to ruin by the fate of the times.
In short, there is a fate upon a tradesman; either he must yield to the snare of the times, or be the jest of the times; the young tradesman cannot resist it; he must live as others do, or lose the credit of living, and be run down as if he were bankrupt. In a word, he must spend more than he can afford to spend, and so be undone; or not spend it, and so be undone.
If he lives as others do, he breaks, because he spends more than he gets; if he does not, he breaks too, because he loses his credit, and that is to lose his trade. What must he do?[2]
The following directions are calculated for this exigency, and to prepare the young tradesman to stem the attacks of those fatal customs, which otherwise, if he yields to them, will inevitably send him the way of all the thoughtless tradesmen that have gone before him.
Here he will be effectually, we hope, encouraged to set out well; to begin wisely and prudently; and to avoid all those rocks which the gay race of tradesmen so frequently suffer shipwreck upon. And here he will have a true plan of his own prosperity drawn out for him, by which, if it be not his own fault, he may square his conduct in an unerring manner, and fear neither bad fortune nor bad friends. I had purposed to give a great many other cautions and directions in this work, but it would have spun it out too far, and have made it tedious. I would indeed have discoursed of some branches of home trade, which necessarily embarks the inland tradesman in some parts of foreign business, and so makes a merchant of the shopkeeper almost whether he will or no. For example, almost all the shopkeepers and inland traders in seaport towns, or even in the water-side part of London itself, are necessarily brought in to be owners of ships, and concerned at least in the vessel, if not in the voyage. Some of their trades, perhaps, relate to, or are employed in, the building, or fitting, or furnishing out ships, as is the case at Shoreham, at Ipswich, Yarmouth, Hull, Whitby, Newcastle, and the like. Others are concerned in the cargoes, as in the herring fishery at Yarmouth and the adjacent ports, the colliery at Newcastle, Sunderland, &c., and the like in many other cases.
In this case, the shopkeeper is sometimes a merchant adventurer, whether he will or not, and some of his business runs into sea-adventures, as in the salt trade at Sheffield, in Northumberland, and Durham, and again at Limington; and again in the coal trade, from Whitehaven in Cumberland to Ireland, and the like.
These considerations urged me to direct due cautions to such tradesmen, and such as would be particular to them, especially not to launch out in adventures beyond the compass of their stocks,[3] and withal to manage those things with due wariness. But this work had not room for those things; and as that sort of amphibious tradesmen, for such they are, trading both by water and by land, are not of the kind with those particularly aimed at in these sheets, I thought it was better to leave them quite out than to touch but lightly upon them.
I had also designed one chapter or letter to my inland tradesmen, upon the most important subject of borrowing money upon interest, which is one of the most dangerous things a tradesman is exposed to. It is a pleasant thing to a tradesman to see his credit rise, and men offer him money to trade with, upon so slender a consideration as five per cent. interest, when he gets ten per cent. perhaps twice in the year; but it is a snare of the most dangerous kind in the event, and has been the ruin of so many tradesmen, that, though I had not room for it in the work, I could not let it pass without this notice in the preface.
1. Interest-money eats deep into the tradesman's profits, because it is a payment certain, whether the tradesman gets or loses, and as he may often get double, so sometimes he loses, and then his interest is a double payment; it is a partner with him under this unhappy circumstance, namely, that it goes halves when he gains, but not when he loses.
2. The lender calls for his money when he pleases, and often comes for it when the borrower can ill spare it; and then, having launched out in trade on the supposition of so much in stock, he is left to struggle with the enlarged trade with a contracted stock, and thus he sinks under the weight of it, cannot repay the money, is dishonoured, prosecuted, and at last undone, by the very loan which he took in to help him. Interest of money is a dead weight upon the tradesman, and as the interest always keeps him low, the principal sinks him quite down, when that comes to be paid out again. Payment of interest, to a tradesman, is like Cicero bleeding to death in a warm bath;[4] the pleasing warmth of the bath makes him die in a kind of dream, and not feel himself decay, till at last he is exhausted, falls into convulsions, and expires.
A tradesman held up by money at interest, is sure to sink at last by the weight of it, like a man thrown into the sea with a stone tied about his neck, who though he could swim if he was loose, drowns in spite of all his struggle.
Indeed, this article would require not a letter, but a book by itself; and the tragical stories of tradesmen undone by usury are so many, and the variety so great, that they would make a history by themselves. But it must suffice to treat it here only in general, and give the tradesmen a warning of it, as the Trinity-house pilots warn sailors of a sand, by hanging a buoy upon it, or as the Eddystone light-house upon a sunk rock, which, as the poet says, 'Bids men stand off, and live; come near, and die.'
For a tradesman to borrow money upon interest, I take to be like a man going into a house infected with the plague; it is not only likely that he may be infected and die, but next to a miracle if he escapes.
This part being thus hinted at, I think I may say of the following sheets, that they contain all the directions needful to make the tradesman thrive; and if he pleases to listen to them with a temper of mind willing to be directed, he must have some uncommon ill luck if he miscarries.
FOOTNOTES:
[October 22, 1707.—Admiral Shovel, with the confederate fleet from the Mediterranean, as he was coming home, apprehended himself near the rocks of Scilly about noon, and the weather being hazy, he brought to and lay by till evening, when he made a signal for sailing. What induced him to be more cautious in the day than in the night is not known; but the fleet had not been long under sail before his own ship, the Association, with the Eagle and Romney, were dashed to pieces upon the rocks called the Bishop and his Clerks, and all their men lost; the Ferdinand was also cast away, and but twenty-four of her men saved. Admiral Byng, perceiving the misfortune, altered his course, whereby he preserved himself and the rest of the fleet which sailed after him.—Salmon's Chronological Historian. London, 1723.]
[There is much reason for receiving all such complaints as the above with caution. The extravagance of the present, in contrast with the frugality of a past age, has always been a favourite topic of declamation, and appears to have no other foundation than whim. Indeed, it is next to impossible that any great body of men could exist in the circumstances described in the text.]
[Stock is in this book invariably used for what we express by the term capital.]
[Cicero is here given by mistake for Seneca, who thus suffered death by order of the tyrant Nero.]
INTRODUCTION
Being to direct this discourse to the tradesmen of this nation, it is needful, in order to make the substance