“ Italy, the ruler of the whole ancient world, and even in modern times a ruler of almost equal potency; Turkey, during the middle ages a chief power both in Europe and in Asia; Spain, for two centuries at the beginning of our modern epoch a chief power in Europe and the mistress of almost the whole Western world as well,—these countries have all sunk to positions of comparative insignificance, and Italy alone shows signs of effectual regeneration. And yet on the whole earth's surface there are no lands more richly endowed by nature as abodes for man than Italy, Turkey, and Spain. ”

“ It is eminently right and proper that the State, through its bank commissioners or otherwise, should so far supervise the operations of savings banks as to see that they perform their part of their contract with depositors.
Safety, at best, is relative only; there is no absolute safety for the twenty-dollar piece a man has in his pocket, whether he is on the street, at his office, or by his own fireside. We are reminded that 'riches take to themselves wings' and that 'thieves break through and steal.' No savings bank can keep money on hand or deposit it or loan it with absolute safety. ”

“ In our lecture relating to sales we stated that the seller would not be liable for the loss of anything intrusted to his keeping after it had been bought of him unless he was grossly negligent, for the reason that no reward or compensation is paid to him for storage. There are, therefore, two rules which govern many cases. If a person keeps a thing for a reward or compensation, then he is bound by a stricter rule of diligence than in those cases in which he receives nothing for his service. This accords with the common reason of mankind. ”

“ To the student of civilisation India is one of the most interesting countries in the world. It has always been one of the most fertile and populous regions of the globe. For centuries it was thought to be one of the richest. In consequence it has, time and time again, been the scene of invasion, conquest, and spoliation. But its riches never consisted so much in natural treasure as in the savings of an industrious and frugal people. Since the year 1600 European nations have had much to do with India, especially England, France, Portugal, and Holland. ”

“ Its principal industry is wheat-growing. South Australia is indeed the great granary of the continent, and is destined to be one of the great granaries of the world. Like the other divisions of Australia, South Australia, when once drought has been overcome by irrigation, is destined to become a great fruit country, its warm, moistureless climate being peculiarly well suited to the ripening of fruits of exquisite flavours. ”

“ And as so much British capital finds in London its place of investment, it naturally follows that nearly all the remaining unemployed capital of the world, that seeks investment, either is sent to London as a market, or else assumes a price for investment elsewhere which the current price of capital in London warrants it to assume. The London market rate of capital, therefore, determines its market rate in every other commercial centre of the world. ”

“ Agriculture, therefore, is one of the most important industries of France. One fifth of the total earnings of her people are made in agriculture. It cannot be said, however, that agriculture in France is pursued as successfully as it is in some other countries—in Great Britain, for example. France, with sometimes the exception of Russia, is the largest wheat-grower of all the nations of Europe, but its production of grain per acre is not more than four sevenths that of Great Britain, while its production of grain per farming hand is only two thirds that of Great Britain. ”

“ It may seem strange to say that the company is not obliged to use as much care as in carrying a barrel of apples or an animal. Goods must be moved, kept dry, perhaps, and cared for in other ways. An animal must be fed. In carrying cattle stops must be made for rest. But the passenger takes care of himself. He gets in and out and provides his own rations. Therefore the law puts on the carrier the duty of using only a reasonable degree of care in taking him from place to place. In other words, the railway is not an insurer of life, as it is of goods or other merchandise. ”

“ If the note dealer in selling notes to a bank makes what he believes to be fair and honest representations regarding any particular paper—statements of such a straightforward type that upon them no charge of false pretenses can be made to rest—he simply guarantees the note genuine as to names, date, amount, etc., and that in selling it he conveys a good title to the paper. As business men, however, they are very cautious and are exceedingly anxious that the paper they sell shall be paid, and as a rule they make good any losses which grow out of apparent misrepresentations on their part. ”

“ And if it be urged that to the undue expansion of credit is traceable the greater number of our financial disasters, it may be said with still greater force that all our impetus to industrial achievement has been and still is dependent upon the generous exercise of credit. The construction of our railroads and canals, the operation of our mines, the improvement of our great farm areas, the building of our towns and cities, and the development of our extensive manufacturing interests are all the result of the trust reposed in men and the industrial interests they represent. ”

“ Germany pays greater attention to the practical education of her people than any other nation in the world. Her system of technical education extends over the whole empire, and provides technical instruction for every class of the people and for every occupation of the people—night schools for those already engaged in life's work, agricultural schools, forestry schools, commercial schools, mining schools, naval schools, and schools in every branch of manufacturing industry, besides, of course, schools for the education of those intending to follow the learned professions. ”

“ There is no reason why bonds and shares should not be publicly dealt in—and in large quantities—as well as dry goods, corn or cotton; but, unfortunately, few stock exchanges confine their transactions wholly to legitimate business. You will look in vain in the quotations for the stock of dozens of corporations whose securities are among the choicest investments. It is upon fluctuations that stock speculations prosper, and it is often true that the largest profits are made on the poorest stocks. ”

“ Buyers who impress themselves most favourably upon the business house are frank in their statements. The explicit, candid man of few words will merit consideration. The cringing or pleading kind predisposes one unfavourably. Stephen Girard said of one who in tears asked for a loan: "The man who cries when he comes to borrow will cry when he comes to pay."
To determine the right of a buyer to credit and the safe limit of credit to be extended to him is the seller's serious problem. It is customary to request references in order to discover how other firms regard the applicant's credit. ”

“ The common law does not regard an article as adulterated, giving the buyer the right to claim something back, unless it has been materially changed by the foreign substance. All, or nearly all, of the States have made statutes within recent years, or re-enacted old ones, holding sellers strictly responsible for the quality, especially of provisions, sold. These statutes generally require the seller to sell absolutely pure articles, and he cannot shield himself by saying that he was ignorant and innocent of their nature if they proved to be other than pure articles. ”

“ These men of experience, integrity, and discernment are seekers after truths. Usually each reporter has a distinct line of trade assigned him for research and investigation. This brings him into intimate acquaintanceship with every trader in his particular field. He is a constant solicitor of the banker and merchant for facts. His business is not merely to gather information respecting the resources of business men, but to investigate rumours that in themselves may be detrimental to one's credit, and to disprove them where possible and sustain and support the credit of a house. ”

“ We have now upon the market stocks and bonds representing all conceivable kinds of property. Not only are properties of many kinds used to issue bonds upon, but many kinds of bonds are often issued upon the same property. Thus we find among our railroads not only first, second, and third mortgage bonds, but income bonds, dividend bonds, convertible bonds, consolidated bonds, redemption bonds, renewal bonds, sinking-fund bonds, collateral trust bonds, equipment bonds, etc., until they lap and overlap in seemingly endless confusion. ”

“ Primarily the savings bank creates wealth, while the commercial bank handles it; the savings banks are creative, while the commercial banks are administrative. The aim of the savings bank is to gather money and invest it safely and thus bring profit to the depositor; the aim of the commercial bank is to lend money at fixed charges and thus bring profit to the institution. The former opens its doors to savers, the latter to borrowers. One serves by receiving and keeping and the other by lending. The savings bank aims at making men savers as well as producers. ”

“ In some States, however, it is even now said that she cannot agree to pay the debt of another, but this is, perhaps, the only limit on her power to contract. She can engage in business, buy and sell, transfer notes, make contracts relating to the sale and leasing of her real estate, insure it, build houses, and do a thousand other things quite as freely as if there were no husband around. The most of these changes widening her authority to make contracts have come within the last fifty years. Of course, unmarried women can make contracts like men, and many of them know it. ”

“ Perhaps at first glance it would seem as if the system of reporting financial information was a serious discrimination against the men of smaller capital and in favour of the wealthy. But mere capital is not the only element entering into an estimate of one's ability to pay. Character and reputation are powerful forces in assisting a merchant in determining credit. An agency discloses facts and not opinions. And it is within the range of possibility of any one to create and maintain his credit. Capital may grow gradually but credit is sometimes established or destroyed by a single act. ”

“ An accepted draft is really a promissory note, though it is more often called an acceptance. When a man pays or accepts a draft he is said to honour it. In the foregoing illustration A is not obliged either to pay or to accept the draft. It is not binding upon him any more than a letter would be. He can refuse payment just as easily and as readily as he could decline to pay a collector who calls for payment of a bill. Of course, if a man habitually refuses to honour legitimate drafts it may injure his credit with banks and business houses. ”

“ She is able to sell goods in foreign markets only because, despite these barriers, she is able to undersell all competitors in them, or to give better value for the same money than they. Even when she obtains the control of new markets, as she has in India, China, Egypt, West Africa, etc., she allows every nation to trade in these markets on precisely the same terms as she herself trades in them. ”

“ In only one state, Argentina, can affairs be said to be really prosperous, and even in Argentina the civilisation developed by its prosperity is gross and material rather than refined and intellectual. ”

“ A good thing in stocks to-day does not necessarily mean a good thing next year. Railroad stocks are of such varied character that it is impossible here to make more than general statements. Many of our railroad stocks bring prices far above par and pay liberal interest on investments. Some of them are so profitable that they are really not on the market and cannot easily be bought. Others represent roads loaded down with mortgages and other obligations so heavy as to make the stock really a liability rather than a resource to its owner. ”

“ But the Chinese people are not averse to foreign trade; on the contrary, they are rather fond of it. If only the thing could happen in China that happened in Japan—that is to say, if only the government could fall into the hands of rulers who were open-minded to improvement and inclined to be progressive—the rush that China would make toward civilisation and the adoption of modern trade methods and modern processes of manufacture would be startling. ”

“ The exchangeable value of commodities depends at any given period partly upon the expense of production and partly upon the relation of supply and demand. Prices are affected by the creation of monopolies, by the opening of new markets, by the obstructing of the ordinary channels of commercial intercourse, and by the anticipation of these and other causes. It is the business of the merchant to acquaint himself with every circumstance affecting the prices of the goods in which he deals. ”