But the safe tradesman is he, that avoiding all such remote excursions, keeps close within the verge of his own affairs, minds his shop or warehouse, and confining himself to what belongs to him there, goes on in the road of his business without launching into unknown oceans; and content with the gain of his own trade, is neither led by ambition or avarice, and neither covets to be greater nor richer by such uncertain and hazardous attempts.

FOOTNOTES: 

[12] [The keeping of a half empty shop will not suit the necessities of trade in modern times.  Instead of following the advice of Defoe, therefore, the young tradesman is recommended to keep a sufficient stock of every kind of goods in which he professes to deal.  A shopkeeper can hardly commit a greater blunder than allow himself to be out of any article of his trade.  One of his chief duties ought to consist in keeping up a fresh stock of every article which there is a chance of being sought for, and, while avoiding the imprudence of keeping too large a stock of goods—­which comes nearest to Defoe’s meaning—­it is certain that, by having on hand an abundant choice, the shop gains a name, and has the best chance of securing a concourse of customers.]

[13] [The war of the Spanish succession, concluded by the treaty of Utrecht, 1713.]

CHAPTER VII

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 befell 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 were on fire, to get into the Friars[14] or the Mint; the family fled, one 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 oftentimes consumed it too, and left little or nothing, either to pay the 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.

But now the case is altered; men make so little of breaking, that many times the family scarce removes for it.  A commission of bankrupt is so familiar a thing, that the debtor oftentimes causes it to be taken out in his favour, that he may sooner be effectually delivered from all his creditors at once, the law obliging him only to give a full account of himself upon oath to the commissioners, who, when they see his integrity, may effectually deliver him from all further molestation, give him a part even of the creditors’ estate; and so he may push into the world again, and try whether he cannot retrieve his fortunes by a better management, or with better success for the future.