The
brothers Herndon, who had opened a new store, found business dull and
unpromising. Becoming tired of their undertaking, they offered to sell
out to Lincoln and Berry on credit, and took their promissory notes in
payment. The new partners, in that excess of hope which usually attends
all new ventures, also bought two other similar establishments that were
in extremity, and for these likewise gave their notes. It is evident
that the confidence which Lincoln had inspired while he was a clerk in
Offutt's store, and the enthusiastic support he had received as a
candidate, were the basis of credit that sustained these several
commercial transactions.
It turned out in the long run that Lincoln's credit and the popular
confidence that supported it were as valuable both to his creditors and
himself as if the sums which stood over his signature had been gold coin
in a solvent bank. But this transmutation was not attained until he had
passed through a very furnace of financial embarrassment. Berry proved a
worthless partner, and the business a sorry failure. Seeing this,
Lincoln and Berry sold out again on credit--to the Trent brothers, who
soon broke up and ran away. Berry also departed and died, and finally
all the notes came back upon Lincoln for payment. He was unable to meet
these obligations, but he did the next best thing.
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