Once upon a time three poor students, all very near-sighted, and each possessing a single pair of horn-rimmed spectacles, set out to walk to a remote university, for the purpose of competing for a professorship.

On the way, while sleeping by the road-side, a thief stole their three pairs of horn-rimmed spectacles.

Waking, their distress was great: they stumbled, they fell, they lost their way; and night was at hand, when they met a pedlar.

‘Have you any spectacles?’ said the three miserable students.

‘Yes,’ said the pedlar, ‘exactly three pairs; but they are set in gold; and with magnificent workmanship; in fact, they were made for the king, and they cost so much – …’

‘Such a sum,’ said the students, ‘is absurd; it is nearly as much as we possess.’

‘I cannot,’ the pedlar replied, ‘take less; but here is an ivory-handled frying pan which I can let you have for a trifling sum, and I strongly recommend you to buy it because it is such an astonishing bargain, and you may never again chance to meet with a similarly joyful opportunity.’

Said the eldest of the three students, ‘I will grope my way on as I eal. It is ridiculous to buy a pair of this man’s spectacles at such a price.’

‘And I,’ said the second, ‘am determined to buy the ivory-handled frying pan; it costs little, and will be very useful, and I may never again have such an extraordinary bargain.’

But the youngest of the three, undisturbed by the laughter of the two others, bought the gold-rimmed sumptuous spectacles, and was soon out of sight.

Thereon, No. 1 set off slowly, but, falling into a ditch, by reason of his blindness, broke his leg, and was carried back, by a charible passer-by in a cart, to his native town.

No. 2 wandered on, but lost his way inextricably, and, after much suffering, was obliged to sell his ivory-handled frying pan at a great loss, to enable him to return home.

No. 3 reached the University, gained the prize, and was made Professor of Grumphiology, with a house and fixed salary, and lived happily ever after.

Moral. – To pay much for what is most useful, is wiser than to pay little for what is not so.