Benjamin Franklin; Self-Revealed, Volume 2 (of 2): A Biographical and Critical Study Based Mainly on his own WritingsBruce, Wiliam Cabell
History
Benjamin Franklin; Self-Revealed, Volume 2 (of 2): A Biographical and Critical Study Based Mainly on his own Writings
Bruce, Wiliam Cabell
Franklin, Benjamin, 1706-1790
The plan that he formed for securing this leisure, which he turned to such
fruitful, purposes, was marked by his usual good judgment. In 1744, he had
taken into his employment David Hall, a Scotch journeyman, and a friend of
Strahan. He now admitted Hall to partnership with him. "A very able,
industrious, and honest partner, Mr. David Hall, with whose character I was
well acquainted, as he had work'd for me for four years," are the terms in
which he speaks of Hall in the _Autobiography_. "He took off my hands," he
continues, "all care of the printing-office, paying me punctually my share
of the profits. The partnership continued eighteen years, successfully for
us both." Under the provisions of the partnership agreement, Hall was to
carry on the printing and publishing business of Franklin in his own way,
but in the firm name of Franklin and Hall, and Hall was to pay to Franklin
a thousand pounds a year for eighteen years; at the end of which period
Hall was to become the sole proprietor of the business.[9] Exactly what
income Franklin was deriving from his printing and publishing business at
the time that this agreement was entered into is not known, but reasonable
conjecture has placed it at something like two thousand pounds a year. At
that time he was also the owner of a considerable amount of property,
representing invested returns from his business in the past. The _Gazette_
continued to be published until the year 1821. When the term of eighteen
years, during which the partnership was to last, expired in 1766, the
profits had been over twelve thousand pounds, Pennsylvania currency, from
subscriptions, and over four thousand pounds, Pennsylvania currency, from
advertisements. Judged by the standards of the time and place, it was an
extraordinary degree of success which had enabled Franklin in some twenty
years to establish so lucrative a business as that which he handed over to
the management of Hall in 1748, and few indeed have been the men in
mercantile history, who have been willing, after so long a period of
prosperous addiction to gain, to turn away to purely intellectual and
unremunerative pursuits from such a prospect of increasing self-enrichment
as that renounced by Franklin when he wrote to Cadwallader Colden that he,
too, was taking the proper measures for obtaining leisure to enjoy life and
his friends more than in the past; having put his printing-house under the
care of his partner, David Hall, absolutely left off book-selling, and
removed to a more quiet part of the town, where he was settling his old
accounts, and hoped soon to be quite master of his own time, and no longer,
as the song had it, at everyone's call but his own. Nobody knew better than
he that, if, after getting the first hundred pounds, it is easier to get
the second, it is still easier, after getting the second hundred pounds, to
get the third.
Public-domain text, read in full here on John Shaqi.
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