SECRETARY'S REPORT. 241 



First. "We should say keep an accurate account with every 

 man with whom you do business on time. Keep debt and credit 

 — but we should advise you to keep as little debt account as 

 possible. Never run in debt to the blacksmith, merchant, tailor 

 or shoemaker. Pay as you go, unless you can, by some barter 

 trade, get them in your debt. It would -be better economy to 

 borrow one hundred dollars (if necessary,) at the beginning of 

 the year, even if you had to pay T 3-10 interest, and use that 

 money with which to pay little debts, than to ask trust. When 

 we say keep as little debt account as possible, it is understood 

 that we debit what we pay out, and what we promise to pay ; 

 and credit what we receive, and what we expect to receive. 



Second. Keep a cash-book, in which you enter as credit the 

 money you have on hand at the beginning of the year, and all 

 you receive during the year ; and enter on debit side all you pay 

 out during the year, and the amount on hand at the close of 

 the year, and if you have made no mistakes, the two amounts 

 will exactly balance. To avoid mistakes, you can balance your 

 cash book at the close of every month, instead of the year. 



Third. Make an inventory of all you possess at the beginning of 

 each year, including farm stock, tools, produce, dues, &c ; from 

 this deduct debts, if any, and this will show you what your pos- 

 sessions are at the commencement of the year, and by comparing 

 with the inventory one year previous, it will be seen whether 

 there is occasion for retrenchment, or whether you can be more 

 generous in your expenses. 



Fourth. Have a bo©k of farm accounts, which is independent 

 of all other accounts, and under this head debit all expenses 

 connected with the farm during the year, and credit all receipts. 

 Under this account take all matters of expense or receipts, 

 and at the close of the year, turn to your farm inventory for one 

 year previous, and say, credit by increased value of stock, tools, 

 &c. ; or debtor to decreased value of stock, tools, <fec. In your 

 cash accounts, and also in this, and every other account, when 

 you come to the bottom of the page, add it up and carry the 

 amount over to the top of the next page, so that you will never 

 have more than one page to add to see how that account stands. 



When your last page is added, and you have credited the 

 increased value of stock, tools, &c, or debited the decreased 

 31* 



