as
no reason to accept them, and therefore he will be very positive in
forbidding such drawing; and if, notwithstanding that, the importunities
of the country tradesman oblige him to draw, the person drawn upon will
give smart and rough answers to such bills; as particularly, 'I refuse
to accept this bill, because I have no effects of the drawer's to answer
it.' Or thus, 'I refuse to accept this bill, because I not only gave no
orders to draw, but gave positive orders not to draw.' Or thus, 'I
neither will accept this bill, nor any other this man shall draw;' and
the like. This thoroughly clears the credit of the acceptor, and
reflects grossly on the drawer.

And yet, I say, even in this case a tradesman does not care to be drawn
upon, and be obliged to see bills presented for acceptance, and for
payment, where he has given orders not to draw, and where he has no
effects to answer.

It is the great error of our country manufacturers, in many, if not in
most, parts of England at this time, that as soon as they can finish
their goods, they hurry them up to London to their factor, and as soon
as the goods are gone, immediately follow them with their bills for the
money, without waiting to hear whether the goods are come to a market,
are sold, or in demand, and whether they are likely to sell quickly or
not; thus they load the factor's warehouse with their goods before they
are wanted, and load the factor with their bills, before it is possible
that he can have gotten cash in his hand to pay them.

This is, first, a direct borrowing money of their factor; and it is
borrowing, as it were, whether the factor will lend or no, and sometimes
whether he can or no. The factor, if he be a man of money, and answers
their bills, fails not to make them pay for advancing; or sells the
goods to loss to answer the bills, which is making them pay dear for the
loan; or refuses their bills, and so baulks both their business and
their credit.

But if the factor, willing to oblige his employers, and knowing he shall
otherwise lose their commission, accepts the bills on the credit of the
goods, and then, not being able to sell the goods in time, is also made
unable to pay the bills when due--this reflects upon his credit, though
the fault is indeed in the drawer whose effects are not come in; and
this has ruined many an honest factor.

First, it has hurt him by drawing large sums out of his cash, for the
supply of the needy manufacturer,