REFLECTIONS ON THE Late alarming BANKRUPTCIES in Scotland, &c. &c.

WAR, famine, and peſtilence, uſed formerly to fill up the number of the general calamities of man⯑kind; but, in the preſent age, one has been added, viz. Bankruptcy. The year 1772 will ever be remembered as a year of confuſion, diſmay, and diſtreſs. All Scotland has been ſhaken by a kind of com⯑mercial earthquake, while, like a company connected by an electrical wire, the people in every corner of the country have almoſt inſtantaneouſly received the ſame ſhock.

But it is to be feared that the evil has as yet had very little effect, in compariſon of what it will have. The term of Martinmas is juſt at hand, and that of Candlemas is not far off: at theſe terms payments muſt and will be demanded; and there is great rea⯑ſon to apprehend, that very miſerable con⯑ſequences will enſue.

There cannot therefore be a fitter ſubject than that which I have choſen, for a pam⯑phlet [2] of ſuch a ſize as to be eaſily purchaſed and generally read. In times of national diſtreſs, there have been very uſeful hints ſuggeſted by individuals: It is related, that during the famous ſiege of Leyden, when the inhabitants, who then defended themſelves with a moſt determined bravery, were me⯑ditating a ſurrender, becauſe they were in abſolute want of proviſion, an aged citizen of no conſiderable note ſtept forth, and told them, that while there remained an old ſhoe within the walls they ſhould not give up, for that he had for ſeveral days ſupported himſelf by leather, boiled long enough to become tender, which though not a very palatable diſh, afforded ſufficient nouriſh⯑ment to prevent him from ſtarving: The experiment was made, and found to ſucceed, and thus the city was enabled to hold out; till relieved by the Prince of Orange.

At ſuch times too the minds of men are more than uſually diſpoſed to liſten to ſober advice, and profit by friendly inſtruction; and therefore it may be hoped that theſe few pages will meet with an agreeable re⯑ception.

The public odium is at preſent directed againſt that claſs of men called bankers; but it were to be wiſhed that a proper diſtinc⯑tion were made between true and falſe, or real and fictitious bankers. Thoſe of the former kind are deſcribed in ſo juſt and [3] lively a manner by a writer in England, that his words ſhall be tranſcribed.

Such are real bankers; and although we have none exactly ſuch in Scotland, yet we have among us ſeveral merchants who an⯑ſwer the ſame purpoſes, in ſomewhat a dif⯑ferent form, and I ſhall hold them as real bankers on whom we can depend. Let us comfort ourſelves that we have a few ſuch among us. The late convulſions of the com⯑mercial world have winnowed our traders, and ſeparated the wheat from the chaff: we now know the men of ſubſtance—of know⯑ledge in buſineſs—of prudence, to confine their views within moderate bounds—and, let me add, of honeſty. A few ſuch men we have, and let us eſteem them accord⯑ingly.

On the other hand, what ſhall be ſaid of thoſe who have held themſelves forth to the world as poſſeſſed of good ſtocks, while, at the ſame time, they were conſcious that they were worſe than nothing? who, in or⯑der to carry on the cheat, and at the ſame time gratify the wretched vanity of figuring for a while in borrowed feathers, have lived with a degree of elegance, becoming in peo⯑ple of the firſt rank, but ridiculous and of⯑fenſive in men of low extraction: Such un⯑principled [5] men having been entruſted with the money of numbers, and with the all of ſome, have villanouſly conſumed it, and involved their creditors in the ſame ruin, though not in the ſame guilt, with them⯑ſelves: On ſuch men let the conſequences of their diſhoneſty fall heavy, for me. How inconſiſtent is it, that in a country where we hang a man who ſteals or robs to the ex⯑tent of a trifle, we ſhould be ſo tender to fraudulent bankrupts, though they have actual⯑ly deprived their neighbours of ſums enor⯑mous, and occaſioned univerſal and deep diſtreſs. I will, however, do what is in my power to ſhow that I can diſtinguiſh be⯑tween good and evil: I am not to be ſooth⯑ed by the whining of their artful emiſſa⯑ries, to accept of a paultry compoſition, and ſuffer them to live at large; nay, better than I can afford to do: No;—for the ſake of juſtice, for the ſake of deterring them, and ſuch corrupt, hard-hearted impoſtors from again making a prey of their neigh⯑bours, my voice is, Spare not: If they will ſtrut, let it be in priſon; if they will be merry, let it be within thoſe walls where culprits dwell, as well-born, as remorſeleſs, and as jovial as they.

Yet let us not forget that there are a few unfortunate; a few whoſe ruin has been oc⯑caſioned through their connections with the unworthy. For theſe I can make all the [6] allowance that the tendereſt humanity would wiſh: But let us be ſure that the excuſe is true, before we diſpenſe with the puniſhment. The compaſſionate remedy of a Ceſſio-bonorum is not granted but to ſuch debtors as have proved that their failure has been occaſioned through misfortune. We muſt have ſome evidence in favour of all our bankrupts or inſolvent debtors, or by whatever other name they chuſe to paſs, before they have our indul⯑gence. What that evidence ſhould be I do not pretend to define, I leave it to the con⯑ſcience of every enquirer; I myſelf am a⯑greeably ſatisfied with the innocence of ſome: Woe be to thoſe villains who have thrown a cloud of ſuſpicion over all, and made it ſo hard for the truly honeſt to get themſelves diſtinguiſhed.

Although men in trade have been the prominent and firſt-diſcovered victims in the late broad and ſudden cruſh; we have al⯑ready ſeen ſeveral men of other profeſſions, and ſome too of the loweſt, throwing their ſhattered perſonal eſtates into the Court of Seſſion, which by the new bankrupt-act is become the perpetual light-houſe for tem⯑peſtuous fortunes, and univerſal guardian of ſhip-wrecked goods. Were none but traders ſwallowed up in this gulf of bank⯑ruptcy, leſs would be my regret; but it is a melancholy truth, that almoſt all will be ſufferers in a greater or leſſer degrace; for, I [7] am ſorry to ſay it, that almoſt all are ad⯑venturers in the article of money and cre⯑dit; owing either to extravagance, negli⯑gence, or the deſire of being precipitantly rich.

Of the extravagance of certain men I have already ſpoken with a due ſeverity; but I am coming round, and ſhall have a word with moſt of my neighbours. The miſchief is, that for ſome years paſt there has been in Scotland an abominable ſpirit of levelling all thoſe diſtinctions which ages of civilized ſociety have, through all the gradations of politeneſs introduced amongſt mankind.

ſays Dr. Goldſmith: and I apply his elegant lines to the decay of gentlemen. Ever ſince the ſeat of government has been removed from among us, we have been encreaſing in riches and barbarity, as a body in pro⯑portion as it grows fat becomes coarſe. In⯑tereſt or amuſement draw the greateſt num⯑ber of our people of faſhion up to London; and thoſe who remain are hardly to be per⯑ceived, as moſt of them ſuffer themſelves to mingle undiſtinguiſhed with the general maſs. Upſtarts, who have picked up for⯑tunes abroad they beſt know how, and pup⯑pies at home, who have obtained poſſeſſion of wealth by various means, have flaſhed a⯑mong [8] us with all the ſplendor of prodigality, laviſhing away perhaps in one week as much as ſupported their father's family, and might ſtill ſupport a family of their neareſt relations for a whole year. Our real gentry, who have had every mechanical buſineſs, nay, in ſome inſtances, every ſervile office, perform⯑ed to them by the fathers of theſe men, have been mean enough to aſſociate with them as equals, and fooliſh enough to vie with them in expence, till drowned in debt, their lands have fallen to the lot of theſe very people. And hence it has happened that there is no diſtinction of tables, as there is no diſtinc⯑tion of ranks; all muſt have an equal num⯑ber of diſhes, all muſt have wines equally coſtly, as all think themſelves equally gentle⯑men, as the word is now uſed; ſo that it may be juſtly ſaid, Our feaſts are noble, and our manners plebeian. This, though an iron age with a vengeance, in the true ſenſe of the expreſſion, is, in one reſpect, a golden age; for gold is the object on which all in⯑clinations are fixed, and which procures all thoſe advantages, which, in times of higher ſpirit and nobler ſentiments, no riches could obtain: I have ſaid that gold procures ſuch advantages—I would alter the phraſe a lit⯑tle; for, from the very nature of things, the genuine diſtinction which good birth com⯑mands cannot be the ſubject of commerce; therefore the low-born enjoy it not, as it [9] can never be acquired; but, like the com⯑pliant drunken companion, who ſaid to his friend who had fallen upon the ground, 'I cannot help you up, but I'll lie down beſide you,' our people of birth bring themſelves to a level with the mean; ſo that when the genuine honours due to birth are deſtroyed, gold may then purchaſe every thing that remains.

In England there is a court; in Ireland the repreſentation of a court, which nearly an⯑ſwers the ſame purpoſe, and in both theſe countries a diſtinction of ranks is preſerved; whereas in Edinburgh, except at a dancing⯑maſter's ball, the weekly aſſembly for dan⯑cing, or the annual levee of his Majeſty's commiſſioner to the general aſſembly of the kirk, and ſometimes a funeral, there is not the leaſt room for precedency. I do not de⯑ſire to have a lord-lieutenant; but I could wiſh that we had ſome deputy at the palace of Holyrood-houſe, to keep us a little in mind of the diſtinction of ranks. However ſome factious ſpirits may attempt to deſtroy it, our government, limited as it is, is certainly a monarchical government, and, until it is ſo⯑lemnly changed to another, we ought to keep alive the true ſpirit of it, which cannot be done without obſerving the diſtinction of ranks. "In a monarchical ſtate, (ſays an ingenious French writer,) are two orders, eſſentially ſeparate and diſtinct, the nobles [10] and the plebeians: the functions of the for⯑mer are to defend it; thoſe of the latter to feed and to enrich it, without ever aſpiring to uſeleſs honours, which are not made for them"

Nor ſhould thoſe of the inferior ranks of life think themſelves diſparaged, or treated with tyrannical contempt, when they are kept apart from thoſe whom they ought ha⯑bitually to reverence: They may be eſteemed as reputable men in their ſtation, while they remain in their own places with content⯑ment and quietneſs, and do not fret their minds by a vain and reſtleſs contention for equality. They may lead perhaps as com⯑fortable lives as thoſe above them, and if ambition ſtirs within them, they may feed it with ſome probability, while they pleaſe themſelves with the idea, that the wealth acquired by their induſtry may lay the foun⯑dation of a family, which, in a long courſe of time, may be as reſpectable and noble as any.

Let me not be branded as a niggard, or an unſocial fellow, for what I am now going to ſay. Take it as you pleaſe, I am perſua⯑ded, that there is truth and juſtice in the remark, that one great ſource of extrava⯑gance at preſent is the practice of extenſive and indiſcriminate entertaining, which pre⯑vails amongſt us. I remember the time, when no body dined or ſupped at our [11] houſes, but relations or particular friends and connections, except at the houſes of men of high rank, or in public offices, who were therefore obliged, in point of decorum, and for the purpoſes of good policy, to give en⯑tertainments to large and general compa⯑nies. Indifferent people paid us a morning viſit, or drank a diſh of tea at our houſes in the afternoon. Whereas now, what a wide circle of dining and ſupping acquaintance has every one of us!A man reſolves on having a dinner or a ſupper. He ſends about cards, and he is never at reſt till he has ſecured as many as will fill his table. The ſlighteſt acquaintance ſuffices for giving and receiving ſuch invitations; and, from their being ſo promiſcuous, and ſuch a con⯑tinual round of them, true hoſpitality no longer exiſts. We aſk chiefly thoſe who will aſk us again, and we aſk ſo many, that with one half of them we have no connection, and no ſuch reciprocation of regard as ſhould be found between the maſter of a houſe and his gueſts. On the contrary, it is very common to find them attack each other behind their backs, if not with rancorous abuſe, at leaſt with bitter ſarcaſm, or deba⯑ſing buffoonery:‘Non hoſpes ab hoſpite tutus.’

Such indiſcriminate entertaining is the worſe, that not only do we think ourſelves obliged to have our tables more plentifully [12] covered than in moſt houſes in London, but we muſt drink hard upon almoſt every oc⯑caſion. I will venture to ſay, that there is at this time more hard-drinking in Scotland, than in any other country in Europe, Ire⯑land not excepted. The regular artillery of the glaſſes, the bumpers, the varieties of toaſting in ſhort all the ‘Pride, pomp, and circumſtance of glorious drinking,’ are ſtill in full obſervance amongſt us. It may ſeem extraordinary, that this faſhion ſhould have increaſed in Scotland, when it is wearing out both in England and Ireland; but ſo is moſt certainly the fact; account for it who will.

There can be no doubt, that the faſhion of hard drinking at every table has contri⯑buted much to roughen our manners. Our gentlemen of the laſt age were much more polite than thoſe of the preſent; they had their jovial clubs of an evening, but they roſe from dinner time enough to pay their compliments to the ladies in the drawing-room. The Edinburgh Miſcellany, Allan Ramſay's Tea-table Miſcellany, and even Mr. Hamilton of Bangour's Poems, which are of a much later date, ſhew us, that there was in Scotland a genteel mode of ſociety, which ſeems now to be quite given up. Our ladies and gentlemen aſſembled at tea in the afternoons, where they had the moſt agreeable opportunities of improving them⯑ſelves [13] in a genteel addreſs and gay conver⯑ſation. Colonel Forreſter, who wrote The Polite Philoſopher, was formed in ſuch ſociety.

Whereas now every drawing-room is like a nunnery, and the ladies hardly ſee the gen⯑tlemen but at ſome public place, where they often appear when much intoxicated; a monſtrous degree of indecency, peculiar to Scotland. Surely being accuſtomed to ſee men drunk, (a ſituation into which the A⯑thenians forced their ſlaves, that their youth might, by beholding its ugly effects, have an abhorrence at the vice,) muſt not a little hurt the delicacy of our ladies. Although the gentlemen ſhould not be what is called mortal, their being inflamed with liquor muſt make their converſation and behaviour ſuch, as ought to ſhock our ladies; and, if they are much accuſtomed to it, ſure I am the enamel is off their minds, and blunted are thoſe finer feelings of which an elegant wo⯑man ought to be poſſeſſed.

As another proof of our preſent coarſe⯑neſs, I cannot but obſerve, that, amidſt all our extravagance, we are ſhamefully defici⯑ent in dreſs, which is the leaſt hurtful mode of expence, as it can do no harm either to body or mind, while it encourages the la⯑bours of the induſtrious, and affords a pretty exerciſe for taſte and fancy.

Negligence, or want of attention to oeco⯑nomy, is the ſecond general cauſe of bank⯑ruptcy. [14] Sir Francis Osborne, who wrote a great many years ago in England, has a paſ⯑ſage in his advice to his ſon, which, with a few variations, might be addreſſed at this day to numbers in Scotland. The ſubſtance of it will apply; ſo I ſhall give it in his own words.

‘I find the oeconomicks, though moſt uſe⯑ful to being, the leaſt eſteemed with our gal⯑lants, looked upon by ſome as trivial, by o⯑thers as diſhonourable and unbecoming a maſculine employment; yet a total neglect of them may be found in experience the ruin of the greateſt families in England, as their more exact proſecution keeps up men's eſtates in Italy, where the inhabitants are ce⯑lebrated as moſt generally wiſe, and there⯑fore not unfitly propoſed in this for an uni⯑verſal pattern, but where they border too near the confines of penury and baſeneſs, moſt unbecoming the cuſtom and plenty of England; and where in this particular, (till the ſword received a commiſſion from GOD to devour all things good and honourable in the land,) our noblemen equalled the princes, and our king exceeded in hoſpita⯑lity all the monarchs in the known world; and might yet have done more, had the true elements of thrift been maintained in equal proportion, by providing all things at the beſt hand, and making uſe of times and ſea⯑ſons; in which I confeſs, ſo much as purely [15] belongs to houſewifery ought, if not in diſ⯑cretion, yet in reverence to cuſtom, to be left to women, provided they own abilities competent for the employment, which is yet ſometimes ſo far contradicted by experience, as the firſt leak of a huſband's fortune is found to riſe in the kitchen, and ſuch rooms as a man of quality cannot decently viſit. Nor is there a better way patent to obviate this falling into a hectic through a dyſentery, than by an equal balancing all weekly ac⯑counts; never noted by wiſdom any more blemiſh to honour, than to know how many horſes he keeps in the ſtable, a place that cannot be denied to be made, by uſe rather than reaſon, more becoming his preſence than the paſtry or larder: nor is the keeping of a regulated expence (magnified rather than decried in the higheſt courts of wiſ⯑dom,) neglected ſo much out of ſcorn as defect; fathers, eſpecially rich ones, being ſo far to learn themſelves what is moſt fit their children ſhould be taught, as they keep them ſo long in their Latin ſchool, till the time is lapſed moſt proper for reading, and to make a perfect accountant, the moſt ne⯑ceſſary part of the mathematics, and ſo much as cannot be in any commerce ſpared: it re⯑maining indubitable, that none, ſo induſtri⯑ous as to call himſelf to a weekly, or at leaſt an annual reckoning, did ever through his own default ſpend an eſtate; whereas the [16] want of this firſt rudiment of thrift hath, within the compaſs of my experience, brought divers to a bit of bread, and demo⯑liſhed the houſes of the moſt ancient gentry in England. Now, if any deſire to underſtand how our more illiterate fathers came to eſcape this curſe, an anſwer lies ready, That the greateſt part of their revenues did conſiſt in proviſions of all ſorts, paid punctually at a day, and ſo eaſily accounted for and remem⯑bered. And this abundance they enjoyed kept them pleaſed, and in friendſhip with their eſtates, wanting neither company nor reſpect, through which they became leſs li⯑quoriſh after the glory and ſmall delights of London, and the court, towards which they did ſeldom look but upon conſtraint, having never taſted them in youth, as now they do, the only time to contract an affection to any place or thing: So as that we call the breed⯑ing of our gentry is the main reaſon of their undoing, the glorious aſpects the city affords rendering the more ſolid pleaſures of the country contemptible and diſtaſteful. And thus infatuated, from the hope of a redemp⯑tion by an office or wife, they drop into an ocean of debts, between the Scylla and Cha⯑rybdis of a London and country houſe, which for want of moderating their expence, (a thing arithmetic is the readieſt, if not the only means to reform,) it becomes no leſs terrible to look upon in relation to ſolitude [17] and dilapidations, than unſafe to abide in for fear of the Sheriff.’

So far Sir Francis Osborne.—And, indeed, every man of obſervation and reflection muſt ſubſcribe to the truth of what he has ſaid. As judicious divines have remarked, that none who are conſtant in the duty of pray⯑er, by which their lives are daily reviewed by them, with at leaſt ſome degree of awe, will be very wicked; ſo none who are re⯑gular in keeping accounts will be very ex⯑travagant. But negligence is often produ⯑ced by extravagance. People perceive their expence to be ſo great, that they are afraid to examine into the ſtate of their affairs, which they know are in a ruinous condition; but they have not courage to retrieve them, and abandon themſelves to deſpair. Such is the ſituation of ſome; but the greateſt num⯑ber of thoſe whom I have in my view have not even an apprehenſion or ſuſpicion of their danger; they repoſe in ignorant ne⯑gligence, while debt, like corroding ruſt, is ſilently and ſurely devouring their ſubſtance: While thus deluded with eaſy dreams, they are unſolicitous with regard to their own expence, and thoughtleſsly become bound as ſecurity for others, another unhappy cir⯑cumſtance, which is now ſo common, that to refuſe it will irritate, and you have no thanks for granting it. And here again Sir Francis Osborne comes in, who cautions his [18] ſon in a ſtrong and lively manner, "Such as are betrayed by their eaſy nature, to be ordinary ſecurity for their friends, leave ſo little to themſelves, as their liberty remains ever after arbitrary at the will of others. Experience having recorded many (whom their fathers had left elbow-room enough) that by ſuretyſhip have expired in a dun⯑geon. But if you cannot avoid this laby⯑rinth, enter no further than the thread of your own ſtock will reach; the obſervation of which, will, at worſt, enable you to bail yourſelf."

The deſire of being precipitantly rich is the third general cauſe of bankruptcy. The old prudent maxims of frugality, by which our fathers acquired wealth and kept it, or by which they at leaſt left their fortunes in no worſe ſituation than they found them, are exploded; and we muſt all attain to riches by means of project and adventure. A few men of enterprize may be of uſe in a country, but what muſt become of that country where all are men of enterprize? The conſequence muſt be, that labourers, me⯑chanicks, traders, and farmers, by all ſtrug⯑gling to get into a ſituation higher than that to which they have any probable means of attaining, muſt, like the frog in the fable, burſt in the attempt. Our landed gentlemen again, obſerving the artificial and temporary riſe in the price of all proviſions, demand exor⯑bitant [19] rents, which diſtracted men in ſome caſes agree to pay; and in other caſes, the gentlemen think themſelves ſure of getting, after keeping their grounds for ſometime in their own poſſeſſion, and laying out large ſums of money upon their improvement, not conſidering that in a few years their tenants break, and that the calculations of profits which they have framed upon their improve⯑ments turn out to be fallacious. They are of⯑fended if you would hint ſuch things to them while they are living up to the full extent of their imaginary rents. Let us ſee the re⯑ſult of all this. Our news-papers are filled with ſales of lands, and the rolls of the court of ſeſſion crouded with adjudications and Ceſſio Bonorums, in the courſe of which it has come out, that footmen, common ſoldiers, and in ſhort the loweſt of mankind, have obtained credit for hundreds, nay, thou⯑ſands of pounds.

This unhappy ſubject of credit brings be⯑fore us thoſe numerous banks and banking companies, that moſt aſtoniſhing circulation of paper currency, and that amazing multi⯑tude of caſh accounts which are at this time in Scotland, and to which many of the bank⯑ruptcies muſt be imputed. Such has been the rage of making profits by banking, and ſuch the flattering expectations, that if any failures did happen, thoſe who iſſued notes would either be ſo fortunate as not to be the [20] ſufferers, or would be indemnified by the intereſt drawn for their mere paper, that they have given caſh-accounts to many peo⯑ple who, they could not but be ſenſible, had neither money nor effects equal to the ex⯑tent of the ſum; and ſuch men becoming mutual ſecurity for each other, could not mend the matter, but only ſerve to encou⯑rage the deluſion, by having the appearance of ſome ſtrength without any reality.

In the view of what I have already ſup⯑poſed, that at the enſuing terms, payments muſt and will be demanded all over Scotland, with a degree of rigour which we have ne⯑ver before experienced. I would ſay a few words to three different claſſes of readers; thoſe who can immediately pay; thoſe who, if let alone for a time, may be able to pay; and thoſe who muſt be conſcious that they neither can at preſent, nor have a probabi⯑lity of ever being able to pay.

As to thoſe who are able to pay, let them conſider that they are called upon, not only by juſtice, but by every motive of humani⯑ty, not to plead any affected excuſe, or avail themſelves of any evaſive delays, but on the contrary, to exert themſelves with the utmoſt diligence and anxiety, to make punctual pay⯑ment, becauſe their failing ſo to do may be the occaſion of breaking the credit of many, who, if they could get exact payment of what is due to them, might ſtill be able to ſupport themſelves with decency, and be [21] uſeful members of ſociety. They ought to conſider that delaying on this critical and diſtreſſing occaſion, to pay back the money which they have borrowed till their creditors have ſuffered, is like delaying in the time of a famine to pay back bread, which they have borrowed, till their neighbours are dead: nor is it enough that the law is open to all; for we well know, that, notwithſtanding the preſent diſpatch in the court of ſeſſion, the forms which juſtice has deviſed to prevent crude deciſions being paſſed, and haſty advan⯑tages being taken, afford an opportunity for chicane to contrive, that we ſhall feel what Shakeſpeare juſtly enumerates, as one of the moſt galling evils, "the law's delay;" and a good deal more is expended on every law-ſuit, than what is repaid when coſts are allowed. Beſides, they ought to recollect, that there is no proportion between the injury done to them by a law-ſuit, and that which is done by it to men of leſs confirmed credit than theirs. The blaſts, that hardly ſhake the deep-root⯑ed tree, will tear up one that is not ſo advan⯑tageouſly ſituated.

As for thoſe who cannot pay immediately, but, if let alone for a time, may be able to pay, of which I do believe there will be found a conſiderable number; I would ad⯑viſe them, when puſhed by any of their cre⯑ditors, candidly and fairly to explain their ſituation and their proſpects. If they are gentlemen of eſtates, who have laid out mo⯑ney [22] judiciouſly, let them ſhew, that in a few years they will be able to diſcharge what they owe, and be richer than at preſent. Gentlemen who have eſtates are however the leaſt to be pitied; for, if their improvements be ſolid, they may always command credit; but thoſe who have laid out their borrowed money in farming or in trade, in the expec⯑tation of conſiderable profits, and of being allowed to pay off their debt gradually as their profits come in, muſt be in a very un⯑happy ſituation, if a ſudden demand is made upon them. Let them then be in condition to lay their circumſtances before their credi⯑tors, both with accuracy and openneſs, ſo as to obtain their confidence and ſympathy, while they may at the ſame time demonſtrate to them, that it will be their own intereſt to have patience, as harſh meaſures would have the effect to forfeit thoſe leaſes, and fruſtrate thoſe advantageous ſchemes, which would in time afford a fund for full payment, inſtead of the ſmall ſhare which would now be drawn. I would hope, that following the rules, which have been now pointed out, may be attended with very beneficial conſe⯑quences.

As for thoſe who muſt be conſcious, that they neither can at preſent, nor have a pro⯑bability of ever being able to pay. I would earneſtly exhort them to brave it out no longer—no longer to go on accumulating [23] diſtreſs on [...]hers, and guilt on themſelves; they can never have a better opportunity for ſtopping than the preſent time, when they have ſo many neighbours to keep them in countenance. I would adviſe them too, to ſeize the opportunity for another reaſon, which may ſtrike a knell to ſome of their hearts; for next ſeſſion of parliament, an act may be paſſed againſt fraudulent, and even prodigal bankrupts, fraught with ſuch ſeve⯑rity, as I wiſh from my ſoul had been paſſed ſeveral years ago. All of them will yet meet with the greater indulgence the ſooner they diſcover themſelves, and I promiſe them they will find much more eaſe in their own minds than in their preſent ſtate, when they are miſerably aſſuming a falſe appearance, and hourly in terror of detection; while every man whom they do not know they ſuſpect to be a meſſenger, and every pac⯑ket that is delivered to them, they dread contains a charge of horning.

I cannot conclude without expreſſing my hopes, that the late bankruptcies, however diſtreſſing to individuals, deſerving and un⯑deſerving, may be of general utility, if they have the effect which we may ſuppoſe they will have on every rational and well-diſpo⯑ſed perſon, by reſtoring juſt notions of ſub⯑ordination, frugality, and every other prin⯑ciple by which the good order of ſociety is maintained.