hergill and keep the ship afloat. Here he shines out
resplendently. He proved equal to the emergency. His courage and
determination rose in proportion to the difficulties to be overcome,
borne up by his invariable hope and unshakable belief in the value of
Watt's condensing engine, he triumphed at last, pledging, as security
for a loan of $70,000, the royalties derivable from the engine patents,
and an annuity for a loan of $35,000 more. So small a sum as $105,000
sufficed to keep afloat the big ship laden with all their treasures.

There was a period of great depression in Britain when Boulton and Watt
were thus in deep water, and at such times credit is sensitive in the
extreme. A small balance on the right side performs wonders. This
recalls to the writer how, once in the history of his own firm, credit
was kept high during a panic by using the identical sum Boulton raised,
$70,000, from a reserve fund that had been laid away and came in very
opportunely at the critical time. Every single dollar weighs a
hundredfold when credit trembles in the balance. A leading nerve
specialist in New York once said that the worst malady he had to treat
was the man of affairs whose credit was suspected. His unfailing remedy
was: "Call your creditors together, explain all and ask their support. I
can then do you some good, but not till then." His patients who did this
found themselves restored to vigor. They were supported by creditors and
all was bright once more. The wise doctor was sound in his advice. If
the firm has neither speculated nor gambled (synonymous terms), nor
lived extravagantly, nor endorsed for others, and the business is on a
solid foundation, no people have so much at stake in sustaining it as
the creditors; they will rally round it and think more of the firm than
ever, because they will see behind their money the best of all
securities--men at the helm who are not afraid and know how to meet a
storm.

Boulton's timid partners no doubt were amazed that he was so blind to
the dangers which they with clearer vision saw so clearly. How deluded
they were. We may be sure neither of them saw the danger half as vividly
as he, but it is not the part of a leader to reveal to his fellows all
that he sees or fears. His part is to look dangers steadily in the face
and challenge them. It is the great leader who inspires in his followers
contempt for the danger which he sees in much truer proportion than
they. This Boulton did