on the arduous struggle, and the consciousness that every month I am able to hold on, adds to the increase of my capital, and consequently diminishes the risk of my friends, no consideration would induce me to attempt to maintain it longer.-1 would shrink from the sacrifices I am obliged to make, and would endeavour to submit with patient resignation to that lot, to which, ere long, I may be obliged to bow."

66

Of date, the 8th, the same in which I am reminded by the letter from my friend of my recent indisposition, I had another from one of my principal, if not the chief of my creditors at the time, (and who, from the most perfect conviction, knew that I stood much in need of his occasional assistance, as my now frequent heavy bills came round,) with the unwelcome intelligence that, I shall quote his own words, "An awful calamity has overtaken us here,” alluding to the circumstance of their bank having given over discounting, "a single bill, nor give a farthing out on any account," and begging ❝ most earnestly" that I would manage a bill I had coming due in the ensuing month, to a pretty heavy amount, without his assistance; and from the effects of such intelligence, it is not likely I would be any way relieved by means of a call I had from another quarter, on the 11th, by which I was put into such a state of excitement, as to make me say something not so pleasant to the feelings of the gentleman who called, than I would most likely otherwise have done, and which, I trust, he will be the more disposed to commiserate and excuse, when he reads these pages, and learns, perhaps for the first time, that, upon his leaving me, the effects of the conversation had such an effect upon my own strongly agitated feelings, that I was glad to retire to my little garden, in order to hide their fearful workings, and compose myself in solitude.

The climax of my misfortunes seem here, however, to have been nearly at hand, for I see by a letter I wrote to the gentleman who had met with the "awful calamity," formerly alluded to, that instead of being able, as he wished, to manage the August bill without his aid, I had been disappointed of a sum that I then expected, to a considerable amount, and that, in place of being able to make it up otherwise at the time,

I had another bill on the eve of becoming due, in which I was responsible for goods which I had ordered for a young person, whom I had been, within these few years, the means of establishing in business in a neighbouring town, and in whom, from former experience, I placed the greatest confidence ;-when, lo! how shall I proceed with my narrative?—I made the appalling discovery to one in my situation, that that person had nothing to pay; or, in other words, had become so utterly insolvent, that all I got in return for a sum far beyond what I should have trusted such a one, even with all the good opinion I had formed,-was a mere trifle not worth the mentioning.

The discovery of this loss by

"the

seems to have done much to destroy or loosen the last hold I had of anchor of hope,"* for although I might have afterwards had, as it appears indeed I had, some transient glimpses of sunshine, they seem to have been all dispelled, or to have given way by the 23d of the month, (August) when, in answer to a letter communicating the dismal intelligence to one of my principal creditors, in order to have his advice, I received the following answer, "I have yours, and am much distressed alike upon your account and my own at the disastrous intelligence it contains. You have no alternative, but to lay a statement of your matters before your creditors."

The extent of this severe loss, seems to have been as difficult to account for, as it was unexpected, for I recollect making the remark in allusion to it sometime after the extent of the loss was ascertained, that if I had seen a vessel in full sail, overset all on a sudden, (as was the case a short time before off Dunbar,) with as much of my property on board, I would have been sorry for the loss, but I would, in consequence of being satisfied as to how it happened, have said no more about it. But to have been stript of my property to such an extent without any visible way or manner of accounting for it, must have been a most vexatious circumstance, and happening at the time it did, must have gone near my heart.

CHAPTER XVI.-1816 (CONTINUED.)

An old fashioned Book recommended to new fashioned readers.-The nature of its contents cannot be too universally known.-Sundry Extracts from this Old fashioned book, entitled, "The Complete English Tradesman," in the text and in the Notes -My conduct on an unfortunate occasion, contrasted with that of the unfortunate Tradesman of former times. I adopt the suggestion given me by my friend.—Call a meeting of my Creditors-Copy of my Circular. An affecting circumstance brought to my recollection by my reminis cences of that period-A mournful country walk.-Green fields in the Autumn of 1816, contrasted with the black Spring of 1771.-Alarming accounts from the north wait my return.-Earthquake at Inverness. The wretched state of my feelings at the time, as evidenced by sundry extracts from a letter to a friend,-In which, are also noticed, certain particulars which might have otherwise, escaped my recollection.-Compliment paid me in consequence of one part of my conduct," Another piece of disastrous intelligence," and comprehending a double disappointment -A temporary glimpse of comfort: Is but temporary, being quickly followed up by another disappointment. Every respite seems but to aggravate my case-Dreadful state of perturbation into which I was thown-Affecting extract from the letter to my friend.One consolation still remains -My representations in that letter could not be coloured at an after period.—I must have been at once sensible of, and much affected by, my situation.-An affecting question asked -I prefer abiding by the vessel in distress, and saving as many of the goods as possible, for the benefit of the owners.- How it is to be accounted for, that I did not send out my Circular sooner -A false, but praise-worthy shame, coupled with a flattering, but as it turned out, delusive hope, must have had their full share in the business. An allusion to the manner in which my Circular is worded.

THERE is still extant an old fashioned book, entitled "The Complete English Tradesman,"* which, although it abounds with uncouth terms, to modern ears, and what may be called somewhat obsolete customs in modern manners, I could wish to see, for its general sterling worth, and the doctrines it inculcates, become a new fashioned text-book, in our day, all over the world where the English language is spoken, for the benefit of those who are engaged in mercantile and commercial pursuits.

• A Duodecimo Volume. Imprint, Dublin, printed for George Ewing, at the Angel and Bible, in Dame Street, M,DCC,XXVI. With a Supplement attached, same imprint, 1727.

In that little volume, the author, whoever he is, takes occasion to remark, at the commencement of his letter entitled "Of the Tradesman in Distress and becoming Bankrupt." "In former times it was a dismal, and calamitous thing for a tradesman to break: where it befel (I preserve the original italics and spelling) a family, it put all into confusion and distraction: the man in the utmost terror, fright, and distress, ran away with what goods he could get off, as if the house was on fire, to get into the Fryars or the Mint; the family fled one way, and one another, like people in desperation, the wife to her father and mother, if she had any, and the children, some to one relation, some to another; a statute (so they vulgarly call a commission of bankrupt) came and swept away all, and often times consumed it too, and left little or nothing either to pay creditors, or relieve the bankrupt. This made the bankrupt desperate, and made him fly to those places of shelter with his goods, where, hardened by the cruelty of the creditors, he chose to spend all the effects which should have paid the creditors, and at last perished in misery."

Now, although I would not yield to the unfortu

Not having room in my text for a larger extract from this little invaluable, and to the young tradesman, in particular, highly interesting work, which treats of fine Shops and fine Shews,-bad situations for business-over-trading, and over-trusting and other matters, which the very sensible author considers as contributing and conducing to the tradesman's ruin, I shall content myself with appending, in the way of a Note, the following specimen of his style, and the soundness of his reasoning, humbly trusting, that from the impartiality it mani. fests, and the disposition it evinces, to serve each, it will be acceptable to both the fortunate and the unfortunate (in these respects) description of my readers, although from the circumstance, of my never, to almost the very last hour, having considered that, with a little time, I would have paid less than twenty shillings per pound to every person, the passage cannot be said to bear so very particu. larly on my own case.

It is taken, it will be observed, from that part of the work, in which the Author tenders his advice to the young tradesman, when he finds his affairs getting into irrecoverable disorder. Or, to use the homely phrase made use of, sees himself "going down."

"We have a great clamour among us of the cruelty of creditors; and it is a popular clamour; that goes a great way with some people; but let them tell us whenever creditors were cruel, when the debtor came thus to them with 15 shil. lings in the pound in his offer; perhaps when the debtor has run to the utmost, and there appears to be little or nothing left, he has been used roughly, and 'tis enough to provoke a creditor indeed, to be offered a shilling or half-a-crown in the pound for a large debt, when, had the debtor been honest, and broke in time, they might have received perhaps two-thirds of their debt, and the debtor have been in better condition too" BREAK" then in time, young Tradesman! if you see you are going down, and that the hazard of going on is doubtful; you will certainly be received by your creditors with compassion, and with a generous

U

nate debtor of any former time in regard to the dismal and calamitous light in which I considered a state of insolvency; Yet, I neither thought of running away, or of carrying off my goods to a place of shelter, but resolved manfully to face out the danger, by adopting the hint given me by my friend, and issuing a circular calling a meeting of my creditors, of which the following is a copy :—

"DUNBAR, 24th August, 1816.

"SIR,-I am extremely sorry to state, that in consequence of a combination of unfortunate circumstances, chiefly arising out of the calamitous state of the times, I am under the painful necessity of suspending my payments for the present, and of requesting a meeting of my creditors in the house of Mr Lorimer,* Dunbar, on Saturday, the 7th September, at 12 o'clock, noon, at which, I earnestly request you will have the goodness to attend, in order to take into consideration the state of my affairs, and the most proper means to be adopted for the general good.

"In the midst of this unhappy reverse, it gives me some consolation to hope, that as much of my embarrassment has arisen from the long continued pressure of a heavy book stock,

treatment; and whatever happens, you will be able to begin the world again with the title of an honest man; even the same creditors will embark with you again, and be more forward to give you credit than before.

"It is true, most tradesmen that brake, merit the name of knave, or dishonest man, but 'tis not so with all! The reason of the difference lies chiefly in the manner of their breaking, viz. whether sooner or later. It is possible he may be an honest man who cannot, but he can never be honest, that can and will not pay his debts. Now he, that being able to pay fifteen shillings in the pound, will struggle on, till he sees he shall not be able to pay half-a-crown in the pound, this man was able to pay, but would not; and, therefore, as above, cannot be an honest man.

Our author's brief and business like remark, introduced with an N. B. comment on the text, "Let him that thinketh he standeth, take heed least he fall," is also much to the purpose, as affording an invaluable hint to persons in trade to be considerate, even when they may be considered to be in prosperous circumstances. "N. B. It is not said, let him that standeth take heed, but him that thinketh he standeth: Men in trade can but think they stand; and there are so many incidents in a tradesman's circumstances, that sometimes when he thinks himself most secure of standing, he is in most danger of falling."

This part of the arrangement, was, however, afterwards altered with the advice and consent of my two principal creditors, and the meeting, as will be afterwards seen, was held in my own house.