CHAPTER XXI

PUT MONEY IN THY PURSE HONESTLY.

"How a man uses money—makes it, saves it, and spends it—is perhaps one of the best tests of practical wisdom," says Mr. [Samuel] Smiles. Although money ought by no means to be regarded as a chief end of man's life, neither is it a trifling matter, to be held in philosophic contempt, representing, as it does, to so large an extent, the means of physical comfort and social well-being. Indeed, some of the finest qualities of human nature are intimately related to the right use of money; such as generosity, honesty, justice, and self-sacrifice; as well as the practical virtues of economy and providence. On the other hand, there are their counterparts of avarice, fraud, injustice, and selfishness, as displayed by the inordinate lovers of gain; and the vices of thriftlessness, extravagance, and improvidence, on the part of those who misuse and abuse the means entrusted to them. "So that," as is wisely observed by Henry Taylor in his thoughtful "Notes from Life," "an right measure and manner of getting, saving, spending, giving, taking, lending, borrowing, and bequeathing, would almost argue a perfect man."

Comfort in worldly circumstances is a condition which every man is justified in striving to attain by all worthy means. It secures that physical satisfaction which is necessary for the culture of the better part of his nature; and enables him to provide for those of his own household, without which, says the apostle, a man is "worse than an infidel." Nor ought the duty to be any the less pleasing to us, that the respect which our fellow-men entertain for us in no slight degree depends upon the manner in which we exercise the opportunities which present themselves for our honorable advancement in life. The very effort required to be made to succeed in life with this object, is of itself an education: stimulating a man's sense of self-respect, bringing out his practical qualities, and disciplining him in the exercise of patience, perseverance, and such like virtues. The provident and careful man must necessarily be a thoughtful man, for he lives not merely for the present, but with provident forecast makes arrangements for the future. He must also be a temperate man, and exercise the virtue of self-denial, than which nothing is so much calculated to give strength to the character.

John Sterling [1806 - 1844] says truly, that "the worst education which teaches self-denial, is better than the best which teaches everything else and not that." The Romans rightly employed the same word (virtus) to designate courage, which is in a physical sense what the other is in moral; the highest virtue of all being victory over ourselves.

Hence the lesson of self-denial — the sacrificing of a present gratification for a future good — is one of the last that is learnt. Those classes which work the hardest might naturally be expected to value the most the money which they earn. Yet the readiness with which so many are accustomed to eat up and drink up their earnings as they go, renders them, to a great extent, dependent upon the frugal.

Men of business are accustomed to quote the maxim that "Time is money;" but it is more; the proper improvement of it is self-culture, self-improvement, and growth of character. An hour wasted daily on trifles or in indolence, would, if devoted to self-improvement, make an ignorant man wise in a few years, and, employed in good works, would make his life fruitful, and death a harvest of worthy deeds. Fifteen minutes a day devoted to self-improvement, will be felt at the end of the year. Good thoughts and carefully gathered experience take up no room, and may be carried about as our companions everywhere, without cost or encumbrance. An economical use of time is the true mode of securing leisure: it enables us to get through business and carry it forward, instead of being driven by it. On the other hand, the miscalculation of time involves us in perpetual hurry, confusion, and difficulties; and life becomes a mere shuffle of expedients, usually followed by disaster. Nelson once said, "I owe all my success in life to having been always a quarter of an hour before my time."

Some take no thought of the value of money until they have come to an end of it, and many do the same with their time. The hours are allowed to flow by unemployed, and then when life is fast waning, they bethink themselves of the duty of making a wiser use of it. But the habit of listlessness and idleness may already have become confirmed, and they are unable to break the bonds with which they have permitted themselves to become bound. Lost wealth may be replaced by industry, lost knowledge by study, lost health by temperance or medicine, but lost time is gone forever.

A proper consideration of the value of time will also inspire habits of punctuality. "Punctuality," said Louis XIV, "is the politeness of kings." It is also the duty of gentlemen, and the necessity of men of business. Nothing begets confidence in a man sooner than the practice of this virtue, and nothing shakes confidence sooner than the want of it. He who holds to his appointment and does not keep you waiting for him, shows that he has regard for your time as well as for his own. Thus punctuality is one of the modes by which we testify our personal respect for those whom we are called upon to meet in the business of life. It is also conscientiousness, in a measure; for an appointment is a contract, expressed or implied, and he who does not keep it breaks faith, as well as dishonestly uses other people's time, and thus inevitably loses character. We naturally come to the conclusion that the person who is careless about time is careless about business, and that he is not the one to be trusted with the transaction of matters of importance. When Washington's secretary excused himself for the lateness of his attendance and laid the blame upon his watch, his master quietly said, "Then you must get another watch, or I another secretary."

The person who is negligent of time and its employment is usually found to be a general disturber of others' peace and serenity. It was wittily said by Lord Chesterfield of the old Duke of Newcastle, "His Grace loses an hour in the morning, and is looking for it all the rest of the day." Everybody with whom the unpunctual man has to do is thrown from time to time into a state of fever: he is systematically late; regular only in his irregularity. He conducts his dawdling as if upon system; arrives at his appointment after time; gets to the railway station after the train has started; posts his letter when the box has closed. Thus business is thrown into confusion, and everybody concerned is put out of temper.

To secure independence, the practice of simple economy is all that is necessary. Economy requires neither superior courage nor eminent virtue; it is satisfied with ordinary energy, and the capacity of average minds. Economy, at bottom, is but the spirit of order applied in the administration of domestic affairs: it means management, regularity, prudence, and the avoidance of waste. The spirit of economy was expressed by our Divine Master in the words, "Gather up the fragments that remain, so that nothing may be lost." His omnipotence did not disdain the small things of life; and even while revealing His infinite power to the multitude, he taught the pregnant lesson of carefulness, of which all stand so much in need.

Economy also means to power of resisting present gratification for the purpose of securing a future good, and in this light it represents the ascendancy of reason over the animal instincts. It is altogether different from penuriousness: for it is economy that can always best afford to be generous. It does not make money an idol, but regards it as a useful agent. As Dean Swift observes, "we must carry money in the head, not in the heart." Economy may be styled the daughter of Prudence, the sister of Temperance, and the mother of Liberty. It is eminently conservative—conservative of character, of domestic happiness, and social well-being. It is, in short, the exhibition of self-help in one of its best forms.

Francis Horner's father gave him this advice on entering life: "Whilst I wish you to be comfortable in every respect, I cannot too strongly inculcate economy. It is a necessary virtue to all; and however the shallow part of mankind may despise it, it certainly leads to independence, which is a grand object to every man of a high spirit."

Every man ought to contrive to live within his means. This practice is of the very essence of honesty. For if a man does not manage honestly to live within his own means, he must necessarily be living dishonestly upon the means of somebody else. Those who are careless about personal expenditure, and consider merely their own gratification, without regard for the comfort of others, generally find out the real uses of money when it is too late. Though by nature generous, these thriftless persons are often driven in the end to do very shabby things. They waste their money as they do their time; draw bills upon the future; anticipate their earnings; and are thus under the necessity of dragging after them a load of debts and obligations, which seriously affect their actions as free and independent men.

It was a maxim of Lord [Francis] Bacon, that when it was necessary to economize, it was better to look after petty savings than to descend to petty gettings. The loose cash which many persons throw away uselessly, and worse, would often form a basis of fortune and independence for life. These wasters are their own worst enemies, though generally found amongst the ranks of those who rail a the injustice of "the world." But if a man will not be his own friend, how can he expect that others will be. Orderly men of moderate means have always something left in their pockets to help others; whereas, your prodigal and careless fellows who spend all, never find an opportunity for helping anybody. It is poor economy, however, to be a scrub. Narrow-mindedness in living and in dealing is generally short- sighted, and leads to failure. Generosity and liberality, like honesty, always prove the best policy after all. Though Jenkinson, in the "Vicar of Wakefield", cheated his kind-hearted neighbor Flamborough in one way or another every year, "Flamborough," said he, "has been regularly growing in riches, while I have come to poverty and a jail." And practical life abounds in cases of brilliant results from a course of generous and honest policy.

The proverb says that "an empty bag cannot stand upright;" neither can a man who is in debt. It is also difficult for a man who is in debt to be truthful; hence, it is said that lying rides on debt's back. The debtor has to frame excuses to his creditor for postponing payment of the money he owes him, and probably also to contrive falsehoods. It is easy enough for a man who will exercise a healthy resolution, to avoid incurring the first obligation; but the facility with which that has been incurred often becomes a temptation to a second; and very soon the unfortunate borrower becomes so entangled that no late exertion of industry can set him free. The first step in debt is like the first step in falsehood; almost involving the necessity of proceeding in the same course, debt following debt, as lie follows lie.

[Benjamin Robert] Haydon, the painter, dated his decline fro the day on which he first borrowed money.

He realized the truth of the proverb, "Who goes a-borrowing, goes a-sorrowing." The significant entry in his diary is: "Here began debt and obligation, out of which I have never been and never shall be extricated as long as I live." His autobiography shows but too painfully how embarrassment in money matters produces poignant distress of mind, utter incapacity for work, and constantly recurring humiliations. The written advice which he gave to a youth when entering the navy was as follows: "Never purchase any enjoyment if it cannot be procured without borrowing of others. Never borrow money; it is degrading. I do not say never lend, but never lend if by lending you render yourself unable to pay what you owe; but under any circumstances never borrow." Fichte, the poor student, refused to accept even presents from his still poorer parents.

Dr. Johnson held that early debt is ruin. His words on the subject are weighty, and worthy of being held in remembrance. "Do not," said he, "accustom yourself to consider debt only as an inconvenience; you will find it a calamity. Poverty takes away so many means of doing good, and produces so much inability to resist evil, both natural and moral, that it is by all virtuous means to be avoided. . . . Let it be your first care, then, not to be in any man's debt. Resolve not to be poor; whatever you have, spend less. Poverty is a great enemy to human happiness; it certainly destroys liberty, and makes some virtues impracticable and others extremely difficult. Frugality is not only the basis of quiet, but of beneficence. No man can help others that wants help himself; we must have enough before we have to spare."

It is the bounden duty of every man to look his affairs in the face, and to keep an account of his incomings and outgoings in money matters. The exercise of a little simple arithmetic in this way will be found of great value. Prudence requires that we shall pitch our scale of living a degree below our means, rather than up to them. But this can only be done by carrying out faithfully a plan of living by which both ends may be made to meet.

John Locke strongly advised this course: "Nothing," said he, "is likelier to keep a man within compass than having constantly before his eyes the state of his affairs in a regular course of account."

The Duke of Wellington kept an accurate detailed account of all the moneys received and expended by him. "I make a point," said he to Mr. Gleig, "of paying my own bills, and I advise every one to do the same; formerly I used to trust a confidential servant to pay them, but I was cured of that folly by receiving one morning, to my great surprise, duns of a year or two's standing. The fellow had speculated with my money, and left my bills unpaid." Talking of debt, his remark was, "It makes a slave of a man. I have often known what it was to be in want of money, but I never got into debt." Washington was as particular as Wellington was, in matters of business detail; and it is a remarkable fact, that he did not disdain to scrutinize the smallest outgoings of his household— determined as he was to live honestly within his means—even when holding the high office of President of the United States.

There is a dreadful ambition abroad for being "genteel." We keep up appearances, too often at the expense of honesty; and though we may not be rich yet we must seem to be so. We must be "respectable," though only in the meanest sense—in mere vulgar outward show. We have not the courage to go patiently onward in the condition of life in which it has pleased God to call us; but must needs live in some fashionable state to which we ridiculously please to call ourselves, and to gratify the vanity of that unsubstantial genteel world of which we form a part. There is a constant struggle and pressure for front streets in the social amphitheatre; in the midst of which all noble self-denying resolve is trodden down, and many fine natures are inevitably crushed to death. What waste, what misery, what bankruptcy come from all this ambition to dazzle others with the glare of apparent worldly success, we need not describe.

The young man, as he passes through life, advances through a long line of tempters ranged on either side of him; and the inevitable effect of yielding is degradation in a greater or a less degree. Contact with them tends insensibly to draw away from him some portion of the divine electric element with which his nature is charged; and his only mode of resisting them is to utter and act out his "No" manfully and resolutely. He must decide at once, not waiting to deliberate and balance reasons; for the youth, like "the woman who deliberates, is lost."

Many deliberate, without deciding; but "not to resolve, is to resolve."

A perfect knowledge of man is in the prayer, "Lead us not into temptation." But temptation will come to try the young man's strength; and once yielded to, the power to resist grows weaker and weaker. Yield once, and an element of virtue has gone. Resist manfully, and the first decision will give strength for life; repeated it will become a habit. It is in the outworks of the habits formed in early life that the real strength of the defense must lie; for it has been wisely ordained that the machinery of moral existence should be carried on principally through the medium of the habits, so as to save the wear and tear of the great principles within. It is good habits which insinuate themselves into the thousand inconsiderable acts of life, that really constitute by far the greater part of man's moral conduct.

Many popular books have been written for the purpose of communicating to the public the grand secret of making money. But there is no secret whatever about it, as the proverbs of every nation abundantly testify.

• "Take care of the pennies and the pounds will take care of themselves."
• "Diligence is the mother of good luck."
• "No pains, no gains."
• "No sweat, no sweet."
• Work and thou shalt have."
• "The world is his who has patience and industry."
• "Better go to bed supperless than rise in debt."

• "He that is slothful in work is brother to him that is a great waster."
• "Go to the ant, thou sluggard; consider her ways, and be wise."

Simple industry and thrift will go far toward making any person of ordinary working faculty comparatively independent in his means. Even a working man may be so, provided he will carefully husband his resources, and watch the little outlets of useless expenditure. A penny is a very small matter, yet the comfort of thousands of families depends upon the proper spending and saving of pennies. If a man allows the little pennies, the results of his hard work, to slip out of his fingers — some to the beer-shop, some this way and some that — he will find that his life is little raised above one of mere animal drudgery. On the other hand, if he take care of the pennies — putting some weekly into a benefit society or an insurance fund, others into a savings' bank, and confiding the rest to his wife to be carefully laid out, with a view to the comfortable maintenance and education of his family — he will soon find that this attention to small matters will abundantly repay him, in increasing means, growing comfort at home, and a mind comparatively free from fears as to the future. And if a working man have high ambition and possess richness in spirit — a kind of wealth which far transcends all mere worldly possessions — he may not help himself, but be a profitable helper of others in his path through life.

While credit is the soul of trade, improperly used it is the death of business. No man should run into debt for a luxury, and every prudent man will have money in his purse for life's necessities. Remember, the man who is in debt without seeing his way out is a slave.

Speaking of this Jacob Abbott says:

"There is, perhaps, nothing which so grinds the human soul, and produces such an insupportable burden of wretchedness and despondency, as pecuniary pressure. Nothing more frequently drives men to suicide; and there is, perhaps, no danger to which men in an active and enterprising community are more exposed. Almost all are eagerly reaching forward to a station in life a little above what they can well afford, or struggling to do a business a little more extensive than they have capital or steady credit for; and thus they keep, all through life, just above their means—and just above, no matter by how small an excess, is inevitable misery.

"Be sure, then, if your aim is happiness, to bring down, at all hazards, your style of living, and your responsibilities of business, to such a point that you shall easily be able to reach it. Do this, I say, at all hazards. If you cannot have money enough for your purpose in a house with two rooms, take a house with one. It is your only chance for happiness. For there is such a thing as happiness in a single room, with plain furniture and simple fare; but there is no such thing as happiness with responsibilities which cannot be met, and debts increasing without any prospect of their discharge."

"After I had earned my first thousand dollars by the hardest kind of work," said Commodore [Cornelius] Vanderbilt, "I felt richer and happier than when I had my first million. I was out of debt, every dollar was honestly mine, and I saw my way to success."