He, then, that keeps his credit unshaken, has a double stock—­I mean, it is an addition to his real stock, and often superior to it:  nay, I have known several considerable tradesmen in this city who have traded with great success, and to a very considerable degree, and yet have not had at bottom one shilling real stock; but by the strength of their reputation, being sober and diligent, and having with care preserved the character of honest men, and the credit of their business, by cautious dealing and punctual payments, they have gone on till the gain of their trade has effectually established them, and they have raised estates out of nothing.

But to return to the dark side, namely, over-trading; the second danger is the giving too much credit.  He that takes credit may give credit, but he must be exceedingly watchful; for it is the most dangerous state of life that a tradesman can live in, for he is in as much jeopardy as a seaman upon a lee-shore.

If the people he trusts fail, or fail but of a punctual compliance with him, he can never support his own credit, unless by the caution I am now giving; that is, to be very sure not to give so much credit as he takes.

By the word so much, I must be understood thus—­either he must sell for shorter time than he takes, or in less quantity; the last is the safest, namely, that he should be sure not to trust out so much as he is trusted with.  If he has a real stock, indeed, besides the credit he takes, that, indeed, makes the case differ; and a man that can pay his own debts, whether other people pay him or no, that man is out of the question—­he is past danger, and cannot be hurt; but if he trusts beyond the extent of his stock and credit, even he may be overthrown too.

There were many sad examples of this in the time of the late war,[13] and in the days when the public credit was in a more precarious condition that it has been since—­I say, sad examples, namely, when tradesmen in flourishing circumstances, and who had indeed good estates at bottom, and were in full credit themselves, trusted the public with too great sums; which, not coming in at the time expected, either by the deficiency of the funds given by parliament, and the parliament themselves not soon making good those deficiencies, or by other disasters of those times; I say, their money not coming in to answer their demands, they were ruined, at least their credit wounded, and some quite undone, who yet, had they been paid, could have paid all their own debts, and had good sums of money left.

Others, who had ability to afford it, were obliged to sell their tallies and orders at forty or fifty per cent. loss; from whence proceeded that black trade of buying and selling navy and victualling bills and transport debts, by which the brokers and usurers got estates, and many thousands of tradesmen were brought to nothing; even those that stood it, lost great sums of money by selling their tallies:  but credit cannot be bought too dear; and the throwing away one half to save the other, was much better than sinking under the burden; like sailors in a storm, who, to lighten the ship wallowing in the trough of the sea, will throw the choicest goods overboard, even to half the cargo, in order to keep the ship above water, and save their lives.