Fifthly, That upon his doing so, they will find, that there is in goods and good debts sufficient to pay them fifteen shillings in the pound; after which, and when he has made appear that they have a faithful and just account of every thing laid before them, he hopes they will give him his liberty, that he may try to get his bread, and to maintain his family in the best manner he can; and, if possible, to pay the remainder of the debt.
You see I go all the way upon the suggestion of the poor unfortunate tradesman being critically honest, and showing himself so to the full satisfaction of his creditors; that he shows them distinctly a true state of his case, and offers his books and vouchers to confirm every part of his account.
Upon the suggestion of his being thus sincerely honest, and allowing that the state of his account comes out so well as to pay fifteen shillings in the pound, what and who but a parcel of outrageous hot-headed men would reject such a man? What would they be called, nay, what would they say of themselves, if they should reject such a composition, and should go and take out a commission of bankrupt against such a man? I never knew but one of the like circumstances, that was refused by his creditors; and that one held them out, till they were all glad to accept of half what they said should be first paid them: so may all those be served, who reject such wholesome advice, and the season for accepting a good offer, when it was made them. But I return to the debtor.
When he looks into his books, he finds himself declined, his own fortune lost, and his creditors' stock in his hands wasted in part, and still wasting, his trade being for want of stock much fallen off, and his family expense and house-rent great; so he draws up the general articles thus:—
STOCK DEBTOR
To cash of my father (being my stock) to begin with in trade£800 0 0
To cash of my father-in-law, being my wife's portion 600 0 0
To household-goods, plate, &c. of both 100 0 0
To profits in trade for ten years, as by the yearly balance
in the journal appears 2469 10 0
To debts abroad esteemed good, as by the ledger appears 1357 8 0
To goods in the warehouse at the prime cost 672 12 0
Plate and some small jewels of my wife's left, and old
household-goods altogether 103 0 0
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£6102 10 0
Estate deficient to balance 1006 2 0
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£7108 12 0
STOCK CREDITOR
By losses by bad debts in trade, in the year 1715 £ 50 0 0
By do. 1716 66 10 0
By do. 1717 234 15 0
By do. 1718 43 0 0
By do. 1719 25 0 0
By do. by the South Sea stock, 1720 1280 0 0
By do. in trade, 1721 42 0 0
By do. 1722 106 0 0
By do. 1723 302 0 0
By do. 1724 86 15 0
By house-keeping and expenses, taxes included, as by the
cash-book appears, for ten years 1836 12 0
By house-rents at £50 per annum 500 0 0
By credits now owing to sundry persons, as by the ledger
appears 2536 0 0
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£7108 12 0
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This account is drawn out to satisfy himself how his condition stands, and what it is he ought to do: upon the stating which account he sees to his affliction that he has sunk all his own fortune and his wife's, and is a thousand pounds worse than nothing in the world; and that, being obliged to live in the same house for the sake of his business and warehouse, though the rent is too great for him, his trade being declined, his credit sunk, and his family being large, he sees evidently he cannot go on, and that it will only be bringing things from bad to worse; and, above all the rest, being greatly perplexed in his mind that he is spending other people's estates, and that the bread he eats is not his own, he resolves to call his creditors all together, lay before them the true state of his case, and lie at their mercy for the rest.
The account of his present and past fortune standing as it did, and as appears above, the result is as follows, namely, that he has not sufficient to pay all his creditors, though his debts should prove to be all good, and the goods in his warehouse should be fully worth the price they cost, which, being liable to daily contingencies, add to the reasons which pressed him before to make an offer of surrender to his creditors both of his goods and debts, and to give up all into their hands.
The state of his case, as to his debts and credits, stands as follows:—
His debts esteemed good, as by the ledger, are £1357 8 0
His goods in the warehouse 672 12 0
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£2030 0 0
His creditors demands, as by the same ledger
appears, are £3036 0 0
This amounts to fifteen shillings in the pound upon all his debts, which, if the creditors please to appoint an assignee or trustee to sell the goods, and collect the debts, he is willing to surrender wholly into their hands, hoping they will, as a favour, give him his household goods, as in the account, for his family use, and his liberty, that he may seek out for some employment to get his bread.