f they do not pay him, he cannot pay others, and the next thing is a
commission of bankrupt, and so the tradesman may be undone, though he
has eleven thousand pounds to pay ten with?

It is true, it is not possible in a country where there is such an
infinite extent of trade as we see managed in this kingdom, that either
on one hand or another it can be carried on, without a reciprocal credit
both taken and given; but it is so nice an article, that I am of opinion
as many tradesmen break with giving too much credit, as break with
taking it. The danger, indeed, is mutual, and very great. Whatever,
then, the young tradesman omits, let him guard against both his giving
and taking too much credit.

But there are divers ways of over-trading, besides this of taking and
giving too much credit; and one of these is the running out into
projects and heavy undertakings, either out of the common road which the
tradesman is already engaged in, or grasping at too many undertakings at
once, and having, as it is vulgarly expressed, too many irons in the
fire at a time; in both which cases the tradesman is often wounded, and
that deeply, sometimes too deep to recover.

The consequences of those adventures are generally such as these: first,
that they stock-starve the tradesman, and impoverish him in his ordinary
business, which is the main support of his family; they lessen his
strength, and while his trade is not lessened, yet his stock is
lessened; and as they very rarely add to his credit, so, if they lessen
the man's stock, they weaken him in the main, and he must at last faint
under it.

Secondly, as they lessen his stock, so they draw from it in the most
sensible part--they wound him in the tenderest and most nervous part,
for they always draw away his ready money; and what follows? The money,
which was before the sinews of his business, the life of his trade,
maintained his shop, and kept up his credit in the full extent of it,
being drawn off, like the blood let out of the veins, his trade
languishes, his credit, by degrees, flags and goes off, and the
tradesman falls under the weight.

Thus I have seen many a flourishing tradesman sensibly decay; his credit
has first a little suffered, then for want of that credit trade has
declined--that is to say, he has been obliged to trade for less and
less, till at last he is wasted and reduced: if he has been wise enough
and wary enough to draw out betimes, and avoid breaking, he ha