The speaker reflects on their past parenting approach, highlighting a strict disciplinary system where penalties were enforced for breaking household rules. Specifically, the speaker mentions that their children were spanked as a consequence for certain actions, such as lying or hitting. The penalty for lying was particularly severe, as it was doubled compared to the penalty for the initial wrongdoing. For example, if a child hit their sister, they would receive a set number of spankings, but if they lied about the incident, the punishment would be doubled. This approach was intended to instill the values of honesty and respect for others, particularly emphasizing that lying is considered the worst offense. The speaker underscores the belief that a man's most valuable asset is his good name, which is maintained through honesty and integrity.