You spend yearly at least two hundred thousand pounds, it is said, in European, East Indian, and West Indian commodities Suppose one-half of this expense to be in things absolutely necessary, the other half may be called superfluities, or, at best, conveniences, which, however, you might live without for one little year and not suffer exceedingly. Now, to save this half observe these few directions:

1. When you incline to have new clothes, look first well over the old ones and see if you cannot shift with them another year, either by scouring, mending, or even patching if necessary. Remember, a patch on your coat and money in your pocket is better and more creditable than a writ on your back and no money to take it off.

2. When you are inclined to buy chinaware, chintzes, India silks, or any other of their flimsy, slight manufactures, I would not be so bad with you as to insist on your absolutely resolving against it; all I advise is to put it off (as you do your repentance) till another year, and this, in some respects, may prevent an occasion of repentance.

3. If you are now a drinker of punch, wine, or tea twice a day, for the ensuing year drink them but once a day. If you now drink them but once a day, do it but every other day. If you do it now but once a week, reduce the practice to once a fortnight. And if you do not exceed in quantity as you lessen the times, half your expense in these articles will be saved.

4. When you incline to drink rum, fill the glass half with

water.

Thus at the year's end there will be a hundred thousand pounds more money in your country.

If paper money in ever so great a quantity could be made, no man could get any of it without giving something for it. But all he saves in this way will be his own for nothing and his country actually so much richer. Then the merchants' old and doubtful debts may be honestly paid off, and trading becomes surer thereafter, if not so extensive.

NECESSARY HINTS TO THOSE THAT WOULD BE

RICH

WRITTEN IN THE YEAR 1736

THE use of money is all the advantage there is in having money.

For six pounds a year you may have the use of one hundred pounds, provided you are a man of known prudence and honesty.

He that spends a groat a day idly spends idly above six pounds a year, which is the price for the use of one hundred pounds.

He that wastes idly a groat's worth of his time per day, one day with another, wastes the privilege of using one hundred pounds each day.

He that idly loses five shillings' worth of time loses five shillings, and might as prudently throw five shillings into the sea.

He that loses five shillings not only loses that sum, but all the advantage that might be made by turning it in dealing, which by the time that a young man becomes old will amount to a considerable sum of money.

Again he that sells upon credit asks a price for what he sells equivalent to the principal and interest of his money for the time he is to be kept out of it; therefore he that buys upon credit pays interest for what he buys, and he that pays ready money might let that money out to use; so that he that possesses anything he has bought pays interest for the use of it.

Yet in buying goods it is best to pay ready money, because he that sells upon credit expects to lose five per cent. by bad debts; therefore he charges on all he sells upon credit an advance that shall make up that deficiency.

Those who pay for what they buy upon credit pay their share of this advance.

He that pays ready money escapes, or may escape, that

charge.

"A penny saved is two pence clear;

A pin a day's a groat a year."

ADVICE TO A YOUNG TRADESMAN

WRITTEN IN THE YEAR 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 labor 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 expense; 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 the prolific, generating nature. Money can beget money, and its offspring can beget more, and so

on.

The

Five shillings turned is six; turned again it is seven and threepence, and so on till it becomes a hundred pounds. 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 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 expense unperceived) a man of credit may, on his own security, have the constant possession and use of a 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 forever.

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.

Beware of thinking all your own that you possess and of living accordingly. It is a mistake that many people who have credit fall into. To prevent this, keep an exact account for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect you will discover how wonderfully small, trifling expenses mount up to large sums, and will discern what might have been and may for the future be saved without occasioning any great inconvenience.

In short, the way to wealth, if you desire it, is as plain as

the way to market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them everything. He that gets all he can honestly and saves all he gets (necessary expenses excepted) will certainly become rich, if that Being who governs the world, to whom all should look for a blessing on their honest endeavors, doth not, in his wise providence, otherwise determine.

AN OLD TRADESMAN.

DIGGING FOR HIDDEN TREASURE

FROM "THE BUSY-BODY," A SERIES OF ESSAYS BY FRANKLIN

ONE of the greatest pleasures an author can have is certainly the hearing his works applauded. The hiding from the world our names while we publish our thoughts is so absolutely neces sary to this self-gratification that I hope my well-wishers will congratulate me on my escape from the many diligent but fruitless inquiries that have of late been made after me. Every man will own that an author, as such, ought to be tried by the merit of his productions only; but pride, party, and prejudice at this time run so very high that experience shows we form our notions of a piece by the character of the author. Nay, there are some very humble politicians in and about this city who will ask on which side the writer is before they presume to give their opinion of the thing written. This ungenerous way of proceeding I was well aware of before I published my first speculation, and therefore concealed my name. And I appeal to the more generous part of the world if I have, since I appeared in the character of the Busy-Body, given an instance