Being now out of employment, he resolved to commence business on his own account in Boston.  He had made such a favorable impression upon the merchants of the city that he had no difficulty in obtaining credit.  He rented a store in Cornhill, stocked it with dry goods, and began his career as a merchant.  Four months after this, his father, who was keenly interested in his son’s success, without consulting the latter, mortgaged his farm for one thousand dollars, and, repairing to Boston, placed the money in Amos Lawrence’s hands.  Mr. Lawrence was profoundly affected by this proof of his father’s devotion, but he regretted it none the less, as he knew that his failure would bring ruin to his parent as well as to himself.  “I told him,” said he, forty years later, “that he did wrong to place himself in a situation to be made unhappy if I lost the money.  He told me he guessed I wouldn’t lose it, and I gave him my note.”  Mr. Lawrence made a prompt use of the money, and paid the mortgage at the proper time; but he had a narrow escape from loss, as the bank on which he had bills for the amount of the mortgage failed almost immediately after he had obtained specie for them.

“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 on trade that many were induced to leave it.  But I felt great confidence that, by industry, economy, and integrity, I could get a living; and the experiment showed that I was right.  Most of the young men who commenced at that period failed by spending too much money, and using credit too freely.