Written Anno 1748.
TO MY FRIEND A.B.
As you have desired it of me, I write the following hints, which have been of service to me, and may, if observed, be so to you.
Remember, that time is money. He, that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expence; he has really spent, or rather thrown away, five shillings besides.
Remember, that credit is money. If a man lets his money lie in my hands after it is due, he gives me the interest, or so much as I can make of it, during that time. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.
Remember, that money is of a prolific generating nature. Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six, turned again it is seven and three-pence, and so on till it becomes an hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow destroys all her offspring to the thousandth generation. He that murders a crown destroys all that it might have produced, even scores of pounds.
Remember, that six pounds a year is but a groat a day. For this little sum (which may be daily wasted either in time or expence unperceived) a man of credit may, on his own security, have the constant possession and use of an hundred pounds. So much in stock, briskly turned by an industrious man, produces great advantage.
Remember this saying, "the good paymaster is lord of another man's purse." He that is known to pay punctually and exactly to the time he promises may at any time, and on any occasion, raise all the money his friends can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world than punctuality and justice in all his dealings: therefore, never keep borrowed money an hour beyond the time you promised, lest a disappointment shut up your friend's purse for ever.
The most trifling actions that affect a man's credit are to be regarded. The sound of your hammer at five in the morning, or nine at night, heard by a creditor, makes him easy six months longer: but if he sees you at a billiard-table, or hears your voice at a tavern, when you should be at work, he sends for his money the next day; demands it before he can receive it in a lump.
It shows, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest man, and that still increases your credit.