How different, for example, would have been the history of our great inventors had they all possessed that knowledge of business affairs which would have enabled them to put their inventions in a business like way before the world, or before the capitalists whose assistance they wished to invoke. The history of invention is full of illustrations of men who have starved with valuable patents standing in their names—patents which have proved the basis of large fortunes to those who were competent to develop the wealth that was in them. How often, too, do we see capable and ingenious and skillful mechanics confined through life to a small shop, or to a subordinate position in a large shop, solely through their inability to manage the affairs of a larger business. On the other hand, it is no uncommon thing to see what might be a profitable business—which has been fairly thrust upon a lucky inventor or manufacturer by the urgency of popular needs—fail disastrously through ignorance of business methods and inability to conduct properly the larger affairs which fell to the owner's hand.
Of course a business training is not the only condition of success in life. Many have it and fail; others begin without it and succeed, gaining a working knowledge of business affairs through the exigencies of their own increasing business needs. Nevertheless, in whatever line in life a man's course may fall, a practical business training will be no hinderance to him, while the lack of it may be a serious hinderance. The school of experience is by no means to be despised. To many it is the only school available. But unhappily its teachings are apt to come too late, and often they are fatally expensive. Whoever can attain the needed knowledge in a quicker and cheaper way will obviously do well so to obtain it; and the supplying of such practical knowledge, and the training which may largely take the place of experience in actual business, is the proper function of the true business college.
Our purpose in this writing, however, was not so much to enlarge upon the utility of business colleges, properly so called, as to describe the practical working of a representative institution, choosing for the purpose Packard's Business College in this city.
This school was established in 1858, under the name of Bryant, Stratton & Packard's Mercantile College, by Mr. S. S. Packard, the present proprietor. It formed the New York link in the chain of institutions known as the Bryant & Stratton chain of business colleges, which ultimately embraced fifty co working schools in the principal cities of the United States and Canada. In 1867 Mr. Packard purchased the Bryant & Stratton interest in the New York College, and changed its name to Packard's Business College, retaining the good will and all the co operative advantages of the Bryant & Stratton association. The original purpose of the college, as its name implies, was the education of young men for business pursuits. The experience of over twenty years has led to many improvements in the working of the school, and to a considerable enlargement of its scope and constituency, which now includes adults as well as boys, especial opportunities being offered to mature men who want particular instruction in arithmetic, bookkeeping, penmanship, correspondence, and the like.
The teachers employed in the college are chosen for their practical as well as their theoretical knowledge of business affairs, and every effort is made to secure timeliness and accuracy in their teachings. Constant intercourse is kept up with the departments at Washington as to facts and changes in financial matters, and also with prominent business houses in this and other cities. Among the recent letters received in correspondence of this sort are letters from the Secretary of State of every State in the Union with regard to rates of interest and usury laws, and letters from each of our city banks as to methods of reckoning time on paper, the basis of interest calculations, the practices concerning deposit balances, and other business matters subject to change. The aim of the proprietor is to keep the school abreast of the demands of the business world, and to omit nothing, either in his methods or their enforcement, necessary to carry out his purpose honestly and completely. An idea of the superior housing of the college will be obtained from the views of half a dozen of the rooms at No 805 Broadway, as shown in this issue of the Scientific American—the finest, largest, most compact, and convenient suite of rooms anywhere used for this purpose.
The college is open for students ten months of the year, five days each week, from half past nine in the morning until half past two in the afternoon. Students can enter at any time with equal advantage, the instruction being for the most part individual. The course of study can be completed in about a year. The proprietor holds that with this amount of study a boy of seventeen should be able—
1. To take a position as assistant bookkeeper in almost any kind of business; 2. To do the ordinary correspondence of a business house, so far as good writing, correct spelling, grammatical construction, and mechanical requisites are concerned; 3. To do the work of an entry clerk or cashier; 4. To place himself in the direct line of promotion to any desirable place in business or life, with the certainty of holding his own at every step.
In this the student will have the advantage over the uneducated clerk of the same age and equal worth and capacity, in that he will understand more or less practically as well as theoretically the duties of those above him, and will thus be able to advance to more responsible positions as rapidly as his years and maturity may justify. It is obvious that the knowledge which makes an expert accountant will in all probability suffice for the general business requirements of professional men, the inheritors of property and business, manufacturers, mechanics, and others to whom bookkeeping and other business arts are useful aids, but not the basis of a trade. For the last-named classes, and for women, shorter periods of study are provided, and may be made productive of good results.
A sufficient idea of the general working of the college may be obtained by following a student through the several departments. After the preliminary examination a student who is to take the regular course of study enters the initiatory room. Here he begins with the rudiments of bookkeeping, the study which marks his gradation. The time not given to the practice of writing, and to recitations in other subjects, is devoted to the study of accounts. He is required, first, to write up in "skeleton" form—that is, to place the dates and amounts of the several transactions under the proper ledger titles—six separate sets of books, or the record of six different business ventures, wherein are exhibited as great a variety of operations as possible, with varying results of gains and losses, and the adjustment thereof in the partners' accounts, or in the account of the sole proprietor. After getting the results in this informal way—which is done in order as quickly as possible to get the theory of bookkeeping impressed upon his mind—he is required to go over the work again carefully, writing up with neatness and precision all the principal and auxiliary books, with the documents which should accompany the transactions, such as notes, drafts, checks, receipts, invoices, letters, etc. The work in this department will occupy an industrious and intelligent student from four to six weeks, depending upon his quickness of perception and his working qualities. While progressing in his bookkeeping, he is pursuing the collateral studies, a certain attainment in which is essential to promotion, especially correcting any marked deficiency in spelling, arithmetic, and the use of language.