by General Dearborn, in an agricultural address some years ago, "After an extensive acquaintance with business men, and having long been an attentive observer of the course of events in the mercantile community, I am satisfied that among one hundred merchants and traders in Boston, not more than three ever acquired an independence. It was with great distrust that I came to this conclusion; but after consulting with an experienced merchant, he fully admitted its truth."

A person who listened to Mr Dearborn's address did not believe this statement, and he was led, in consequence, to make investigation. After inquiring he published the following:—

"The statement made by General Dearborn appeared to me so startling, so appalling, that I was induced to examine it with much care, and I regret to say I found it true. I then called upon a friend, a gentleman always referred to in all matters relating to the city of Boston, and he told me that in the year 1800 he took a memorandum of every person on the Long Wharf; and in 1840, as long a time as men usually continue in trade, only five remained. All the others had failed or died in destitute circumstances. I then went to a director of the Union Bank. He said the bank commenced business in 1798, when there was only one other bank in Boston; that a few years ago they had occasion to look back to the first part of its history, and they found that of one thousand persons with whom they opened accounts, only six remained. In the forty years, nine hundred and ninety-four had failed or died without property. 'Bankruptcy,' said he, 'is like death, and almost as certain: they fall single and alone, and are thus for

gotten; but there is no escape from it, and he is a fortunate man who fails young.""

Doubtless a large part of these failures might have been prevented by proper economy. Dr Franklin said, “The way to wealth is as plain as the way to market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both." Which of these two virtues is the more important, it is impossible to say. Both of them are indispensable to success.

We have referred to these statistics of failure in business for the purpose of warning youth against cherishing the too common desire for wealth in order to live in luxury. The young are inclined to desire wealth for the sake of enjoying just such extravagances as we have pointed out; hence, when they reach manhood, and commence business for themselves, they spend their means in the most lavish manner.

large majority of young men in trade.

This is true of a

No wonder they fail and die in poverty. "A small leak will sink a ship."

Let us see how it was with other wealthy men: was not frugality one of their prominent virtues ? How was it with Samuel Budgett, of whom we have spoken? The first halfpenny he ever possessed was obtained for on old horse-shoe which he found in the road on the way to school. He sold it to a blacksmith, who subsequently presented him with another halfpenny for excelling a boy in wheeling dirt. From that time he never was without money, except when he gave it all away. He practised the most rigid economy in regard to every thing, and, in this way, his early small gains

multiplied. He ever considered frugality one of the elements of his success, so that he enjoined it upon all the youth and young men in his employment. He even had the old nails picked up about his extensive warehouse, and one or two boys were employed in straightening them. He sometimes corrected a clerk for using more twine than was necessary in making up parcels. He was also known to expostulate with the young man who cut the paper bags used in his shop, for doing his work in such a way as to waste both time and paper. One day he saw a boy following after a load of hay and picking up the handfuls that dropped from the cart. He was pleased with the economy of the lad, and, remembering the horse-shoe which he found and sold in his boyhood, and the influence it had upon his future life, he encouraged the lad to be frugal, and, at the same time, gave him a shilling.

He

He was walking in the field with a favourite servant one day, when he discovered a potato in the road. He picked it up and gave it to the servant, accompanying the gift with a practical lecture upon economy. promised to find her land if she would plant it, and continue to do so with its products from year to year. She consented; and the first year that potato yielded sixteen-the second, sixty-three-the third, a sackful --and had the potatoes been planted to the present time, who could measure the yield?

The latter incident not only illustrates the frugality of Budgett; but it illustrates, also, the law of accumulation. Youth generally regard the saving of a halfpenny or sixpence, now and then, as a small matter. They do not perceive the relation of littles to much.

For the

sake of impressing the reader's mind upon this point, take the following estimate:

Suppose a young clerk is in the habit of spending threepence a day for cigars-not a few of them spend much more. Here are wasted, and worse than wasted, one and ninepence per week, and four pounds twelve shillings a-year. But he resolves to reform, and no longer indulge this habit. The threepence a-day he deposits in a safe place, instead of spending it for cigars. At the end of the first year, he loans his savings to an individual at 5 per cent, for an indefinite time, at compound interest. In fifty years the savings of the first year would amount to about £53. If next year he does the same, and continues to do so the third, fourth, and fifth years, on through the whole fifty, he will have accumulated no less than one thousand pounds. How easy is it to save something for old age, if we will but determine to do it.

If you plant a single acorn, and take care of the tree which it produces, in process of time a continent might be covered from the growth of that acorn alone. In like manner, small gains frugally cared for, swell to a much larger amount than is supposed.

Matthew Carey came from Ireland to Philadelphia with only a few guineas in his pocket. He was then a youth accustomed to the most rigid economy. He became a very wealthy, influential man. He ascribed his success, in part, at least, to his economy, and alluding to the period of his marriage, he said :-"We formed a determination to indulge in no unnecessary expense, and to mount the ladder so slowly, as to run no risk of having to descend."

The late Peter C. Brooks, and Samuel Appleton, formed this among their early habits. Thousands of people in moderate circumstances indulge more in the luxuries of life than these two men did in their highest prosperity. Having formed the good habit in early life, it went with them to their graves.

It is related of Lafitte, the eminent French banker, that when a lad he called upon a merchant one day for employment. The merchant declined to employ him, as he had no particular need then for another hand. With a disappointed look, the boy turned, and went away. As he was going out at the door he observed a pin at his feet, and stooping down, he picked it up and fastened it on his sleeve. The proprietor of the shop noticed the act, and regarding it as evidence of good qualities, he called the youth back, and received him into his service. He proved faithful in every particular, became a partner in the business in early manhood, and finally enjoyed the reputation of being the first banker in France.

In the preceding chapter we related an incident from the life of Dr Franklin, to illustrate the habit of industry. The same fact is equally illustrative of his frugality. It shews that he practised the strictest economy in order to command the means for acquiring an education. This alone enabled him to pursue his studies in the midst of great disadvantages. Among his sayings upon frugality are the following:

"If you would be wealthy, think of saving, as well as of getting. The Indies have not made Spain rich, because her out-goes are greater than her incomes."