OF THE TRADESMAN'S PUNCTUAL PAYING HIS BILLS AND PROMISSORY NOTES UNDER HIS HAND, AND THE CREDIT HE GAINS BY IT
As I said that credit is maintained by just and honourable dealing, so that just dealing depends very much upon the tradesman's punctual payment of money in all the several demands that are upon him. The ordinary demands of money upon a tradesman are—
I. Promises of money for goods bought at time.
II. Bills drawn upon him; which, generally speaking, are from the country, that is to say, from some places remote from where he lives. Or,
III. Promissory notes under his hand, which are passed oftentimes upon buying goods: bought also at time, as in the first head.
IV. Bonds bearing interest, given chiefly for money borrowed at running interest.
1. Promises of money for goods bought at time. This indeed is the loosest article in a tradesman's payments; and it is true that a tradesman's credit is maintained upon the easiest terms in this case of any other that belongs to trade; for in this case not one man in twenty keeps to his time; and so easy are tradesmen to one another, that in general it is not much expected, but he that pays tolerably well, and without dunning, is a good man, and in credit; shall be trusted any where, and keeps up a character in his business: sometimes he pays sooner, sometimes later, and is accounted so good a customer, that though he owes a great deal, yet he shall be trusted any where, and is as lofty and touchy if his credit be called in question, as if he paid all ready money.
And, indeed, these men shall often buy their goods as cheap upon the credit of their ordinary pay, as another man shall that brings his money in his hand; and it is reasonable it should be so, for the ready-money man comes and buys a parcel here and a parcel there, and comes but seldom, but the other comes every day, that is to say, as often as he wants goods, buys considerably, perhaps deals for two or three thousand pounds a-year with you, and the like, and pays currently too. Such a customer ought indeed to be sold as cheap to, as the other chance customer for his ready money. In this manner of trade, I say, credit is maintained upon the easiest terms of any other, and yet here the tradesman must have a great care to keep it up too; for though it be the easiest article to keep up credit in, yet even in this article the tradesman may lose his credit, and then he is undone at once; and this is by growing (what in the language of trade is called) long-winded, putting off and putting off continually, till he will bear dunning; then his credit falls, his dealer that trusted him perhaps a thousand pounds previously, that esteemed him as good as ready money, now grows sick of him, declines him, cares not whether he deals with him or no, and at last refuses to trust him any longer. Then his credit is quite sunk and gone, and in a little after that his trade is ruined and the tradesman too; for he must be a very extraordinary tradesman that can open his shop after he has outlived his credit: let him look which way he will, all is lost, nobody cares to deal with him, and, which is still worse, nobody will trust him.
2. Bills drawn upon him from the country, that is to say, from some places remote from where he now dwells: it is but a little while ago since those bills were the loosest things in trade, for as they could not be protested, so they would not (in all their heats) always sue for them, but rather return them to the person from whom they received them.
In the meantime, let the occasion be what it will, the tradesman ought on all occasions to pay these notes without a public recalling and returning them, and without hesitation of any kind whatsoever. He that lets his bills lie long unpaid, must not expect to keep his credit much after them.