a co-operative scheme, may at once find himself
overwhelmed, as a punishment for his offence. Invest part of your
savings in a company in which you have reliance; assist a young man,
of whose capacity and honesty you think well, by investing money in
his business; and some day you may find yourself ruined for having
done so.

Those readers who have turned any attention to this subject, will at
once see that we refer to the law of unlimited responsibility in
partnerships. Except when the company proceeds under an act of
parliament, a charter, or patent, limiting the responsibility, every
partner is responsible for the debts and obligations of the concern,
to the last farthing he possesses. Very often, a young man of
enterprise and ability, acting as manager, overseer, or in some other
respectable capacity, receives a small share in the profits to
encourage him to exertion: he has no control over the management: some
leading man plunges, to serve himself, into dangerous speculations,
and there is a bankruptcy. The young man has done nothing but good
service all along to the partnership, and to its creditors, and all
who have had dealings with it; yet, if he have saved a trifle, it is
swept away with the effects of the real speculators. Take another case
equally common: A young man commences business alone, or in company
with others: they have intelligence, ability, and honesty, but little
capital. A capitalist, who, perhaps, conducts some larger business of
his own, might, ingrafting kindness on prudential considerations, be
inclined to embark with them to a certain extent; but he finds, that
instead of a prudential step, nothing could be more thoroughly
imprudent. He will have to embark not only the small sum he destined
for the purpose, but his whole fortune. Dealers who have transactions
with the young partners, will know that a man of fortune is 'at their
back,' as it is termed, and will give them credit and encouragement
accordingly. Without being conscious of any dishonesty, the firm will
be led to trade, not on the capital which their friend has advanced,
but on the capital which he possesses. Of course, they do not intend
that he should lose his fortune, any more than that they themselves
should lose their business and pecuniary means. But these things
happen against people's intentions and inclinations; and the friend
who wished to aid them with a moderate and cautious advance, is
ruined; while those who were gi