"This incident," he said, "shows how dangerous it is to the independence and comfort of families for parents to take pecuniary responsibilities for their sons in trade, beyond their power of meeting them without embarrassment. Had any Hillsborough bank-notes not been paid as they were, nearly the whole amount would have been lost, and myself and my family might have been ruined. The incident was so striking that I have uniformly discouraged young men who have applied to me for credit, offering their fathers as bondsmen; and by doing so I believe I have saved some respectable families from ruin. My advice, however, has sometimes been rejected with anger. A young man who can not get along without such aid will not be likely to get along with it."
He began his business upon principles of prudence and economy, which he rigidly maintained throughout his whole life. He never allowed himself to anticipate his gains, and having fixed his personal expenses at a certain sum, he never went beyond it. His system, which is thus stated by himself, is offered here as a safe and admirable rule for all persons:
"When I commenced, the embargo had just been laid, and with such restrictions