the general
movement."

"I don't expect to get rich in a day," said Watson.

"You'll hardly be disappointed in your expectation," remarked
Johnson, a little sarcastically. His customer did not notice the
feeling his tones expressed, but went on to select a piece or two of
goods, here and there, from various packages, as the styles happened
to suit him.

"Five per cent. off for cash, I suppose," said Watson, after
completing his purchase.

"Oh, certainly," replied the dealer. "Do you wish to cash the bill?"

"Yes; I wish to do a cash business as far as I can. It is rather
slow work at first; but it is safest, and sure to come out right in
the end."

"You're behind the times, Watson," said Johnson, shaking his head.
"Tell me--who can do the most profitable business, a man with a
capital of five thousand dollars, or a man with twenty thousand?"

"The latter, of course."

"Very well. Don't you understand that credit is capital?"

"It isn't cash capital."

"What is the difference, pray, between the profit on ten thousand
dollars' worth of goods purchased on time or purchased for cash?"

"Just five hundred dollars," said Watson.

"How do you make that out?" The jobber did not see the meaning of
his customer.

"You discount five per cent. for cash, don't you?" replied Watson,
smiling.

"True. But, if you don't happen to have the ten thousand dollars
cash, at the time you wish to make a purchase, don't you see what an
advantage credit gives you? Estimate the profit at twenty per cent.
on a cash purchase, and your credit enables you to make fifteen per
cent. where you would have made nothing."

"All very good theory," said Watson. "It looks beautiful on paper.
Thousands have figured themselves out rich in this way, but, alas!
discovered themselves poor in the end. If all would work just
right--if the thousands of dollars of goods bought on credit would
invariably sell at good profit and in time to meet the purchase
notes, then your credit business would be first rate. But, my little
observation tells me that this isn't always the case--that your
large credit men are forever on the street, money hunting, instead
of in their stores looking after their business. Instead of getting
discounts that add to their profits, they are constantly suffering
discounts of the other kind; and, too often, these, and the
accumulating stock of unsaleable goods--the consequence of credit
temptations in purchasing--reduce the fi