BUSINESS HABITS.--HIS FATHER'S MORTGAGE.--RESOLUTIONS.--ARRIVAL OF
BROTHERS IN BOSTON.
Mr. Lawrence had early formed, in the management of his affairs,
certain principles, to which he rigidly adhered till the close of
life. He writes:
"I adopted the plan of keeping an accurate account of merchandise
bought and sold each day, with the profit as far as practicable.
This plan was pursued for a number of years; and I never found my
merchandise fall short in taking an account of stock, which I did
as often at least as once in each year. I was thus enabled to
form an opinion of my actual state as a business man. I adopted
also the rule always to have property, after my second year's
business, to represent forty per cent. at least more than I owed;
that is, never to be in debt more than two and a half times my
capital. This caution saved me from ever getting embarrassed. If
it were more generally adopted, we should see fewer failures in
business. Excessive credit is the rock on which so many business
men are broken.
"When I commenced, the embargo had just been laid, and with such
restrictions on trade that many were induced to leave it. But I
felt great confidence, that, by industry, economy, and integrity,
I could get a living; and the experiment showed that I was right.
Most of the young men who commenced at that period failed by
spending too much money, and using credit too freely.
"I made about fifteen hundred dollars the first year, and more
than four thousand the second. Probably, had I made four thousand
the first year, I should have failed the second or third year. I
practised a system of rigid economy, and never allowed myself to
spend a fourpence for unnecessary objects until I had acquired
it."
It is known to many of Mr. Lawrence's friends that his father
mortgaged his farm, and loaned the proceeds to his son; thereby
enabling him, as some suppose, to do what he could not have done by
his own unaided efforts. To show how far this supposition is correct,
the following extract is given. It is copied from the back of the
original mortgage deed, now lying before the writer, and bearing date
of September 1, 1807. The extract is dated March, 1847:
"The review of this transaction always calls up the deep feelings
of my heart. My honored father brought to me the one thousand
dollars, and asked me to give him my note for it. I told him he
did wrong to place himself in a situation to be made unhappy, if
I lost the money. He told me he _guessed I wouldn't lose it_, and
I gave him my note. The first thing I did was to take four per
cent. premium on my Boston bills (the difference then between
passable and Boston money), and send a thousand dollars in bills
of the Hillsborough Bank to Amherst, New Hampshire, by my father,
to my brother L. to carry to the bank and get specie, as he was
going there to attend court that week. My brother succeeded in
getting specie, principally in silver change, for the bills, and
returned it to me in a few days. In the mean time, or shortly
after, the bank had been sued, the bills discredited, and, in the
end, proved nearly worthless. I determined not to use the money,
except in the safest way; and therefore loaned it to Messrs.
Parkman, in whom I had entire confidence. After I had been in
business, and had made more than a thousand dollars, I felt that
I could repay the money, come what would of it; being insured
against fire, and trusting nobody for goods. I used it in my
business, but took care to pay off the mortgage as soon as it
would be received. The whole transaction is deeply interesting,
and calls forth humble and devout thanksgiving to that merciful
Father who has been to us better than our most sanguine hopes."
In alluding to this transaction in another place, he says:
"This incident shows how dangerous it is to the independence and
comfort of families, for parents to take pecuniary
responsibilities for their sons in trade, beyond their power of
meeting them without embarrassment. Had my Hillsborough Bank
notes not been paid as they were, nearly the whole amount would
have been lost, and myself and family might probably have been
ruined. The incident was so striking, that I have uniformly
discouraged young men who have applied to me for credit, offering
their fathers as bondsmen; and, by doing so, I have, I believe,
saved some respectable families from ruin. My advice, however,
has been sometimes rejected with anger. A young man who cannot
get along without such aid will not be likely to get along with
it. On the first day of January, 1808, I had been but a few days
in business; and the profits on all my sales to that day were one
hundred and seventy-five dollars and eighteen cents. The
expenses were to come out, and the balance was my capital. In
1842, the sum had increased to such an amount as I thought would
be good for my descendants; and, from that time, I have been my
own executor. How shall I show my sense of responsibility? Surely
by active deeds more than by unmeaning words. God grant me to be
true and faithful in his work!"
Having become fairly established in Boston, Mr. Lawrence concluded to
take his brother Abbott, then fifteen years of age, as an apprentice.
On the 8th of October, 1808, Abbott accordingly joined his brother,
who says of him:
"In 1808, he came to me as my apprentice, bringing his bundle
under his arm, with less than three dollars in his pocket (and
this was his fortune); a first-rate business lad he was, but,
like other bright lads, needed the careful eye of a senior to
guard him from the pitfalls that he was exposed to."
In his diary of February 10, 1847, he writes:
"In the autumn of 1809, I boarded at Granger's Coffee House,
opposite Brattle-street Church; and, in the same house, Mr.
Charles White took up his quarters, to prepare his then new play,
called the 'Clergyman's Daughter.' He spent some months in
preparing it to secure a _run_ for the winter; and used to have
Tennett, Canfield, Robert Treat Paine, and a host of others, to
dine with him very often. I not unfrequently left the party at
the dinner-table, and found them there when I returned to tea.
Among the boarders was a fair proportion of respectable young
men, of different pursuits; and, having got somewhat interested
for White, we all agreed to go, and help bring out his
'Clergyman's Daughter.' Mrs. Darley was the lady to personate
her, and a more beautiful creature could not be found. She and
her husband (who sung his songs better than any man I had ever
heard then) had all the spirit of parties in interest. We filled
the boxes, and encored, and all promised a great run. After three
nights, we found few beside the friends, and it was laid aside a
failure. In looking back, the picture comes fresh before me; and,
among all, I do not recollect one who was the better, and most
were ruined. The theatre is no better now."
In 1849, he resumes:
"About this time, my brother William made me a little visit to
recruit his health, which he had impaired by hard work on the
farm, and by a generous attention to the joyous meetings of the
young folks of both sexes, from six miles around, which meetings
he never allowed to break in upon his work. He continued his
visit through the winter, and became so much interested in my
business that I agreed to furnish the store next my own for his
benefit. Soon after that, I was taken sick; and he bought goods
for himself to start with, and pushed on without fear. From that
time, he was successful as a business man. He used his property
faithfully, and I trust acceptably to the Master, who has called
him to account for his talents. Our father's advice to us was,
"'Do not fall out by the way, for a three-fold cord is not
quickly broken.'"