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Ben
Franklin?The Way to Wealth
Brian
Trumbore
President/Editor, StocksandNews.com
I was in Philadelphia this week, doing
a little sight-seeing, including Independence Hall
and the National Constitution Center. So in the gift
shop I picked up Benjamin Franklin's "The Way to Wealth,"
an essay he wrote in 1758 as a preface to his 'Poor
Richard's Almanack.' [sic]
Following
are his thoughts about how to achieve success in business.
Franklin created Father Abraham for this purpose,
who liberally quotes from Poor Richard to a crowd
waiting for an auction to begin. It's the basis for
what became one of the most important business books
ever published.
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[All
spelling is correct]
Courteous
reader,
I
have heard, that nothing gives an author so great
pleasure, as to find his works respectfully quoted
by others. Judge, then, how much I must have been
gratified by an incident I am going to relate to you.
I stopped my horse, lately, where a great number of
people were collected at an auction of merchant's
goods. The hour of the sale not being come, they were
conversing on the badness of the times; and one of
the company called to a plain, clean, old man, with
white locks, "pray, father Abraham, what think you
of the times? Will not those heavy taxes quite ruin
the country? How shall we ever be able to pay them?
What would you advise us to do?" - Father Abraham
stood up, and replied, "If you would have my advice,
I will give it you in short; 'for a word to the wise
is enough,' as Poor Richard says." They joined in
desiring him to speak his mind, and gathering round
him, he proceeded as follows.
"
'Friends,' says he, 'the taxes are, indeed, very heavy;
and, if those laid on by the government were the only
ones we had to pay, we might more easily discharge
them; but we have many others, and much more grievous
to some of us. We are taxed twice as much by our idleness,
three times as much by our pride, and four times as
much by our folly; and from these taxes the commissioners
cannot ease or deliver us, by allowing an abatement.
However, let us hearken to good advice and something
may be done for us; 'God helps them that helps themselves,'
as Poor Richard says.
"It
would be thought a hard government that should tax
its people one tenth part of their time, to be employed
in its service: But idelness taxes many of us much
more; sloth, by bringing on diseases, absolutely shortens
life. 'Sloth, like rust, consumes faster than labour
wears, while the used key is always bright,' as Poor
Richard says. - 'But dost thou love life, then do
not squander time, for that is the stuff life is made
of,' as Poor Richard says. -How much more than is
necessary do we spend in sleep! forgetting that 'The
sleeping fox catches no poultry, and that there will
be sleeping enough in the grave,' as Poor Richard
says.
"
'If time be of all things the most precious, wasting
time must be,' as Poor Richard says, 'the greatest
prodigality'; since, as he elsewhere tells us, 'Lost
time is never found again; and what we call time enough
always proves little enough': Let us then up and be
doing, and doing to the purpose: So by diligence shall
we do more with less perplexity. 'Sloth makes all
things difficult, but industry all easy; and, he that
riseth late, must trot all day, and shall scarce overtake
his business at night; while Laziness travels so slowly,
that Poverty soon overtakes him. Drive thy business,
let not that drive thee; and early to bed, and early
to rise, makes a man healthy, wealthy, and wise,'
as Poor Richard says.
"So
what signifies wishing and hoping for better times?
We may make these times better, if we bestir ourselves.
'Industry need not wish, and he who lives upon hope
will die fasting. There are no gains without pains;
then help hands, for I have no lands,' or, if I have,
they are smartly taxed. 'He that hath a trade, hath
an estate; and he that hath a calling, hath an office
of profit and honour,' as Poor Richard says; but then
the trade must be worked at, and the calling well
followed, or neither the estate nor the office will
enable us to pay our taxes. -If we are industrious
we shall never starve; for, 'at the working man's
house hunger looks in, but dares not enter.' Nor will
the bailiff or the constable enter, for 'Industry
pays debts, while despair increaseth them.' What though
you have found no treasure, nor has any rich relation
left you a legacy, 'Diligence is the mother of good
luck, and God gives all things to industry. Then plough
deep, while sluggards sleep, and you shall have corn
to sell and keep.' Work while it is called today,
for you know not how much you may be hindered tomorrow.
'One today is worth two tomorrows,' as Poor Richard
says; and farther, 'Never leave that till tomorrow,
which you can do today.' -If you were a servant, would
you not be ashamed that a good master should catch
you idle? Are you then your own master? Be ashamed
to catch yourself idle when there is so much to be
done for yourself, your family, your country, and
your king. Handle your tools without mittens: Remember,
that 'The cat in gloves catches no mice,' as Poor
Richard says. It is true, there is much to be done,
and perhaps, you are weak handed; but stick to it
steadily, and you will see great effects; for 'Constant
dropping wears away stones; and by diligence and patience
the mouse ate in two the cable; and little strokes
fell great oaks.'
"Methinks
I hear some of you says, 'Must a man afford himself
no leisure?' I will tell thee, my friend, what Poor
Richard says; 'Employ thy time well, if thou meanest
to gain leisure; and, since thou are not sure of a
minute, throw not away an hour.' Leisure is the time
for doing something useful; this leisure the diligent
man will obtain, but the lazy man never; for, 'A life
of leisure and a life of laziness are two things.
Many, without labour, would live by their wits only,
but they break for want of stock;' whereas industry
gives comfort, and plenty, and respect. 'Fly pleasures,
and they will follow you. The diligent spinner has
a large shift; and now I have a sheep and a cow every
body bids me good morrow.'
"But
with our industry we must likewise be steady, settled,
and careful, and oversee our own affairs with our
own eyes, and not trust too much to others; for, as
Poor Richard says,
'I
never saw an oft removed tree,
Nor yet and oft removed family,
That throve so well as those that settled be.'
"And
again, 'Three removes are as bad as a fire:' And again,
'Keep thy shop, and thy shop will keep thee:' And
again, 'If you would have your business done, go;
if not, send.' And again,
'He
that by the plough would thrive,
Himself must either hold or drive.'
"And
again, 'The eye of the master will do more work than
both his hands:' And again, 'Want of care does more
damage than want of knowledge:' And again, 'Not to
oversee workmen is to leave them your purse open.'
Trusting too much to other's care is the ruin of many;
for, 'In the affairs of this world, men are saved,
not by faith, but by the want of it:' But a man's
own care is profitable; for, 'If you would have a
faithful servant and one that you like - serve yourself.
A little neglect may breed great mischief; for want
of a nail the shoe was lost; for want of a shoe the
horse was lost; and for want of a horse the rider
was lost,' being overtaken and slain by the enemy;
all for want of a little care about a horse shoe nail.
---
Part
two next week.
Brian
Trumbore
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