"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.
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