The Saint Louis directory for the years 1854-5 :
Circular of Jones’ Commercial College. 55
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tions culled into being by a necessity growing out of the
very organization of society, and the diversified demands
and reciprocal duties of a business community. For the
correctness of this conclusion, apart f^m our own expe-
rience, we have tuc highest authority. In an address
on this subject, of more than usu;l interest to young
gentlemen, .iiulgo Walker (an eminent member of the
’Cincinnati Bar) remarks:

“The result to which I would conduct your minds is,
that tO the Merchant, Knowledge is Capital. If it
bo a general truth in human affairs, that knowledge is
pjwer, I hold it\to be pre-eminently so in regard to mer-
cantile pursuits. Without it, all the capital of a Gi-
rard or an Astor, would not make a merchant; and
with it, as the princip il thing, capital soonfo.lows as an
incident. Accordingly, the Jirst duty of every person
destined for a merchant, is to prepare himself, by a
suitable education, for an intelligent discharge of his
diversified functions—just as much so. aa of a lawyer, a
physician, or a clergyman; and to this end, there is
Just as much nebd of commercial schools and col-
leges as of any other—and these, I rej >ice to say, we
are beginning to have in a our commercial cities. We
have, too, commercial diotiopaiiaa and magazines—a
distinct commercial department fur—cham-
bers of commerce—boards of trade—reading rooms—
and best of all, library associations. All these things
bear gratifying testimony to the increased interest taken
in mercantile education. And why shouid it not be so ?
Why should not the mercantile profession stand side by
side with the other so called liberal professions ? There
is, in truth, no good reason, whether we look to its dig-
nity, difficulty, or utility.

* * * * * * * *

“It has been said by close observers, that, in this
country, nine merchants out of ten, fail in the course of
their lives. I know not whether this be strictly true.
It is enough for my purpose to know, that failures are
far more frequent among merchants than among any
other class of business men; and that every few years
there occurs a general crisis, or revulsion, sometimes con-
fined to one country only, and sometimes embracing the
whole commercial world, in which bankruptcies become
the order of the day. Those who seemed roiling in
wealth are suddenly reduced to beggary—the breaking
of one house drags down another, though p-Jrhfipj
oceans intervene. He, who could borrow his millions
yesterday, cannot get credit for a coat to-day. Banks
break because their debtors are broken; even the day
laborer has not the wherewithal to pay for his food, be-
cause that which he took as money has become worthkss
on his hands; in a word, the vast fabric of commerce is
overthrown, and all is chaos and confusion. Anon, a
new race of merchants appear. The darkness which
brooded over the f nee of the deep is gradually deposed
—business finds or makes for itself new channels as be-
fore—capital increases—credit expands—there seems no
end to the swelling prosperity. Every body can in-
crease his _ expenses, because his books show that his
profits are increased. The last revulsion is forgotten in
the halcyon times—the warnings of expjrience are un-
heard in tho general rush of business—f irtunes are
made in a day—nothing is required but courage and
luck. Surely these are glorious times ! Yes—but wait
till to-morrow. The bubble has burst. There is another
crisis—another revulsion—another deluge of bauki
—and so on, almost periodically.

“Let us explore some of the causes of this great evil of

“One of the most prominent causes, especially in this
on-rushing country of ours, is a prevailing eagerness for
rapid gains. Our young merchants have not patience to
begin at the bottom of the ladder andascend regularly to
the top. They must go up by a few rapid leaps. Instead
of beginning in a smafl way. and enlarging their busi-
ness gradually—themselves growing up with it—they
dash at once into a largo business, before they are fitted
for it. I speak not now wi;h re peet to capial; for. if
they bad c\er so much, this is not the way to begin, but
I the way to clo^e a commercial career. The great want is capacity to manage a large business at the outset, wh.ih
never can le acquired by a mevo apprenticeship. L
must be tho work of actual experience at the of
business, and not in any subo dinaie po-iiion. Tute two
jout’g ineii of equal means in every ie-peot, mental and
o he wi.e. Let one begin moderately, arid extei.d his
operations gr; dually, say for twenty years. Let ih
o her legin wiih a busine.-s as large as that to which
hat of ihe first has grown in this space of lime. An
at ihe end, who is likely to be in the best portion ! 1
hink all experience will answer, the former. In fact
the p.obabiliiL’s are, a hundred to one, that tie lattei
wi 1 be a broken merchant r-efore h;:if the period h.c
1. psed ; while the former, feeing his way at ever)
-iep—i ever venturi :g 1 eyond his depth—growing in
capacity with the growth of business—and thus nlwayi
quul 10 what he undertakes, will in all probability, by
that time, have become an established merchant, in the
best ten^e of that phrase.”

To the mercantile community.

An Outline of the Plan of Instruction in the Art of
Double Entrg Book Keeping, Commercial Law.
Commercial Calculations and Penmanship.

There has been, in the mercantile community, a uni-
ve sal prejudke of long standing, touching the art of
Double-Entry Book-Keeping, as ordinarily taught it
he “literary and Scientific Institutions” of out day
wbieh the inoompetency of many who have attempted
o te.ieh Book-Keeping theoretically, as well as the ue
fecta peculiar to th ir systems, have naturally enough
e ited. This prejudice is both well founded and jusl ,
bu: if tho e hwi in ions h >ve mi-take > l;oiu 1—i i:trv
Book-Keeping (a practical art) for an abstruse, compl x
and difficult science, and delivered long printed lec-
tures upou its “Speculative Ihcory,” or lequiied she
student to memorize arbitrary rules, and finally f. iled in
the end to ac*omi>lish their object, doea it hence folLm
that we are to have no improvement in the art of teach-
ing ? or, are systems founded upon enii ely different
principles—principles diametrically opioodto tho-e in
their Learing and practical application—subject to the
samefite, and that, too, without a fiir trial? This
conclusion is disingenuous, illogical and unjust. It is
obvious to every intelligent practical accountant that his a thejry as well as a practice to be
acquired, and to that young gentleman aspiring to the
highest rank as a scientific and practical accountant,
much will depend upon the demonstrator of tho>e prim i-
plfli which aro to govern him in the performance of hi;
duties, ’ihe utility of Double-Entry Book-Keeping, in
the management of accounts, is no longer questi ned.
Its perfect adaptation (with proper forms; to mercan-
tile, steamboat, manufacturing, and joint stock opera-
tions, has been so fully tested, that but few business
men now consider thjir capital safe, where the books of
the company aro not kept by double-eutry.

The only question is, how are young gentlemen, inex-
perienced in the management of accounts, by double-
entrw—though familiarized with the general routine of
business—writing legible hands, and competent to per-
form the ordinary calculations of accountants, to be
qui lifted as practical book-keepers for the pe formance
of their duties in the counting-lum.-e ? Or, in o he
words, where is a supply of practical aoeonntanl
to the demand, to be obtained? To this we unhe i ai
ingly reply, They can only be taught, trained and
qualified by practical accountants, who understand the
entire routine of the counting-house, its duties and re-
quirements. Hence, no literary institution, scho 1 or
college, ever did produce a single practical accountant,
oompe ent to assume the charge of a sot of books, upon
the ordinary class and text book plan of instruction.

But if inexperienced theoretical teachers fail to supply
the counting-house with practical book-keeper, and ihe
demand for such services induce experienced practical
accountants to adopt teaching as a profession—if they
organize an institution, with all the facilities known in