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Neural networks in TensorFlow.js
Shanqing Cai
Stanley Bileschi
Eric D. Nielsen
François Chollet
Foreword by
Nikhil Thorat and Daniel Smilkov
MANNING
Working with data
Visualize data
Sect. 7.1
Images or data that can be represented 2D convolution and pooling Chapters 4 and 5
as images (e.g., audio, game board)
Binary classification Sigmoid binaryCrossentropy Accuracy, precision, Sect. 3.1, 3.2, 9.2
(making a binary decision) recall, sensitivity, TPR,
FPR, ROC, AUC
Multi-class classification Softmax categoricalCrossentropy Accuracy, confusion Sect. 3.3, 9.3
(deciding among multiple matrix
classes)
A mix of the above (for example, (Multiple) Custom loss function (multiple) Sect. 5.2
numbers plus classes)
SHANQING CAI
STANLEY BILESCHI
ERIC D. NIELSEN
WITH FRANÇOIS CHOLLET
MANNING
SHELTER ISLAND
For online information and ordering of this and other Manning books, please visit
www.manning.com. The publisher offers discounts on this book when ordered in quantity.
For more information, please contact
Special Sales Department
Manning Publications Co.
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PO Box 761
Shelter Island, NY 11964
Email: orders@manning.com
Many of the designations used by manufacturers and sellers to distinguish their products are
claimed as trademarks. Where those designations appear in the book, and Manning
Publications was aware of a trademark claim, the designations have been printed in initial caps
or all caps.
Recognizing the importance of preserving what has been written, it is Manning’s policy to have
the books we publish printed on acid-free paper, and we exert our best efforts to that end.
Recognizing also our responsibility to conserve the resources of our planet, Manning books
are printed on paper that is at least 15 percent recycled and processed without the use of
elemental chlorine.
ISBN 9781617296178
Printed in the United States of America
brief contents
PART 1 MOTIVATION AND BASIC CONCEPTS . .................................1
1 ■ Deep learning and JavaScript 3
v
contents
foreword xiii
preface xv
acknowledgments xvii
about this book xix
about the authors xxii
about the cover illustration xxiii
vii
viii CONTENTS
TensorFlow.js 38
Project overview: Duration prediction 38 A note on code listings
■
Creating a new model using outputs from the base model 161
Getting the most out of transfer learning through fine-tuning: An
audio example 174
5.2 Object detection through transfer learning on a
convnet 185
A simple object-detection problem based on synthesized scenes 186
Deep dive into simple object detection 187
datasets 210
6.2 Training models with model.fitDataset 214
x CONTENTS
tf.data.microphone() 228
6.4 Your data is likely flawed: Dealing with problems
in your data 230
Theory of data 231 ■
Detecting and cleaning problems with
data 235
6.5 Data augmentation 242
algorithm 381
11.3 Value networks and Q-learning: The snake game
example 389
Snake as a reinforcement-learning problem 389 Markov decision
■
1
C. Cai and P. Guo, (2019) “Software Developers Learning Machine Learning: Motivations, Hurdles, and
Desires,” IEEE Symposium on Visual Languages and Human-Centric Computing, 2019.
xiii
xiv FOREWORD
xv
xvi PREFACE
xvii
xviii ACKNOWLEDGMENTS
Nikhil Thorat, Daniel Smilkov, Jamie Smith, Brian K. Lee, and Augustus Odena, as
well as by in-depth discussion with Suharsh Sivakumar.
One of the unique pleasures of working on a project such as TensorFlow.js is the
opportunity to work alongside and interact with the worldwide open-source software
community. TensorFlow.js was fortunate to have a group of talented and driven con-
tributors including Manraj Singh, Kai Sasaki, Josh Gartman, Sasha Illarionov, David
Sanders, syt123450@, and many many others, whose tireless work on the library
expanded its capability and improved its quality. Manraj Singh also contributed the
phishing-detection example used in chapter 3 of the book.
We are grateful to our editorial team at Manning Publications. The dedicated and
tireless work by Brian Sawyer, Jennifer Stout, Rebecca Rinehart, and Mehmed Pasic,
and many others made it possible for we authors to focus on writing the content.
Marc-Philip Huget provided extensive and incisive technical review throughout the
development process. Special thanks go to our reviewers, Alain Lompo, Andreas Refs-
gaard, Buu Nguyen, David DiMaria, Edin Kapic, Edwin Kwok, Eoghan O’Donnell,
Evan Wallace, George thomas, Giuliano Bertoti, Jason Hales, Marcio Nicolau, Michael
Wall, Paulo Nuin, Pietro Maffi, Polina Keselman, Prabhuti Prakash, Ryan Burrows,
Satej Sahu, Suresh Rangarajulu, Ursin Stauss, and Vaijanath Rao, whose suggestions
helped make this a better book.
We thank our MEAP readers for catching and pointing out quite a few typographi-
cal and technical errors.
Finally, none of this would be possible without the tremendous understanding and
sacrifice on the part of our families. Shanqing Cai would like to express the deepest
gratitude to his wife, Wei, as well as his parents and parents-in-law for their help and
support during this book’s year-long writing process. Stan Bileschi would like to thank
his mother and father, as well as his step-mother and step-father, for providing a foun-
dation and direction to build a successful career in science and engineering. He
would also like to thank his wife, Constance, for her love and support. Eric Nielsen
would like to say to his friends and family, thank you.
Visit https://ebooknice.com to
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Enjoy exclusive deals and
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about this book
Who should read this book
This book is written for programmers who have a working knowledge of JavaScript,
from prior experience with either web frontend development or Node.js-based back-
end development, and wish to venture into the world of deep learning. It aims to sat-
isfy the learning needs of the following two subgroups of readers:
JavaScript programmers who aspire to go from little-to-no experience with
machine learning or its mathematical background, to a decent knowledge of
how deep learning works and a practical understanding of the deep-learning
workflow that is sufficient for solving common data-science problems such as
classification and regression
Web or Node.js developers who are tasked with deploying pre-trained models in
their web app or backend stack as new features
For the first group of readers, this book develops the basic concepts of machine learn-
ing and deep learning in a ground-up fashion, using JavaScript code examples that
are fun and ready for fiddling and hacking. We use diagrams, pseudo-code, and con-
crete examples in lieu of formal mathematics to help you form an intuitive, yet firm,
grasp of the foundations of how deep learning works.
For the second group of readers, we cover the key steps of converting existing
models (e.g., from Python training libraries) into a web- and/or Node-compatible for-
mat suitable for deployment in the frontend or the Node stack. We emphasize practi-
cal aspects such as optimizing model size and performance, as well as considerations
for various deployment environments ranging from a server to browser extensions
and mobile apps.
xix
xx ABOUT THIS BOOK
This book provides in-depth coverage of the TensorFlow.js API for ingesting and
formatting data, for building and loading models, and for running inference, evalua-
tion, and training for all readers.
Finally, technically minded people who don’t code regularly in JavaScript or any
other language will also find this book useful as an introductory text for both basic
and advanced neural networks.
xxii
about the cover illustration
The figure on the cover of Deep Learning with JavaScript is captioned “Finne Katschin,”
or a girl from the Katschin tribe. The illustration is taken from a collection of dress
costumes from various countries by Jacques Grasset de Saint-Sauveur (1757-1810),
titled Costumes de Différents Pays, published in France in 1797. Each illustration is finely
drawn and colored by hand. The rich variety of Grasset de Saint-Sauveur’s collection
reminds us vividly of how culturally apart the world’s towns and regions were just 200
years ago. Isolated from each other, people spoke different dialects and languages. In
the streets or in the countryside, it was easy to identify where they lived and what their
trade or station in life was just by their dress.
The way we dress has changed since then and the diversity by region, so rich at the
time, has faded away. It is now hard to tell apart the inhabitants of different conti-
nents, let alone different towns, regions, or countries. Perhaps we have traded cultural
diversity for a more varied personal life—certainly for a more varied and fast-paced
technological life.
At a time when it is hard to tell one computer book from another, Manning cele-
brates the inventiveness and initiative of the computer business with book covers
based on the rich diversity of regional life of two centuries ago, brought back to life by
Grasset de Saint-Sauveur’s pictures.
xxiii
Part 1
Motivation
and basic concepts
P art 1 consists of a single chapter that orients you to the basic concepts that
will form the backdrop for the rest of the book. These include artificial intelli-
gence, machine learning, and deep learning and the relations between them.
Chapter 1 also addresses the value and potential of practicing deep learning in
JavaScript.
Deep learning
and JavaScript
All the buzz around artificial intelligence (AI) is happening for a good reason: the
deep-learning revolution, as it is sometimes called, has indeed happened. Deep-
learning revolution refers to the rapid progress made in the speed and techniques of
deep neural networks that started around 2012 and is still ongoing. Since then,
deep neural networks have been applied to an increasingly wide range of prob-
lems, enabling machines to solve previously unsolvable problems in some cases and
dramatically improving solution accuracy in others (see table 1.1 for examples). To
experts in AI, many of these breakthroughs in neural networks were stunning.
3
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different content
“3rd. That there was no system of regular education for the
merchant service of Great Britain, but that, in foreign countries, this
matter was much attended to.
“4th. That the sort of education which a British subject receives,
when training for the higher grades of the merchant sea service,
does not suffice to qualify him to represent with advantage to the
merchant by whom he may be employed that merchant’s interest;
and that he may often neglect those interests and the merchant not
be aware of the fact.”
“What was wanted,” Mr. Murray continued, “was not merely a study
of navigation and seamanship, but a thorough knowledge of ship’s
husbandry, and a thorough knowledge of stowage of cargo, of
exchanges, and other commercial information which would qualify a
master to act, if necessary, as the representative of his employer in
the character of merchant; the commander of a ship being in law
considered the representative of the owners of the property on
board. It was further urged that a merchant had no means of
accurately ascertaining the character and capability of shipmasters
or of seamen, and really depended for the safety of his property
upon his insurances.”
For these reasons, with a view to maintain the
and suggestions supremacy of Great Britain in commercial
for remedies navigation and enterprise, Mr. Murray proposed to
establish “a Board or Department of Commercial
Marine,” at the same time pointing out that the want of such a
department was greatly felt in the preparation of any new law, and
still more so in the subsequent process of acting upon it. Nine
departments, he explained, were concerned in the Merchant Sea
Service Laws; and there was no central board to point out to each
department how each could best act for the success of the whole;
each department being left to look merely to those interests
committed to its charge, and to its own convenience. The Board of
Trade was indicated as the department to which the community
would naturally look with regard to everything relating to commerce,
whether at sea or on shore.
Previously to the issue of Mr. Murray’s
Board of Trade ‘Memorandum,’ that Board had, on the 17th May,
Commission,
1847,[21] announced the intention of Government
May 17, 1847.
to issue a commission without delay to examine
into certain matters relating to the commercial
Its results. marine. This inquiry confirmed in all material
respects the information previously received by Mr.
Murray. Indeed, three only out of seventy-five reports from consuls
stated that the condition of British shipping had improved rather
than declined; and, in these cases, it was shown that, from the
nature of the trade in which the vessels were engaged—the fruit
trade of Greece, and from the perishable character of their cargoes—
the greatest care had to be taken in selecting the best ships.
There can be no doubt that, as early as 1843, when Mr. Murray
issued his circular letter to the consuls, and more especially in 1847,
when Lord Palmerston ordered further inquiry to be made by means
of this commission, Government saw the time was approaching
when great changes would be demanded, not merely with regard to
the Navigation Act, but likewise in the laws affecting our ships and
seamen; and that it would, ere long, be essential for our own
interests to follow the example set us by foreigners in the education
of our seamen, as well as in the application of public tests to prove
the competency of the masters and officers of British merchant
vessels.
Strong objections were, however, raised by the
Shipowners shipowners against any Government interference,
condemned for on the ground that it would be partial, and
the character of
consequently so far unjust, these objections being
their ships and
officers. naturally strengthened by the manner in which Mr.
Murray had set about the enquiry of 1843. It was,
nevertheless, but too evident that, however much British shipowners
might deprecate the assistance or interference of Government, a
large proportion of their ships were commanded and navigated in a
manner reflecting discredit on our national intelligence, and injurious
to the interests of Great Britain; that the persons placed in command
of them were too frequently unfit for their duties; and that, while
many of them were so habitually addicted to drunkenness as to be
altogether incompetent for their position, not a few of them were
almost without education.[22]
Nor in too many instances were the ships much better than their
masters; and hence foreign vessels were frequently chartered in
preference to British, not because, as ships, they were superior in
quality, but on account of the greater care foreign shipmasters
bestowed on the stowage and transport of their cargoes, and from
the fact that being generally educated, sober, intelligent, and
capable of commanding respect and maintaining discipline, the
seamen themselves were consequently more orderly.
For these and numerous other reasons,
Views of Government naturally asked whether it was
Government. justifiable that the lives of thousands of persons
should be constantly jeopardised, because
shipowners had the power of placing incompetent persons in charge
of their vessels; and whether it was proper for the State to allow its
seafaring population to be left in ignorance and disorder, and
exposed to the evil example of illiterate and intemperate masters.
Many thoughtful men out of doors also began to enquire if it was
right that these men, by sheltering themselves under the Navigation
Laws, should be thus allowed to encourage the growth and
employment of foreign in preference to British shipping, to the injury
of the national interests.
Even had it not become apparent that the time
Necessity of a had arrived for great changes in the commercial
competent policy of England, the condition of our seamen and
Marine
the state altogether of our merchant service
Department.
required the exclusive attention of some such
public department as Mr. Murray had recommended. But such
matters, however important, being subsidiary to the question of the
Navigation Laws and their effect upon maritime commerce, were left
in abeyance till these had been fully considered.
FOOTNOTES:
[16] See papers relating to the Commercial Marine of Great Britain, 1846, p. 235.
[17] The “Winding-up Act, 1851,” enacted that compulsory contributions should
cease from that date; that those who had paid up till then, should have the option
of continuing these payments, but those seamen who had not contributed before
1851 should not be admitted. Thus the fund was practically “abolished,” and is
now only in operation for the purpose, as the Act names, of “winding-up.” This
well-intended Institution had become hopelessly insolvent through the grossest
mismanagement. Its administration was vested in different irresponsible bodies at
the different ports, and while the Legislature compelled contributions, it took no
security for the just appropriation of these funds, and no security for solvency!
The Winding-up Act of 1851 transferred its affairs to the Board of Trade for the
purpose of paying all existing pensions, and to allow the then existing contributors
to continue their annual payment should they wish to do so. It has cost the
country upwards of 1,000,000l., and will probably cost 500,000l. more before all
claims have been satisfied. The pensions granted by the Board of Trade until now
(1875) have been 7528l. to masters and seamen, and 14,972l. to widows and
children.
[18]
The “Belvidere,” known as the “Royal Alfred Aged Seaman’s
The “Belvidere,” Institution,” was established, soon after the abolition of the
or “Royal Alfred “Merchant Seaman’s Fund,” mainly through the exertions of
Aged Seaman’s the late Mr. William Phillipps, Mr. George Marshall, and other
Institution.” philanthropic shipowners. The laudable object of this
excellent institution is to provide for the “relief of aged and
worn out merchant seamen of the United Kingdom.” It was started by a grant of
5000l. from the Shipwrecked Mariners’ Society, and is now maintained entirely by
legacies, donations, and annual subscriptions from charitable persons. These
amounted, in 1874, to somewhere about 7600l., though, out of this sum, the
annual subscriptions were only 1600l. Its inmates were then 105 decayed seamen,
whose ages ranged from 63 to 85. There were, besides, in that year 110 persons
receiving from its funds 12l. per annum in out-door pensions. The inmates are
provided with comfortable cabins, clothed, a good mess, and have every comfort,
with pleasant grounds for exercise, overlooking the River Thames. All their
physical and spiritual wants are well supplied; and, so far as its limited funds
permit, it has proved of great service, being well and economically managed.
When its claims on the public—I might say on the country—become better known,
its means of doing good will thus, I hope, be largely extended. Indeed, the Board
of Trade having now in hand upwards of 200,000l., arising from the unclaimed
wages and effects of deceased merchant seamen, from the surplus fees of the
mercantile marine, and other similar sources, the question suggests itself if a
portion of these surplus funds could not be appropriated to the benevolent
purposes of the Royal Alfred Aged Seaman’s Institution?
[19] In 1859, when a member of the Royal Commission on manning the Royal
Navy, I proposed to my colleagues the establishment of a merchant seamen’s
fund, under Government supervision, as a means of raising a large portion of the
reserves of seamen we were then considering. Though my views on this and other
points were not adopted, they were published by order of the House of Commons,
and accompanied the report; and as the question is still one of much public
importance and still requires solution, I furnish extracts from these “remarks”:—
“‘Experience has shown,’ says Mr. H. R. Williams, of the
Mr. Williams, Board of Trade, in his sensible paper on the subject, ‘that any
observations by, attempt to establish a merchant seamen’s fund upon the
on the principle of voluntary payments would not be supported by a
advantage of large body of seamen. The working of the Seamen’s Fund
general Winding-up Act has proved that seamen generally, whatever
Seaman’s Fund. advantages may be offered to them, will not voluntarily
contribute to a fund. However great may be the objections,
therefore, to compulsory payments, there is no probability that a fund can be
established with any chance of success upon any other principle.’
“I admit that there is something repugnant to the feelings of the sailor, and, in
fact, to all Englishmen, in the word ‘compulsory,’ when applied to the management
of his own affairs; but, in general practice, that which would be termed
compulsion, if sanctioned and regulated by the Legislature, is already a voluntary
act cheerfully undertaken by large masses of the people. There is scarcely a
handicraft trade in the kingdom the members of which have not formed
themselves into a society, the object of which is, by means of periodical
subscriptions, to secure a pension or payment in sickness or old age. Both
individually and nationally, every such institution is in the highest degree
commendable. If, therefore, these benefit societies deserve encouragement and
support, when formed for artisans and others whose occupations are on shore,
they merit encouragement and support still more when their object is to relieve
those whose occupation is at sea. Seamen have no means of forming such
associations, as they are scattered over the whole world, having no organization,
no central power, and no machinery to put such a system into operation. Whatever
incentives they may have to combine together for such a purpose, they have not
the means of carrying into effect their wishes. This appears to be generally
conceded; and we have arrived at the conclusion that it is the duty of Government
to step forward to aid those who, from their peculiar calling, are incapable of
acting themselves.
“Commander Brown, the Registrar, Mr. Baker and Mr. Williams, of the Board of
Trade, together with Captain Pierce, of the Liverpool Sailors’ Home, all concur in
the opinion that the time has arrived when a new seamen’s fund should be
established on sound principles under Government supervision, and upon such a
basis as shall offer to the seaman a strong and powerful inducement to preserve
that test which secures to him substantial maintenance in old age, or when
prematurely worn out. The whole of the machinery necessary to effect this object
is now established at the shipping offices, and in the existing departments of the
Board of Trade, and already in operation upon 12,000 masters and seamen who
have contributed to the fund under the Winding-up Act of 1851.
“... I am of opinion that such an institution would be highly popular, even with the
shipping interest. I say this, with the knowledge that a seaman may calculate his
wages at only 2l. 9s. instead of 2l. 10s. per month; and with the possibility, that
the difference of 1s. per month may fall upon the shipowner, to which class I
belong. But if the incidence of this extra shilling should, in point of fact, fall
absolutely upon the shipowners, they would be gainers thereby, as it is of the
highest importance to them that the seaman should have some substantial tie to
bind him to this country. At present no such tie exists. The British-born seamen
become citizens of the world, and find themselves quite as much at home in the
United States as in their native country. The higher rate of wages paid in the
American ships presents a temptation to them to enter that service in preference
to that of England. Now if some special inducement were offered to them to
remain at home, it would operate to diminish the number of British seamen in the
service of foreign states. The sailor would thus have also ‘his stake in the public
hedge.’ At present, the exceptional use of savings banks furnishes almost the only
link, for the beneficial use of money-order offices, however great their advantages,
is rather a ready facility given than a permanent benefit enjoyed.
“With those views, I should propose to make a seamen’s fund the basis of raising
the remaining 18,000 men for a reserve. I think that the fund should be a general
one, to which both seamen in the Royal Navy and in the mercantile marine should
be called upon to subscribe. I think it would be desirable to break through the line
of demarcation which has so long existed between the two services, and this
would be one step towards effecting that object. I would give seamen of all
classes a common interest in this one great fund, which might be designated as
National.
“I am aware that objections will be raised to any compulsory fund. I would much
prefer to have it a voluntary one; but knowing the character of the seamen as I
do, I am thoroughly convinced that any fund established even under the auspices
and with the guarantee of the Government, on the voluntary principle, would be a
failure.
“... So far as the nation was concerned, the salutary effects of such a fund would
operate in three different ways: it would prevent the seamen from being objects of
charity or claimants upon the poor rates during their old age; it would be a
permanent tie to bind them to their native country, founded upon a common bond
of self-interest; while it would form the groundwork of a system whereby the
reserve of 18,000, still wanting, might be raised.”
[20] Papers relating to Commercial Marine of Great Britain.
[21] See Sir John Shaw Lefevre’s letter, page 144, part ii., Parl. Papers relating to
Mercantile Marine.
[22] In my own time, I remember a shipowner saying to me that he never would
have a “scholar” in command of any of his vessels, because education taught him
how to make up false accounts and the art of cheating; while another whom I
knew, only retained one “educated” master in his service, because he was
flattered by being invariably addressed by him as “Mr. Joseph Perkins, Esquire.”
CHAPTER III.
High estimate abroad of English Navigation Laws—Change necessary,
owing to the Independence of America—Other nations at first
Protectionist—Mr. Pitt’s proposals with reference to trade with
America—Mr. Pitt resigns, and a temporary Act ensues—Shipowners
and loyalists in America successfully resist his scheme—Congress the
first to retaliate—Restrictions injurious, alike, to England and her
Colonies—Commercial treaties with America between 1794 and 1817
—Acts of 1822 and 1823, and further irritation in America—Order in
Council, July 1826—Conciliatory steps of the Americans in 1830—
Foreigners look with suspicion on any change in the Navigation Laws
—Reciprocity treaties of 1824-6—Value of treaties in early times, but
inadequate for the regulation of commercial intercourse, and liable to
unfair diplomacy—Reciprocity treaties only, partially, of value, and do
not check the anomalies of Protection—Committee of 1844-5
promoted by the Shipowners, who seek protection against Colonial
shipping—Reciprocity must lead to free navigation—New class of
Statesmen, well supported by the People—Exertions of Lord John
Russell, who leads the way against Protection—Richard Cobden and
the Anti-Corn-Law League—John Bright—Effect of the Irish famine,
1845-6—Sir Robert Peel carries the Repeal of the Corn Laws, and
resigns.
FOOTNOTES:
[23] In a little book, ‘Political Arithmetic,’ by Sir William Petty, written about 1675,
and published in 1691, the author of it remarks, “The extent of the shipping of
Europe being about two millions of tons, I suppose the English have five hundred
thousand—the Dutch nine hundred thousand, the French an hundred thousand,
the Hamburgers and the subjects of Dantzic two hundred and fifty, and Spain,
Portugal, Italy, &c., two hundred and fifty thousand!” the value of which the author
reckoned “at 8l. per tun” (ton).
[24] See a review of the ‘History of the Navigation Laws of England from the
Earliest Times,’ by a Barrister, a most able exposition, from the pen (I understand)
of Sir Stafford H. Northcote, Bart., now (1875) Chancellor of the Exchequer,
published by Ridgway, London, 1849.
[25] McPherson’s ‘Annals of Commerce,’ vol. iv. p. 26.
[26] See ante, vol. ii. p. 354.
[27] See Mr. Huskisson’s Speech on Colonial Policy, March 21, 1825.
[28] Hertslet’s Treaties.
[29] Appendix, No. I., p. 563.
[30] In 1814 there were entered inwards 1,290,248 tons of British shipping, and
599,287 tons of foreign shipping.
In 1824 there were entered inwards 1,797,320 tons of British shipping, and
759,441 tons of foreign shipping.
In 1846 there were entered inwards 4,294,733 tons of British shipping, and
1,806,282 tons of foreign shipping.
The clearances at the respective dates were about the same in amount and
proportion.
[31] See these Reports of 16th July, 1845.
[32] I first became intimate with Cobden in 1852, and our friendship continued
unbroken until his untimely death in 1865. He was the most agreeable companion,
and the most convincing reasoner I ever met. Though his name has long been a
household word, yet as his life has not been written (I hope it may soon be given
to the world), many of my readers may not be aware of his career as a man of
business. He was often my companion for days together where I now pen these
notes, and, though I possess many pleasing reminiscences in connexion with his
most useful life and numerous letters from him, for he had the pen of a ready
writer, I prefer leaving these to be dealt with by his biographer, when his executors
consider that the time has arrived to publish his life. But I think I ought not to
withhold from my readers the account he gave me of his commercial career, more
especially as an erroneous impression prevails in public that, though great as a
statesman, he was unsuccessful as a man of business. This letter referred to the
question of Limited Liability which we had frequently discussed. It is written in his
happiest style; and if I could to advantage (but I cannot), I would not alter a
single word. “It is singular,” he remarks in another letter of his now before me,
approving of some comments I had made, “how much better we all write when we
are expressing ourselves with unrestrained freedom to a friend, than when we are
polishing off our sentences for the great public. I find it always in my own case,
and the reason is simply that we are more natural, and therefore kindle a warmer
sympathy in the breast of the reader. It is this which makes the private memoirs
and correspondence of great men much more interesting than their public
performances.” For these reasons, I venture to give to the public the letter he
writes about himself and his business career unaltered, except where I have
omitted the names of two noble Lords still living.
“Midhurst, 24th March, 1856.
“My dear Lindsay,
“I can see no flaw in your indictment, and do not think there is a
shade of difference in our views upon partnership matters. But I
would rather talk than write to you on the subject. It has always
appeared to me that the fundamental fallacy which overrules all the
objections to limited liability is the fear that capitalists will not be able
to take care of their money without a little help from Parliament. I
think they may be safely trusted. You and I agree also in the practical
view of the question—that legislators and theorists overrate the
extent to which the actual possession of capital affords a guarantee to
the creditor. It is the character, experience, and connexions of the
man wanting credit, his knowledge of his business, and opportunities
of making it available in the struggle of life, that weigh with the
shrewd capitalists far more than the actual command of a few
thousands more or less of money in hand. I began business in
partnership with two other young men, and we only mustered a
thousand pounds amongst us, and more than half of it was borrowed.
We all got on the ‘Peveril of the Peak’ coach, and went from London
to Manchester in the, at that day, marvellously short space of twenty
hours. We were literally so ignorant of Manchester houses that we
called for a directory at the hotel, and turned to the list of ‘calico
printers,’ theirs being the business with which we were acquainted,
and they being the people from whom we felt confident we could
obtain credit. And why? Because we knew we should be able to
satisfy them that we had advantages from our large connexions, our
knowledge of the best branch of the business in London, and our
superior taste in design, which would insure success. We introduced
ourselves to Fort Brothers and Co., a rich house, and told our tale,
honestly concealing nothing. In less than two years from 1830 we
owed them forty thousand pounds for goods which they had sent to
us in Watling Street, upon no other security than our characters and
knowledge of our business. I frequently talked with them in later
times upon the great confidence they showed in men who avowed
that they were not possessed of 200l. each. Their answer was that
they would always prefer to trust young men with connexions and
with a knowledge of their trade, if they knew them to possess
character and ability, to those who started with capital without these
advantages, and that they had acted on this principle successfully in
all parts of the world. We did not disappoint them or ourselves. In
1834-1835 our stock takings showed a net balance of 20,000l. a year
profit. Then I began to write pamphlets and to talk politics, and from
that moment I ceased to make money, and in 1846, when the League
finished its labours, my children must have been beggars, had not my
neighbours, who knew my circumstances, originated the subscription
which restored me independence. I took the money without shame,
because I had earned it. If money had been my sole object in life I
should have been a more successful man by sticking to my calicoes,
for my partners have grown richer than I by doing so, and young men
taken into the concern since I left have made fortunes. I may add that
the original formation of the partnership, and the whole scheme of
the business, sprung exclusively from myself. But what has this to do
with your bill? I never detect myself falling into a twaddle about
things personal and past without suspecting that I am growing old
and garrulous. I doubt the policy of your presenting a bill to the
House. Your strength lies in your principle—perfect freedom—which
you can argue with more force when not compelled to enter upon
details. If you have any suggestions as to the clauses of the Bill,
would it not be better to do as you did with the Shipping Bill by giving
the Board of Trade the benefit of your hints? It may be necessary to
concede something for the sake of carrying any measure, but I doubt
whether any concession, beyond a registration, which may be shown
to be a convenience to all parties, will not be unsoundness. If it be
necessary to tamper with sound principles for the sake of pleasing the
Lords, let the proposal come from their party. I suspect we shall be
weaker in both Houses in dealing with the question of private
partnership upon free-trade principles than with that of Joint Stock
Associations. Upon the latter question, people of the —— and ——
school of political economy, whose principles are, if pushed home, a
little socialistic, took a great interest, because they have an amiable
faith in the power of association amongst the working classes. But I
doubt whether they will throw much zeal into the question of private
partnership. By the way, don’t put the question in the House in the
form of a problem A. B. C. D. &c. It does in a written argument, and
even then demands a severe attention; but I find that that mode of
stating the case in the House does not succeed.
“I shall be happy to renew the discussion when we meet, and remain
very sincerely yours,
“Rd. Cobden.”
[33] Though not within the province of this work, it should be remembered that
Fox stoutly opposed Pitt’s great Free-trade Treaty with France, in 1756, and that
Lord John Russell did not come out as a thorough and earnest Free-trader until
1840-41.
[34] Alison’s ‘History of Europe,’ vol. vii. p. 168.
[35] This difference reached its climax in 1845, when Lord Grey wished to exclude
Lord Palmerston from the Foreign Office, and Lord Russell insisted on his being
nominated for that department.
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