, to
draw bills on him. Nor is it any loss to those he buys of, for as all
the remitters of money know his bills, and they are currently paid, they
never scruple delivering their money upon his bills, so that the
countryman or manufacturer is effectually supplied, and the time given
in the bill is the property of the current dealer on whom they are
drawn.

But, then, let me add a caution here for the best of tradesmen not to
neglect--namely, as the tradesman should take care to pay his bills and
notes currently, so, that he may do it, he must be careful what notes he
issues out, and how he suffers others to draw on him. He that is careful
of his reputation in business, will also be cautious not to let any man
he deals with over draw him, or draw upon him before the money drawn for
his due. And as to notes promissory, or under his hand, he is careful
not to give out such notes but on good occasions, and where he has the
effects in his hand to answer them; this keeps his cash whole, and
preserves his ability of performing and punctually paying when the notes
become due; and the want of this caution has ruined the reputation of a
tradesman many times, when he might otherwise have preserved himself in
as good credit and condition as other men.

All these cautions are made thus needful on account of that one useful
maxim, that the tradesman's _all_ depends upon his punctual complying
with the payment of his bills.

FOOTNOTES:

[46] [By factors, Defoe seems to mean the class of persons whom we now
name commission-agents.]

[47] [All bills and promissory notes, inland or foreign, payable in this
country, are allowed three days of grace beyond the actual period
expressed upon them; thus, a bill drawn at thirty days after date, is
payable only on the thirty-third day. If bills be not presented for
payment on the last day of grace, they cannot be protested, and
consitute only an evidence of the debt for legal recovery. If the last
day of grace be a Sunday, the bill is presentible on the Saturday
previous.]

[48] [In consequence of the great extension of commerce since the time
of Defoe, a short explanation of the principle and practice of drawing
foreign bills of exchange now seems necessary. Foreign bills of exchange
are used, in order to avoid the necessity of transmitting actual money
from one country to another. A merchant, for instance, in Nova Scotia,
is owing L100 to a manufacturer in Glasgow: he seeks out some one