82. TO JAMES READ

December 5, 1748.

Dear Sir: 'Tis some time since I received a considerable account against you from England. An unwillingness to give you concern has hitherto prevented my mentioning it to you. By comparing the moderation and long forbearance toward you of Mr. Strahan, to whom you owe so much, with your treatment of an old friend in distress, bred up with you under the same roof, and who owes you so little, you may perceive how much you have misunderstood yourself. 'Tis with regret I now acquaint you that (even while you were talking to me in that lofty strain yesterday concerning Mr. Grace) I had in my pocket the power of attorney to recover of you £131. 16s. 4d. sterling, a balance long due. It will be your own fault if it comes to be known, for I have mentioned it to nobody. And I now ask you how you would in your own case like those petty pieces of practice you so highly contended for, of summoning a day only before the court, lest the cause should be made up and fees thereby prevented; and of carrying on a suit privately against a man in another county than that in which he lives and may every day be found, getting a judgement by default, and taking him by surprise with an execution when he happens to come where you have sued him, etc., etc. I should be glad to have that account against my friend Grace, with all the little charges you have so cunningly accumulated on it, that I may communicate it to him; and doubt not but he will immediately order you payment. It appears not unlikely to me, that he may soon get through all his difficulties, and as I

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know him good-natured and benevolent to a high degree, so I believe he will be above resenting the ill-treatment he has received from some that are now so fond of insulting him, and from whom he might have expected better things. But I think you would do well not to treat others in the same manner, for fortune's wheel is often turning, and all are not alike forgiving. I request, as soon as it suits your convenience, that you will take the proper measures with regard to Mr. Strahan's account, and I am your humble servant,

B. FRANKLIN.

83. ADVICE TO A YOUNG TRADESMAN

(1748)

TO MY FRIEND, A. B.:

As you have desired it of me, I write the following hints, which have been of service to me, and may, if observed, be so

to you.

Remember, that time is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle, one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away, five shillings besides.

Remember, that credit is money. If a man lets his money. lie in my hands after it is due, he gives me the interest, or so much as I can make of it during that time. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.

Remember, that money is of the prolific, generating nature.

Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six, turned again it is seven and three-pence, and so on till it becomes an hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow, destroys all her offspring to the thousandth generation. He that murders a crown, destroys all that it might have produced, even scores of pounds.

Remember, that six pounds a year is but a groat a day. For this little sum (which may be daily wasted either in time or expense unperceived) a man of credit may, on his own security, have the constant possession and use of an hundred pounds. So much in stock, briskly turned by an industrious man, produces great advantage.

Remember this saying, The good paymaster is lord of another man's purse. He that is known to pay punctually and exactly to the time he promises, may at any time, and on any occasion, raise all the money his friends can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world than punctuality and justice in all his dealings; therefore never keep borrowed money an hour beyond the time you promised, lest a disappointment shut up your friend's purse for ever.

The most trifling actions that affect a man's credit are to be regarded. The sound of your hammer at five in the morning, or nine at night, heard by a creditor, makes him easy six months longer; but, if he sees you at a billiard-table, or hears your voice at a tavern, when you should be at work, he sends for his money the next day; demands it, before he can receive it, in a lump.

It shows, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest man, and that still increases your credit.

Beware of thinking all your own that you possess, and of living accordingly. It is a mistake that many people who have credit fall into. To prevent this, keep an exact account for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect: you will discover how wonderfully small, trifling expenses mount up to large sums, and will discern what might have been, and may for the future be saved, without occasioning any great inconvenience.

In short, the way to wealth, if you desire it, is as plain as the way to market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them every thing. He that gets all he can honestly, and saves all he gets (necessary expenses excepted), will certainly become rich, if that Being who governs the world, to whom all should look for a blessing on their honest endeavours, doth not, in his wise providence, otherwise determine.

AN OLD TRADESMAN.

Sir.

84. TO WILLIAM STRAHAN 1

1

(P. C.)

Philad", April 29, 1749.

I suppose Mr. Hall will acquaint you that I have settled with him for those Things you sent me that were charg'd in his Invoice. Enclos'd are the following Bills, viz.

1 From the original in the collection of Hon: Samuel W. Pennypacker.

which, with my son's Wages and a Remittance I order'd you from the W. Indies, and suppose may be in your Hands before this Time, will, I imagine, near ballance our Acct.

In a former Letter I promis'd to write you largely about your Affairs with Mr. Read, and the Measures taken to recover your Money. Before I received your Power of Attorney and Acct there was a Misunderstanding between us, occasion'd by his endeavouring to get a small Office from me (Clerk to the Assembly), which I took the more amiss, as we had always been good Friends, and the Office could not have been of much Service to him, the Salary being small; but valuable to me, as a means of securing the Publick Business to our Printing-House. So as we were not on Speaking Terms when your Acct came to hand, and the Influence I had over him as a Friend was become little or nothing, it was some Time before I mention'd it to him. But at length the Ice was broke in the following Manner. I have a Friend in the Country that assisted me when I first set up, whose Affairs have lately been in some Disorder (occasion'd chiefly by his too great good Nature), his Creditors coming at the same time in a Crowd upon him. I had made up with several of them for him, but Mr. Read being employ'd in one small Case (a Debt of £12 only) carry'd on (by some Contrivance in the Law which I don't understand) a private Action against him, by summoning him in this