The Art of Money Getting by P. T. Barnum
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 an advance 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 ill a business which he don't understand, he is like
Samson 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 m a legitimate way, by investing it m things m 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 endorsing 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 endorsement canceled, 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."
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