In 1780 he resolved to give _no credit_ to any one, and to sell all his books at the lowest price bearing a working profit. The effect of this new method of doing business was remarkable in many ways. Long credit seems to have been common in the trade in those days, most bills were not paid within six months, many not within a twelvemonth, and some not within two years. "Indeed," he adds, "many tradesmen have accounts of seven years' standing; and some bills are never paid"(!) After recounting the disadvantages of the credit system, he says: "When I communicated my ideas on this subject to some of my acquaintances, I was much laughed at and ridiculed; and it was thought that I might as well attempt to rebuild the Tower of Babel as to establish a large business without giving credit." The offence given to some old customers was very great, and for a time he lost them, but they soon returned on learning how much lower his books were now marked than those of other booksellers. As to others who would only deal on credit, he cared little when he observed their anger, very wisely remarking that "some of them would have been as much enraged when their bills were sent in had credit been given them." The booksellers themselves were not a little annoyed by the innovations of the dauntless trader, and appear to have said some bitter things about him and his stock. Some of them were "mean enough to assert that all my books were bound in _sheep_," and he adds, in language that does him credit, "As every envious transaction was to me an additional spur to exertion, I am therefore not a little indebted to Messrs. Envy, Detraction & Co. for my present prosperity, though, I assure you, this is the only debt I am determined not to pay." This adoption of the "no credit" system was the first decided step toward Lackington's wonderful success in business. In five years his catalogues contained the names of thirty thousand books, and these were generally of a much better description.