LETTER 154.

The Answer.

SIR,

If I can form any judgment of the integrity of your actions, and the purity of your intentions from the contents of the letter now before me, I should not hesitate one moment in declaring, that it is almost impossible your name should ever appear in the Gazette under the disagreeable circumstances you have mentioned. For how is it possible to suppose, that the man who keeps a regular account of his proceedings, his loss and gain, should not know whether his circumstances are affluent or distressed? And whatever you may think of those merchants, who have often failed, although reputed affluent, yet if you had attended to their examination before the commissioners, I believe you would have great reason to alter your opinion. I speak concerning bankruptcies in general; for there are some unforeseen accidents, which even the greatest prudence cannot prevent. But these are extraordinary cases, and seldom happen. If you examine minutely into the nature of those causes which generally occasion bankruptcies, you will find them arising from something with which you are still unacquainted. I shall endeavor to point out a few, and submit to your own judgment whether I am mistaken or not. And the first is generally a careless attention to business, the not keeping regular accounts, and a more earnest desire after public entertainments, than assiduity to business on the exchange. Mercantile affairs require a clear and solid judgment, and it is morally impossible for that man to prosper in trade, whose mind is

continually engaged in the pursuit of things foreign to, and wholly unconnected with, that station in which Providence has placed him. It is a contradiction in terms. Assiduity always procures respect, and generally insures success. Another cause of the many failures, in the mercantile world, is the vanity of those in trade, living above their circumstances. This vice is at present so predominant among the citizens, and its consequences so fatal, that one would almost imagine the people were laboring under some penal infatuation. Formerly the citizens of London were distinguished in a peculiar manner for their gravity; the exchange and the customhouse were the only places they frequented when they went from home. But now the face of affairs is changed, and those places where their predecessors acquired fortunes, are considered as too low and vulgar for them to be seen at. Nay, so far have they carried their extravagance, that all distinctions are in a manner confounded, and the wife of a tradesman is hardly known from the lady of a peer. Dissipation, extravagance, and debauchery, have taken place of activity, prudence, and frugality; and many instead of acquiring independent fortunes, and retiring from business with credit and honor, in their advanced years, we first see their names in the Gazette, and the remainder of their lives is either spent in prison, or they have to struggle through the world without credit under the odious appellation of a bankrupt. The last cause I would mention is naturally the effect of others; I mean, a desperate attempt to repair a broken fortune by engaging too deeply at gaming in the Stocks. This practice has been attended with such pernicious conse. quences, that the children unborn will become real sufferers through the madness of their infatuated parents.

When those who have wasted their substance in riotous living, are awakened by a feeling sense of their approaching shame and misery, they generally muster up all they can procure, and at one stroke venture it all in the Stocks, where, if one is successful, most commonly twenty are ruined. What I have now told you is the result of long experience, and I doubt not but you will find too glaring proofs of it. It now remains, that I should, in compliance with your request, point out some rules to be observed, in order to carry on business, both with credit, honor, and profit. But I know of no method more proper than to act diametrically opposite to the conduct of those already mentioned.

Learn to be wise by others' harm,

And you shall do full well.

Never leave that undone till tomorrow that can be per formed today.

Never trust that to either a friend or a servant which can be done by yourself.

Keep an account of every day's expense, and once at least every week, compare your debt with your credit.

Be not over anxious in acquiring riches. Trade is solid, but slow; and experience has long since convinced me, that those who are over hasty in acquiring rich. es, most commonly fail in their attempts, and soon find themselves real beggars. But, above all, remember, that "In vain do we rise soon, or sit up late, unless our labors are crowned with divine blessings." I leave these things to your consideration, and am

With great sincerity,

Your sincere well wisher.

LETTER 155.

From a Gentleman in decayed circumstances in the country, to another lately returned from the East Indies, recommending his Son to his protection.

SIR,

I was greatly pleased to hear of your arrival, but much more so, that you had acquired an ample fortune. You knew me, when my circumstances were not only easy, but likewise affluent; and you also know that at that time, I was glad of every opportunity of assisting my friends. But, alas! I am now in quite a different situation. By the loss of a ship from Jamaica, I was obliged to stop payment, and give up all to my creditors, who have generously allowed me a small annuity for my subsistence. When that fatal event took place, I retired into the country with my wife and children, and my time since has been spent in superintending their education. The bearer, my eldest son, is just twenty, and is very desirous of going to the East Indies; but my circumstances are such, that it is not in my power to give him any assistance, nor indeed do I know in what manner to proceed in an affair of so much importance. The friendship which subsisted betwixt us before you left England, gives me some encouragement to hope, that your elevation and grandeur will not make any alteration in your sentiments concerning benevolence, notwithstanding the depressed situation to which I am reduced. I rather think that my present distressed circumstances will plead more powerfully in favor of the youth, than if he was supported even by the recommendation of the whole body of directors. I have given him an education, perhaps beyond my circumstances, and

suitable, I hope, to any situation in the mercantile world. His morals, so far as I know, are pure, and I doubt not his conduct will give satisfaction; if, therefore you will be pleased, either to take him under your own dirc ction, or instruct me in what manner to proceed, in order to promote his interest, you will thereby confer a lasting obligation on an indulgent, though afflicted parent, and it shall be acknowledged with gratitude to the latest period of my existence.

I am, sir, your very humble servant.

When I read your affecting letter, I scarcely know whether I was more grieved to hear of your distressed circumstances, or filled with shame that I had been three months in England, and never inquired for one who had not only treated me with humanity, but even assisted me in making my first voyage to the Indies. Your house was an asylum to me when I was utterly destitute; and I should consider myself as an object of the utmost abhorrence, if I hesitated one moment in complying with your request, relating to the amiable youth who brought me the letter. But, in what light must I consider myself, were my gratitude to the best of men confined to such a favor as would cost me nothing, or what I would grant even to a stranger! No sir, I am sensible of benefits received, and should consider myself as a mean, abject wretch, if I did not acknowledge them with gratitude. I have just been with your son to the directors, and he is engaged as