“To answer that question,” said Mr. Field, “would be to review the condition of the west from the time Chicago began until the fire in 1871. Everything was coming this way: immigration, railways and water traffic, and Chicago was enjoying what was called ‘flush times.’ There were things to learn about the country, and the man who learned the quickest fared the best. For instance, the comparative newness of rural communities and settlements made a knowledge of local solvency impossible. The old state banking system prevailed, and speculation of every kind was rampant. The panic of 1857 swept almost everything away except the house I worked for, and I learned that the reason they survived was because they understood the nature of the new country, and did a cash business. That is, they bought for cash, and sold on thirty and sixty days, instead of giving the customers, whose financial condition you could hardly tell anything about, all the time they wanted. When the panic came, they had no debts, and little owing to them, and so they weathered it all right. I learned what I consider my best lesson, and that was to do a cash business.” HIS PRINCIPLES OF BUSINESS. “What were some of the principles you applied to your business?” I questioned. “Well, I made it a point that all goods should be exactly what they were represented to be. It was a rule of the house that an exact scrutiny of the quality of all goods purchased should be maintained, and that nothing was to induce the house to place upon the market any line of goods at a shade of variation from their real value. Every article sold must be regarded as warranted, and every purchaser must be enabled to feel secure.” “Did you suffer any losses or reverses during your career?” “No loss except by the fire of 1871. It swept away everything,—about three and a half millions. We were, of course, protected by insurance, which would have been sufficient against any ordinary calamity of the kind. But the disaster was so sweeping that some of the companies which had insured our property were blotted out, and a long time passed before our claims against others were settled. We managed, however, to start again. There were no buildings of brick or stone left standing, but there were some great shells of horse-car barns at State and Twentieth streets which were not burned, and I hired those. We put up signs announcing that we would continue business uninterruptedly, and then rushed the work of fitting things up and getting in the stock.” “Did the panic of 1873 effect your business?” “Not at all. We didn’t have any debts.” “May I ask what you consider to have been the turning-point in your career,—the point after which there was no more danger of poverty?” “Saving the first five thousand dollars I ever had, when I might just as well have spent the moderate salary I made. Possession of that sum, once I had it, gave me the ability to meet opportunities. That I consider the turning-point.”