creditor under the said commission fifteen shillings in the pound for their respective debts."

CHAP. XV.

Of the unfortunate tradesman compounding with his creditors. What it behoves both the creditor and debtor to do in this case.

This is what, in my last, I called an alternative to that of the fortunate tradesman yielding to accept the composition of his insolvent debtor.

The poor unhappy tradesman, suspecting his condition, diligently inspects his books, and finds his melancholy apprehensions but too well grounded; the account standing, suppose, as follows:

C. E. T. I.

K

STOCK Dr.

£. s. d.

To cash of my father, being my

stock to begin with in trade, 800 0 0 To cash of my father-in-law, being

my wife's portion,

To household goods, plate, &c., of

600

0 0

£6002 10 0

. 1009 0 0

£ 7011 10 0

This account he draws out to satisfy himself of his condition, and what he ought to do: upon the stating of which, he sees, to his affliction, that he has sunk all his own fortune, and his wife's, and is a thousand pounds worse than nothing; and, therefore, finding that he does but go backward more and more, and that the longer he holds out he shall have the less to offer, and be the harder thought of, as well as the harder dealt with, and his trade continuing to fall of, he resolves to call his creditors

together in time, while there is something to offer them, and while he may have some just account to give of himself, and of his conduct, and may not be reproached with having lived on the spoil, and consumed their estates; and thus being satisfied that the longer he puts the evil day from him, the heavier it will fall when it comes, he gets a friend to discourse with and prepare them, and then draws up a state of his case, to lay before them.

First, He assures them that he has not wasted his estate, either by vice and immorality, or by expensive and riotous living, luxury, extravagance, and the like.

Secondly, He makes it appear that he has met with great losses, such as he could not avoid; and yet such, and so many, that he has not been able to support the weight of them.

Thirdly, That he could have stood it out longer, but that he was sensible if he did, he should but diminish the stock, which, considering his debts, was, properly, not his own; and that he was resolved not to spend one part of their debts, as he had lost the other.

Fourthly, That he is willing to show them his books, and give up every farthing into their hands, that they may see he acted the part of an honest man to them. And,

Fifthly, That, upon his doing so, they will find that there is, in goods and good debts, sufficient to pay them fifteen shillings in the pound; after which, and when he has made appear that they have a faithful and just account of everything laid before them, he hopes they will give him his liberty, that he may try to get his bread, and to maintain his family in the best manner he can; and, if possible, to pay the remainder of the debt. the suggestion of

You see I go all the way upon

the poor unfortunate tradesman being critically honest, and showing himself so to the full satisfaction of his creditors; that he shows them distinctly a true state of his case, and offers his books and vouchers to confirm every part of his account.

Upon this suggestion, and allowing that the state of his account comes out so well as to pay fifteen shillings in the pound, what, and who, but a parcel of outrageous hot-headed men, would reject such a proposal? What would they be called, nay, what would they say of themselves, if they should refuse such a composition, and take out a commission of bankrupt against such a man?

What then have we to suppose, but that, the account being clear, the books exactly agreeing, and the man appearing to have acted openly and fairly, the creditors meet, and, after a few consultations, agree to accept his proposals, and allow him what a statute would allow him, his necessary household goods again, apparel, &c. The man is a freeman immediately, gets fresh credit, opens his shop again, and, doubling his vigilance and application in business, he recovers, and in a few years grow rich. Then, like an honest man still, he calls all his creditors together again, tells them he does not call them now to a second composition, but to tell them that having with God's blessing and his own industry, gotten enough to enable him, he was resolved to pay them the remainder of his old debt; and accordingly does so, to the great joy of his creditors, to his own very great honour, and to the encouragement of all honest men to take the same measures. It is true, this does not often happen; but there have been instances of it, and I could name several within my own knowledge.

But here comes an objection in the way, as follows: It is true, this man did very honestly, and