striking that I have
uniformly discouraged young men who have applied to me for credit,
offering their fathers as bondsmen; and by doing so I believe I have
saved some respectable families from ruin. My advice, however, has
sometimes been rejected with anger. A young man who can not get along
without such aid will not be likely to get along with it."

He began his business upon principles of prudence and economy, which he
rigidly maintained throughout his whole life. He never allowed himself
to anticipate his gains, and having fixed his personal expenses at a
certain sum, he never went beyond it. His system, which is thus stated
by himself, is offered here as a safe and admirable rule for all
persons:

"When I commenced, the embargo had just been laid, and with such
restrictions on trade that many were induced to leave it. But I felt
great confidence that, by industry, economy, and integrity, I could get
a living; and the experiment showed that I was right. Most of the young
men who commenced at that period failed by spending too much money, and
using credit too freely.

"I adopted the plan of keeping an accurate account of merchandise bought
and sold each day, with the profit, as far as practicable. This plan was
pursued for a number of years, and I never found my merchandise fall
short in taking an account of stock, which I did as often at least as
once in each year. I was thus enabled to form an opinion of my actual
state as a business man. I adopted also the rule always to have
property, after my second year's business, to represent forty per cent,
at least more than I owed--that is, never to be in debt more than two
and a half times my capital. This caution saved me from ever getting
embarrassed. If it were more generally adopted, we should see fewer
failures in business. Excessive credit is the rock on which so many
business men are broken."

Mr. Lawrence was very successful from the first. His profits during his
first year were fifteen hundred dollars, and over four thousand during
the second. In seven years he made over fifty thousand dollars. He paid
the closest attention to his business, and nothing could draw him from
it in working hours. After these were over he would take his pleasure.
His aim was to keep every thing in the most complete state possible.
During the first seven years of his business he never allowed a bill
against him to stand unsettled over the Sabbath. If he made a purchase
of goods o