tenths of the people. The majority of the people, not only complain of the conduct of the ministry, but have even gone so far, as to impeach the conduct of the house of commons. These complaints are at present carried on to an extraordinary height; and where they will end, God only knows. For my own part, I often reflect on it with sorrow, as I am afraid it must at last prove fatal to our excellent constitution; and involve us in those miseries to which the people of other nations are subject..

If I go into a coffee house, the first thing I hear is a political dispute concerning the conduct of the ministry; and when I happen to be invited to dine at the house of a friend, all social converse is destroyed, and the pleasure I used formerly to enjoy on such occasions, is lost in violent altercations amongst the nearest relations. I am far from condemning all ranks of people. There are many worthy persons, who can view the conduct of each party with impartiality, and see the faults on both sides. They can see, that the ministry have not enough considered themselves the servants of the people, and on many occasions abused the confidence of their sovereign. On the other hand, they think the people have carried their jealousies to an unreasonable height, and insisted on the prince exerting a branch of the regal authority, which in the end might prove fatal to themselves. Such is the state of affairs at present in this once happy country; I shall therefore, being tired with the subject, imitate your example, and put an end to this letter. Hoping to see you soon,

I am yours sincerely.

LETTER 153.

From a young Merchant, to an aged Gentleman, formerly of the same profession, but now retired from business.

HONORED SIR,

Your generosity in sending me instructions during my apprenticeship, will ever remain a lasting proof of that innate goodness for which you have been so justly celebrated; and likewise encourages me to trouble you for advice how to conduct myself, so as to support my credit in the world, now I am entered upon business. Your long and extensive knowledge of mercantile affairs, gives a sanction to every thing you say, and your goodness of heart encourages the inexperienced to address themselves to you with cheerfulness. I have been now about two years in business, and although my success has been equal to my expectations, yet there are such a variety of failures daily in this city, that I am every day thinking that my own name may be that week in the Gazette. I should not be much surprised were all to become bankrupts who are abandoned characters, as I do not see how any thing less can be expected. You know, sir, that assiduity and regularity are qualifications indispensably necessary to the merchant; so that it must appear morally impossible for the man to prosper in trade, whose time is spent in dissipation and idleness; if not, which too often happens, in debauchery. When I hear of such failing in their payments, I am no ways surprised; but when great numbers of those, apparently in affluent circumstances, and the fairest characters, daily fail, I am justly alarmed, and my fears continue to increase in proportion to their numbers.

1

I would not choose to judge rashly, much less uncharitably of any man; although I must confess I am very much shocked to hear that a commission of bankruptcy is awarded against one supposed worth thousands, and not sufficient left to pay five shillings in the pound. I am filled with horror on account of my own situation, and led to believe that there is a latent curse attending mercantile affairs, which the greatest prudence can neither foresee nor prevent.. I am sensible, that the person to whom I am writing knows the above to be true. Your long acquaintance with the fluctuating state of merchandize procures respect, and gives a sanction to every thing you say. But, as far as I am able to learn, those failings in the mercantile world are more frequent now than when you was engaged in trade. I am not ambitious of acquiring riches, my whole desire is to obtain peaceable possession of the comforts of life, to do justice to every one with whom I have any dealings, and to live and die an honest man. Such, sir, is the plan I have laid down for my future conduct in life. But alas! it will require the assistance of all my friends to enable me to execute it with a becoming propriety. Let me therefore beg your advice on an affair of so much importance, and whatever you dictate shall be the invariable rule of my conduct, whilst the thanks of a grateful heart shall be continually returned for so benevolent an action.

I am, Sir, &c.

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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 bank. ruptcies 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 consequences, that the children unborn will become real sufferers through the madness of their infatuated parents.