I might argue here how much it is his interest to do so, and how it enables him to coin as many bills as he pleases—­in short, a man whose notes are currently paid, and the credit of whose bills is established by their being punctually paid, has an infinite advantage in trade; he is a bank to himself; he can buy what bargains he pleases; no advantage in business offers but he can grasp at it, for his notes are current as another man’s cash; if he buys at time in the country, he has nothing to do but to order them to draw for the money when it is due, and he gains all the time given in the bills into the bargain.

If he knows what he buys, and how to put it off, he buys a thousand pounds’ worth of goods at once, sells them for less time than he buys at, and pays them with their own money.  I might swell this discourse to a volume by itself, to set out the particular profit that such a man may make of his credit, and how he can raise what sums he will, by buying goods, and by ordering the people whom he is to pay in the country, to draw bills on him.  Nor is it any loss to those he buys of, for as all the remitters of money know his bills, and they are currently paid, they never scruple delivering their money upon his bills, so that the countryman or manufacturer is effectually supplied, and the time given in the bill is the property of the current dealer on whom they are drawn.

But, then, let me add a caution here for the best of tradesmen not to neglect—­namely, as the tradesman should take care to pay his bills and notes currently, so, that he may do it, he must be careful what notes he issues out, and how he suffers others to draw on him.  He that is careful of his reputation in business, will also be cautious not to let any man he deals with over draw him, or draw upon him before the money drawn for his due.  And as to notes promissory, or under his hand, he is careful not to give out such notes but on good occasions, and where he has the effects in his hand to answer them; this keeps his cash whole, and preserves his ability of performing and punctually paying when the notes become due; and the want of this caution has ruined the reputation of a tradesman many times, when he might otherwise have preserved himself in as good credit and condition as other men.

All these cautions are made thus needful on account of that one useful maxim, that the tradesman’s all depends upon his punctual complying with the payment of his bills.

FOOTNOTES: 

[46] [By factors, Defoe seems to mean the class of persons whom we now name commission-agents.]

[47] [All bills and promissory notes, inland or foreign, payable in this country, are allowed three days of grace beyond the actual period expressed upon them; thus, a bill drawn at thirty days after date, is payable only on the thirty-third day.  If bills be not presented for payment on the last day of grace, they cannot be protested, and consitute only an evidence of the debt for legal recovery.  If the last day of grace be a Sunday, the bill is presentible on the Saturday previous.]