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 retired¹ 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 incur² no risk by endorsing³ 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 endorsement⁴ 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 fixed⁵ the impression in your mind that it is perfectly⁶ 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 speculation⁷ 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."

Unfortunately the speculation does not come to a head quite so soon as was expected, and another $10,000 note must be discounted to take up the last one when due. Before this note matures the speculation has proved an utter failure and all the money is lost. Does the loser tell his friend, the endorser⁸, that he has lost half of his fortune? Not at all. He don't even mention that he has speculated at all. But he has got excited; the spirit of speculation has seized him; he sees others making large sums in this way (we seldom hear of the losers), and, like other speculators, he "looks for his money where he loses it." He tries again. endorsing notes has become chronic⁹ with you, and at every loss he gets your signature for whatever amount he wants. Finally you discover your friend has lost all of his property and all of yours. You are overwhelmed with astonishment¹⁰ and grief, and you say "it is a hard thing; my friend here has ruined me," but, you should add, "I have also ruined him." If you had said in the first place, "I will accommodate you, but I never indorse without taking ample security," he could not have gone beyond the length of his tether, and he would never have been tempted¹¹ away from his legitimate¹² business. It is a very dangerous thing, therefore, at any time, to let people get possession of money too easily; it tempts¹³ them to hazardous¹⁴ speculations¹⁵, if nothing more. Solomon truly said "he that hateth suretiship is sure."

So with the young man starting in business; let him understand the value of money by earning it. When he does understand its value, then grease the wheels a little in helping¹⁶ him to start business, but remember, men who get money with too great facility cannot usually succeed. You must get the first dollars by hard knocks, and at some sacrifice, in order to appreciate the value of those dollars.

1 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

2 incur   

vt.招致，蒙受，遭遇

参考例句：

• Any costs that you incur will be reimbursed in full.你的所有花费都将全额付还。
• An enterprise has to incur certain costs and expenses in order to stay in business.一个企业为了维持营业,就不得不承担一定的费用和开支。

3 endorsing   

v.赞同( endorse的现在分词 )；在（尤指支票的）背面签字；在（文件的）背面写评论；在广告上说本人使用并赞同某产品

参考例句：

• Yet Communist leaders are also publicly endorsing religion in an unprecedented way. 不过，共产党领导层对宗教信仰的公开认可也是以前不曾有过的。 来自互联网
• Connecticut Independent Senator Joseph Lieberman is endorsing Republican Senator John McCain. 康涅狄格州独立派参议员约瑟夫。列波曼将会票选共和议员约翰。麦凯恩。 来自互联网

4 endorsement   

n.背书；赞成，认可，担保；签(注)，批注

参考例句：

• We are happy to give the product our full endorsement.我们很高兴给予该产品完全的认可。
• His presidential campaign won endorsement from several celebrities.他参加总统竞选得到一些社会名流的支持。

5 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

6 perfectly   

adv.完美地，无可非议地，彻底地

参考例句：

• The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
• Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。

7 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

8 endorser   

n.背书人，代言人

参考例句：

• Where the holder is an endorser,he has no right of recourse against the subsequent parties.持票人为背书人的，对其后手无追索权。
• The outcomes revealed that there is positive relationship between endorser's credibility and brand equity's dimensions.结论显示代言人的背景和品牌公平的面向有正面的关

9 chronic   

adj.(疾病)长期未愈的，慢性的；极坏的

参考例句：

• Famine differs from chronic malnutrition.饥荒不同于慢性营养不良。
• Chronic poisoning may lead to death from inanition.慢性中毒也可能由虚弱导致死亡。

10 astonishment   

n.惊奇，惊异

参考例句：

• They heard him give a loud shout of astonishment.他们听见他惊奇地大叫一声。
• I was filled with astonishment at her strange action.我对她的奇怪举动不胜惊异。

11 tempted   

v.怂恿（某人）干不正当的事；冒…的险（tempt的过去分词）

参考例句：

• I was sorely tempted to complain, but I didn't. 我极想发牢骚，但还是没开口。
• I was tempted by the dessert menu. 甜食菜单馋得我垂涎欲滴。

12 legitimate   

adj.合法的，合理的，合乎逻辑的；v.使合法

参考例句：

• Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
• That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

13 tempts   

v.引诱或怂恿（某人）干不正当的事( tempt的第三人称单数 )；使想要

参考例句：

• It tempts the eye to dream. 这种景象会使眼睛产生幻觉。 来自辞典例句
• This is the tidbit which tempts his insectivorous fate. 就是这一点东西引诱它残杀昆虫。 来自互联网

14 hazardous   

adj.(有)危险的，冒险的；碰运气的

参考例句：

• These conditions are very hazardous for shipping.这些情况对航海非常不利。
• Everybody said that it was a hazardous investment.大家都说那是一次危险的投资。

15 speculations   

n.投机买卖( speculation的名词复数 )；思考；投机活动；推断

参考例句：

• Your speculations were all quite close to the truth. 你的揣测都很接近于事实。 来自《现代英汉综合大词典》
• This possibility gives rise to interesting speculations. 这种可能性引起了有趣的推测。 来自《用法词典》

16 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。