Nothing but probity will support credit; just, and fair, and honourable dealings give credit, and nothing but the same just, and fair, and honourable dealings will preserve it.

FOOTNOTES: 

[42] [How strikingly was this proved in the last war, when the British government obtained credit for no less than six hundred millions to conduct warlike operations, and by these means was ultimately victorious.]

[43] [The author’s praises of credit must be received with caution.  If his descriptions of the credit system of his own day are true, an improvement has since taken place, as business neither is nor can be now carried on to such an extent upon credit—­a circumstance that redounds to the advantage of all parties.]

[44] [Defoe speaks of such cases as if there were something laudable in them, whereas it is obviously for the interest of all honest traders, that no such men should be allowed to carry on business.]

[45] [Defoe almost appears in this place to lay capital out of the question, and to represent credit as all in all.  Credit is a matter of great consequence; but we must not attempt to carry on business by its means alone.  It should only be considered as an aid to capital.  Those who, without capital, endeavour to set up in business by means of credit, or, when capital is exhausted, attempt to struggle on by means of credit alone, will, in general, only have a life of anxiety and dispeace for their pains.]

CHAPTER XXV

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.