the late South Sea calamity for an example in which the longest heads
were most overreached, not so much by the wit or cunning of those they
had to deal with as by the secret promptings of their own avarice;
wherein they abundantly verified an old proverbial speech or saying,
namely, 'All covet, all lose;' so it was there indeed, and the
cunningest, wisest, sharpest, men lost the most money.

There are two things which may be properly called over-trading, in a
young beginner; and by both which tradesmen are often overthrown.

1. Trading beyond their stock.

2. Giving too large credit.

A tradesman ought to consider and measure well the extent of his own
strengh; his stock of money, and credit, is properly his beginning; for
credit is a stock as well as money. He that takes too much credit is
really in as much danger as he that gives too much credit; and the
danger lies particularly in this, if the tradesman over-buys himself,
that is, buys faster than he can sell, buying upon credit, the payments
perhaps become due too soon for him; the goods not being sold, he must
answer the bills upon the strength of his proper stock--that is, pay for
them out of his own cash; if that should not hold out, he is obliged to
put off his bills after they are due, or suffer the impertinence of
being dunned by the creditor, and perhaps by servants and apprentices,
and that with the usual indecencies of such kind of people.

This impairs his credit, and if he comes to deal with the same merchant,
or clothier, or other tradesman again, he is treated like one that is
but an indifferent paymaster; and though they may give him credit as