The reason of this case is as plain as the assertion; the cause is in itself; no man lends his money but with an expectation of receiving it again with the interest.  If the borrower pays it punctually without hesitations and defalcations, without difficulties, and, above all, without compulsion, what is the consequence?—­he is called an honest man, he has the reputation of a punctual fair dealer.  And what then?—­why, then, he may borrow again whenever he will, he may take up money and goods, or anything, upon his bare words, or note; when another man must give bondsmen, or mainprize, that is, a pawn or pledge for security, and hardly be trusted to neither.  This is credit.

It is not the quality of the person would give credit to his dealing; not kings, princes, emperors, it is all one; nay, a private shopkeeper shall borrow money much easier than a prince, if the credit of the tradesman has the reputation of being an honest man.  Not the crown itself can give credit to the head that wears it, if once he that wears it comes but to mortgage his honour in the matter of payment of money.

Who would have lent King Charles II. fifty pounds on the credit of his word or bond, after the shutting up the Exchequer?  The royal word was made a jest of, and the character of the king was esteemed a fluttering trifle, which no man would venture upon, much less venture his money upon.

In King William’s time the case was much the same at first; though the king had not broken his credit then with any man, yet how did they break their faith with the whole world, by the deficiency of the funds, the giving high and ruinous interest to men almost as greedy as vultures, the causing the government to pay great and extravagant rates for what they bought, and great premiums for what they borrowed—­these were the injuries to the public for want of credit; nor was it in the power of the whole nation to remedy it; on the contrary, they made it still grow worse and worse, till, as above, the parliament recovered it.  And how was it done?  Not but by the same method a private person must do the same, namely, by doing justly, and fairly, and honestly, by every body.

Thus credit began to revive, and to enlarge itself again; and usury, which had, as it were, eaten up mankind in business, declined, and so things came to their right way again.

The case is the same with a tradesman; if he shuffles in payment, bargains at one time, and pays at another, breaks his word and his honour in the road of his business, he is gone; no man will take his bills, no man will trust him.

The conclusion is open and clear:  the tradesman cannot be too careful of his credit, he cannot buy it too dear, or be too careful to preserve it:  it is in vain to maintain it by false and loose doing business; by breaking faith, refusing to perform agreements, and such shuffling things as those; the greatest monarch in Europe could not so preserve his credit.