As previously explained we guaranteed all sales, and whenever a
customer defaulted we at once sold double the quantity we had sold
him, to some strong concern. This made us short of the market, and
while we made some loss on the initial transaction, our profit on
the second sale always more than extinguished it.

The first man who defaulted brought to our office a deed for a farm
in Pennsylvania and offered it to us for the four thousand dollars
he owed. I handed it back to him, told him to give it to his wife,
and forgave him the debt.

The next man was a bigger fish. He owed us nineteen thousand eight
hundred dollars. We made up the account, and when I handed him
the statement I told him we would not press him and if he was ever
able to pay us twenty-five cents on the dollar we would give him a
receipt in full. In later years he was worth a good deal of money,
though I believe he has since lost it, but he never paid us a
dollar.

After him came a few small men, who altogether owed us perhaps ten
thousand dollars. We told them all if they ever felt able to pay
we would be glad to have the money, but would never press them for
it.

Of the whole lot, only one ever paid. His account was only a few
hundred dollars, and I had forgotten it, when one day he called at
the office, said his father had died, leaving him a little money,
and he wanted to pay us. He asked, "What rate of interest will you
charge me"? I replied, "Nothing; and if you cannot afford it, you
may leave us out entirely." He insisted on paying the principal.