Chapter 14 - Page 2

say of themselves, if they should reject such a composition, and should go and take out a commission of bankrupt against such a man? I never knew but one of the like circumstances, that was refused by his creditors; and that one held them out, till they were all glad to accept of half what they said should be first paid them: so may all those be served, who reject such wholesome advice, and the season for accepting a good offer, when it was made them. But I return to the debtor.

When he looks into his books, he finds himself declined, his own fortune lost, and his creditors' stock in his hands wasted in part, and still wasting, his trade being for want of stock much fallen off, and his family expense and house-rent great; so he draws up the general articles thus:--

STOCK DEBTOR

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 600 0 0 To household-goods, plate, &c. of both 100 0 0 To profits in trade for ten years, as by the yearly balance in the journal appears 2469 10 0 To debts abroad esteemed good, as by the ledger appears 1357 8 0 To goods in the warehouse at the prime cost 672 12 0 Plate and some small jewels of my wife's left, and old household-goods altogether 103 0 0 ------------ £6102 10 0 Estate deficient to balance 1006 2 0 ------------ £7108 12 0

STOCK CREDITOR

By losses by bad debts in trade, in the year 1715 £ 50 0 0 By do. 1716 66 10 0 By do. 1717 234 15 0 By do. 1718 43 0 0 By do. 1719 25 0 0 By do. by the South Sea stock, 1720 1280 0 0 By do. in trade, 1721 42 0 0 By do. 1722 106 0 0 By do. 1723 302 0 0 By do. 1724 86 15 0 By house-keeping and expenses, taxes included, as by the cash-book appears, for ten years 1836 12 0 By house-rents at £50 per annum 500 0 0 By credits now owing to sundry persons, as by the ledger appears 2536 0 0 ---------------- £7108 12 0 ================

This account is drawn out to satisfy himself how his condition stands, and what it is he ought to do: upon the stating which account 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 in the world; and that, being obliged to live in the same house for the sake of his business and warehouse, though the rent is too great for him, his trade being declined, his credit sunk, and his family being large, he sees evidently he cannot go on, and that it will only be bringing things from bad to worse; and, above all the rest, being greatly perplexed in his mind that he is spending other people's estates, and that the bread he eats is not his own, he resolves to call his creditors all together, lay before them the true state of his case, and lie at their mercy for the rest.

The account of his present and past fortune standing as it did, and as appears above, the result is as follows, namely, that he has not