Money is in some respects like fire—it is a veryexcellent servant but a terrible master. When you have it mastering you, when interest is constantly piling up against you, it will keep you down in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world. It is no “eye-servant.” There is nothing animate or inanimate that will work so faithfully as money when placed at interest, well secured. It works night and day, and in wet or dry weather.
I was born in the blue law State of Connecticut, where the old Puritans had laws so rigid that it was said, “they fined a man for kissing his wife on Sunday.” Yet these rich old Puritans would have thousands of dollars at interest, and on Saturday night would be worth a certain amount; on Sunday they would go to church and perform all the duties of a Christian. On waking up on Monday morning, they would find themselves considerably richer than the Saturday night previous, simply because their money placed at interest had worked faithfully for them all day Sunday, according to law!
Do not let it work against you; If you do, there is no chance for success in life so far as money is concerned. John Randolph, the eccentric Virginian, once exclaimed in Congress, “Mr. Speaker, I have discovered the philosopher’s stone: pay as you go.” This is indeed nearer to the philosopher’s stone than any alchemist has ever yet arrived.
Persevere.—When a man is in the right path, he must persevere. I speak of this because there are some persons who are “born tired”; naturally lazy and possessing no self reliance and no perseverance. But, they can cultivate these qualities, as Davy Crockett said:
“This thing remember, when I am dead,Be sure you are right, then go ahead.”
“This thing remember, when I am dead,Be sure you are right, then go ahead.”
“This thing remember, when I am dead,Be sure you are right, then go ahead.”
It is this go-aheaditiveness, this determination not to let the “horrors” or the “blues” take possession of you, so as to make you relax your energies in the struggle for independence, which you must cultivate.
How many have almost reached the goal of their ambition, but losing faith in themselves have relaxed their energies, and the golden prize has been lost forever.
It is, no doubt, often true, as Shakespeare says:
“There is a tide in the affairs of men,Which taken at the flood, leads on to fortune.”
“There is a tide in the affairs of men,Which taken at the flood, leads on to fortune.”
“There is a tide in the affairs of men,Which taken at the flood, leads on to fortune.”
If you hesitate, some bolder hand will stretch out before you and get the prize. Remember the proverb of Solomon: “He becometh poor that dealeth with a slack hand; but the hand of the diligent maketh rich.”
Perseverance is sometimes but another word for self-reliance. Many persons naturally look on the dark side of life, and borrow trouble. They are born so. Then they ask for advice, and they will be governed by one wind and blown by another, and cannot rely upon themselves. Until you get so that you can rely upon yourself, you need not expect to succeed. I have known men personally who have met with pecuniary reverses, and absolutely committed suicide, because they thought they could never overcome their misfortune. But I have known others who have met more serious financial difficulties, and have bridged them over by simple perseverance, aided by a firm belief that they were doing justly, and that Providence would “overcome evil with good.” You will see this illustrated in any sphere of life.
Take two Generals; both understand military tactics, both educated at West Point, if you please, both equally gifted; yet one, having this principle of perseverance, and the other lacking it, the former will succeed in his profession, while the latter will fail. One may hear the cry, “the enemy are coming, and they have got cannon.”
“Got cannon?” says the hesitating General.
“Yes.”
“Then halt every man.”
He wants time to reflect; his hesitation is his ruin. The enemy passes unmolested, or overwhelms him. The General of pluck, perseverance and self reliance goes into battle with a will, and amid the clash of arms, the booming of cannon, and the shrieks of the wounded and dying, you will see this man persevering, going on, cutting and slashing his way through with unwavering determination, and if you are near enough, you will hear him shout, “I will fight it out on this line if it takes all summer.”
Whatever you do, do with all your might.—Work at it, if necessary, early and late, in season and out of season, not leaving a stone unturned, and never deferring for a single hour that which can be done just as wellnow. The old proverb is full of truth and meaning, “Whatever is worth doing at all, is worth doing well.” Many a man acquires a fortune by doing his business thoroughly, while his neighbor remains poor for life because he only half does it. Ambition, energy, industry, perseverance, are indispensable requisites for success in business.
Fortune always favors the brave, and never helps a man who does not help himself. It won’t do to spendyour time like Mr. Micawber, in waiting for something to “turn up.” To such men one of two things usually “turns up”: the poor-house or the jail; for idleness breeds bad habits, and clothes a man in rags. The poor spendthrift vagabond said to a rich man:
“I have discovered there is money enough in the world for all of us, if it was equally divided; this must be done, and we shall all be happy together.”
“But,” was the response, “if everybody was like you, it would be spent in two months, and what would you do then?”
“Oh! divide again; keep dividing, of course!”
I was recently reading in a London paper an account of a like philosophic pauper who was kicked out of a cheap boarding-house because he could not pay his bill, but he had a roll of papers sticking out of his coat pocket, which, upon examination, proved to be his plan for paying off the national debt of England without the aid of a penny. People have got to do as Cromwell said: “not only trust in Providence, but keep the powder dry.” Do your part of the work, or you cannot succeed. Mahomet, one night, while encamping in the desert, overheard one of his fatigued followers remark: “I will loose my camel, and trust it to God.” “No, no, not so,” said the prophet, “tie thy camel, and trust it to God!” Do all you can for yourselves, and then trust to Providence, or luck, or whatever you please to call it, for the rest.
Depend upon your own personal exertions.—The eye of the employer is often worth more than the hands of a dozen employees. In the nature of things, an agent cannot be so faithful to his employer as to himself. Many who are employers will call to mind instanceswhere the best employees have overlooked important points which could not have escaped their own observation as a proprietor. No man has a right to expect to succeed in life unless he understands his business, and nobody can understand his business thoroughly unless he learns it by personal application and experience. A man may be a manufacturer; he has got to learn the many details of his business personally; he will learn something every day, and he will find he will make mistakes nearly every day. And these very mistakes are helps to him in the way of experiences if he but heeds them. He will be like the Yankee tin-peddler, who, having been cheated as to quality in the purchase of his merchandise, said: “All right, there’s a little information to be gained every day; I will never be cheated in that way again.” Thus a man buys his experience, and it is the best kind if not purchased at too dear a rate.
I hold that every man should, like Cuvier, the French naturalist, thoroughly know his business. So proficient was he in the study of natural history, that you might bring to him the bone or even a section of a bone of an animal which he had never seen described, and reasoning from analogy, he would be able to draw a picture of the object from which the bone had been taken. On one occasion his students attempted to deceive him. They rolled one of their number in a cow skin and put him under the Professor’s table as a new specimen. When the philosopher came into the room, some of the students asked him what animal it was. Suddenly the animal said “I am the devil and I am going to eat you.” It was but natural that Cuvier should desire to classify this creature, and examining it intently, he said,“Divided hoof; graminivorous! it cannot be done.”
He knew that an animal with a split hoof must live upon grass and grain, or other kind of vegetation, and would not be inclined to eat flesh, dead or alive, so he considered himself perfectly safe. The possession of a perfect knowledge of your business is an absolute necessity in order to insure success.
Among the maxims of the elder Rothschild was one, an apparent paradox: “Be cautious and bold.” This seems to be a contradiction in terms, but it is not, and there is great wisdom in the maxim. It is, in fact, a condensed statement of what I have already said. It is to say, “you must exercise your caution in laying your plans, but be bold in carrying them out.” A man who is all caution, will never dare to take hold and be successful; and a man who is all boldness, is merely reckless, and must eventually fail. A man may go on “ ‘change” and make fifty or one hundred thousand dollars in speculating in stocks, at a single operation. But if he has simple boldness without caution, it is mere chance, and what he gains to-day he will lose to-morrow. You must have both the caution and the boldness, to insure success.
The Rothschilds have another maxim: “Never have anything to do with an unlucky man or place.” That is to say, never have anything to do with a man or place which never succeeds, because, although a man may appear to be honest and intelligent, yet if he tries this or that thing and always fails, it is on account of some fault or infirmity that you may not be able to discover, but nevertheless which must exist.
There is no such thing in the world as luck. There never was a man who could go out in the morning andfind a purse full of gold in the street to-day, and another to-morrow, and so on, day after day. He may do so once in his life; but so far as mere luck is concerned, he is as liable to lose it as to find it. “Like causes produce like effects.” If a man adopts the proper methods to be successful, “luck” will not prevent him. If he does not succeed, there are reasons for it, although perhaps, he may not be able to see them.
Use the best tools.—Men in engaging employees should be careful to get the best. Understand, you cannot have too good tools to work with, and there is no tool you should be so particular about as living tools. If you get a good one, it is better to keep him, than keep changing. He learns something every day, and you are benefited by the experience he acquires. He is worth more to you this year than last, and he is the last man to part with, provided his habits are good and he continues faithful. If, as he gets more valuable, he demands an exorbitant increase of salary on the supposition that you can’t do without him, let him go. Whenever I have such an employee, I always discharge him; first, to convince him that his place may be supplied, and second, because he is good for nothing if he thinks he is invaluable and cannot be spared.
But I would keep him, if possible, in order to profit from the result of his experience. An important element in an employee is the brain. You can see bills up, “Hands Wanted,” but “hands” are not worth a great deal without “heads.” Mr. Beecher illustrates this, in this wise:
An employee offers his services by saying, “I have a pair of hands and one of my fingers thinks.” “That is very good,” says the employer. Another man comesalong, and says “he has two fingers that think.” “Ah! that is better.” But a third calls in and says that “all his fingers and thumbs think.” That is better still. Finally another steps in, and says, “I have a brain that thinks; I think all over; I am a thinking as well as a working man!” “You are the man I want,” says the delighted employer.
Those men who have brains and experience are therefore the most valuable and not to be readily parted with; it is better for them, as well as yourself, to keep them, at reasonable advances in their salaries from time to time.
Don’t get above your business.—Young men after they get through their business training, or apprenticeship, instead of pursuing their avocation and rising in their business, will often lie about doing nothing. They say, “I have learned my business, but I am not going to be a hireling; what is the object of learning my trade or profession, unless I establish myself?”
“Have you capital to start with?”
“No, but I am going to have it.”
“How are you going to get it?”
“I will tell you confidentially; I have a wealthy old aunt, and she will die pretty soon; but if she does not, I expect to find some rich old man who will lend me a few thousands to give me a start. If I only get the money to start with I will do well.”
There is no greater mistake than when a young man believes he will succeed with borrowed money. Why? Because every man’s experience coincides with that of Mr. Astor, who said, ‘it was more difficult for him to accumulate his first thousand dollars, than all the succeeding millions that made up his colossal fortune.’ Money is good for nothing unless you know the value of it by experience. Give a boy twenty thousand dollars and put him in business and the chances are that he will lose every dollar of it before he is a year older. Like buying a ticket in the lottery, and drawing a prize, it is “easy come, easy go.” He does not know the value of it; nothing is worth anything, unless it costs effort. Without self denial and economy, patience and perseverance, and commencing with capital which you have not earned, you are not sure to succeed in accumulating. Young men instead of “waiting for dead men’s shoes” should be up and doing, for there is no class of persons who are so unaccommodating in regard to dying as these rich old people, and it is fortunate for the expectant heirs that it is so. Nine out of ten of the rich men of our country to-day, started out in life as poor boys, with determined wills, industry, perseverance, economy and good habits. They went on gradually, made their own money and saved it; and this is the best way to acquire a fortune. Stephen Girard started life as a poor cabin boy, and died worth nine million dollars. A. T. Stewart was a poor Irish boy; now he pays taxes on a million and a half dollars of income, per year. John Jacob Astor was a poor farmer boy, and died worth twenty millions. Cornelius Vanderbilt began life rowing a boat from Staten Island to New York; now he presents our government with a steamship worth a million of dollars, and he is worth fifty millions.
“There is no royal road to learning,” says the proverb, and I may say it is equally true, “there is no royal road to wealth.” But I think there is a royal road to both. The road to learning is a royal one; the road thatenables the student to expand his intellect and add every day to his stock of knowledge, until, in the pleasant process of intellectual growth, he is able to solve the most profound problems, to count the stars, to analyze every atom of the globe, and to measure the firmament—this is a regal highway, and it is the only road worth travelling.
So in regard to wealth. Go on in confidence, study the rules, and above all things, study human nature; for “the proper study of mankind is man,” and you will find that while expanding the intellect and the muscles, your enlarged experience will enable you every day to accumulate more and more principal, which will increase itself by interest and otherwise, until you arrive at a state of independence. You will find, as a general thing, that the poor boys get rich and the rich boys get poor. For instance, a rich man at his decease, leaves a large estate to his family. His eldest sons, who have helped him earn his fortune, know by experience the value of money, and they take their inheritance and add to it. The separate portions of the young children are placed at interest, and the little fellows are patted on the head, and told a dozen times a day, “you are rich; you will never have to work, you can always have whatever you wish, for you were born with a golden spoon in your mouth.” The young heir soon finds out what that means; he has the finest dresses and playthings; he is crammed with sugar candies and almost “killed with kindness,” and he passes from school to school, petted and flattered. He becomes arrogant and self-conceited, abuses his teachers, and carries everything with a high hand. He knows nothing of the real value of money, having never earned any; but he knows all about the“golden spoon” business. At college, he invites his poor fellow-students to his room where he “wines and dines” them. He is cajoled and caressed, and called a glorious good fellow, because he is so lavish of his money. He gives his game suppers, drives his fast horses, invites his chums to fêtes and parties, determined to have lots of “good times.” He spends the night in frolics and debauchery, and leads off his companions with the familiar song, “we won’t go home till morning.” He gets them to join him in pulling down signs, taking gates from their hinges and throwing them into back yards and horse-ponds. If the police arrest them, he knocks them down, is taken to the lock-up, and joyfully foots the bills.
“Ah! my boys,” he cries, “what is the use of being rich, if you can’t enjoy yourself?”
He might more truly say, “if you can’t make a fool of yourself”; but he is “fast,” hates slow things, and don’t “see it.” Young men loaded down with other people’s money are almost sure to lose all they inherit, and they acquire all sorts of bad habits which, in the majority of cases, ruins them in health, purse and character. In this country, one generation follows another, and the poor of to-day are rich in the next generation, or the third. Their experience leads them on, and they become rich, and they leave vast riches to their young children. These children, having been reared in luxury, are inexperienced and get poor; and after long experience another generation comes on and gathers up riches again in turn. And thus “history repeats itself,” and happy is he who by listening to the experience of others avoids the rocks and shoals on which so many have been wrecked.
Learn something useful.—Every man should make his son or daughter learn some trade or profession, so that in these days of changing fortunes—of being rich to-day and poor to-morrow,—they may have something tangible to fall back upon. This provision might save many persons from misery, who by some unexpected turn of fortune have lost all their means.
Let hope predominate, but be not too visionary.—Many persons are always kept poor, because they are too visionary. Every project looks to them like certain success, and therefore they keep changing from one business to another, always in hot water, always “under the harrow.” The plan of “counting the chickens before they are hatched” is an error of ancient date, but it does not seem to improve by age.
Do not scatter your powers.—Engage in one kind of business only, and stick to it faithfully until you succeed, or until your experience shows that you should abandon it. A constant hammering on one nail will generally drive it home at last, so that it can be clinched. When a man’s undivided attention is centred on one object, his mind will constantly be suggesting improvements of value, which would escape him if his brain was occupied by a dozen different subjects at once. Many a fortune has slipped through a man’s fingers because he was engaging in too many occupations at a time. There is good sense in the old caution against having too many irons in the fire at once.
Be systematic.—Men should be systematic in their business. A person who does business by rule, having a time and place for everything, doing his work promptly, will accomplish twice as much and with half the trouble of him who does it carelessly and slipshod.By introducing system into all your transactions, doing one thing at a time, always meeting appointments with punctuality, you find leisure for pastime and recreation; whereas the man who only half does one thing, and then turns to something else and half does that, will have his business at loose ends, and will never know when his day’s work is done, for it never will be done. Of course there is a limit to all these rules. We must try to preserve the happy medium, for there is such a thing as being too systematic. There are men and women, for instance, who put away things so carefully that they can never find them again. It is too much like the “red tape” formality at Washington and Mr. Dickens’ “Circumlocution Office,”—all theory and no result.
When the “Astor House” was first started in New York City, it was undoubtedly the best hotel in the country. The proprietors had learned a good deal in Europe regarding hotels, and the landlords were proud of the rigid system which pervaded every department of their great establishment. When twelve o’clock at night had arrived and there were a number of guests around, one of the proprietors would say, “Touch that bell, John”; and in two minutes sixty servants with a water bucket in each hand, would present themselves in the hall. “This,” said the landlord, addressing his guests, “is our fire bell; it will show you we are quite safe here; we do everything systematically.” This was before the Croton water was introduced into the city. But they sometimes carried their system too far. On one occasion when the hotel was thronged with guests, one of the waiters was suddenly indisposed, and although there were fifty waiters in the hotel, the landlordthought he must have his full complement, or his “system” would be interfered with. Just before dinner time he rushed down stairs and said, “There must be another waiter, I am one waiter short, what can I do?” He happened to see “Boots” the Irishman. “Pat,” said he, “wash your hands and face; take that white apron and come into the dining room in five minutes.” Presently Pat appeared as required, and the proprietor said: “Now Pat, you must stand behind these two chairs and wait on the gentlemen who will occupy them; did you ever act as a waiter?”
“I know all about it sure, but I never did it.”
Like the Irish pilot, on one occasion when the captain, thinking he was considerably out of his course, asked, “Are you certain you understand what you are doing?”
Pat replied, “Sure and I knows every rock in the channel.”
That moment “bang” thumped the vessel against a rock.
“Ah! be jabers, and that is one of ’em,” continued the pilot. But to return to the dining-room. “Pat,” said the landlord, “here we do everything systematically. You must first give the gentlemen each a plate of soup, and when they finish that, ask them what they will have next.”
Pat replied, “Ah! an’ I understand parfectly the vartues of shystem.”
Very soon in came the guests. The plates of soup were placed before them. One of Pat’s two gentlemen ate his soup, the other did not care for it. He said “Waiter, take this plate away and bring me some fish.” Pat looked at the untasted plate of soup, and rememberingthe injunctions of the landlord in regard to “system,” replied:
“Not till ye have ate yer supe!”
Of course that was carrying “system” entirely too far.
Read the newspapers.—Always take a trustworthy newspaper and thus keep thoroughly posted in regard to the transactions of the world. He who is without a newspaper is cut off from his species. In these days of telegraphs and steam, many important inventions and improvements in every branch of trade are being made, and he who don’t consult the newspapers will soon find himself and his business left out in the cold.
Beware of “outside operations.”—We sometimes see men who have obtained fortunes, suddenly become poor. In many cases this arises from intemperance, and often from gaming, and other bad habits. Frequently it occurs because a man has been engaged in “outside operations,” of some sort. When he gets rich in his legitimate business, he is told of a grand speculation where he can make a score of thousands. He is constantly flattered by his friends, who tell him that he is born lucky, that everything he touches turns into gold. Now if he forgets that his economical habits, his rectitude of conduct and a personal attention to a business which he understood, caused his success in life, he will listen to the syren voices. He says:
“I will put in twenty thousand dollars. I have been lucky, and my good luck will soon bring me back sixty thousand dollars.”
A few days elapse and it is discovered he must put in ten thousand dollars more; soon after he is told “it is all right,” but certain matters not foreseen require anadvance of twenty thousand dollars more, which will bring him a rich harvest; but before the time comes around to realize, the bubble bursts, he loses all he is possessed of, and then he learns what he ought to have known at the first, that however successful a man may be in his own business, if he turns from that and engages in a business which he don’t understand he is like Sampson when shorn of his locks,—his strength has departed, and he becomes like other men.
If a man has plenty of money he ought to invest something in everything that appears to promise success and that will probably benefit mankind; but let the sums thus invested be moderate in amount, and never let a man foolishly jeopardize a fortune that he has earned in a legitimate way, by investing it in things in which he has had no experience.
Don’t indorse without security.—I hold that no man ought ever to indorse a note or become security for any man, be it his father or brother, to a greater extent than he can afford to lose and care nothing about, without taking good security. Here is a man that is worth twenty thousand dollars; he is doing a thriving manufacturing or mercantile trade; you are retired and living on your money; he comes to you and says:
“You are aware that I am worth twenty thousand dollars, and don’t owe a dollar; if I had five thousand dollars in cash, I could purchase a particular lot of goods and double my money in a couple of months; will you indorse my note for that amount?”
You reflect that he is worth twenty thousand dollars, and you incur no risk by indorsing his note; you like to accommodate him, and you lend your name without taking the precaution of getting security. Shortly after,he shows you the note with your indorsement cancelled, and tells you, probably truly, “that he made the profit that he expected by the operation,” you reflect that you have done a good action, and the thought makes you feel happy. By and by, the same thing occurs again, and you do it again; you have already fixed the impression in your mind that it is perfectly safe to indorse his notes without security.
But the trouble is, this man is getting money too easily. He has only to take your note to the bank, get it discounted and take the cash. He gets money for the time being without effort; without inconvenience to himself. Now mark the result. He sees a chance for speculation outside of his business. A temporary investment of only $10,000 is required. It is sure to come back before a note at the bank would be due. He places a note for that amount before you. You sign it almost mechanically. Being firmly convinced that your friend is responsible and trustworthy, you indorse his notes as “a matter of course.”
Unfortunately the speculation does not come to a head quite so soon as was expected, and another $10,000 note must be discounted to take up the last one when due. Before this note matures the speculation has proved an utter failure and all the money is lost. Does the loser tell his friend, the indorser, that he has lost half of his fortune? Not at all. He don’t even mention that he has speculated at all. But he has got excited; the spirit of speculation has seized him; he sees others making large sums in this way (we seldom hear of the losers), and like other speculators, he “looks for his money where he loses it.” He tries again. Indorsing his notes has become chronic with you, and at every loss hegets your signature for whatever amount he wants. Finally you discover your friend has lost all of his property and all of yours. You are overwhelmed with astonishment and grief, and you say “it is a hard thing, my friend here has ruined me,” but, you should add, “I have also ruined him.” If you had said in the first place, “I will accommodate you, but I never indorse without taking ample security,” he could not have gone beyond the length of his tether and he would never have been tempted away from his legitimate business. It is a very dangerous thing, therefore, at any time, to let people get possession of money too easily; it tempts them to hazardous speculations, if nothing more. Solomon truly said “he that hateth suretiship is sure.”
So with the young man starting in business; let him understand the value of money by earning it. When he does understand its value, then grease the wheels a little in helping him to start business, but remember men who get money with too great facility cannot usually succeed. You must get the first dollars by hard knocks, and at some sacrifice, in order to appreciate the value of those dollars.
Advertise your business.—We all depend, more or less, upon the public for our support. We all trade with the public,—lawyers, doctors, shoemakers, artists, blacksmiths, showmen, opera singers, railroad presidents, and college professors. Those who deal with the public must be careful that their goods are valuable; that they are genuine, and will give satisfaction. When you get an article which you know is going to please your customers, and that when they have tried it, they will feel they have got their money’s worth, then let the fact be known that you have got it. Be careful toadvertise it in some shape or other, because it is evident that if a man has ever so good an article for sale, and nobody knows it, it will bring him no return. In a country like this, where nearly everybody reads, and where newspapers are issued and circulated in editions of five thousand to two hundred thousand, it would be very unwise if this channel was not taken advantage of to reach the public in advertising. A newspaper goes into the family and is read by wife and children, as well as the head of the house; hence hundreds and thousands of people may read your advertisement, while you are attending to your routine business. Many, perhaps, read it while you are asleep. The whole philosophy of life is, first “sow,” then “reap.” That is the way the farmer does; he plants his potatoes and corn, and sows his grain, and then goes about something else, and the time comes when he reaps. But he never reaps first and sows afterwards. This principle applies to all kinds of business, and to nothing more eminently than to advertising. If a man has a genuine article, there is no way in which he can reap more advantageously than by “sowing” to the public in this way. He must, of course, have a really good article, and one which will please his customers; anything spurious will not succeed permanently, because the public is wiser than many imagine. Men and women are selfish, and we all prefer purchasing where we can get the most for our money; and we try to find out where we can most surely do so.
You may advertise a spurious article, and induce many people to call and buy it once, but they will denounce you as an imposter and swindler, and your business will gradually die out, and leave you poor. This isright. Few people can safely depend upon chance custom. You all need to have your customers return and purchase again. A man said to me, “I have tried advertising, and did not succeed; yet I have a good article.”
I replied, “My friend, there may be exceptions to a general rule. But how do you advertise?”
“I put it in a weekly newspaper three times, and paid a dollar and a half for it.”
I replied: “Sir, advertising is like learning—‘a little is a dangerous thing.’ ”
A French writer says that “The reader of a newspaper does not see the first insertion of an ordinary advertisement; the second insertion he sees, but does not read; the third insertion he reads; the fourth insertion, he looks at the price; the fifth insertion, he speaks of it to his wife; the sixth insertion, he is ready to purchase, and the seventh insertion, he purchases.” Your object in advertising is to make the public understand what you have got to sell, and if you have not the pluck to keep advertising, until you have imparted that information, all the money you have spent is lost. You are like the fellow who told the gentleman if he would give him ten cents it would save him a dollar. “How can I help you so much with so small a sum?” asked the gentleman in surprise. “I started out this morning (hiccupped the fellow) with the full determination to get drunk, and I have spent my only dollar to accomplish the object, and it has not quite done it. Ten cents worth more of whiskey would just do it, and in this manner I should save the dollar already expended.”
So a man who advertises at all must keep it up until the public know who and what he is, and what hisbusiness is, or else the money invested in advertising is lost.
Some men have a peculiar genius for writing a striking advertisement, one that will arrest the attention of the reader at first sight. This tact, of course, gives the advertiser a great advantage. Sometimes a man makes himself popular by an unique sign or a curious display in his window. Recently I observed a swing sign extending over the sidewalk in front of a store, on which was the inscription, in plain letters,
“DON’T READ THE OTHER SIDE.”
Of course I did, and so did everybody else, and I learned that the man had made an independence by first attracting the public to his business in that way and then using his customers well afterwards.
Genin, the hatter, bought the first Jenny Lind ticket at auction for two hundred and twenty-five dollars, because he knew it would be a good advertisement for him. “Who is the bidder?” said the auctioneer, as he knocked down that ticket at Castle Garden. “Genin, the hatter,” was the response. Here were thousands of people from the Fifth Avenue, and from distant cities in the highest stations in life. “Who is ‘Genin,’ the hatter?” they exclaimed. They had never heard of him before. The next morning the newspapers and telegraph had circulated the facts from Maine to Texas, and from five to ten millions of people had read that the tickets sold at auction for Jenny Lind’s first concert amounted to about twenty thousand dollars, and that a single ticket was sold at two hundred and twenty-five dollars, to “Genin, the hatter.” Men throughout thecountry involuntarily took off their hats to see if they had a “Genin” hat on their heads. At a town in Iowa it was found that in the crowd around the Post Office, there was one man who had a “Genin” hat, and he showed it in triumph, although it was worn out and not worth two cents. “Why,” one man exclaimed, “you have a real ‘Genin’ hat; what a lucky fellow you are.” Another man said “Hang on to that hat, it will be a valuable heir-loom in your family.” Still another man in the crowd, who seemed to envy the possessor of this good fortune, said, “come, give us all a chance; put it up at auction!” He did so, and it was sold as a keepsake for nine dollars and fifty cents! What was the consequence to Mr. Genin? He sold ten thousand extra hats per annum, the first six years. Nine-tenths of the purchasers bought of him, probably, out of curiosity, and many of them, finding that he gave them an equivalent for their money, became his regular customers. This novel advertisement first struck their attention, and then as he made a good article, they came again.
Now, I don’t say that everybody should advertise as Mr. Genin did. But I say if a man has got goods for sale, and he don’t advertise them in some way, the chances are that some day the sheriff will do it for him. Nor do I say that everybody must advertise in a newspaper, or indeed use “printers’ ink” at all. On the contrary, although that article is indispensable in the majority of cases, yet doctors and clergymen, and sometimes lawyers and some others can more effectually reach the public in some other manner. But it is obvious, they must be known in some way, else how could they be supported?
Be polite and kind to your customers.Politenessand civility are the best capital ever invested in business. Large stores, gilt signs, flaming advertisements, will all prove unavailing if you or your employees treat your patrons abruptly. The truth is, the more kind and liberal a man is, the more generous will be the patronage bestowed upon him. “Like begets like.” The man who gives the greatest amount of goods of a corresponding quality for the least sum (still reserving to himself a profit) will generally succeed best in the long run. This brings us to the golden rule, “As ye would that men should do to you, do ye also to them,” and they will do better by you than if you always treated them as if you wanted to get the most you could out of them for the least return. Men who drive sharp bargains with their customers, acting as if they never expected to see them again, will not be mistaken. They never will see them again as customers. People don’t like to pay and get kicked also.
One of the ushers in my Museum once told me he intended to whip a man who was in the lecture room as soon as he came out.
“What for?” I inquired.
“Because he said I was no gentleman,” replied the usher.
“Never mind,” I replied, “he pays for that, and you will not convince him you are a gentleman by whipping him. I cannot afford to lose a customer. If you whip him, he will never visit the Museum again, and he will induce friends to go with him to other places of amusement instead of this, and thus, you see, I should be a serious loser.”
“But he insulted me,” muttered the usher.
“Exactly,” I replied, “and if he owned the Museum,and you had paid him for the privilege of visiting it, and he had then insulted you, there might be some reason in your resenting it, but in this instance he is the man who pays, while we receive, and you must, therefore, put up with his bad manners.”
My usher laughingly remarked, that this was undoubtedly the true policy, but he added that he should not object to an increase of salary if he was expected to be abused in order to promote my interests.
Be charitable.—Of course men should be charitable, because it is a duty and a pleasure. But even as a matter of policy, if you possess no higher incentive, you will find that the liberal man will command patronage, while the sordid, uncharitable miser will be avoided.
Solomon says: “There is that scattereth and yet increaseth; and there is that withholdeth more than meet, but it tendeth to poverty.” Of course the only true charity is that which is from the heart.
The best kind of charity is to help those who are willing to help themselves. Promiscuous almsgiving, without inquiring into the worthiness of the applicant, is bad in every sense. But to search out and quietly assist those who are struggling for themselves, is the kind that “scattereth and yet increaseth.” But don’t fall into the idea that some persons practise, of giving a prayer instead of a potato, and a benediction instead of bread, to the hungry. It is easier to make Christians with full stomachs than empty.
Don’t blab.—Some men have a foolish habit of telling their business secrets. If they make money they like to tell their neighbors how it was done. Nothing is gained by this, and ofttimes much is lost. Say nothing about your profits, your hopes, your expectations,your intentions. And this should apply to letters as well as to conversation. Goethe makes Mephistophiles say: “never write a letter nor destroy one.” Business men must write letters, but they should be careful what they put in them. If you are losing money, be specially cautious and not tell of it, or you will lose your reputation.
Preserve your integrity.—It is more precious than diamonds or rubies. The old miser said to his sons: “Get money; get it honestly, if you can, but get money.” This advice was not only atrociously wicked, but it was the very essence of stupidity. It was as much as to say, “if you find it difficult to obtain money honestly, you can easily get it dishonestly. Get it in that way.” Poor fool! Not to know that the most difficult thing in life is to make money dishonestly! not to know that our prisons are full of men who attempted to follow this advice; not to understand that no man can be dishonest without soon being found out, and that when his lack of principle is discovered, nearly every avenue to success is closed against him forever. The public very properly shun all whose integrity is doubted. No matter how polite and pleasant and accommodating a man may be, none of us dare to deal with him if we suspect “false weights and measures.” Strict honesty not only lies at the foundation of all success in life (financially), but in every other respect. Uncompromising integrity of character is invaluable. It secures to its possessor a peace and joy which cannot be attained without it—which no amount of money, or houses and lands can purchase. A man who is known to be strictly honest, may be ever so poor, but he has the purses of all the community at his disposal;—for all know that if hepromises to return what he borrows, he will never disappoint them. As a mere matter of selfishness, therefore, if a man had no higher motive for being honest, all will find that the maxim of Dr. Franklin can never fail to be true, that “honesty is the best policy.”
To get rich, is not always equivalent to being successful. “There are many rich poor men,” while there are many others, honest and devout men and women, who have never possessed so much money as some rich persons squander in a week, but who are nevertheless really richer and happier than any man can ever be while he is a transgressor of the higher laws of his being.
The inordinate love of money, no doubt, may be and is “the root of all evil,” but money itself, when properly used, is not only a “handy thing to have in the house,” but affords the gratification of blessing our race by enabling its possessor to enlarge the scope of human happiness and human influence. The desire for wealth is nearly universal, and none can say it is not laudable, provided the possessor of it accepts its responsibilities, and uses it as a friend to humanity.
The history of money getting, which is commerce, is a history of civilization, and wherever trade has flourished most, there, too, have art and science produced the noblest fruits. In fact, as a general thing, money getters are the benefactors of our race. To them, in a great measure, are we indebted for our institutions of learning and of art, our academies, colleges and churches. It is no argument against the desire for, or the possession of wealth, to say that there are sometimes misers who hoard money only for the sake of hoarding, and who have no higher aspiration than to grasp everything which comes withintheir reach. As we have sometimes hypocrites in religion, and demagogues in politics, so there are occasionally misers among money getters. These, however, are only exceptions to the general rule. But when, in this country, we find such a nuisance and stumbling block as a miser, we remember with gratitude that in America we have no laws of primogeniture, and that in the due course of nature the time will come when the hoarded dust will be scattered for the benefit of mankind. To all men and women, therefore, do I conscientiously say, make money honestly, and not otherwise, for Shakespeare has truly said, “He that wants money, means and content, is without three good friends.”
Nearly every paper in London had something to say about my lecture, and in almost every instance the matter and manner of the lecturer were unqualifiedly approved. Indeed, the profusion of praise quite overwhelmed me. The LondonTimes, December 30, 1858, concluded a half-column criticism with the following paragraph:
“We are bound to admit that Mr. Barnum is one of the most entertaining lecturers that ever addressed an audience on a theme universally intelligible. The appearance of Mr. Barnum, it should be added, has nothing of the ‘charlatan’ about it, but is that of the thoroughly respectable man of business; and he has at command a fund of dry humor that convulses everybody with laughter, while he himself remains perfectly serious. A sonorous voice and an admirably clear delivery complete his qualifications as a lecturer, in which capacity he is no ‘humbug,’ either in a higher or lower sense of the word.”
“We are bound to admit that Mr. Barnum is one of the most entertaining lecturers that ever addressed an audience on a theme universally intelligible. The appearance of Mr. Barnum, it should be added, has nothing of the ‘charlatan’ about it, but is that of the thoroughly respectable man of business; and he has at command a fund of dry humor that convulses everybody with laughter, while he himself remains perfectly serious. A sonorous voice and an admirably clear delivery complete his qualifications as a lecturer, in which capacity he is no ‘humbug,’ either in a higher or lower sense of the word.”
The LondonMorning Post, theAdvertiser, theChronicle, theTelegraph, theHerald, theNews, theGlobe, theSun, and other lesser journals of the same date, all contained lengthy and favorable notices and criticisms of my lecture. My own lavish advertisements were as nothing to the notoriety which the London newspapers voluntarily and editorially gave to my new enterprise.The weekly and literary papers followed in the train; and evenPunch, which had already done so much to keep Tom Thumb before the public, gave me a half-page notice, with an illustration, and thereafter favored me with frequent paragraphs. The city thus prepared the provinces to give me a cordial reception.
During the year 1859, I delivered this lecture nearly one hundred times in different parts of England, returning occasionally to London to repeat it to fresh audiences, and always with pecuniary success. Every provincial paper had something to say about Barnum and “The art of Money Getting,” and I was never more pleasantly or profusely advertised. The tour, too, made me acquainted with many new people and added fresh and fast friends to my continually increasing list. My lecturing season is among my most grateful memories of England.
Remembering my experiences, some years before, with General Tom Thumb at Oxford and Cambridge, and the fondness of the undergraduates for practical joking, I was quite prepared when I made up my mind to visit those two cities, to take any quantity of “chaff” and lampooning which the University boys might choose to bring. I was sure of a full house in each city, and as I was anxious to earn all the money I could, so as to hasten my deliverance from financial difficulties, I fully resolved to put up with whatever offered—indeed, I rather liked the idea of an episode in the steady run of praise which had followed my lecture everywhere, and I felt, too, in the coming encounter that I might give quite as much as I was compelled to take.
I commenced at Cambridge, and, as I expected, to an overflowing house, largely composed of undergraduates. Soon after I began to speak, one of the young men called out: “Where is Joice Heth?” to which I very coolly replied:
“Young gentleman, please to restrain yourself till the conclusion of the lecture, when I shall take great delight in affording you, or any others of her posterity, all the information I possess concerning your deceased relative.”
This reply turned the laugh against the youthful and anxious inquirer and had the effect of keeping other students quiet for a half hour. Thereafter, questions of a similar character were occasionally propounded, but as each inquirer generally received a prompt Roland for his Oliver, there was far less interruption than I had anticipated. The proceeds of the evening were more than one hundred pounds sterling, an important addition to my treasury at that time. At the close of the lecture, several students invited me to a sumptuous supper where I met, among other undergraduates, a nephew of Lord Macaulay, the historian. This young gentleman insisted upon my breakfasting with him at his rooms next morning, but as I was anxious to take an early train for London, I only called to leave my card, and after his “gyp” had given me a strong cup of coffee, I hastened away, leaving the young Macaulay, whom I did not wish to disturb, fast asleep in bed.
At Oxford the large hall was filled half an hour before the time announced for the lecture to begin and the sale of tickets was stopped. I then stepped upon the platform, and said: “Ladies and Gentlemen: As every seat is occupied and the ticket-office is closed, I propose to proceed with my lecture now, and not keep you waiting till the advertised hour.”
“Good for you, old Barnum,” said one; “Time is money,” said another; “Nothing like economy,” came from a third, and other remarks and exclamations followed which excited much laughter in the audience. Holding up my hand as a signal that I was anxious to say something so soon as silence should be restored, I thus addressed my audience:
“Young gentlemen, I have a word or two to say, in order that we may have a thorough understanding between ourselves at the outset. I see symptoms of a pretty jolly time here this evening, and you have paid me liberally for the single hour of my time which is at your service. I am an old traveller and an old showman, and I like to please my patrons. Now, it is quite immaterial to me; you may furnish the entertainment for the hour, or I will endeavor to do so, or we will take portions of the time by turns—you supplying a part of the amusement, and I a part;—as we say sometimes in America, ‘you pays your money, and you takes your choice.’ ”
My auditors were in the best of humor from the beginning, and my frankness pleased them. “Good for you, old Barnum,” cried their leader; and I went on with my lecture for some fifteen minutes, when a voice called out:
“Come, old chap! you must be tired by this time; hold up now till we sing ‘Yankee Doodle,’ ” whereupon they all joined in that pleasing air with a vigor which showed that they had thoroughly prepared themselves for the occasion, and meanwhile I took a chair and sat down to show them that I was quite satisfied with their manner of passing the time. When the song was concluded, the leader of the party said: “Now, Mr. Barnum, you may go ahead again.”
I looked at my watch and quietly remarked, “Oh! there is time for lots of fun yet; we have nearly forty minutes of the hour remaining,” and I proceeded with my lecture, or rather a lecture, for I began to adapt my remarks to the audience and the occasion. At intervals of ten minutes, or so, came interruptions which I, as my audience saw, fully enjoyed as much as the house did. When this miscellaneous entertainment was concluded, and I stopped short at the end of the hour, crowds of the young men pressed forward to shake hands with me, declaring that they had had a “jolly good time,” while the leader said: “Stay with us a week, Barnum, and we will dine you, wine you, and give you full houses every night.” But I was announced to lecture in London the next evening and I could not accept the pressing invitation, though I would gladly have stayed through the week. They asked me all sorts of questions about America, the Museum, my various shows and successes, and expressed the hope that I would come out of my clock troubles all right.
At least a score of them pressed me to breakfast with them next morning, but I declined, till one young gentleman put it on this purely personal ground: “My dear sir, you must breakfast with me; I have almost split my throat in screaming here to-night and it is only fair that you should repay me by coming to see me in the morning.” This appeal was irresistible, and at the appointed time I met him and half a dozen of his friends at his table and we spent a very pleasant hour together. They complimented me on the tact and equanimity I had exhibited the previous evening, but I replied: “Oh! I was quite inclined to have you enjoy your fun, and came fully prepared for it.”
But they liked better, they said, to get the party angry. A fortnight before, they told me, my friend Howard Paul had left them in disgust, because they insisted upon smoking while his wife was on the stage, adding that the entertainment was excellent and that Howard Paul could have made a thousand pounds if he had not let his anger drive him away. My new-found friends parted with me at the railway station, heartily urging me to come again, and my ticket seller returned £169 as the immediate result of an evening’s good-natured fun with the Oxford boys.
After delivering my lecture many times in different places, a prominent publishing house in London, offered me £1,200 ($6,000,) for the copyright. This offer I declined, not that I thought the lecture worth more money, but because I had engaged to deliver it in several towns and cities, and I thought the publication would be detrimental to the public delivery of my lecture. It was a source of very considerable emolument to me, bringing in much money, which went towards the redemption of my pecuniary obligations, so that the lecture itself was an admirable illustration of “The Art of Money Getting.”