Great Fortunes: Amos Lawrence Part 3
Boston, in 1807, had a population of about thirty thousand, and the commercial position of the city was relatively much greater than at present. The foreign trade of the United States was enormous, and was carried on in American ships, and not, as at present, in foreign vessels. The total tonnage of American shipping engaged in this trade was seven hundred thousand tons, and of this Boston possessed a fair share. Her domestic trade was also important.
“The merchants of Boston had then high places in the estimation of the world. The Perkinses, the Sargeants, the Mays, the Cabots, the Higginsons, and others, were known throughout the world for their integrity, their mercantile skill, and the extent and beneficial character of their operations. These were the golden days of Boston’s commerce…. The standard of integrity was high, and though it would be absurd to suppose that there was not the usual amount of evil in the place, it may be assumed that in no part of the world was the young trader more likely to find severer judges of character and conduct, or to be better treated if he should afford unquestionable proofs of capacity and honesty.”
It was into this community that Mr. Lawrence now entered, and in which his life was spent. He gave such satisfaction to his employers that, when he had been with them a short time, they astonished him with the offer of a partnership. He was but partially acquainted with their affairs, but their manner of conducting their business did not please him, and he declined their offer. His sagacity was verified by the result. In a few months the firm failed, and the creditors appointed him to settle their affairs, which he did to their satisfaction.
Being now out of employment, he resolved to commence business on his own account in Boston. He had made such a favorable impression upon the merchants of the city that he had no difficulty in obtaining credit. He rented a store in Cornhill, stocked it with dry goods, and began his career as a merchant. Four months after this, his father, who was keenly interested in his son’s success, without consulting the latter, mortgaged his farm for one thousand dollars, and, repairing to Boston, placed the money in Amos Lawrence’s hands. Mr. Lawrence was profoundly affected by this proof of his father’s devotion, but he regretted it none the less, as he knew that his failure would bring ruin to his parent as well as to himself. “I told him,” said he, forty years later, “that 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.” Mr. Lawrence made a prompt use of the money, and paid the mortgage at the proper time; but he had a narrow escape from loss, as the bank on which he had bills for the amount of the mortgage failed almost immediately after he had obtained specie for them.
“This incident,” he said, “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 any Hillsborough bank-notes not been paid as they were, nearly the whole amount would have been lost, and myself and my family might 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 believe I have saved some respectable families from ruin. My advice, however, has sometimes been rejected with anger. A young man who can not get along without such aid will not be likely to get along with it.”
He began his business upon principles of prudence and economy, which he rigidly maintained throughout his whole life. He never allowed himself to anticipate his gains, and having fixed his personal expenses at a certain sum, he never went beyond it. His system, which is thus stated by himself, is offered here as a safe and admirable rule for all persons:
