out such notes; so that they became frequent in trade, and
at length people began to carry them about to discount, which lessened
the gentleman so much, though he was really a man of substance, that his
bills went at last at twenty per cent, discount or more; and yet this
man maintained his credit by this, that though he would always take as
much time as he could get in these notes, yet when they came due they
were always punctually paid to a day; no man came twice for his money.

This was a trying case, for though upon the multitude of his notes that
were out, and by reason of the large discount given upon them, his
credit at first suffered exceedingly, and men began to talk very
dubiously of him, yet upon the punctual discharge of them when due, it
began presently to be taken notice of, and said openly how well he paid
his notes; upon which presently the rate of his discount fell, and in a
short time all his notes were at _par_; so that punctual payment, in
spite of rumour, and of a rumour not so ill grounded as rumours
generally are, prevailed and established the credit of the person, who
was indeed rich at bottom, but might have found it hard enough to have
stood it, if, as his bills had a high discount upon them, they had been
ill paid too. All which confirms what I have hitherto alleged, namely,
of how much concern it is for a tradesman to pay his bills and
promissory notes very punctually.

I might argue here how much it is his interest to do so, and how it
enables him to coin as many bills as he pleases--in short, a man whose
notes are currently paid, and the credit of whose bills is established
by their being punctually paid, has an infinite advantage in trade; he
is a bank to himself; he can buy what bargains he pleases; no advantage
in business offers but he can grasp at it, for his notes are current as
another man's cash; if he buys at time in the country, he has nothing to
do but to order them to draw for the money when it is due, and he gains
all the time given in the bills into the bargain.

If he knows what he buys, and how to put it off, he buys a thousand
pounds' worth of goods at once, sells them for less time than he buys
at, and pays them with their own money. I might swell this discourse to
a volume by itself, to set out the particular profit that such a man may
make of his credit, and how he can raise what sums he will, by buying
goods, and by ordering the people whom he is to pay in the country