A CASH BASIS
“The panic of 1857 swept almost everything away except the house I worked for, and I learned that the reason they survived was because they understood the nature of the new country, and did a cash business. That is, they bought for cash, and sold on thirty and sixty days; instead of giving the customers, whose financial condition you could hardly tell anything about, all the time they wanted. When the panic came, they had no debts, and little owing to them, and so they weathered it all right. I learned what I consider my best lesson, and that was to do a cash business.”
“What were some of the principles you applied to your business?” I questioned.
“I made it a point that all goods should be exactly what they were represented to be. It was a rule of the house that an exact scrutiny of the quality of all goods purchased should be maintained, and that nothing was to induce the house to place upon the market any line of goods at a shade of variation from their real value. Every article sold must be regarded as warranted, and