE, Passenger Agent, Philadelphia.
February, 1853.          J. 1t:MESKSI3 E N, Passenger Agent, Pittsburg.
PENSAYL~AN R                     RAIL ROAD.
This Road being now completed, it opens a direct Railway communicating between
PIILADE[  LAiA,      PITTSBUR G,    AD     THE      W\EST;
By which Freight can be transported quicker, and at cheaper rates, than by any other route;
it also connects Daily with the
PACKETS AT        PITTrUsBUK<G, iBOR
WHEELING, CINCINNATI, LOUISVILLE, ST. LOUIS,
AND ALL THE DIFFERENT POINTS ON TIIE WESTERN LAKES.
Cars run through between Philadelphia and Pittsburg without transhipment of Freight,
an advantage that can be appreciated by all shippers.
In case of obstruction of Navigation by Ice or Low Water, Freights can be forwarded fiom
Pittsburg to Cincinnati, or Towns in the interior, by Rail Road.
RATES OF FREIGHT BETWEEN PHILADELPHIA AND PITTSBURG.
Pir'St Class.      Winter Rate.  Summerm Rate.
Dry Goods, Books and Stationery, Boots, Shoes, Hats, and Car-  per100 ls.  i
petings, Furs and Peltries, Feathers, Saddlery. &c...  p
Second Class.
Brown Sheetings and Shirtings in Bales, Drugs, Glassware,)
Groceries, except Coffee, Hardware, Hollow-ware, Machinery, 85c.  "  60c.
Oil Cloth, Wool, &c.,...
Tlhird Class.
Butter in Firkins and Kegs,'Candles, Cotton (in Winter),)
Queensware, Tallow, Tobacco in leaf or manufactured, (East- 75c.  (  60c,
ward) &c. &c.,.....
Foslrtah Class.
Bacon, Cotton (in Summer), Coffee, Lard & Lard Oil (through),) 65.  40c
Pork, fresh, in full car loads at Owner's risk,... 
e3. F. SJ DREB3R, T7reight Agent, Philadelphia.
(356/d)            OGE0. C. fRANl   CISCUTS, FreP ight Agent, Pittsburg.




PENNSYLVANIA RAIL-ROAD, WITH ITS CONNECTING LINES.
LKB MICHIGAN              -fncirk Anoelira NEW,'      ICH IC HIG   AN N,d" o  Bnghanmpton
C9.   O  an ~ueland                       0'i ~l'
cl        I         Ft. R~~~~~~~~~~~~ITayne       VAlifI A
4 eoa        P                    liance  - PENN SYLVAIA     Y
a                 Bir~~~~~~jr. imin-oham  Brueca/N(
t eclefonlTaineS /  1arzon  ITTIB  f aN       /
tC; Mt. Yemon ~~~~~~~~~~~~~~~~Steuteule beibtr Yk~l~~
A-yMUnt VrnMOM                     Brrionrg 
oshocttt:t           PITTLADE   a
Newark              Yor     T
naddianandaac  R  r.  CtntColl,  Vil,  Boltme
elblt~yville            uma                        lonegton
Trrehaute  Bw n i I to                   Havre do Grile  E9. 
n anlia   ~-CIN'CINNATI   teN
LOkljSva sileFanl                                 W.   j ~~ ashingtol'
l~adison, Ne~~                        ~:
rp'Z~~~~~~~~~~~e svle  O
CUISVIL  Le xig
~~d Caird ~~~~~~~~kj ~ renburg
Caz~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~:
tahzille`;                  r. ~~
T            E N  E                 O I
C T~ A~bemarle Sounti Zlbe'd V~~~~~~~incheske a~t




ADVERTISEMENTS.
EXCELLENT INSURANCE COMPANIES.
Few at this day need arguments on the advantages of Life Insurance,
but there are many B'ho should be cautioned to exercise greater care in the
selection of an office.  The following is the Company mentioned p. 143, as
an excellent instance of those doing business on the mutual principle.        It
requires all premiums to be paid in cash, and consequently its losses are
paid wholly in cash.    The advantages of the note system in part payment
of premiums it considers questionable, inasmuch as the main object of
insurance is to secure a certain sum in cash. to surviving relatives beyond
contingency, but those Companies that take notes must pay their losses
partly in notes.    I have every confidence in its management-its past
prosperity has been almost unprecedented-and I recommend those who
think of insuring their lives on the mutual principle to obtain from        the
Agents a copy of their last Report containing full statements and particulars, or address
THE'MUTUAL LIFE INSURANCE COMPANY
oli NEW YORK, 35 WALIL STREET.
Net Accumulated         Cash Fund, 1,800,000 Dollars,
Securely invested in Bonds and Mortgages on Real Estate, chiefly in New York and Brooklyn, the Real Estate, in each and every case, being worth double the amount loaned
thereon.
All the Profits are divided among the Insured, and on Policies for tihe Whole of Life, will
be made available in part payment of Premiums, after the dividend of 1853.
ISAAC ABBATT, Secretary,                             JOSEPII B. COLLINS,
CHARLES GILL, Actuary.                                              President.
CAUTION.
Hlaving determined to get your life insured, look well to the character of the Company in
which you are invited to take a Policy. Examine the Charter. See that it has a fair
chance of continuing to exist 25 to 50 years, or more. tHow must its funds be invested?
Can thle Trustees lend all the property to themselves? or on other personal security? or in
any kind of stock which may become worthless? Do the Trustees make statements that are
plain, and easily understood? and do their statements agree with the sworn accounts made
sto tihe State authorities? Are the rates of premium those of Companies known to have
beenl successful?
You may live 15, 20, 30, even 50 years. Your object is to secutre. beyond all reasonable
doulbt, a certain sum to your survivors. You do not wish even to trust yourself! You
thereforeo desire to have every possible guaranty that the sum insured will be paid, as
certain, not as life, but as deatlh I What is the trifling accommodation of giving a note,
(which must after all be paid,) or an annual dividend, or a less rate of premium, in comparison with the certainty of final payment?
Are you satisfied, that before making their dividend, they have ascertained by a most
earelful calsalation, and by a competent and experienced Actuary, that they had actually
rmade the profit they divide? And did they reserve a sum sufficient to insure all risks not
terminated? It is easy to make a gross error in this matter, but one most fatal to the
insured.
It can be shown to be nmathematically true, that an annual dividend of 40 per cent. paid
out in CAStI to the insured, or the interest only of which should be annually paid in CASI,,
would eventually render the Company INSOLVENT, although for a number of years their
assets would increase.
3EIR-Mi';ER, you are not about to make a contract for a month, or a single year, but for a.
series of years! and should you discover, some time hence, that you have been misled into
an unsound or worthless Company, you may then have become uninsurable from sickness.
Therefore begin right, lest your good intentions be thrown away.




ADVERTISEMENTS.
[For the advantages of Mized Life Insurance Companies, seepage 142.       The
following are good ones.]
THE GIRARD LIFE INSURANCE ANNUITY AND TRUST COMPANY
OF PHILADELPHIA,
Office, No. 132 Chestnut Street, the first door east of the Custom House.
Charter perpetual-Capital $300,000 paid in and invested, which, together with the
accumulated premium Fund, afford ample Security to the Insured-continue to make
Insurance on Lives on the most favorable terms. They act as Executors, Trustees, and
Guardians under last Wills and Testaments, and as Assignees and Receivers.
The premium may be paid yearly, half-yearly, or quarterly.
The Company add a BONUS periodically to the Insurances for Life. The first Bonus wag
appropriated in December 1844, and the second Bonus in December, 1849.
MANAGERS.
Thomas Ridgway,            John A. Brown,            George Taber,
Armon Davis,               Thomas P. James,          John R. Latimer,
John Jay Smith,           Joseph T. Bailey,          Wharton Lewis,
Robert Pearsall,          D. Danner,                 John R. Slack.
Joseph Yeager,             Frederick'Brown,
Pamphlets containing tables of rates and explanations, forms.of application, and further
information, can be had at the Office.
JNO. F. JAMES, Actuary.                        THOMAS RIDGWAY, Pr esident,
THE   UNITED    STATES      LIFE INSURANCE, ANNUITY, AND TRUST
COMPANY OF PHILADELPHIA.
(Mixed) Charter Perpetual.          Capital $'50,000.
Office, South East Corner of Third and Chestnut Streets.
FRANKLIN      FIRE   INSURANCE       COMPANY        OF PHILADELPHIA.
Capital paid in, $~400,000. Invested tFund, $1,250,000.
Office 163Y/ Chestnut below Fifth Street. Charter Perpetual.
Male Insurance, permanent or limited, against Loss or Damage by Fire, on Property and
Effects of every description in Town or Country, on favorable terms.
DIRECTORS.
Charles N. Bancker,       George W. Richards,        David S. Brown,
Tobias Wagner,             Mordecai D. Lewis,        Morris Patterson,
Samuel Grant,              Adolphe E. Borie,         Isaac Lea.
Jacob R. Smith,
CHARLES G. BANCKER, Scretary.               CIARLES N. BANCKER, President.
THE MONARCH FIRE INSURANCE COMPANY OF LONDON,
CAPITAL $1,500,000, and Surplus Fund of $700,000.
PHILADELPHIA AGENT.
John G. Holbrooke, 56 Walnut Street (Farquhar Building). Losses adjusted and promptly
paid in Philadelphia.
REFERENCES.
In Philadelphia-Messrs. Lawrence & Stone, Wain, Leaming & Co., Slade, Gemill & Pratt,
M. L. Hallowell & Co., William Peter, Esq., H. B. M. Consul, Charles H. Welling, Esq., and
Edward Frith, Esq.
In Baltinzore-Messrs. Tiffany, Ward & Co., Wyman,'Appleton, & Co., and Josiah Lee & Cc.
Iu Washington, D. C.-Messrs. Corcoran & Riggs.
DIRECTORS IN BOSTON.
Nathaniel Thayer, Esq.    James Murray Howe, Esq.    James Sturgis, Esq.
Samuel Hooper, Esq.       Charles H. Mills, Esq.     Chas. F. Shimmin, Esq.
Farnham Plummer, Esq.
GEORGE ADLARD,
Resident Secretary in Boston, and General Agent for the United States.




ADVERTISEMENTS.
FIRE AND LIFE INSURANCE.
ROYAL INSURANCE COMPANY LIVERPOOL AND LONDON
CAPITAL, ~2,000,000, Stg.-$10,000,000.
Insures against loss or damage by Fire, and makes Insurance on Lives.
PLILADELPHIA AGENCY.
No. 4 South Front Street.
WOOD, FULLER AND WELLS.
Refer to C. H. Fisher, Esq., I. Pemberton Hutchinson, Esq., B. B. Comegys, Esq., Cashier
Philadelphia Bank, Wm. Peter, Esq., H. B. M. Consul, Messrs. S. & W. Welsh, Messrs.
Thomas & Martin, Messrs. Thomas Allibone & Co., Messrs. N. Trotter & Co., Messrs. S. Morris
Waln & Co.
STANDARD FAMILY MEDICINES.
Prepared with great care, and expressly for Family Use, such is
DR. SWVAYNE'S
CELEBRATED MEDICINES.
A single trial will place them beyond the reach of competition, in the estimation of every
patient. They are the results of many years extensive practice in Philadelphia, by DR.
SWAYNE. There is scarcely a town or hamlet in the United States in which they have
not been used with the most happy result. They compriseDr. Swayne's Compound Syrup of Wild                  Cherry.
For the cure of Coughs, Colds, Asthma, Spitting of Blood, Liver Complaint, tickling or
rising sensation in the throat, Nervous Debility, Weakness of Voice, Palpitation or Disease
of the Heart, Pains in the side or breast, broken Constitution from various causes, the abuse
of calomel, &c., Bronchitis, Whooping-cough, Croup, Scrofula (or King's Evil), and Consumption in its incipient and confirmed stages.
Be Careful in Purchasing
To obtain the original and only genuine preparation of WTild Cherry, which must have
the portrait and signature of DR. SWAYNE on each wrapper around the bottle. Until
you obtain this compound you will never know the real virtues of Wild Cherry.
Dr. Swayne's Celebrated Vermifuge,
In Square Bottles, very pleasant to the taste, and the most effectual remedy in expel.
ling worms, curing dyspepsia, sour stomach, increasing the appetite, and invigorating the
whole system. Observe, that it is in sqcure bottles with the portrait of DR. SWAYNE on
each wrapper around the bottle. None other is genuine.
Dr. Swayne's Sugar Coated Sarsaparilla and Tar Pills.
A gentle Purgative and alterative medicine, far superior to the Pills in general use, more
mild, prompt and uniform in their operation, may be taken at all times, and in fact in every
disease where an aperient, alterative, or purgative medicine is required, and for the diseases
incident to females they are unequalled.
The above valuable Medicines are prepared only by DR. SWIA YNE at his Laboratory,
No. 4 Nlorth Seventh Street, (late 8th and Race) PHILADELPHIA, and for sale by Druggists and
Dealers ien Medicines every where.
STORRS' CHEMICAL HAIR INVIGORATOR
Will entirely free the head from dandruff, scurf, and all manner of disease. It is guaran.
teed to restore the hair after it has fallen off, and to render the harshest and coarsest hair
beautifully soft and luxuriant. For toilet use it is unsurpassed. All we ask is a fair trial,
and satisfaction is warranted. For sale by Druggists throughout the United States, and by
the proprieters. Price 25 cents.
C. P. AMET & CO.,
120 Arch Street, one door below Sixth.