mm ' 4j. \l*e'.'y ^ im^4 Mh\ -, f-' /V LIBRARY X '/\ '^^’«'^7r V \ \ > S 41.0^ iU^ Co (J^ Digitized by the Internet Archive in 2018 with funding from Duke University Libraries https://archive.org/details/kingsoffortune01houg Kings of Fortune OR THE TRIUMPHS MD ACHIEVEMENTS OF NOBLE, SELF-MADE MEN, Whose brilliant careers have honored their calling, blessed humanity, and whose lives furnish instruction for the young, enter¬ tainment for the old, and valuable lessons for the aspirants of fortune, • EDITED BT WALTER R. HOUGHTON A. VI, IiATE PROFESSOR POLITICAL SCIENCE, INDIANA UNIVERSITY, FELLOW AMERICAN GEOGRAPHICAL SOCIETY, AUTHOR OF WALL CHART OF UNITED STATES HISTORY, LITERATURE AND GEOGRAPHY, CONSPECTUS OF THE HISTORY OF POLITICAL PARTIES, MAP OF UNITED STATES HISTORY, HISTORY OF AMERICAN POLITICS, WHEELS OF STATE AND NATIONAL GOVERNMENT, POLITICAL PARTIES AND THEIR ISSUES, BIOORAPHIES OF PRESIDENTLAL CANDIDATES, ETC,. ETC,, ETC ILLUSTRATED. CHICAGO: A. E, DAVIS & CO. 1886 . OOPYBIGHT, A. E. DAVIS & CO, 188 +. ^ACi.O'JS H t ^ Z K “The physical industries of this world have two relations in them: one to the actor, and one to the public. Honest business is more really a contribution to the public than it is to the manager of the business himself. Although it seems to the man, and generally to the community, that the active business man is a self-seeker, and although his motive may be self-aggrandize¬ ment, yet, in point of fact, no man ever manages a legitimate business in this life, that he is not doing a thousand-fold more for other men than he is trying to do even for himself. For, in the economy of God’s providence, every right and well organized business is a beneficence and not a selfishness. And not less is it so because the merchant, the mechanic the publisher, the artist, think merely of their profit. They are in fact working more for others than they are for themselves. * ^ 1 - lit PEEFACE. The chief glory of America is, that it is the country in which genius and industry find their speediest and surest reward. Fame and fortune are here open to all who are willing to work for them. Neither class distinctions nor social prejudices, neither differences of birth, religion, nor ideas, can prevent the man of true merit from winning the just reward of his labors in this favored land. We are emphatically a nation of self-made men, and it is to the labors of this worthy class that our marvelous national prosperity is due. This being the case, it is but natural that there should be manifested by our people a very decided desire to know the history of those who have risen to the front rank of their respective callings. Men are naturally cheered and encouraged by the success of others, and those who are worthy of a similar reward will not fail to learn valuable lessons from the examples of the men who have preceded them. With the hope of gratifying this laudable desire for informa¬ tion, and encouraging those who are still struggling in the lists of fame and fortune, I offer this book to the reader. I have sought to tell simply and truthfully the story of the trials and triumphs of our self-made men, to show how they overcame where others failed, and to offer the record of their lives as models worthy of the imitation of the young men of our country. No one 5 6 PRETACE. can hope to succeed in life merely by the force of his own genius, any more than he can hope to live without exerting some degree of influence for good or evil upon the community in which his lot is cast. Success in life is not the effect of accident or of chance: it is the result of the intelligent application of certain fixed principles to the affairs of every day. Each man must make this application according to the circumstances by which he is surrounded, and he can derive no greater assistance or en¬ couragement in this undertaking than by informing himself how other men of acknowledged merit have succeeded in the same departments of the world’s industry. That this is true is shown by the fact that many of the most eminent men attribute their great achievements to the encouragement with which the perusal of the biographies of others inspired them at critical periods of their careers. It is believed that the narrations embraced in these pages afford ample instruction and entertainment to the young, as well as food for earnest reflection on the part of those who are safelv advanced upon tlieir patliway to success, and that they will prove interesting to all classes of intelligent readers. Some explanation is due to the reader respecting the title that has been chosen fur the work. The term “ Kings of Fortune” is not used here to designate pecuniary success exclusively. A few of the men whose lives are herein recorded never amassed great wealth. Yet they achieved the highest success in their vocations, and their lives are so full of interest and instruction that this work must have been incomplete and unsatisfactory had they been passed over in silence. The aim of the writer has been to present the histories of those who have won the highest fame and achieved the greatest good in their respective callings, whether that success has brought them riches or not, and above all, of those whose labors have not only opened the way to fortune for themselves, but also for others, and have thus conferred lasting benefits upon their country. ‘ PREFACE. 7 In short, I have sought to make this work the story of the Genius of America, believing as I do that he whose achievements have contributed to the increase of the national wealth, the de¬ velopment of the national resources, and the elevation of the national character, though he himself be poor in purse, has in¬ deed won a great fortune, of which no reverse can ever deprive him. The Author. 0 r 'i i CONTENTS I. MERCHANTS. Stephen Gfirard.. CHAPTER I. ___ 15- 42 John Jacob Astor. CHAPTER 11. ______ 43- 79 Alexander T. Stewart... CHAPTER III. _______ 80-100 Amos Lawrence_ CHAPTER IV. _ 101-115 Andrew V. Stout_ . CHAPTER V. _____ 116-123 Jonas Chickering.__ CHAPTER VI. _ __ 124-137 Nicholas Longworth_ CHAPTER VII. ___ _ _ 138-153 George Peabody.. .. . CHAPTER VIII. ___ 157-170 Philip D. Armour _ .. CHAPTER IX. _ 171-181 Marshall Field_ CHAPTER X, ____ 185-189 9 10 CONTENTS. II. CAPITALISTS. CHAPTEK XI. Cornelius Vanderbilt_ 193-211 CHAPTER XII. George M. Pullman-._!_212-220 CHAPTER XIII. Cyrus W. Field_ 223-250 CHAPTER XIV. Wilbam H. Vanderbilt_ 253-258 .CHAPTER XV. Jay Gould_ 261-274 III. INVENTORS. CHAPTER XVI. Robert Fulton_ 275-301 Cn4PTER XVII. Charles Goodyear_ 302-328 CHAPTER XVIII. Eh mitney_ 329-339 CHAPTER XIX. Elias Howe, Jr_ 343-353 CHAPTER XX. Richard M. Hoe_ 354-362 CHAPTER XXL Samuel Colt_ 363-373 CHAPTER XXII. Samuel F. B. Morse_ 377-389 CHAPTER XXIII. Cyrus H. McCormick_ 393-405 lY. EDITORS. __ • CHAPTER XXIV. James Gordon Bennett_ 407-426 CHAPTER XXV. Robert Bonner_ 427-436 CONTENTS. 11 V. LAWYERS. CHAPTEK XXVI. John Marshall_ ' ___ 437^56 CHAPTER XXVII. James T. Brady___ 459-473 VI. ARTISTS. CHAPTER XXVIII. Benjamin West_ 475-488 CHAPTER XXIX. John Rogers_ 489-498 CHAPTER XXX. Hiram Powers_ 501-519 VII. DIVINES. CHAPTER XXXI. David Swing_ 521-629 CHAPTER XXXII. Peter Cartwright_ 530-568 VIII. AUTHORS. CHAPTER XXXIII. Henry W. Longfellow_ 569-583 CHAPTER XXXIV. Nathaniel Hawthorne_ 587-598 IX. ACTORS. CHAPTER XXXV. Edwin Booth- 599-608 CHAPTER XXXVI. Joseph Jefferson_611-621 4. i I I. MERCHANTS. CHAPTEE I. STEPHEN GIRARD. NE May morning, in the year 1776, the month of tlie Delaware Bay was shrouded in a dense fog, which cleared away toward noon, and revealed several vessels jnst off the capes. From one of these, a sloop, floated the flag of France and a signal of distress. An American ship ran alongside the stranger, in answer to her signal, and found that the French captain had lost his reckoning in a fog, and was in total ignorance of his whereabouts. His vessel, he said, was bound from New Orleans to a Canadian port, and he was anxious to proceed on his voyage. The American skipper in¬ formed him of his locality, and also apprised him of the fact that war had broken out between the colonies and Great Brit¬ ain, and that the American coast was so well lined with British cruisers that he would never reach port but as a prize. “ What shall I do?” cried the Frenchman, in great alarm. “Enter the bay, and make a push for Philadelphia,” was the teply. “ It is your only chance.” The Frenchman protested that he did not know the way, 15 16 KINGS OF FORTUNE. and had no pilot. The American captain, pitying his distress, found him a pilot, and even loaned him five dollars, which the pilot demanded in advance. The sloop got under weigh again, and passed into the Delaware, beyond the defenses which had been erected for its protection, just iii time to avoid capture by a British war vessel which now made its appearance at the mouth of the bay. Philadelphia was reached in due time, and, as the war bade fair to put an end to his voyages, the captain sold the sloop and her cargo, of \vhich he was part owner, and, entering a small store in Water Street, began the business of a grocer and wine-bottler. His cajiital was small, his business trifling in extent, and he himself labored under the disadvan¬ tage of being almost unable to speak the English language. In person he was short and stout, with a dull, repulsive coun¬ tenance, which his bushy eyebrows and solitary eye (being blind in the other) made almost hideous. He was cold and reserved in manner, and was disliked by his neighbors, the most of whom were afraid of him. This man was Stephen Girard, who was afterward destined to play so important a part in the history of the city to which the mere chances of war sent him a stranger. He was born at Bordeaux, in France, on the 21st of May, 1750, and was the eldest of the five children of Captain Pierre Girard, a mariner of that city. His life at home was a hard one. At the age of eight years, he discovered that he was blind in one eye, and the mortification and grief which this discovery caused him appear to have soured his entire life. He afterward declared that his father treated him with considerable neglect, and that, while his younger b rothers were sent to college, he was made to content himself with the barest rudiments of an education, with merely a knowledge of reading and writing. M hen he was quite young, his mother died, and, as his father STEPHEN GIRARD. 17 soon married again, the severity of a steji-mother was added to his other troubles. When about thirteen years of age, he left home, with his father’s consent, and began, as a cabin-boy, the life of a mariner. For nine years he sailed between Bordeaux and the French AYest Indies, rising steadily from his position of cabin-boy to that of mate. He improved his leisure time at sea, until he was not only roaster of the art of navigation, but generally well informed for a man in his station. His father ])ossessed sufficient influence to procure him the command of a vessel, in spite of the law of Franee which required that no man should be made master of a ship unless he had sailed two cruises in the royal navy and was twenty-five years old. Gradually Girard was enabled to amass a small sum of money, which he invested in cargoes easily disjwsed of in the ports to which he sailed. Three years after he was licensed to eommand, he made his first appearance in the port of Philadelphia. He was then twenty-six years old. From the time of his arrival in Philadelphia he devoted him¬ self to business with an energy and industry which never failed. He despised no labor, and was willing to undertake any honest means of increasing his subsistence. He bought and sold any thing, from groceries to old “junk.” His chief profit, however, was in his wine and cider, which he bottled and sold readily. His business prospered, and he was regarded as a thriving man from the start. In July, 1777, he married Mary Lum, a servant girl of great beauty, and sometliing of a virago as well. The union was an unhappy one, as the husband and wife were utterly unsuited to each other. Seven years after her marriage, Airs. Girard showed symptoms of insanity, which became so decided that her hus¬ band was compelled to place her in the State Asylum for the Insane. He appears to have done every thing in his power to 18 KINGS OF FORTUNE. restore her to reason. Being pronounced cured, she returned to her home, but in 1790 he was compelled to place her per¬ manently in the Pennsylvania Hospital, where, nine months after, she gave birth to a female child, which happily died. Mrs. Girard never recovered her reason, but died in 1815, and was buried in the hospital grounds. Girard fled from Philadelphia, with his wife, in September, 1777, at the approach of the British, and purchased a house at Mount Holly, near Burlington, Xew Jersey, where he carried on his bottling business. His claret commanded a ready sale among the British in Philadelphia, and his profits were large. In June, 1778, the city was evacuated by Lord Howe, and he was allowed to return to his former home. Though he traded with the British, Girard considered him¬ self a true patriot, as indeed he was. On the 27th of October, 1778, he took the oath of allegiance required by the State of Pennsylvania, and renewed it the year following. The war al¬ most annihilated the commerce of the country, which was slow in recovering its former prosperity ; but, in spite of this discour¬ aging circumstance, Girard worked on steadily, scorning no em¬ ployment, however humble, that would yield a profit. Already he had formed the plans which led to his immense wealth, and he was now patiently carrying out the most trying and disheart¬ ening preliminaries. Whatever he nndertook prospered, and though his gains Avere small, they Avere carefully husbanded, and at the proper time inA’ested in such a manner as to pro¬ duce a still greater yield. Stephen Girard knew the A’aliie of little things, and he kneAV hoAV to take advantage of the most trifling circumstance. His career teaches AAdiat may be done Avith these little things, and shoAvs hoAv eA'en a feAV dollars, properly managed, may be made to produce as many thou¬ sands. STEPHEN GIRARD. 19 In 1780, Mr. Girard again entered upon the New Orleans and St. Domingo trade, in which he was engaged at the break¬ ing out of the Revolution. He was very successful in his ven¬ tures, and was enabled in a year or two to greatly enlarge his ojierations. In 1782, he took a lease of ten years on a range of frame buildings in Water Street, one of which he occupied himself, with the privilege of a renewal for a similar period. Rents were very low at that time, as business was prostrated and people were despondent; but Girard, looking far beyond the present, saw a prosperous future. He was satisfied that it would require but a short time to restore to Philadelphia its old commercial importance, and he was satisfied that his leases would be the best investment he had ever made. The result proved the' correctness of his views. His profits on these leases were enormous. About this time he entered into partnership with his brother. Captain John Girard, in the West India trade. But the brothers could not conduct their affairs harmoniously, and in 1790 the firm was dissolved by mutual consent. Stephen Girard’s share of the profits at the dissolution amounted to thirty thousand dollars. His wealth was greatly increased by a terrible tragedy which happened soon afterward. At the outbreak of the great insurrection in St. Domingo, Girard had twm vessels lying in one of the ports of that island. At the first signal of danger, a number of planters sent their valuables on board of these ships for safe-keeping, and went back to their estates for the purpose of securing more. They never returned, doubtless falling victims to the fury of the brutal negroes, and when the vessels were ready to sail there was no one to claim the property they contained. It ■was taken to Philadelphia, and was most liberally advertised by Mr. Girard, but as no owner ever appeared to demand it, it 20 KINGS OF FORTUNE. was sold, and the proceeds—about fifty thousand dollars— turned into the merchant’s own coffers. This was a great as¬ sistance to him, and the next year he began the building of those sj)lendid ships which enabled him to engage so actively in the Chinese and East India trades. His course was now onward and upward to wealth. At first his ships merely sailed between Philadelphia and the port to which they were originally destined ; but at length he was enabled to do more than this. Loading one of his ships with grain, he would send it to Bordeaux, where the proceeds of her cargo would be invested in wine and fruit. These she would take to St. Petersburg and exchange for hemp and iron, which were sold at Amsterdam for coin. From Amsterdam she would proceed to China and India, and, purchasing a cargo of silks and teas, sail for Philadelphia, where the final pur¬ chase was sold by the owner for cash or negotiable paper. His success was uniform, and was attributed by his brother mer¬ chants to luck. Stephen Girard had no faith in luek. He never trusted any thing to chance. He was a thorough navigator, and was perfect master of the knowledge required in directing long voyages. He understood every department of his business 50 well that he was always prepared to survey the field of commerce from a high stand-point. He was familiar with the ports with which he dealt, and was always able to obtain such information concerning them as he desired, in advance of his competitors. He trusted nothing of importance to others. His instructions to the commanders of his ships were always full and precise. These documents afford the best evidence of the statements I have made concerning his system, as the follow¬ ing will show: STEPHEN GIRARD. 21 Copy of Stephen Girards Letter to Mr. -, Commander and Supercargo of the ship -, bound to Batavia. Philadelphia,-. Sir— I confirm my letters to you of the — ult., and the — inst. Having recently heard of the decease of Mr. -, merchant at Batavia, also of the probable dissolution of his house, under the firm of Messrs.-, I have judged it prudent to request my Liverpool correspondents to consign the ship-, cargo, and specie on board, to Mr.-, merchant at Batavia, subject to your control, and have requested said Liverpool friends to make a separate invoice and bill of lading for the specie, which they will ship on my account, on board of the ship -, and similar documents for the merchandise, which they will ship in the same manner; therefore, I request that you will sign in conformity. I am personally acquainted with Mr. -, but not with Mr. -, but I am on very friendly terms with some particular friends of the latter gentleman, and consequently I give him the preference. I am sorry to observe, however, that he is alone in*a country where a partner appears to me indispensable to a commercial house, as well for the safety of his own capital as for the security of the interests of those who may confide to them property, and reside in distant parts of the globe. The foregoing reflections, together with the detention of my ship V-, at Batavia, from June last, epoch of her arrival at that port, until the 15th of September, -, when she had on board only nineteen hundred peculs of coffee, are the motives which have compelled me to request of my Liverpool friends to consign the specie and goods, which they will ship on my account, on board of the ship -, under your command, to said Mr. -, subject to your control. Therefore, relying upon your activity, perseverance, correctness, zeal, and attention for my intere.st, I proceed in pointing out to you the plan of conduct which I wish you to pursue on your arrival at Batavia, and during your stay at that or any port of that island, until your departure for Cowes, on the Isle of Wight, to await my subsequent orders. 22 KINGS OF FORTUNE. First. On your arrival at Batavia, you are to go on shore and ascertain Mr.-’s residence, and, if you have reason to believe that he is still considered at that place as a man of good credit, and merits full confidence, you are to dehver to him my Liverpool consignees’ letters to his address, and also the goods which you have on board, in such proportion as he may request, except the specie, which is to continue on board, as mentioned in the next article. Second. The specie funds of the ship -, which will consist of old Carolus dollars, you are to retain on board untouched, and in the said boxes or packages as they were in when shipped from Liverpool, well secured, and locked up in your powder magazine, in the after run of the said ship under the cabin floor. The bulkhead and floor of said magazine, scuttle, iron bar, staples, etc., must be made sufficiently strong, if not already so, while you are at Liverpool, where you are to procure a strong padlock and key, for the purpose of securing said specie in the most complete and safest manner; and when you have the certainty that it is wanted to pay for the coffee purchased on account of the ship-, then you are to receive the said^ coffee, and pay or deliver to your consignee Spanish dollars to the amount of said purchase, and no more, having due regard to the premium or advance allowed at Batavia on old Spanish dollars; and in that way you are to continue paying or delivering dollars as fast as you receive coffee, which is not to exceed the quantity which can be convenientlj' stowed on board said ship -, observing to take a receipt for each payment, and to see that the net proceeds of the goods, which will have been shipped at Liverpool, must be invested in coffee, as far as the sales will permit, and shipped on board of said ship. Should it happen that on your arrival at Batavia you should find that death, absence, etc., should deprive you of the services of ilr. -, or that, owing to some causes before mentioned, it would be prudent to confide my interests elsewhere, in either case you are to apply to Messrs. -, merchants of that place, to communicate your instructions relative to the disposal of the Liverpool cargo, on board of the ship -, the loading of that ship with good merchantable coffee, giving the preference to the first quality whenever it can be purchased on reasonable terms for cash, or received in payment for STEPHEN GIRARD. 23 the sales of the said Liverpool cargo, or for a part thereof, observing that I wished said coffee to be purchased at Samarang, or any other out-port, if practicable; and in all cases it must be attentively exam¬ ined when delivered, and put up in double gunny bags. If the purchase of said cargo is made at an out-port, the ship - must proceed there to take it in. On the subject of purchasing coffee at government sales, I have no doubt that it is an easy way to obtain a cargo, but I am of opinion that it is a very dear one, particularly as the fair purchaser, who has no other objbct in view but to invest his money, does not stay on the footing of competitors, who make their payments with Netherland bills of exchange, or wish to raise the jjrices of their coffee which they may have on hand for sale. Under these impressions, I desire that all the purchases of coffee on my account be made from individuals, as far as practicable, and if the whole quantity necessary to load the ship can not be obtained at private sale, recourse must then be had to government sales. In many instances I have experienced that whenever I had a vessel at Batavia, the prices of coffee at the government sales have risen from five to ten per cent., and sometimes higher. On the subject of coffee I would remark that, owing to the increase of the culture of that bean, together with the immense imports of tea into the several ports of Europe, the price of that leaf has been lowered to such a degree as to induce the people of those coun¬ tries, principally of the north, to use the latter article in preference to the first. That circumstance has, for these past three years, created a gradual deduction from the consumption of coffee, which has augmented the stock on hand throughout every commercial city of the northern part of the globe, so as to present a future unfavorable prospect to the im¬ porters of that article. Indeed, I am convinced that, within a few months from this date, coffee will be ten per cent, cheaper in the United States than what it has been at Batavia for theke two years past; never¬ theless, being desirous to employ my ships as advantageously as circum¬ stances will permit, and calculating also that the price at Java and other places of its growth will fall considerably, I have no objection to adventure. 24 KINGS OF FOETUNE. Therefore, you must use every means in your i)o\ver to facilitate the success of the voyage. Should the invoice-cost of the entire cargo of coffee shipped at Java, on board of the ship-, together with the disbursements of that ship (which must be conducted with the greatest economy), not amount to the specie funds and net proceeds of her Liverpool cargo, in that event you are to deliver the surplus to your consignee, who will give you a receipt for the same, with a duplicate, expressing that it is on my ac¬ count, for the purpose of being invested on the most advantageous terms, in good dry coffee, to be kept at my order and disposal. Then you will retain the original in your possession, and forward to me the duplicate by first good vessel to the United States, or via Europe, to care of my correspondents at Liverpool, London, Antwerp, or Am¬ sterdam, the names of whom you are familiar with. If you should judge it imprudent, however, to leave that money at Batavia, you are to bring it back in Spanish dollars, which you will re¬ tain on board for that purpose. Although I wish you to make a short voyage, and with as quick dis¬ patch at Java as practicable, yet I desire you not to leave that island unless your consignee has finally closed the sales of the Liverpool cargo, so that you may be the bearer of all the documents, and account-cur¬ rent, relative to the final transactions of the consignment of the ship -and cargo. Duplicate and triplicate of said documents to be for¬ warded to me by your consignees, by the two first safe conveyances for the ports of the United States. Being in the habit of dispatching my ships for Batavia from this port, Liverpool, or Amsterdam, as circumstances render it convenient, it is in¬ teresting to me to be from time to time informed of the several articles of produce and manufactures from each of those places which are the most in demand and quickest of sale at Java. Also of the quantity of each, .size of package, and the probable price which they may sell for, cash, adding the Batavia duty, charges for selling, etc. Please to com¬ municate this to your Batavia consignee. The rates of commission I will allow for transacting the business rela¬ tive to the ship and cargo at Java are two and a half per cent, for sell¬ ing, and two and a half per cent, for purchasing and shipping coffee and other articles. STEPHEN GlRAED. 25 The consignees engaging to place on board of each prow one or two men of confidence, to see that the goods are safely delivered on board of the ship, to prevent pilfering, which is often j^racticed by those who con¬ duct the lighter. I am informed that the expenses for two men are trifling, compara¬ tively, to the plunder which has been committed on board of the prows which deliver coffee on board of the ships. No commissions whatever are to be allowed in the disbursements of my ships, whenever ship and cargo belong to me, and are consigned to some house. While you remain at Batavia, I recommend you to stay on board of your ship, and not to go on shore except when the business of your ship and cargo may render it necessary. Inclosed is an introductory letter to-, which I request you to de¬ liver, after you have made the necessary arrangements with Mr.- for the consignment of the ship and cargo, or after the circumstance aforementioned has compelled you to look elsewhere for a consignee. Then j'ou are to call upon said Messrs.-, deliver them the aforesaid letter and the consignment of the ship- and cargo, after having agreed with them in writing, which they will sign and deliver to you, that they engage to transact the business of the ship and cargo on the terms and conditions herein stated; and when that business is well un¬ derstood and finally closed, you are to press them in a polite manner, so that they may give you a quick dispatch, without giving too great a price for the coffee, particularly at this present moment, when its price is declining throughout those countries where it is consumed. Indeed, on the subject of purchasing coffee for the ship -, the greatest caution and prudence should be exercised. Therefore, I request that you will follow the plan of conduct laid down for you throughout. Also, to keep to yourself the intention of the voyage, and the amount of specie you have on board; and in view to satisfy the curious, tell them that it is probable that the ship will take in molasses, rice, and sugar, if the price of that produce is very low, adding that the whole will depend on the success in selling the small Liverpool cargo. The consignees of said cargo should follow the same line of conduct, and if properly attended to by yourself and them, I am convinced that the cargo of coffee can be purchased ten per cent, cheaper than it would be 26 KINGS OF FORTUNE. if it is publicly known there is a quantity of Spanish dollars on board, besides a valuable cargo of British goods intended to be invested in coffee for Stephen Girard, of Philadelphia. During my long commercial experience, I have noticed that no advan¬ tage results from telling one’s business to others, except to create jeal¬ ousy or competitors when we are fortunate, and to gratify our enemies when otherwise. If my remarks are correct, I have no doubt they will show you the necessity of being silent, and to attend with activity, perseverance, and modesty, to the interests of your employer. As my letters of instruction embrace several interesting objects, I re¬ quest you to peruse them in rotation, when at sea in fine climates, dur¬ ing your voyage to Batavia, and to take correct extracts, so as to ren¬ der yourself master of the most essential parts. I conclude by direct¬ ing your attention to your health and that of your crew. I am yours, respectfully, Stephen Girard. Mr. Girard was not only rigidly precise in his instruction!;, but he permitted no departure from them. He regarded it as dangerous to allow discretion to any one in the execution of his plans. Where a deviation from his instructions might cause success in one case, it would cause loss in ninety-nine others. It was understood among all his employes that a rigid obedi¬ ence to orders, in even the most trifling particulars, was expected, and would be exacted. If loss came under such cir¬ cumstances, the merchant assumed the entire responsibility for it. Upon one occasion one of his best captains was instructed to purchase his cargo of teas at a certain port. Upon reaching home he was summoned by the merchant to his presence. “Captain-,” said Mr. Girard, sternly, “your instructions required you to purchase your cargo at- “That is true, Mr. Girard,” replied the Captain, “but upon reaching that port I found I could do so much better at-, that I felt justified in proceeding to the latter place.” STEPHEN GIRARD. 27 “ You should have obeyed your orders, sir,” was the stern retort. “ I was influenced by a desire to serve your interests, sir. The result ought to justify me in my act, since it puts many thousands more into your pocket than if I had bought where I was instructed.” “Captain-,” said Girard, “I take care of my own inter¬ ests. You should have obeyed your orders if you had broken me. Nothing can excuse your disobedience. You will hand in your accounts, sir, and consider yourself discharged from my service.” He was as good as his word, and, though the captain’s diso¬ bedience had vastly increased the profit of the voyage, lie dis¬ missed him, nor would he ever receive him into his service again. To his knowledge of his business Mr. Girard joined an unu¬ sual capacity for such ventures. lie was, it must be said, hard and illiberal in his bargains, and remorseless in exacting the last cent due him. He was prompt and faithful in the execution of every contract, never departed in the slightest from his plighted word, and never engaged in any venture which he was not perfectly able to undertake. He was prudent and cautious in the fullest sense of those terms, but his ventures were always made with a boldness which was the sure fore¬ runner of success. His fidelity to his word is well shown by a circumstance which had occurred long after he was one of the “money kings” of the land. He was once engaged with his cashier in a discussion as to the length of time a man would consume in counting a million of dollars, telling out each dollar separately. The dispute became animated, and the cashier declared that he could make a million of dots with ink in a few hours. 28 KINGS OP FORTUNE. “ I ’ll tell you what I ’ll do,” said Girard, who was thor¬ oughly vexed by the opposition of the other, “I’ll wager five hundred dollars that I can ride in my gig from here to my farm, spend two hours there, and return before you can make your million of dots with ink.” The cashier, after a moment’s reflection, accepted the wager, and Mr. Girard departed to his farm. He returned in a few hours, confident that he had won. The cashier met him with a smile. “Where is my money?” asked Girard, triumphantly. “ The money is mine,” replied the cashier. “ Come and see.” He led the merchant to an unused room of the bank, and there, to his dismay, Girard saw the walls and ceiling covered with spots of ink, which the cashier had dashed on them with a brush. “Do you mean to say there are a million of dots here?” he cried, angrily. “ Count them, and see,” replied his subordinate, laughing. “ Yon know the wager was a million of dots with ink.” “ But I expected you would make them with the pen.” “ I did not undertake anv thing: of the kind.” The joke was too good, and the merchant not only paid the amount of the wager, but the cost of cleaning the walls. In 1810 the question of renewing the charter of the old Bank of the United States was actively discussed. Girard was a warm friend of that institution, which he believed had been the (^use of a very great part of the prosperity of the country, and was firmly convinced that Congress would renew the charter. In this belief he ordered the Barings, of London, to invest all his funds in their hands in shares of the Bank of the United States, which was done, during the following year, to the STEPHEN GIRARD, 29 amount of half a million of dollars. When the charter ex¬ pired, he was the principal creditor of that institution, which Congress refused to renew. Discovering that he could pur¬ chase the old Bank and the cashier’s house for one hundred and twenty thousand dollars, he at once secured them, and on the 12th of IVIay, 1812, opened the Girard Bank, with a capital of one million two hundred thousand dollars, which he increased the next year by one hundred thousand dollars more. He retained all the old officers of the Bank of the United States, especially the cashier, Mr. Simpson, to whose skill and experience he was greatly indebted for his subsequent success. Finding that the salaries which had been paid by the Gov¬ ernment were higher than those paid elsewhere, he cut them down to the rate given by the other banks. The Avatchman had always received from the old Bank the gift of an overcoat at Christmas, but Girard put a stop to this. He gave no gra¬ tuities to any of his employes, but confined them to the com¬ pensation for Avhich they had bargained; yet he contrived to get out of them service more devoted than Avas receiA^ed by other men Avho paid higher Avages and made presents. Appeals tc him for aid AA’ere unansAvered. No poor man ever came full¬ handed from his presence. He turned a deaf ear to the en¬ treaties of failing merchants to helji them on their feet again. He Avas neither generous nor charitable. When his faithful cashier died, after long years spent in his service, he manifested the most hardened indifference to the bereavement of the family of that gentleman, and left them to struggle along as best they could. Yet from the first he was liberal and sometimes magnificent in the management of his bank. He Avould discount none but good paper, but it Avas his policy to grant accommodations to 30 KINGS OF FOKTUNE. small traders, and thus encourage beginners, usually giving the preference to small notes, by this system doing very much to avert the evils that would of necessity have sprung from the suspension of the old Bank of the United States. The Gov¬ ernment credit was almost destroyed, and money was needed to carry on tlie war. He made repeated advances to the treas¬ ury, unsolicited by the authorities, and on more than one occa¬ sion kcj)t the Government supplied with the sinews of war. In 1814, when our prospects, both military and financial, were at their lowest ebb, when the British forces had burned Wash¬ ington and the New England States were threatening to with¬ draw from the Union, the Government asked for a loan of five millions of dollars, with the most liberal inducements to sub¬ scribers. Only twenty thousand dollars could be obtained, and the project seemed doomed to failure, when it was announced that Stephen Girard had subscribed for the whole amount. This announcement at once restored the public confidence, and Mr. Girard was beset with requests from persons anxious to take a part of the loan, even at an advanced rate. They were allowed to do so upon the original terras. When the Gov¬ ernment could not, for want of funds, pay the interest on its debt to him, he wrote to the Secretary of the Treasury : “ I am of opinion that those who have any claim for interest on public stock, etc., should patiently wait for a more favor¬ able moment, or at least receive in payment treasury notes. Should you be under the nece.ssity of resorting to either of these plans, as one of the public creditors, I shall not murmur.” “ A circumstance soon occurred, however, which was a source of no little discomfiture to the financial arrangements of his in¬ dividual institution. This fact was the suspension of specie payments by the State banks, resulting from the non-inter- STEPHEN GIRARD. 31 course act, the suspension of the old bank, and the combined causes tending to produce a derangement of the currency of the country. It was then a matter of great doubt with him how he should preserve the integrity of his own institution, while the other banks were suspending their payments; but the credit of his own bank was elFectually secured by the suggestion of his cashier, Mr. Simpson, who advised the recalling of his own notes by redeeming them with specie, and by paying out the notes of the State banks. In this mode not a single note of his own was suffered to be depreciated, and he was thus enabled, in 1817, to contribute effectually to the restoration of specie payments.” He was instrumental in securing the establishment of the new Bank of the United States, and was its largest stockholder and one of its directors. He even offered to unite his own in- stitution with it upon certain liberal conditions, which were refused. Yet he was always a firm friend to it. “One of the characteristics of Mr. Girard was his public spirit. At one time he freely subscribed one hundred and ten thousand dollars for the navigation of the Schuylkill; at an¬ other time he loaned the company two hundred and sixty-five thousand eight hundred and fifty dollars. IVhen the credit of the State of Pennsylvania was prostrated by what was believed to have been an injudicious system of internal improvement, and it was found expedient for the Governor to resort to its metropolis in order to replenish its coffers, he made a volun¬ tary loan to Governor Shultz of one hundred thousand dollars. So far was his disposition to promote the fiscal prosperity of the country manifested, that, as late as 1831, when the country was placed in extreme embarrassment from the scarcity of money, he perceived the cause in the fact that the balance of trade was against us to a considerable extent, and he accord- 32 KINGS OF FORTUNE. ingly drew upon the house of Baring Brothers & Co. for bills of exchange to the amount of twelve thousand pounds sterling, which he disposed of to the Bank of the United States at an advance of ten per cent., which draft was followed up by an¬ other for ten thousand, which was disposed of in like manner to other institutions. This act tended to reduce the value of bills, and the rate of exchange suddenly fell. The same spirit which he manifested toward the national currency he exhibited to the corporation of Philadelphia, by erecting new blocks of buildings, and beautifying and adorning its streets; less, ap¬ parently, from a desire of profit than from a wish to improve the place which was his adopted home, and where he had reaped his fortunes. His subscription of two hundred thou¬ sand dollars to the Danville and Pottsville Bailroad, in 1831, was an action in keeping with the whole tenor of his life; and his subscription of ten thousand dollars toward the erection of an exchange looked to the same result.” The war of 1812, which brought financial ruin to so many others, simply increased Girard’s wealth. He never lost a ship, and as war prices prevailed, his profits were in accordance with them. One of his ships was taken by a British cruiser at the mouth of the Delaware, in the spring of 1813. Fearing that his ])rize would be recaptured by an American ship of war if he at¬ tempted to send her into port, the English admiral dispatched a flag of truce to Mr. Girard,.and proposed to him to ransom the vessel for one hundred and eighty thousand dollars in coin. Girard consented, paid the money, and the ship was allowed to come up to the city. Her cargo consisted of silks, nankeens, and teas, and afforded her owner a profit of half a million of dollars. Yet in the midst of all his wealth, which in 1828 was estimated at ten millions of dollars, he was a solitary old man. STEPHEN GIRARD. 33 He lived in a dingy little house in Water Street. His wife had died in an insane asylum, and he was childless. He was repulsive in person. He was feared by his subordinates—by all who had dealings with him—and liked by none. He was mean and close in his personal habits, living on less, perphaps, than any of his clerks, and deriving little or no benefit from his vast wealth, so far as his individual comfort was concerned. He gave nothing in charity. Lazarus would have lain at his doors a life-time without being noticed by him. He was sol¬ itary, soured, cold, with a heart of stone, and fully conscious of his personal unpopularity. Yet he valued wealth—valued it for the power it gave him over men. Under that cold, hardened exterior reigned an ambition as profound as that which moved Napoleon. He was ambitious of regulating the financial operations of the land, and proud of his power in this respect, and it should be remembered in his favor that he did not abuse that power after it had passed into his hands. He had no vices, no dissipations; his whole soul was in his business. He was conscious that his only hope of distinction above his fellow-men was in his wealth, and he was resolved that nothing should make him swerve from his endeavor to ac¬ cumulate a fortune which should make him all powerful in life and remembered in death. He sought no friends, and was reticent as to his career, saying to those who questioned him about it, “ Wait till I am dead; my deeds will show what I was.” Religion had no place in his heart. He was an avowed unbeliever, making a boast of his disbelief. He always worked on Sunday, in order that he might show his disap¬ proval of the observance of it as a day of rest. Rest, he said, made a man rusty, and attendance upon the worship of God 34 KINGS OF FOKTUNE. he denounced as worse than folly. His favorite books were the Avorks of Voltaire, and he named his best shijAs after the most celebrated French infidels. Yet this man, so unloved, so undeserving of love, is said to hav’e once had a warm heart. His early troubles and his domestic griefs are said to have soured and estranged him from mankind. ‘‘No one who has had access to his private papers can fail to be impressed with the belief that these early disappointments furnish the key to his entire character. Originally of warm and generous imjnilses, the belief in childhood that he had not been given his share of the love and kindness which were extended to others, changed the natural current of his feelings, and, acting on a warm and passionate temperament, alienated him from his home, his parents, and his friends. And when in after time there were superadded years of bitter anguish, resulting from his unfortunate and ill-adapted marriage, ren¬ dered even more poignant by the necessity of concealment, and the consequent injustice of public sentiment, marring all his cherished expectations, it may be readily under¬ stood why constant occupation became a necessity and labor a pleasure.” This is the testimony of Mr. Henry W. Arey, the distin¬ guished secretary of Girard College, in whose keeping are the papers of the subject of this memoir, and it must be confessed that his view of Girard’s character is sustained by the following incidents, the narration of which I have passed over until now, in order that the history of his commercial career might not be interrupted: In the summer of 1793 the yellow fever broke out with fearful violence in Philadelphia. The citizens fled in dismay, leaving the plague-smitten city to its fate. Houses Avere left STEPHEN GIEARD. 35 tenantless, and the streets were deserted. It was a season of horror and dread. Those who could not get away avoided each other, and the sufterers were left to languish and die. Money could not buy nurses in sufficient numbers, and often the victims lay unburied for days in the places where they had died. So terrible was the panic that it seemed that nothing could stay it. On the 10th of September the Federal Gazette, the only paper which had not suspended its publication, contained an anonymous card, stating that of the visitors of the poor alt but three had succumbed to the disease or fled from the city, and begging assistance from such benevolent citizens as would consent to render their aid. On the 12th and 14th, meetings were held at the City Hall, at the last of which a volunteer committee was appointed to superintend the measures to be taken for checking the pestilence. Twenty-seven men vol¬ unteered to serve, but only twelve had the courage to fulfill their promise. They set to work promptly. The hospital at Bush Hill was reported by the physician to be in a deplorable tate—without order, dirty and foul, and in need of nurses. The last, he stated, could not be had for any price. Two of the committee now stepjied forward and nobly offered them¬ selves as managers of the hospital. They were Stephen Girard and Peter Helm. Girard was now a man of wealth and influence, and with a brilliant commercial career opening before him. Above all, he was a foreigner, and unpopular in the city. A"et he did not hesitate to take the post from which others shrank. He and Helm were regarded as doomed men, but they did not falter from their self-imposed task. They went to work at once. Girard chose the post of honor, which was the post of danger— the management of the interior of the hospital. His decisive 36 KINGS OF FORTUNE. character was at once felt. Order began to appear, medicines and nurses were procured, and the very next day the committee were informed that the hospital had been cleaned and reorgan¬ ized, and was prepared to receive patients. Girard opened his purse liberally, and spared no expense where money would avail. But this was not all. Besides j>ersonally superintending the interior of the hospital, he went about tln-ough the city seeking the sick and conveying them to the hospital. “In the great scarcity of help, he used frequently to receive the sick and dying at the gate, assist in carrying them to their beds, nurse them, receive their last messages, watch for their last breath, and then, wrapping them in the sheet on which they had died, carry them out to the burial ground and place them in the trench. He had a vivid recollection of the difficulty of finding any kind of fabric in which to wrap the dead, when the vast number of interments had exhausted the supply of sheets. ‘ I would put them,’ he would say, ‘ in any old rag I could find.’ “If he ever left the hospital, it was to visit the infected districts, and assist in removing the sick from the houses in which they were dying without help. One scene of this kind, witnessed by a merchant who was hurrj’ing past with cain- phored handkerchief pressed to his mouthy affords us a vivid glimpse of this heroic man engaged in his sublime vocation. A carriage, rapidly driven by a black man, broke the silence of the deserted and grass-grown street. It stoj)ped before a frame house, and the driver, first having bound a handker¬ chief over his mouth, opened the door of the carriage, and quickly remounted to the box. A short, thick-set man stepped from the coach and entered the house. In a minute or two the observer, who stood at a safe distance watching the proceedings. STEPHEN GIRARD. 39 heard a shuffling noise in the entry, and soon saw the stout little man su 2 )porting with extreme difficulty a tall, gaunt, yellow-visaged victim of the pestilence. Gii’ard held round the waist the sick man, whose yellow face rested against his own; his long, damj-), tangled hair mingled with Girard’s; his feet dragging helj^less upon the jjavement. Thus he drew him to the carriage door, the driver averting his face from the spectacle, far from offering to assist. Partly dragging, partly lifting, Girard succeeded, after long and severe exertion, in getting him into the vehicle. He then entered it himself, closed the door, and the carriage drove away toward the hos2:)ital.”* For sixty days Mr. Girard continued to discharge his duties, never absenting himself from his jiost, being nobly sustained by Peter Helm. Again, in 1797 and 1798, when the city was scourged a second and a third time with the fever, he volunteered his services, and more than earned the gratitude of his fellow- citizens. In the absence of physicians, he took upon himself the office of jirescribing for the sick, and as his treatment involved careful nursing and the use of simple remedies only, he was very successful. In 1799 he wrote to his friend Devize, then in France, but who had been the jdiysician at the Bush Hill Hos{)ital in 1793: “During all this frightful time I have constantly remained in the city, and, without neglecting any jiublic duties, I have played a part which will make you smile. Would you believe it, my friend, that I have visited as many as fifteen sick people in a day, and what will surprise you still more, I have lost only one patient, an Irishman, who would drink a little. I do * James Parton. 40 KINGS OP POKTUNE. not flatter myself that I have cured one single person, but you will think with me that in my quality of Philadeljihia physician I have been very moderate, and that not one of my confreres have killed fewer than myself.” Such acts as these should go far in his favor in estimating his character, for they are the very height of true heroism. Mr. Girard was never idle. Work, as has before been said, was a necessity with him. Nothing would draw him from his labors. His only recreation was to drive to his little farm, which lay a few miles out of the city, and engage with his own hands in the work of tilling it. He was very proud of the vegetables and fruits he raised himself, and took great interest in improving their growth. During the visit of the present head of the house of Baring Bros, (then a young man) to this country, that gentleman supposed he would give IMr. Girard pleasure by informing him of the safe arrival of one of his ships, the Voltaire, from India. Engaging a carriage, he drove to the banker’s farm, and inquired for Mr. Girard. “He is in the hay-loft,” was the answer. “Inform him that I wish to see him,” said Mr. Baring; but almost before the words had left his lips Girard was before him. “ I came to inform you,” he said, addressing the banker, “that your ship, the Voltaire, has arrived safely.” “I knew that she would reach port safely,” said Girard; “my ships always arrive safe. She is a good ship. IMr. Baring, you must excuse me; I am much engaged in my hay.” And so saying, he ascended to the loft again. To the last he was active. In 1830, having reached the age of eighty, he began to lose the sight of his eye; yet he would have no assistance. In attempting to cross a crowded STEPHEK GlEARt). 41 street, he was knocked down by a passing wagon and injured severely. His ear was cut off, his face bruised, and his sight entirely destroyed. His health now declined rapidly, and on the 26th of December, 1831, he died, in the back room of his plain little house in Water Street. His immense wealth was carefully divided by his will. He gave to his surviving brother and eleven of his nieces sums ranging from five to twenty thousand dollars, and to his remaining niece, who was the mother of a very large family, he gave sixty thousand dollars. He gave to each of the caj)- tains then in his employ who had made two voyages in his service, and who should bring his ship safely into port, fifteen hundred dollars. To each of his apprentices he gave 'five hundred dollars. To his old servants he gave annuities, rang¬ ing from three to five hundred dollars each. He gave thirty thousand dollars to the Pennsylvania Hos¬ pital, in which his wife had been cared for; twenty thousand to the Deaf and Dumb Asylum; ten thousand to the Orphan Asylum; ten thousand to the Lancaster schools; ton thousand for the purpose of providing the poor in Philadel{)hia -with free fuel; ten thousand to the Society for the Relief of Distressed Sea-Captains and their Families; twenty thousand to the Ma¬ sonic Grand Lodge of Pennsylvania, for the relief of poor members; six thousand for the establishment of a free school in Passyunk, near Philadelphia; five hundred thousand dol¬ lars to the Corporation of Philadelphia for certain improve¬ ments in the city; three hundred thousand to the State of Pennsylvania for her canals; and a portion of his valuable estates in Louisiana to the Corporation of New Orleans, for the improvement of that eity. The remainder of his property, worth then about six mill¬ ions of dollars, he left to trustees for the erection and endow- 42 KINGS OF FORTUNE, meut of the noble* College for Orphans, in Philadelphia, which bears his name. Thus it will be seen that this man, who seemed steeled to resist apj^eals for private charity in life, in death devoted all the results of his unusual genius in his calling to the noblest of purposes, and to enterprises of the most benignant charac¬ ter, which will gratefully hand his name down to the remotest, ages of posterity. JOHN JACOB ASTOR. 43 CHAPTER IL JOHN JACOB ASTOR. HOSE who imagine that the mercantile profession is incapable of developing the element of great¬ ness in the mind of man, find a perfect refutation in the career of the subject of this memoii’, who won his immense fortune by the same traits which woidd have raised him to emineuce as a statesman. It may be thought by some that he lias no claim to a place in the list of famous Americans, since he was not only German by birth, but German in character to his latest day ; but it must be borne in mind that America was the theater of his exploits, and that he owed the greater part of his success to the wise and beneficent institutions of the “New Land,” as he termed it. In his own country he would have had no opportunity for tlie display of his great abilities, and it was only by placing himself in the midst of institutions favorable to progress that he was enabled to make use of his talents. It is for this reason, therefore, that we may justly claim him as one of the most celebrated of American merchants. John Jacob Astor was born in the village of Waldorf, near Heidelberg, in the Grand Duchy of Baden, on the 17th of July, 1763. This year was famous for the conclusion of the Treaties of Paris and Hubertsburg^ which placed all the fur- yielding regions of America, from the Gulf of Mexico to the 44 KINGS OP FORTUNE. Frozen Sea, in the hands of England. He was the youngest of four sons, and was born of Protestant parents. He was early taught to read Luther’s Bible and the Prayer-book, and throughout his whole life remained a zealous Protestant. He was trained to the habit of rising early, and giving the first of his waking hours to reading the Bible and Prayer-book. This habit he continued all through life, and he often declared that it Avas to him the source of unfailing pleasure and com¬ fort. His religious impressions Avere mainly due to his mother, Avho AA’as a pious, thrifty, and hard-Avorking Avoman, given to saving, and deA’oted to her family. His father, on the contrary, AA’as a jolly “ne’er do well,” a butcher by trade, and not OA’erburdened Avith industry. The business of a butcher in so small a A’illage as Waldorf, Avhere meat Avas a luxury to the inhabitants, Avas merely a nominal calling. It kncAv but one season of real profit. It AA’as at that time the custom in Germany for CA’ery farmer to set apart a calf, pig, or bullock, and fatten it against harvest time. As that season approached, the Aullage butcher passed from house to house to slaughter the animal, cure its flesh, or make sausage meat of it, spending, sometimes, seA’eral days at each house. This season brought Jacob Astor an abundance of Avork, and en¬ abled him to proA’ide liberally for the simple wants of his family; but during the rest of the year it Avas Avith difficulty that he could make bread for them. Yet Jacob took his hard lot cheerfully. He AA’as merry over his misfortunes, and sought to forget them in the society of companions Avho gathered at the A’illage beer-house. His Avife’s remonstrances against such a course of life AA’ere sometimes so energetic that the house became any thing but a pleasant place for the children. Here John Jacob grcAv up to boyhood. His brothers left home to earn their liA’^elihood elseAvhere, as soon as they Avere JOHN JACOB ASTOR. 45 old enough to do so, and he alone remained under the paternal roof. His father destined him for his own calling, but the boy shrank from it with disgust. To crown his misfortunes, his mother died, and his father married again, and this time a woman who looked with no favor upon the son. The newly- married pair quarreled continually, and the boy was glad to escape occasionally to the house of a schoolmate, where he passed the night in a garret or outhouse. By daylight he was back at his father’s slaughter-house, to assist in carrying out the meat. He was poorly clad and badly fed, and his father’s bad reputation wounded him so keenly that he shrank from play¬ ing with other boys, and led a life of comparative isolation. Fortunately for him, he had a teacher, Valentine Jenne by name, the son of French Protestants, who was better fitted for his position than the majority of the more liberally-patron¬ ized Catholic instructors. He was well taught by Valentine Jeune in the rudiments of a jfiain education, and the tutor and the Protestant minister of the village together succeeded so well in his religious instruction that at theH' age of fourteen he was confirmed. Confirmation is the decisive })oint in the career of the German youth. Until then he is only a child. Afterward he is regarded as on the threshold of manhood, and is given to understand that the time has come for him to make choice of a career in life. To the German peasant two courses only lie open, to learn a trade or go out to service. John Jacob was resolved not to do the latter, and he was in no condition to adopt the former. He was already familiar with his father’s trade, but he shrank from it with disgust, and he could not hope to obtain money enough to pay for his tuition as an apjirentice in any other calling. No workman in the village would receive him as an appren¬ tice for less than fifty dollars, and fifty dollars were then fur- 46 KINGS OF FORTUNE. ther beyond his reach than as many millions in after years. The harvest was approaching, and Jacob Astor, seeing an unusual amount of work in store for him at that season, de¬ cided the matter for his sou by informing him that he must prepare to settle down as his assistant. He obeyed, but dis¬ contentedly, and with a determination to abandon his home at the earliest practicable moment. His chief desire was to leave Germany and emigrate to America. The American Revolution had brought the “New Land” into great prominence ; and one of the brothers, Henry Astor, had already settled in New York as a butcher, and his letters had the effect of increasing John Jacob’s desire to fol¬ low him. It was impossible to do so then, for the war which was raging in this country made it any thing but inviting to an emigrant, and the boy was entirely ignorant of the Eng¬ lish language. Nevertheless, he knew that the war could not last always, and he resolved to go as soon as peace would al¬ low him. INIeanwhile he wished to join his elder brothei', who had removed to London, and was now engaged with his uncle in the manufacture of musical instruments. In London he thought he could acquire a knowledge of English, and save from his wages the amount necessary to pay his passage from England to America. He could reach some of the seaports of the Continent by walking. But he needed money to pay his passage from there to Great Britain. His determination thus formed, he made no secret of it, and succeeded at length in ex¬ torting a reluctant consent from his father, who was not in¬ clined to expect very much from the future career of his .son. H is teacher, however, had more faith in him, and said to the butcher, on the morning of the lad’s departure; “ I am not afraid of John Jacob; he’ll get through the world. He has a clear head, and every thing right behind the cars.” JOHN JACOB ASTOE. 47 He was seventeen years old when he left home; was stout and well built, and had a constitution of iron. He was pos- •sessed of a good plain education, and a remarkable degree of common sense. He had no vicious habits or propensities, and was resolved that he would never set foot again in his native town until he could do so as a rich man. Ardently as he was bent on seeking his fortune in distant lands, it cost him a struggle to go away, for he was a true German in his attachment to his home and family. This at¬ tachment he never lost. After providing liberally for his relatives in his will, he made a munificent donation to his na¬ tive village for the benefit of its poor children. With his scanty wardrobe in a bundle, which he slung over his shoulder by a stick, and a mere pittance in his purse, he set out from Waldorf, on foot, for the Rhine. “ Soon after I left the village, ” said he, in after-life, “ I sat down beneath a tree to rest, and there I made three resolutions: to be honest, to be industrious, and not to gamble.” He had but two dol¬ lars in his pocket; but this was enough for his purpose. The Rhine was not far distant from his native village, and this part of his journey he easily accomplished on foot. Upon reaching the river, he is said to have secured a place as oarsman on a timber raft. The timber which is cut in the Black Forest for shipment is made up into rafts on the Rhine, but instead of being suffered to float down the stream, as in this country, is rowed by oarsmen, each raft having from sixty to eighty men attached to it. As the labor is severe and attended with some risk, the wages are high, and the lot of the oarsmen not alto¬ gether a hard one, as they manage to have a great deal of sport among themselves. The amount paid as wages on these voy¬ ages is about ten dollars, besides the coarse fare furnished the men, and the time occupied is about two weeks. 48 KINGS OF FORTUNE. Upon reaching the Dutch seaport at the mouth of the Rhine, young Astor received his wages—the largest sum he had ever possessed—and took passage in a vessel for London, where he was welcomed cordially by his brother, and provided with em¬ ployment in his manufactory. He now set to work to prepare himself for his emigration to America. His industry was unflagging. He worked literally from dawn till dark, and practiced the most rigid economy in his expenditures. His leisure time, which was brief, was spent in trying to master the English language, and in acquiring in¬ formation respecting America. He had anticipated great dif¬ ficulty in his efforts to learn English, but succeeded beyond his hopes. In six weeks he could make himself understood in that language, and some time before starting for America could speak it with ease, though he never could at any period of his life rid himself of his strong German accent. He was never able to write English correctly, but after being some years in this country acquired a style which was striking and to the point, in spite of its inaccuracy. England, however, was not a favorable place for acquiring information respecting America. The Colonies had exasperated the mother country by their heroic struggle for freedom, which was just drawing to its close, and the Xew 'World was pictured to the imagination of the young German in any thing but a favorable light. His most accurate information was gained from those who had returned from America, and these persons, as often as chance threw them in his way, he questioned with eagerness and precision ; their answers were carefully stored up in his memory. In September, 1783, the news of the peace which established the independence of the United States was published in Europe. Young Astor had now been in London two years, and had saved money enough to take him to America. He JOHN JACOB ASTOR. 49 was the possessor of a suit of good clothes, besides his ordi¬ nary wearing apparel, and fifteen guineas in English money, which he had saved from his slender earnings by the absolute denial to himself of every thing not essential to his existence. The way to America was now open, and he‘ resolved to set out at once. For five guineas he bought a steerage passage in a ship bound for Baltimore, and reserving about five pounds sterling of the remainder of his capital in money, invested the rest in seven German flutes, which he bought of his brother, and embarked for the “ New Land. ” The winter was memorable on land and sea for its severity, and our hero’s first voyage was a stormy one. It is said that on one occasion, when the tempest was unusually violent, and the ship in imminent danger, he made his appearance in his Sunday clothes. In reply to those who asked his reason for so strange an act, he said that if he should reach land he would save his best clothes, and that if he was drowned it was im¬ material what became of them. Although the ship sailed in November, it did not reach the Chesapeake until near the end of January, and there, when only one day distant from Baltimore, was caught in the ice, where it was compelled to remain until late in March. This delay was very vexatious to the young emigrant, but it proved in the end the greatest blessing that could have befallen him. During the voyage Astor had made the acquaintance of one of his fellow passengers, a German, somewhat older than himself, and, while the ship lay fast in the ice, the two were constantly together. As a consequence of the intimacy which thus sprung up between them, they exchanged confidences, told each other their history, and their purpose in coming to America. Astor learned that his friend had emigrated to the New World a few years before, friendless and penniless, but that, beginning in a 50 KINGS OF FORTUNE. little way, he had managed to become a fur trader. He bought his furs from the Indians, and from the boatmen plying on the Hudson River. These he sold at a small profit to larger dealers, until he had accumulated a considerable sum for one in his position. Believing that he could find a better market in Europe than in America, he had embarked all his capital in skins, which he had taken to England and sold at a heavy ad¬ vance. The proceeds he had invested in toys and trinkets valued by the savages, and was now on his way back with them, intending to go into the wilderness himself and purchase an additional stock of furs from the Indians. He recommended Astor to enter upon the same business; gave him valuable in¬ formation as to the value of peltries in America and in Eng¬ land ; told him the best way of buying, packing, preserving, and shipping the skins, and gave him the names of the lead¬ ing furriers in New A"ork, Montreal, and London. Astor was deeply impressed with the views of his friend, but he could not see his own way clear to such a success, as he had no capital. His friend assured him that capital was unnecessary if he was willing to begin in an humble way. He could buy valuable furs on the wharves of New A"ork for toys and trinkets, and even for cakes, from the Indians who visited the city, and these he could sell at an advance to the New A"ork dealers. He advised the young man, however, not to be satisfied with the American market, but to work for a position which would enable him to send his furs to England, where they would bring four or five times as much as in this country. Astor carefully treasured up all that his friend said to him, and quietly resolved that he would lose no time in entering iqjon this busi¬ ness, which seemed to promise so much. The two friends traveled together from Baltimore to New York, where they were warmly received by Astor’s brother, JOHN JACOB ASTOR. 51 Henry, who had succeeded in laying the foundation of a pros¬ perous business as a butcher, in which he afterward made a large fortune. Both brothers were men of business habits, and on the very first evening after the arrival of the new-comer they began to discuss plans for his future. Astor’s friend stated all the advantages of the fur trade, and convinced Henry Astor that it was a fine field for the energies of his brother; and it was agreed that it would be best for the young man to seek employment in the service of some furrier in the city, in order that he might thoroughly learn the business, and familiarize himself with the country and its customs. To his great de¬ light, young Astor learned that, so far from being compelled to j)ay his employer for learning him the business, as in Europe, he would be certain here to receive his board and nominal wages from the first. The next day the three started out, and succeeded iu obtaining a situation for the young man in the store of Mr. Robert Bowne, a Quaker, and a merchant of long experience in the business, as well as a most estimal)le man. He is said to have engaged Astor at two dollars per week and his board. Astor was at once set to work by his employer to beat furs, this method of treating them being required to prevent the moths from lodging in and destroying them. From the first he applied himself to the task of learning the business. He bent all the powers of his remarkable mind to acquiring an in¬ timate knowledge of furs, and of fur-bearing animals, and their haunts and habits. His opportunities for doing so were very good, as many of the skins were sold over Bowne’s counters by the hunters who had taken them. These men he ques¬ tioned with a minuteness that astonished them, and the result was that iu a few years he was as thoroughly familiar with the animals, their habits, their country, and the mode of taking 52 KINGS OF FORTUNE. them, as many of the trappers themselves. He is said to have been in his prime the best judge of furs in Ameriea. He ap¬ preciated the fact that no man can succeed in any business or profession without fully understanding it, and he was too much determined upon success to be satisfied with a superficial knowl¬ edge. He was resolved that there should be no detail.in the business, however minute, with which he was unfamiliar, and he toiled patiently to acquire information which most sales¬ men in his place would have esteemed trivial. Nothing was trivial with him, however, and it is remarkable that he ne^'er embarked in any scheme until he had mastered its most trifling details. Few men have ever shown a deeper and more far-reaching knowledge of their profession and the issues involved in it than he. He fully understood that his knowl¬ edge would give him a power which a man of less informa¬ tion could not obtain, and he never failed to use that knowl¬ edge as a power. His instructions to his subordinates were always drawn up with the strictest regard to details, and show not only how thoroughly he had mastered the subject before him, but also how much importance he attached to the con¬ scientious fulfillment of a well-digested jdan of operations. He recognized no such thing as luck. Every thing with him was the result of a deliberate plan based upon knowledge. In this respect his career affords one of the best models to be found in our history. Astor’s employer w’as not insensible to his merits, and soon promoted him to a better place. In a little while the latter intrusted him with the buying of the furs from the men who brought them to the store, and he gave such satisfaction to his employer that he was rewarded with a still more confidential post. Montreal was at that time the chief fur depot of the country, and it was the custom of Mr, Bowne to make an an- JoiiN Jacob astor. nc-il joUi'ney to that city for the purpose of replenishing his stock. The journey was long and fatiguing, and as soon as the old gentleman found that he could intrust the mission to his clerk, he sent him in his place. Ascending the Hudson to Albany, Astor, with a pack on his back, struck out across the country, which was then almost unsettled, to Lake George, up \\hich he passed into I^ake Champlain. Sailing to the head of the lake, he made his way to Montreal. Then returning in the same way, he employed Indians to transport his furs from Lake George to Albany, and dropped down the Hudson in the way he had come. Mr. Bowne was delighted with the suc¬ cess of his clerk, who proved more than a match for the shrewd Indians in his bargains. It was doubtless here that l\Ir. Astor obtained that facility in “ driving a hard bargain ” for which he was afterwards noted. As soon as Mr. Astor felt himself master of his business, he left the employ of Mr. Bowne, and began life on his own account. The field upon which he purposed entering w'as ex¬ tensive, but it was one of which he had made a careful sur¬ vey. Previous to the peace of 1763, the French and English divided the control of the fur-bearing regions of America. The British possessions, extending from Canada to the unex- ])lorcd regions of the North, had been granted by a charter of Charles II. to Prince Rupert, and were, by virtue of that in¬ strument, under the exclusive control of the Hudson Bay Company. Large quantities of furs were obtained in this re¬ gion, and collected at the principal settlement, York Factory, from which they were shipped to England. South of this region was Canada, then possessed by the French, who carried on an extensive trade with the Indians, who brought their furs down to IMontrcal in their birch canoes. The French finally settled in the country of the savages, and 56 KiNGS OP PORTUNfi. married among the natives, thenceforward entirely devoting themselves to the life of the trapper and hunter. These mar¬ riages produced a race of half-breeds who were especially suc¬ cessful in securing furs. The cession of Canada to England was a severe blow to the French traders, as it opened the country to the enterprise of the English, a few of whom were quick to avail themselves of its advantages. The French and Indians at first regarded them with hostility, but gradually became I'econciled to their presence. Under the French rule the savages had not been furnished with liquors, but the English soon sold whisky and rum in great quantities to them, receiving the best furs in return. As a consequence, intemperance spread rapidly among the savages, and threatened to put an end to their industry as gatherers of furs. To check the evil results of this irregular trading, a com¬ pany was established in 1785, called the North-west Company. It was managed by twelve partners, some of whom resided at IMontreal, and others at the trading posts in the interior. Their chief station was at Fort William, on Lake Superior. Here, at stated times, the agents would come up from Montreal and hold a consultation for the purchase of furs. These meetings always drew crowds of French and Indian trappers, boatmen, and others, who brought in large quantities of skins. A few years later a third company was organized, with its principal station at Michilimackinac, near Lake Huron. It was called the Mackinaw Company, and its field of operations was the country bordering Lake Superior, and that lying between the Mississippi and the Rocky Mountains. The company was English, but did not hesitate to operate in American territory, so little regard did Great Britain pay to the rights of the infant republic. “ Although peace had been concluded, the frontier forts had JOHN JACOB ASTOR. 57 not been given up. Oswego, Niagara, Detroit, Michiliinack- inac, and other posts were still in the hands of the English. The Indian tribes continued hostile, being under English influ¬ ence. No company had as yet been formed in the United States. Several French houses at St. Louis traded with the Indians, but it was not until 1807 that an association of twelve partners, with a capital of forty thousand dollars, was formed at St. Louis, under the name of the Missouri Com¬ pany. “The trade, it will thus be seen, was almost wholly in the hands of the English companies—the Hudson’s Bay Company in the north, the North-west Company in the Cana quiet; keep cool.” This was his safeguard. He was a devoted citizen of the United States, and, though he took no active interest in politics, was a steady supporter of the AVhig party. Henry Clay was his personal friend, and his last donation to any political cause was a subscription of fifteen hundred dollars to aid the election of his old friend to the Presidency. About the year 1830, Mr. Astor, now the possessor of mill¬ ions, began to withdraw from active business, confining his efforts chiefly to such investments as the management of his immense estate made necessary. He now jnit into execution an enterprise which he had long cherished. When a poor stranger in the city, he had once stojiped in Broadway to notice a row of build¬ ings which had just been erected, and which were considered the finest in the street, and had then made a vow that he would one day build a larger and finer house than any in Broadway. He now set to work to carry out the plan he had cherished ever since. He owned the entire block on Broadway, between Vesey JOHN JACOB ASTOR, 71 and Barclay streets, with the exception of one house, which was the property of a ]\Ir. Coster, a merchant who had amassed a large fortune and retired from business. INIr. Astor made him many offers for his house, luit the old gentleman was unwilling to remove. Mr. Astor offered him the full value of his house, which was thirty thousand dollars, and increased the bid to forty thousand, but Mr. Coster was obstinate. At length ]\Ir. A.stor, in despair, was compelled to reveal his plan to his neighbor. “ I want to build a hotel,” said he. “ I have got all the other lots. Now name your own price.” ]\Ir. Coster replied that he would sell for sixty thousand dol- lai’S if his wife would consent, and that Mr. Astor Could sec her the next morning. Mr. Astor was punctual to the ap])oint- ment, and his offer was accepted by the good lady, who said to him, condescendingly, “I don’t want to sell the house, but we are such old friends that I am willing for your sake.” Mr. Astor used to remark with great glee that any one could afford to exhibit such condescension after receiving double the value of a piece of property. Having got po.ssession of the entire block, he commenced the demolition of the old buildings, and on their site reared the Astor House, then the largest and most elegant hotel in the country. This building, when completed, he gave to his eldest son, AVilliam B. Astor. In 1832, Mr. Astor sailed for Europe to visit one of his daughters, who had married a nobleman, and remained abroad until 1835. In that year he was compelled to return home by the action of General Jackson with regard to the Bank of the United States. “ He readied Havre,” .says Mr. Barton, “when the shi]), on the jioint of .sailing, had every stateroom engaged, but he^was so anxious to get home, that the captain, who had 72 KINGS OF FORTUNE. commanded ships for him in former years, gave up to him his own stateroom. Head winds and boisterous seas kejit the ves¬ sel'Tbeating about and tossing in the channel for many days. The great man was very sick, and still more alarmed. At length, being persuaded that he should not survive the voyage, he asked the captain to run in and set him ashore on the coa.st of England. The captain dissuaded him. The old man urged his request at every opportunity, and said, at last, ‘ I give you tousand dollars to put me aboard a pilot boat.’ He was so ve¬ hement and importunate, that one day the captain, worried out of all patience, promised him that if he did not get out of the channel before next morning, he would run in and put him ashore. It happened that the wind changed in the afternoon and wafted the sliip into the broad ocean. But the troubles of the sea-sick millionaire had only just begun. A heavy gale of some days’ duration blew the vessel along the western coast of Ireland. IMr. Astor, now thoroughly panic-stricken, offered the captain ten thousand dollars if he would put him a.shore any¬ where on the wild and rocky coast of the Emei’ald Isle. In vain the captain remonstrated. In vain he reminded the old gentleman of the danger of forfeiting his insui'ance. “‘Insurance!’ exclaimed Astor, “can’t I insure your ship myself?’ “ In vain the captain mentioned the rights of the other pas¬ sengers. In vain he described the solitary and rock-bound coast, and detailed tlie dangers and difficulties which attended its approach. Xothing would appease him. He said he would take all the responsibility, brave all the perils, endure all the consequences, only let him once more feel the firm ground un¬ der his feet. The gale having abated, the captain yielded to his entreaties, and engaged, if the other passengers would con¬ sent to the delay, to stand in, and put him ashore. Mr. Astor JOHN JACOB ASTOR. T3 •went into the cabin, and proceeded to write what was expected to be a draft for ten thousand dollars in favor of the owners of the ship on his agent in New York. He handed to the captain the result of his efforts. It was a paper covered with writing that was totally illegible. “ ‘ What is this'^’ asked the captain. “ draft upon my sor for ten thousand dollars/ was the reply. “ ‘ But no one can read it.’ “‘Oyes, my son will know what it is. My hand trembles so that I can not write any better.’ . . “ ‘But/ said the captain, ‘you can at least write your name. I am acting for the owners of the ship, and I can not risk their property for a piece of paper that no one can read. Let one of the gentlemen draw up a draft in proper form; you sign it, and I will put you ashoi’e.’ “The old gentleman would not consent to this mode of pro¬ ceeding, and the affair was dropped.” During the last twenty years of his life Mr. Astor lived in the retirement of his family, leaving even the greater part of the management of his estate to the hands of others. He was exceedingly fond of literary men. Irving was his friend, and Halleck his business manager. He died at the age of eighty- four years and eight months, literally from old age. He was burled in St. Thomas’s Church, on Broadway. His immense estate was left to his children, the bulk of it being bequeathed to his eldest sou. All of his relatives were made comfortable. The village of Waldorf, his native place, received a legacy of fifty thousand dollars for the benefit of its poor, and an amount in land and funds equal to four hundred thousand dollars was left to certain trustees to establish the Astor Library in the city of New York. Besides these, several 74 KINGS OF FORTUNE. cliaritable and benevolent associations received handsome dona¬ tions from him. His career has been related in these pages as an example to those who are seeking to rise in legitimate commerce. It is the best instance on recoi’d of the facility with which success may be won by patient and intelligent industry. In his capacity for grasping and carrying out an enterprise, in his prudent and economical management of his business, in his tact, courage, sagacity, IMr. Astor’s example is one which will lead many to success, and none to injury. He was a thoroughly upright man, his transactions Avere rigidly honest; but as a man, candor compels the acknowledg¬ ment that he Avas not a safe or admirable model. He Avas utterly devoid of generosity. Liberal to an extreme Avith his own family, he Avas close and hard Avith others. He paid small Avages to his employes, and never gave more than the man bar¬ gained for, no matter Avhat extra service might be rendered. He carried his economy to a degree of meanness painful to contemplate. At his death, out of his vast estate, he left to his friend and faithful manager an annuity of only t\A’0 hundred dollars, which his son increased to fifteen hundred. One of his captains once succeeded in sa\’ing for him property in China to the amount of scA’cn hundred thousand dollars, Avhich had become jeojiardized by the sudden death of the agent in charge of it. This service was jmrely A'oluntary, and Avas one Avhich required the greatest skill, determination, and courage on the part of the captain, and Astor acknowledged it, frequently saying: “If you had not done just as you did, I should never liaA'C seen one dollar of my money; no, not one dollar of it.” This Avas the onh' acknowledgment he made, howcA^er. He Avas Avorth ten millions of dollars, and the cap¬ tain had only his pay—twelve Imndn'd dollars a year—and a JOHN JACOB ASTOR. 75 family. At his father’s death Mr. ^Yilliam B. Astor sent a considerable sura to the old seaman in return for thiS'service. “We have all heard much of the closeness, or rather the meanness, of this remarkable man. Truth compels us to admit that he was not generous, excej)t to his own kindred. His liberality began and ended in his own family. Very seldom during his lifetime did he willingly do a generous act, outside of the little circle of his relations and descendants. To get all he could, and to keep nearly all that he got—those were the laws of his being.He enjoyed keenly the con¬ sciousness, the feeling, of being rich. The roll-book of his possessions was his Bible. He scanned it fondly, and saw, with quiet but deep delight, the catalogue of his property lengthening from month to month. The love of accumulation grew with his years, until it ruled him like a tyrant. If at fifty he possessed his millions, at sixty-five his millions pos¬ sessed him. Only to his own children and to their children was he liberal; and his liberality to them was all arranged with a view to keeping his estate in the family, and to cause it at every moment to tend toward a final consolidation in one enormous mass.” This is the estimate of his character formed by Mr. James Barton. His friend Dr. Coggswell presents him in quite a different light. He says: “Mr. Astor lived to the good old age of four score and four years and eight months. For some years previous to his death, which happened INIarch 29, 1848, his manly form was bowed down by age, and his bodily .strength greatly enfeebled, but his mind retained much of its original vigor and brightness. Con¬ sidering his extraordinary activity until a late period of his life, he submitted to the hel[)lessness of age with uncommon resig¬ nation. When his impaired eye-sight no longer ])ermitted him 76 KINGS OF FORTUNE. 4 to read, his principal I’elief from the wearisoineness of unoccu¬ pied time was in the society of his friends and near relatives. All who knew him well were strongly attached to him, and none but those who were ignorant of his true character believed him unamiable and I’epulsive. “His smile was peculiarly benignant and expressive of gen-- nine kindness of heart, and his whole manner cordial and cour¬ teous to every one entitled to his respect. There was something so impressive in his appearance, no one could stand before him without feeling that he was in the presence of a superior intel¬ ligence. His deep, sunken eye, beneath his overarched brow, denoted the prophetic—it might almost be said the inspired— mind within. Although he lived many years beyond the age when the grasshopper is a burden, and was the victim of much snlfering, he did not murmur, nor did he become unreasonable and peevish. He was not wont to talk much on the subject of religion, or freely communicate his views in relation to the life beyond the grave; but it ean not be doubted that such tranquillity as he exhibited in his near approach to it must have been derived from ‘ that peace which the world can neither give nor take away.’” Perhaps a medium between Mr. Pai’ton’s bitterness and Dr. Coggswell’s enthusiasm will be as correct an estimate of his personal character as can be formed. It is a singular fact that ^Ir. Astor managed, in spite of the closeness which marked his operations, in spite of the small wages he paid, to inspire his employes with a zeal in his service that made them willing to undertake any thing, to endure any amount of labor, for him. “He once lost seventy thousand dollars by committing a piece of petty injustice toward his best captain. This gallant sailor, being notified by an insurance office of the necessity of JOHN JACOB ASTOR. 77 having a chronometer on board his ship, spoke to Mr. Astor on the subject, who advised the captain to buy one. “‘But,’ said the captain, ‘I have no five hundred dollars to spare for such a purpose; the chronometer should belong to the ship.’ “‘Well,’ said the merchant, ‘you need not pay for it now; pay for it at your convenience.’ “The captain still objecting, Astor, after a prolonged hig¬ gling, authorized him to buy a chronometer and charge it to the ship’s account, which was done. “Sailing day was at hand. The ship was hauled into the stream. The captain, as is the custom, handed in his account. Astor, subjecting it to his usual close scrutiny, observed the novel item of five hundred dollars for the chronometer. He objected, averring that it was understood between them that the captain was to pay for the instrument. The worthy sailor recalled the conversation, and firmly held to his recollection of it. Astor insisting on his own view of the matter, the captain was so profoundly disgusted that, important as the command of the ship was to him, he resigned his post. Another captain was soon found, and the ship sailed for China. “Another house, which was then engaged in the China trade, knowing the worth of this ‘ king of captains,’ as Astor himself used to style him, bought him a ship and dispatched him to Canton two months after the departure of Astor’s vessel. Our captain, put upon his mettle, employed all his skill to accelerate the speed of his ship, and had such success that he reached New York, with a full cargo of tea, just seven days after the arrival of Mr. Astor’s ship. Astor, not expecting another ship for months, and therefore sure of monopolizing the market, had not yet broken bulk, nor even taken off the hatchways. Our captain arrived on a Saturday. Advertisements and handbills 78 KINGS OF FORTUNE. were immediately issued, and on the Wednesday morning fol¬ lowing, as the custom then was, the auction sale of the tea began on the wharf—two barrels of punch contributing to the eclat and hilarity of the occasion. The cargo was sold to good advantage, and the market was glutted. Astor lost in conse¬ quence the entire profits of the voyage, not less than the sum previously named. INIeeting the captain some time after in Ih’oadway, he said: “ ‘ I had better have paid for that chronometer of yours.’ ” •Yet he could do a kind act when he was in the humor. When he was poor and struggling for fortune, he had a friend in the city named Pell, a coachmaker. As he advanced in the world he lost sight of his friend. One day a yonng man called on him to ask if he would sell one of his leases which he (the visitor) then held. He replied promptly and decidedly that he would not sell. “But Avhat is your name?” he asked. “ It is Pell,” was the reply. “Pell—Pell—” said the old man, hesitating a moment, “I knew a man by that name once; he was a dear friend of mine, but I have not seen him for years.” “That man,” said the visitor, “was my father.” “Indeed,” exclaimed the old man, warmly; “your father? Why, he used to give me rides in his coaches. How I should like to .see him.” Then pausing a moment, and smiling as he recalled the past to his mind, he .said: “A"ou shall have the lease, young man. Go home, have the papers drawn, come here at eleven o’clock on Thursday, and I’ll sign them. But don’t j^ut in any consideration.” The engagement was kept punctually by both parties. “Have you got the papers?” asked the merchant. ‘‘Did JOHN JACOi; ASTOR. 70 you put iu the consideration? Well, let it be one hundred dollars. Have you got the money about you? Well, no mat¬ ter, Bruce will keep the lease till you come and pay. I’ve given you two thousand dollars, young man. Don’t you buy any more, for I sha’n’t do it again. You tell your father that I remember him, and that I have given you two thousand dollars.” jMr. Astor dearly liked a joke, and occasionally indulged in a sly bit of humor himself. On one occasion a committee called upon him to solicit a donation for some charitable object. The old man took the subscription list, and, after examining it, signed it and gave the committee a check for fifty dollars. They had expected much more, and one of them ventured to say: “We did hope for more, Mr. Astor. A^our son gave us a hundred dollars.” “ Ah! ” replied the old man, drily, “ William has a rich father. Mine was very poor.” 80 KINGS OF FOBTUNK. CHAPTER III. ALEXANDER T. STEWART. N the year 1818, a European vessel anchored in the harbor of New York, after a long and weary voyage from the Old World. She brought many passengers to the young metropolis, the majority of whom came with the intention of seeking for¬ tunes in this land of promise. Among them was a young Irishman who had left his home in his native land to seek in America the means of bettering Ids condition. This was Alexander T. Stewart. He was the son of Scotch-Irish parents, and was born in Belfast in 1802. Being only three years old when his father died, his grandfather took charge of him, and proved a kind and judicious guardian. As he was designed for the ministry by his relative, and as his own tastes inclined him to that profession, he was given a good common school education, and placed at college, where he made favorable progress in his class. He was particularly successful in the classics, and retained his relish for them all his life. During his second term his grandfather died, and he was by this event obliged to leave college. Abandoning the idea of enter- ino- the ministrv, he embarked for America, determined to make a fortune in the New World. He came sufficiently supplied ALEXANDKK T. STKWAKT. 81 with ready money to insure him against immediate w'ant, and Avith letters of introduction Avhich at once secured him an ex¬ cellent social position. After trying in vain for some time to secure employment in a business house, he obtained a position as assistant in a com¬ mercial school. This he soon resigned for a similar place in a more celebrated school. His salary here was fSOO, which was considered ample compensation in tho.se days. Xot wishing to continue in this career, however, he opened a small retail dry goods store in Xew York, and began business on a humble scale. Here he remained until the age of twentv- one, manifesting no extraordinary business capacity, and in no way distinguished from the many small dealers around him. Upon reaching his majority he returned to Ireland, to look after the inheritance left him by his grandfather. The amount which thus came to him was nearly one thousand pounds, and the greater part of this he inve.sted in “ insertions” and “scol- lo]i trimmings,’’ which he shipped to America by the ve.ssel in which he returned. He rented a little store, on his return, at 283 Broadway, and there displayed his stock, wdiich met with a ready sale at a fair profit. Without mercantile experience, and possessing little advan¬ tage, save his own Scotch-Irish energy and courage, Mr. Stewart started boldly on what proved the road to fortune. Xo young merchant ever worked harder than he. From fourteen to eighteen hours each day were given to his business. He was his own book-keeper, .salesman, and porter. He could not afford to employ help. Credit was hard to obtain in those days, and young merchants were not favorites with those who had such favors to bestow. Mr. Stewart was one of the least favored, inasmuch as he was almost a total stranger to the business community in Avhich he lived. He kept a small stock 82 KIXtiS OF FOXTUXE. of goods on hand, which he purchased for cash chiefly at the auction sales. He was a regular attendant at these sales, and his purchases were invariably “sample lots”—that is, collec¬ tions of small (piantities of various articles thrown together in confusion, and sold in heaps for what they would bring. He had these purchases conveyed to his store, and after the busi¬ ness of the day was over, he and his wife would take these “sample lots,” and by carefully assorting them, bring or¬ der out of the confusion. Every article was patiently gone over. Gloves were redressed and smoothed out, laces pressed free from the creases which careless bidders had twisted into them, and hose made to look as fresh as if they had never been handled. Each article being good in itself, was thus re¬ stored to its original excellence. The goods were then ar¬ ranged in their projjer places on the shelves of the store, and by being offered at a lower price than that charged by retail dealers elsewhere in the city, met with a ready sale. Even at this low price the profit was great, since they had been pur¬ chased for a mere trifle. For six years Mr. Stewart continued to conduct his business in this way, acquiring every day a larger and more profitable trade. Here he laid down those principles of business and personal integrity from which he never departed, and which led to the honorable position of which only death could deprive him. “His first rule was honesty between seller and buyer. His career was a perfect exemplification of Poor Richard’s maxim: ‘ Honesty is the best policy,’ and of the poet’s declaration: ‘ Nothing can need a lie.’ His interest consorted with his in¬ clination, his policy with his principles, and the business with the man, when he determined that the truth should be told over his counter, and that no misrepresentation of his goods should be made. He never asked, he never would suffer, a ALJ•:XA^■DKK T. bTKWART. 83 •clerk to misrepresent the quality of his merchandise. Clerks who had been educated at other stores to cheat customers, and then to laugh off the transaction as ‘ cuteness, ’ or defend it as ‘diamond cut diamond,’ found no such slipshod morality at Stewart’s little store, and learned frankness and fairness in rep¬ resentation at the peril of dismissal. Their employer asked no gain from deceit in trade. On his part, too, in buying, he rarely gave a seller a second opportunity to misrepresent goods to him. “ A second innovation of the young dry goods dealer was selling at one price —a custom which has also lasted without interruption, and which has spread to all the great houses. He fixed his price, after careful consideration, at what he thought the goods could and would bring, and would not deviate from it for any haggling, or to suit individual cases. Of course, he followed the fluctuations of the market, and marked his goods up or down in aceordance with it; but no difference in the price was made to different people. Perhaps those , who had some art in ‘beating down’ prices were offended, but people in general were pleased. “ The third principle he adopted was that of cash on de¬ livery. It is said that his own early experience of buying on eredit, and selling on credit, drove him to this rule. “A fourth prineiple with him wa.s to conduct business as business—not as sentiment. His aim was honorable profit, and he had no purjx)se of confusing it by extraneous considera¬ tions. ” While still engaged in his first struggles in his little store, Mr. Stewart found himself called on to make arrangements to pay a note which would soon become due. It was for a con¬ siderable sum, and he had neither the money nor the means of borrowing it. It was a time when the mercantile community 84 KINGS OF FORTUNE. of New York regarded a failure to pay a note as a crime, and when such a failure was sure to bring ruin to any new man. Mr. Stewart knew this, and felt that he must act with greater resolution and daring than he had ever before exhibited, if he would save himself from dishonor. To meet the crisis he adopted a bold and skillful maneuver. He marked down every article in his store far below the wholesale price. This done, he had a number of handbills printed, announcing that he would sell off his entire stock of goods below cost, within a given time. He scattered these handbills broadcast through the city, and it was not long before purchasers began to flock to his store to secure the great bargains which his advertisements offered them. His terms were “ cash, ” and he had little dif¬ ficulty in selling. Purchasers found that they thus secured the best goods in the market at a lower figure than they had ever been offered before in New York, and each one was prompt to advise relatives and friends to avail themselves of the favor¬ able opportunity. Customers were plentiful; the little Broad¬ way store was thronged all day, and long before the expira¬ tion of the period he had fixed for the duration of his sales, Mr. Stewart found his shelves empty and his treasury full. He paid his note with a part of the money he had thus received, and with the rest laid in a fresh stock of goods. He was fortunate in his purchases at this time, for, as the market was extremely dull and ready money scarce, he, by paying cash, bought his goods at very low prices. The energy, industry, patience, and business tact displayed by Mr. Stewart during these first years of his commercial life brought him their sure reward, and in 1828, just six years after commencing business, he found his little store too small and humble for the large and fashionable trade which had come to him. Three new stores had just been erected on Broadway, be- ALEXANDKK T. STEWAUT. 85 tween Chambers and Warren Streets, and he leased the smallest of these and moved into it. It was a modest building, only three stories high and but thirty feet deej), but it was a great improvement on his original place. He was enabled to fill it with a larger and more attractive stock of goods, and his busi¬ ness was greatly benefited by the change. He remained in this store for four years, and in 1832 removed to a two-story build¬ ing located on Broadway, between Murray and Warren Streets. Soon after occupying it, he was compelled, by the growth of his business, to add twenty feet to the depth of the store and a third story to the building. A year or two later a fourth story was added, and in 1837 a fifth story, so rapidly did he prosper. His trade was now with the wealthy and fashionable class of the city He had surmounted all his early difficulties, and laid the foundation of that splendid fortune which he has since won. The majority of his customers were ladies, and he now resolved upon an expedient for increasing their number. He had noticed that the ladies, in “ shopping,” were given to the habit of gossiping, and even flirting with the clerks, and he adopted the expedient of employing as his salesmen the hand¬ somest men he could procure, a practice which has since become common. The plan was successful from the first. Women came to his store in greater numbers than before, and “Stewart’s nice young men” were the talk of the town. The great crisis of 1837 found Mr. Stewart a prosperous and rising man, and that terrible financial storm Avhich wrecked so many of the best of the city firms did not so much as leave its mark on him. Indeed, while other men were failing all around him, he was coining money. It had always been his habit to watch the market closely, in order to profit by any sudden change in it, and his keen sagacity enabled liiiii to see the 86 KINGS OF FOKTUNE. ;i))proach of the storm long before it broke, and to prepare lor it. lie at once marked down all his goods as low as possible, and began to “sell for cost,” originating the system which is now sO' pojmlar. The j)rices were very low, and the goods of the best quality. Every body complained of the hard times, and all were glad to save money by availing themselves of “Stewart’s barirains.” In this wav he carried on a retail cash trade of five thousand dollars per day in the midst of the most terrible crisis the country has ever seen. Other merchants were reduced to every possible expedient, and were compelled to send their goods to auction to be sold for what they would bring, so great was their need of ready money. Stewart attended all these auctions regularly, and purchased the goods thus offered. These he sold rapidly by means of his “ cost system,” realizing an average profit of forty per cent. It is said that he purchased fifty thou¬ sand dollars worth of silks in this way, and sold the whole lot in a few days, making a profit of twenty thousand dollars on the transaction. Thus he not only passed through the “crisis,” but made a fortune in the midst of it. From that time on his march to fortune was uninterrupted. Over a quarter of a century ago he purchased the property upon which to build his great wholesale store, and com¬ menced at once to erect a splendid marble warehouse. His friends were surprised at his temerity. They told him it was too far up town, and on the wi’ong side of Broadway, but he quietly informed them that a few years would vindicate his wisdom, and see his store the center of the most flourish¬ ing business neighborhood of New York. His predictions Avere more than realized. He moved into his new .store in 1846, and continued to ex¬ pand and enlarge his business every year. Some years ago he ALKXA.\])i;i; T. STtAVAltT. 87 piu’chased tlie old Niiitli-Stmd Dutch Cluircli and the lots ad¬ jacent to it, comprising the entire block lying between Ninth and Tenth Streets, Broadway and Fourth Avenue. When he found the retail trade going up town, and deserting its old haunts below Canal Street, he erected a line iron l>uilding at the (corner of Broadway and Tenth Street, to which lie removed the retail defiartment of his business, continuing his wholesale trade at his old store on Chambers Street. This new “ upper store” increased with the business. The building now covers the en¬ tire block upon which it was erected, and is the largest, most complete, and magnificent establishment of its kind in the world. Though he took no active part in politics, he was too much interested in public affairs, by reason of his immense wealth, not to watch them clo.sely. He was .satisfied, .some time before • our late troubles began, that war mu.st come, and ijuietly made contracts with nearly all the manufacturers for all their jiro- ductions for a considerable period of time. Accordingly, when the war did come, it was found that nearly all the articles of clothing, blankets, etc., needed for the army had been mo¬ nopolized by him. His profits on these transactions amounted to many millions of dollars, though it should be remarked that his dealings with the Government were characterized by an un¬ usual degree of liberality. The gains thus realized by him more than counterbalanced the losses he siKstaincd by the sudden ces¬ sation of his Southern trade. Sixty years have now passed away since the young school¬ teacher landed in New York, and the house he founded stands to-day at the head of the mercantile intei’ests of the New World. In his half-cent\;ry of active busi}iess life he won a fortune variously estimated at from twenty-five to forty millions of dollars. He gained all this Avoalth fairly, not by trickery and deceit, nor even by a ■ questionable 88 I\;ngs of foutune. honesty, but by a series of mercantile transactions the minirtest of which bears the impress of his sterling integrity, and by a patience, energy, tact, and genius of which few men are possessed. Surely, then, it must have been a proud thought to him that he had done all this himself, by his own unaided, efforts, and that amid all his wonderful success there did not rest one single stain upon his good name as a man or a merchant. It is said that Mr. Stewart regarded himself as a “lucky man,” rather than as one who had risen by the force of his own genius. A writer in the New York Herald related the follow¬ ing incident, as illustrative of the superstition which this feeling of “luck” has given rise to with him: “When he kept his store on Broadway, between Murray and Warren Streets, there sat on the sidewalk before it, on an orange box, an old woman, whose ostensible occupation was the selling of apples. This business was, however, merely a pretense; the main object being beggary. As years rolled on, Mr. Stewart became im- jwessed with the idea that the old dame was his guardian angel of good luck, and this impression took so firm a hold upon his mind that when he removed to Chambers Street, he, in person, took up the old woman’s box, and removed her to the front of his new establishment. In further illustration of Mr, Stewart’s faith in the Irish traditional belief in ‘lucky’ and ‘unluckv’ ])ersons, it may be mentioned that, after the completion of the St. Nicholas Hotel in this city, an undertaking in which he was largely interested, and when the building was just about to be opened for the reception of guests, the millionaire, stand¬ ing in the drawing-room, ejaculated, ‘It is now finished; I hope its first visitors may be lucky j)eople.’ “ A gentleman present, who had heard of ISIr. Stewart’s care for the aged apple vender, remarked, ‘I presume, sir, yon do not in reality care about lucky or unlucky persons;’ to which ALEXANDER T. STEWART. 89 lie immediately replied, ‘ Indeed, I do. There are persons -who are unlucky. I sometimes open a case of goods, and sell the first from it to some person who is unlucky, and lose on it to the end. I frequently see persons to whom I would not sell if I could avoid it.”’ The first incident, if true, doubtless illustrates the quiet kindness with which Mr. Stewart watched over the poor that he took under his care—and they were many. He won his success too fairly to be a believer in mere luclc. There is no such thing as chance in this world. Men are the architects ■of their own fortunes. One of the principal reasons of his success was the rigid system with which he conducted his business. He had a place for every thing, and a time for every duty, and required the same regularity from his subordinates. His salesmen and managers were thoroughly versed in their duties, and the more important of them were selected with great care. Every thing worked smoothly under the master’s eye, and there was a penal¬ ty for each and every delinquency, which was rigidly exacted. Mr. Stewart was one of the hardest workers in his establish¬ ment. His partners relieved him of the details, but the general management of his immense business he trusted to no other hands. His eye was on every thing. He was familiar with every detail, though he did not take upon himself its direction. He went to his business between nine and ten in the morning, stopping first at his upper store. He made a brief but thorough inspection there, learned the general progress of the day, and then repaired to his lower or wholesale store, where he remained during business hours, and returned home between five and six in the afternoon, stopping again at the upper store. He worked hard, and was never absent from his post unless detained by sickness. 90 KINGS OF FOIITUNE. His time was valuable, and he was not willing to waste it. Many persons endeavored to see him merely to gratify their impertinent curiosity, and others wished to intrude upon him for purposes Avhich would simply consume his time. To pro¬ tect himself, he Avas compelled to resort to the following expedient: A gentleman Avas kept on guard near the main door of the store, Avhose dut}’ it Avas to inquire the business of Arisitors. If the Ausitor AA’ished to see Mr. SteAvart, the “sen¬ tinel ” informed him that he must first state his business to him. If the visitor urged that it was private, h6 was told that Mr. SteAvart had no private business. If his errand met the approval of the gentleman on guard, he Avas allowed to go up stairs, where he was met by the confidential agent of the great merchant, to whom he was required to repeat the object of his visit. If this gentleman was satisfied, or could not get rid of the Ausitor, he entered the private ofiice of his employer and laid the case before him. If the business of the Ausitor was urgent he was admitted, otherwise, he aa'us refused an inter¬ view. If admitted, the conference was brief and to the point. There was no time lost. Matters were dispatched Avith a method and promptitude which astonished strangers. If the Ausitor attempted to draw the merchant into a friendly con¬ versation, or indulged in useless complimentary phrases, after the matter on which he came had been settled, Mr. Stewart’s manner instantly became cold and repelling, and troublesome persons were sometimes given a hint Avhich hastened their departure. This was his working time, and it Avas precious to him. He could not afford to Avaste it upon idlers. In social life he is said to have been exceedingly affable. The greater portion of Mr. Stewart’s immense fortune was invested in real estate. Besides his tAvo stores on Broadway, ALEXANDER T. STEWART. 91 he owned the Metropolitan Hotel and the New York Theater, also on Broadway; nearly all of Bleecker Street from Broad¬ way to Depauw Bow, several churches, a number of buildings, and many valuable lots. He resided at the northwest corner of Fifth Avenue and Thirty-fourth Street, in one of the finest residences in the world, and then the most superb in America. He owned more real estate than any other man in America except William B. Astor, and was the most successful merchant in the world. Mr. Stewart is said to have been extremely liberal in his donations to objects which met with his sympathy. The majority of these donations w'ere quietly made, as he had a repugnance to public charities. He gave liberally to the cause of the Union during the war. During that struggle he sent a cargo of provisions to Ireland, where much distress existed, and then invited as many emigrants as the vessel w’ould carry to take passage to America in her, free of charge. One hundred and thirty-nine persons availed themselves of his offer, and upon reaching America were all provided with good situations by him. As I have said before, Mr. Stewart did not care for political distinction, but rather shunned it. He was a mem¬ ber of the Union Defense Committee daring the war, and in 1866 was one of the signers of the Saratoga address, calling on the people of the country to sustain the policy of President Johnson. His warm friendship for General Grant caused him to be one of the earliest advocates of the election of the latter to the Presidency. He was a candidate for Presidential Elector on the Republican ticket for the State of New York, but w’as defeated, with his associates, by the Democracy. 92 KINGS OF FORTUNE. His intimate relations with General Grant, together with his vast financial experience, induced many persons to believe that he would be offered a place in the Cabinet of the new Presi¬ dent. These expectations were realized by his nomination to the post of Secretary of the Treasury, on the 5th of March, 1869, and his immediate and unanimous confirmation by the Senate. He was about to enter upon his new duties, when it was dis¬ covered that there existed an old and almost forgotten law forbidding any merchant from becoming the head of the Treas¬ ury Department. As soon as this discovery was made, Mr. Stewart expressed his desire to withdraw from the })osition, and thus relieve the President of all embarrassment upon the sub¬ ject, but the latter, wishing, if possible, to retain him in the Cabinet, urged him to delay his action, with the hope that the difficulty might be obviated. Willing to oblige his friend, and anxious to serve the country, Mr. Stewart consented to do this, but finding that certain persons were seeking to make his nomination a source of trouble to the Adminis¬ tration, offered either to resign the place or to relinquish his entire interest in his business during the period of his Secretaryship, and to donate his immense profits for that time to the poor of the city of New York. This sacrifice, he hoped, would render him eligible; but the President was unwilling to accept the princely offer—the noblest ever made by any man—and Mr. Stewart finally withdrew from the contest. There can be no doubt that he would have been the best Secretary that could have been placed at the head of the Treas¬ ury. His great financial experience and his unquestioned ability were better qualifications than those possessed by any politician in the land. Perhaps the best proof of the satisfac¬ tion which his appointment produced in the minds of the ALKXANDEll T. .STKWAUT. 93 tliinking men of the country is the manner in which the news affected the money market. Gold fell as soon as the announce¬ ment was made. Few strangers ever go to New York and depart without visiting Stewart’s famous store at the corner of Tenth Street and Broadway. The lower, or wholesale store, is far more im¬ portant to its owner; but it conducts its operations exclusively with dealers, and in such a quiet and systematic way that it seems to attract but little attention among the masses. It is the upper or retail store that is the wonder of the great city in which it is located. It is constructed of iron, in the style of arcade upon arcade, and is lighted by numerous windows. It fronts two hundred feet on Broadway, and three hundred feet on Ninth and Tenth Streets. It covers an area of about two acres, is five stories and an attic in height, and has two cellars underneath. It is warmed by steam, and contains several steam-engines for hoist¬ ing goods, running the machines employed in the manufactur¬ ing department, and forcing water into the immense tank at the top of the building. Six elevators and several handsome stairways connect the various floors. Three of the elevators are used for conveying customers up and down, and the others for hoisting and lowering goods. The building is lighted by several thousand gas jets, which are all set aflame simul¬ taneously by electricity. The various floors, with the exception of the first, are broken only by a rotunda, which extends to the roof, and is inclosed at each floor by a massive iron balustrade. Leaning over one of these balustrades, and looking up or down, the sight is brilliant and attractive. Thousands of persons are scattered about the floors making purchases. Hundreds of clerks, sales¬ men, and cash boys are busy serving them, and the buz and •94 KINGS OF FORTUNK iium of human voices under the vast roof sounds like the droning of a hive of bees. The service of this immense establishment is arranged as follows: There is one general superintendent, with nineteen assistants, each of whom is at the head of a department. Nine cashiers receive and pay out money; twenty-live book-keepers keep the record of the day; thirty ushers direct jiurchasers to the department they seek; two hundred cash boys receive the money and bring back the change of jiurchasers; four hundred and seventy clerks, a few of whom are females, make the sales of the day; fifty porters do the heavy work, and nine hundred seamstresses are employed in the manufacturing department. Besides these, there are usually about five hundred other per¬ sons employed about the establishment in various capacities, bringing the total strength of the personelle of the house to twenty-two hundred. The accounts of each department are kept separate, and the sales of each for the day constitute a separate return. These sales will average something like the following figures: Silks . . . Dress goods . Muslins . . Laces . . . Shawls . . Suits . . . ■Calicoes . . Velvets . . Gloves. . . Furs . . . Hosiery . . Boys’ clothing Notions . . Embroideries vCarpets . . $ 15,000 6,000 3,000 2,000 2.500 1,000 1.500 2,000 1,000 1,000 600 700 600 1,000 5.500 Al.KXA-NDKU '1'. STKWAUT. 1)5 The total daily receipts average $60,000, and have been known to amount to $87,000. Salaries of subordinate clerks range from $5 to $25 per week. The cash boys receive $5 per week. If not fined for miscon¬ duct they receive a reward of $1 per month, and a further re¬ ward of $5 at the end of each half year. They are promoted as fast as their conduct and vacancies in the force of salesmen will allow. The number of employes being .so large, the pro¬ prietor is compelled to keep them under the constant es])ionage of two experienced detectives, and each evening when they leave the store they are required to do so through a private door on Ninth Street, where the detectives are stationed to see that none of them carry away articles which do not belong to them. The number of visitoi's to the establishment in the busy season is very large. On special occasions, such as opening days, it is said to have reached fifty thousand, but the general average is placed at fifteen thousand, and they represent every grade in life. Rich and poor mingle here freely. The floors are arranged simply, and with regard to business rather than for show, but every thing is elegant and tasteful. The sub-cellar is used as a store-room for goods in cases. Here the fabrics are opened and sent to their departments. The cel¬ lar is the carpet sales-room. The first floor is the general sales¬ room, and is the most attractive place in the building. It is three hundred feet long by two hundred wide, and is provided with one hundred counters, each fifty feet in length. Behind these counters the goods are arranged, with no effort at display, on the shelves, which rise but a few feet above the counters. There is an abundance of light in all parts of the house, espe¬ cially over the silk counters, whieh are ju.st under the rotunda. The second floor is taken up with ladies’ suits, shawls, curtain 96 KINGS OF FORTUNE. i;oods, etc., and tlie next floor is devoted to the same purpose. The fourth floor is used as a manufactory for making up the suits, etc., placed on sale or ordered by customers; on the fifth is the fur-room aud upholstery manufactory; and the sixth is occupied as a laundry. The most perfect order is maintained in every part of the establishment, the mere direction of which requires administrative ability of a very high character. As fast as the sales are made, the articles, unless taken away by the purchaser, are sent to the parcel desk, which is located in the cellar. This is the busiest department in the house, and one of the most important. Each order is accompanied by a ticket stating the quality and amount of the goods, the price, and the address of the purchaser. It is remeasured aud examined here, so that any error on the part of the salesman may be de¬ tected and repaired. Errors of this kind, however, are rare, and the burden of the labor in this department consists of mak¬ ing the goods up into secure packages and sending them tO' their destinations. The tickets delivered at the parcel desk are then sent to the checking desk, which is also in the base¬ ment, where they are compared with those delivered by the salesmen to the cashiers, and if no error is discovered, the goods are sent to the wagons for delivery. The wagon department constitutes a very important branch of the business. The vehicles and horses are accommodated in a fine stable on Amity Street, near Broadway. The building was formerly a Baptist church, and was presided over by the Rev. Dr. Williams. When the congregation went higher up town, they sold the old church, which found a purchaser in Mr. Stewart. He converted it into a stable, and afterward more than doubled its size. The floor was taken up, a sewer built to carry off the waste water, and the place paved with brick and cement. It is now one of the best stables in the cit}'. It ALKXAXDKK T. STEWART. 97 ^•ontains over forty horses, ami five grooms arc on hand to at¬ tend to them. There are eight wagons employed at the up¬ town store to deliver parcels to purchasers, while thirteen single wagons are used by the lower store to cart single cases around town. In addition to these, there are ten double trucks to haul heavy goods. Twenty-seven drivers are employed, and thirteen liundred bushels of oats and fifty tons of hay arc fed out during a year. The place is in charge of a watchman at night, and during the day is managed by a superintendent. At half-past eight the trucks report at the down-town store, and remain there all day. At the same moment one of the light wagons is dis¬ patched to the retail store, and at once takes out the early sales. In an hour another wagon follows it, and this course is pursued all day until six o’clock, when the last wagon takes the last sales. By this system purchasers receive their parcels with dis- j)atch, and the immense business of the day is entirely finished. Kvery week the superintendent of the stables makes a report of the condition of the horses and wagons, and this “stable re- ])ort” is carefully inspected at head-quarters. In case of sick¬ ness or stubborn lameness, the horses are sent to the country to recruit. Mr. Stewart had a farm at Tuckahoe, where the invalid horses were kept, and where much of their provender was raised. This farm was noted for the valuable marble quarry which furnished the stone from which his mansion on Fifth Avenue was built. The retail store contains fabrics of every description and price. The wife of a millionaire can gratify her fancy here to its utmost limit, while the poor sewing-girl can obtain her sim¬ ple necessities at the same price which is demanded for them from the rich. In the shawl department, there are “ wraps ” worth as much as $4,500, but not more than one or two find a 08 KINGS OF FOKTUNE. purchaser in the course of a year. Shawls at $3,000 find a sale of about twenty a year, and the number of purcliasers increases as the price diminishes. The wealthy ladies of Xew York deal here extensively. One of the clerks of the establishment re¬ cently made a statement that a fashionable lady ran up a bill of $20,000 here in two months. iMr. Stewart, though leaving the details of the retail business in the hands of Mr. Tidier, the general superintendent, yet kept himself thoroughly informed respecting it, and exercised over it a general supervision, to which its increasing success was due. He knew exactly Avhat was in the house, how much was on hand, and how it was selling. He fixed the prices himself, and kept them always at a popular figure. He is said to liaA'e had an aversion to keeping goods over from one season to another, and Avould rather sacrifice them than do so. He had no dead stock on hand. His knowledge of the popular taste and its A'ariations was intuitive, and his great experience enabled him to anticipate its changes. “There can not be so much selling without proportionate buying, and Stewart was as systematic in the latter as the former. Latterly he did not act personally in making pur¬ chases, but trusted to the system which he had organized some years before, and which he found to admirably answer as his substitute. He had branch establishments exercising purchas¬ ing functions only in Boston and Philadelphia, in the United States; in Manchester, England; and in Paris and Lyons, France. But while these were his agencies, his buyers haunted the marts of the whole AA’orld. There was no center of commerce or manufacture of the wide range of articles in which he dealt, on either of the continents, Avhere he was not always present by deputy to seize upon favorable fluctuations ALEXANDER T. STEWART. 99 of the market, or pounce upon some exceptionally excellent productions. He OAvned entire the manufactory of the cele¬ brated Alexandre kid-glove. He had a body of men in Persia, organized under the inevitable superintendent, chasing down the Astrachan goat heavy with young, from which the unborn kids were taken and stripped of their skins, thus sacrificing two animals for every skin obtained. He rified Lyons of its choicest silks, the famous productions of Bonnet and Ponson. Holland and Ireland yielded him the first fruits of their looms. Belgium contributed the rarest of her laces, and the North sent down the finest of its Russian sables. All the looms of France, England, Belgium, and the United States were closely watched, and the finest fabrics in dress goods, muslins, carpets, and calicoes were caiaght up the moment the workmen put on the finishing touches. He bought for cash the world over, and was a customer every¬ where so recognized as desirable that he had his choice of industrial productions, and on more advantageous terms than his rivals could purchase what he left. He had been so long in the business, and had become so thoroughly versed in the productions of different looms in different countries, that it was his practice to select certain mills noted for excellence of work, and take their entire supply, and thus it happened that there were many looms in the busiest haunts of the Old and New Worlds that toiled unceasingly on his account. “By buying thus largely in foreign lands, he was, of course, the largest importer in the nation, and his duties averaged $30,000 gold per day. Every year his business steadily increased, and there was apparently no practical limit at which it would stop. As prudent in vast affairs as other men were in small, he insured liberally, and had policies renewed 100 KINGS OF FORTUNE. every third day throughout the year. But while leaning- on the insurance companies, he was utterly independent of the banks; he never asked one of them to ‘ carry ’ him through a crisis, and should such a contingency have arisen, there was no bank in the world competent to the task.” He was of the medium size, had light-brown hair and beard, which was closely trimmed. His features were sharp, well cut, his eye bright, and his general expression calm and thoughtful. His manner was reserved, and to all but his intimate friends cold. He dressed with great simplicity, but with taste, and in the style of the day. His habits were simple, and he avoided publicity in all things. Standing as he did at the head of the mercantile interests of the country, he afforded a fine example of the calm and dignified manner in which a man of true merit might enjoy his legitimate success, and of the good use he might make of its fruits. Mr. Stewart died April 10, 1876. The management of the great business which he had built up then devolved upon Judge Hilton, long a valued friend of the great merchant. Among the acts of charity which will make Mr. Stewart’s name long remembered, was the presentation of $50,000 to the sufferers from the Chicago fire. During his last years he took time to gratify his literary, artistic and social tastes. One of his peculiarities was that he would not have his portrait taken, gi\dng as a reason that he was “such a com¬ monplace looking little fellow.” Bismarck once sent his picture to Mr. Stewart and asked for one of the merchant in return. Mr. Stewart sent instead a check for $1,000 for the benefit of the starving population in one of the districts of Prussia. AMOS LAWRENCE. 101 CHAPTER IT. AMOS LAWRENCE. MOS LAWRENCE was born at Groton, Mas¬ sachusetts, on the 22(1 of April, 1786. His ancestor came of a good English family, and was one of the company which sailed from England for the New World under Governor Winthrop, in 1630, and which, according to Grahame, contained ^'several wealthy and high-born persons, both men and women, who expressed their determination to follow truth and liberty into a desert, rather than to enjoy all the pleasures of the world under the dominion of superstition and slavery.” This Law¬ rence settled in Watertown, and was one of the original pro¬ prietors of the town of Groton, which was founded in 1655. Samuel Lawrence, the father of the subject of this memoir, was the fifth in descent from the founder of the family, and was himself a gallant officer of the American army in the War ol‘ the Revolution, the close of which found him the jwssessor of a small farm, whieh yielded a modest support for his family. Young Amos was brought up on the farm, with none of the advantages of wealth, and with but a limited education, which he gained at the village schools, and which was seriously inter¬ fered with by his delicate health. Pie received his final training at the GiX)tou Academy, to which,,in after life, he became a liberal patron. “As we ehildi’eu came forward,” he wrote, late 102 KINGS OF FORTUNE. in life, ‘‘we were carefully looked after, but were taught to use the talents intrusted to us;, and every nerve was strained to provide for us the academy which is now doing so much there.” Toward the close of the year 1799, when but a little over thir¬ teen years of age, he took his final departure from school, and. entered a store in the village of Dunstable, as clerk. He remained there but a few months, and then returned to Groton, where he obtained a place as apprentice in the store of a Mr. Brazer. This was the largest establishment in the place, and conducted a very important trade with the country for miles around. Boston was so far, and so difficulty to reach in those days, that Groton came in for nearly all the business of its vicinity which the railroads have now taken to the city. Mr. Brazer’s establishment, which was known as a “variety store,” came in for the best j)art of this trade. Every thing was sold there; “j)uncheons of rum and brandy, bales of cloth, kegs of tobacco, with hardware and hosiery, shared attention in common with silks and threads, and all other articles for female use.” Even medicines were sold there; and Dr. ^ym. lx. Lawrence, the son of our hero, assures us that his father was obliged to sell medicines, not only to customers, but to all the physicians within a circuit of twenty miles, who depended on this establishment for their supplies. “The confidence in his good judgment,” he adds, “was such that he was often con¬ sulted in preference to the physician, by those who were suffer¬ ing from minor ails; and many were the extemporaneous doses which he administered for the weal or woe of the patient.” The Brazer store was a prominent feature in Groton. It was a })lace of general resort, and close by Avas the tavern Avhere the mail coaches stopped. Travelers were constantly jiassing through the town, Bringing the neAvs of those stirring davs when Napoleon Avas rushing OA’er Europe Avith his armies. AMOS LAM'REXCE. 103 overturning old states and building up new ones, and changing the destinies of the world. The domestic politics of the day were exciting, and it is likely that they aided, together M'ith tlie events in the Old World, in imparting to the character of Mr. Lawrence the earnestness and gravity for which he was noted when a mere lad. Mr. Brazer had in his employ a number of clerks, but it was not long before the energy and business talent of young Law¬ rence made him the most trusted of all. Mr. Brazer did not give much personal attention to the store, and when he found that his youfig clerk was so admirable and reliable a manager, he left the business entirely in his hands. This was a post of unusual responsibility for one so young, but Amos Lawrence accepted it promptly, and labored to discharge its duties faith¬ fully. He at once established the character for probity and fairness which distinguished him through life; his simple asser¬ tion was sufficient in any matter, being received with implicit trust by all Mdio knew him. His duties ke})t him constantly employed, and though he lived within a mile of his father’s house, weeks sometimes passed without giving him the oppor¬ tunity of visiting it. Drunkenness was at that day the curse of New England. Every body drank, and such fiery fluids as brandy, Avhisky, rum, and gin were the favorites. IMcn, women, and children were addicted to the vice, and Gi’oton Avas no exception to the rule. IMr. Brazer’s store Avas famous for the good liquors serA^ed out to its customers, and his clerks Avere aAvare that their employer did not olycct to their hel])ing themseU’es Avhen ' they felt thirsty. Amos Lawrence fell into the habit to Avliich all Avere given, and for some time Avent along Avith the rest; but at length he came to the conclusion that such indulgence Avas Avantoidy ruining his health, and he resolved to ab.stain 104 KINGS OF FOKTUNE, entirely. ‘‘We five boys/’ said he, years afterward, “were in the habit, every forenoon, of making a drink compounded of rum, raisins, sugar, nutmegs, etc., with biscuit—all palatable to eat and drink. After being in the store four weeks, I found my¬ self admonished by my appetite of the appi’oach of the hour for indulgence. Thinking the habit might make trouble if allowed to grow stronger, Avithout further apology to my seniors, I declined partaking Avith them. My first resolution aa’us to abstain for a Aveek, and, Avhen the Aveek Avas out, for a month, and then for a year. Finally, I resoh^ed to abstain for the rest of my apprenticeship, Avhich Avas for five years longer. During that Avhole period I never drank a spoonful, though I mixed gallons daily for my old master and his cus¬ tomers.” At the same time, Mr. LaAvrcnce determined that he Avould not use tobacco in any form. He was A’ery fond of the odor of “the Aveed,” and at one period of his life ahvays kept a fine Havana in his draAver that he might enjoy the scent of it; but he AA’as totally free fj-om our disgusting national vice in any of its forms. In this resjAect, as indeed in all others, lie offers a fine example to the rising youth of the present generation. On the 22d of April, 1807, l\Ir. LaAA-rence completed his twenty-first year, and his seven years’ apprenticeshij) Avith Mr. Brazer came to an end. He AA-as noAv of an age to enter into business for himself, and it Avas his intention to open a small store in Groton, in connection Avith a brother ajiprentice, but before doing so he decided to A’isit Boston for the purpose of establishing a credit. He reached the city Avith but tAventy dollars in his pocket, richer, he subsequently declared, in his OAvn estimation, than he eA’er felt before or afterAvard. M bile in the city, he receiA’ed the offer of a clerkship from a mer- AMOS [.AWREN'CE. 10 .-) cantilc house of good standing. It was entirely unsolicited, and took him by surprise, but he decided to accept it, and abandoned his idea of going into business for himself in Gro¬ ton ; and this act led to a career entirely dilferent from that to which he had looked forward. Boston, in 1807, had a population of about thirty thousand, and the commercial position of the city was relatively much greater than at present. The foreign trade of the United States was enormous, and was carried on in American ships, and not, as at present, in foreign vessels. The total tonnage of American shipping engaged in this trade was seven hundred thousand tons, and of this Boston possessed a fair share. Her domestic trade was also important. “The merchants of Boston had then high places in the es¬ timation of the world. The Perkinses, the Sargeants, the Mays, the Cabots, the Higginsons, and others, were known throughout the world for their integrity, their mercantile skill, and the ^extent and beneticial character of their operations. These wei’e the golden days of Boston’s commerce. The standard of integrity was high, and though it would be absurd to sup])ose that there was not the usual amount of evil in the place, it may be assumed that in no part of the world was the young trader more likely to find severer judges of character and conduct, or to be better treated if he should afford un(|ucstionable proofs of capacity and honesty.” Ft was into this community that Mr. Lawrence now entered, and in which his life was spent. He gave such satisfaction to his employers that, when he had been with them a short time, they astonished him with the offer of a partnership. He was but partially acquainted with their affairs, but their manner of conducting their business did not please him, and he declined their offer. His sagacity was verificd by himself, is offered here as a safe and admirable rule f()r all persons: “ When I commenced, the embargo had just been laid, and with such restrictions on trade that many were induced to leave it. But I felt great confidence that, by industry, economy, and integrity, I could get a living; and the experiment showed that I was right. Most of the young men who commenced at that period failed by spending too much money, and using credit too freely. “ I adopted the plan of keeping an accurate account of mer¬ chandise bought and sold each day, with the profit, as far as practicable. This plan was pursued for a number of years, and I never found my merchandise fall short in taking an ac¬ count of stock, which I did as often at least as once in each year. I was thus enabled to form an opinion of my actual state as a business man. I adopted also the rule always to have property, after my second year’s business, to represent foi'ty per cent, at least more than I owed—that is, never to be in debt more than two and a half times my capital. This caution saved me from ever getting embarrassed. If it were more generally adopted, we should see fewer failures in business. Excessive credit is the rock on which so many business men are broken.” Mr. Lawrence was very successful from the first. His profits during his first year were fifteen hundred dollars, and over four 108 KINGS OF FOBTUNE. thousand during the second. In seven years he made over fifty thousand dollars. He paid the closest attention to his business, and nothing could draw him from it in working hours. After these were over he would take his pleasure.. His aim was to keep every thing in the most complete state jios- sible. During the first seven years of his business he never allowed a bill against him to stand unsettled over the Sabbath. If he made a purchase of goods on Saturday, and they were delivered to him that day, he always examined and settled the bill by note, or by crediting it, and leaving it clear, so that there should be no unfinished business to go over to the next week, and make trouble for his clerks in case he should not be at his post. “Thus,” said he, “I always kept my business 6c- J'ore me, instead of allowing it to drive me. ” The first years of Mr. Lawrence’s mercantile experience covered the darkest period of the history of the Republic. They were marked by the embargo, the crippling, of our com¬ merce by the hostility of England and France, and the second war with Great Britain, in all of which there was much to dis¬ hearten a beginner, even if he escaped positive loss. Xothing was certain. The events of a single hour might undo the labor of yeai's, and baffle the best laid plans. Yet he perse¬ vered, and went .steadily on to fortune. He was remarkable for his keen foresight, as Avell as for his prudence, and was always on the alert to profit by the fluctuations of the market. Yet he abominated speculation. He averred that speculation made men desperate and unfit for legitimate business, and that it led them, when under excitement, to the commission of acts against which their cooler judgment would have warned them. The fair profits of legitimate business were, in his opinion, sure to reward any honest and capable man. His aim was to elevate commerce, and not to degrade it. He introduced into AMOS I.AWKKNCE. 109 Boston the system of double-entry in book-keeping, in advance of any other city merchant. He was prompt and faithful in the performance of every contract, and required a similar course toward himself from all indebted to him, as long as they were able to do so. When they became unfortunate, he was kind and generous, ready to compromise upon the most liberal terms, or to give them their own time for })ayment; and it is recorded of him that he never dealt harshly with a debtor who had failed in business. As long as such a course was necessaiy, Mr. Lawrence de¬ voted himself entirely to his business, but after he had placed it on a safe footing, he was careful to reserve to himself time for other duties and for relaxation. No man, he said, had the right to allow his business to engross his entire life. “Prop¬ erty acquired at such sacrifices as I have been obliged to make the past year, ” he wrote at the commencement of 1826, “costs more than it is worth; and the anxiety in protecting it is the extreme of folly. ” He never lost sight of the fact that man is a responsible, intelligent being, placed in the world for other purposes than the mere acquisition of wealth. In October, 1808, his brother, Abbott Lawrence, afterward famous as a merchant and statesman, came to him as an appren¬ tice, and on the 1st of January, 1814, he was .admitted to part¬ nership, the style of the firm being A. & A. Lawrence. This partnership was terminated only by the death of the elder brother in 1852. Their business was the importation and sale of foreign manufactures, and the firm soon took its place at the head of the Boston merchants engaged in this trade. The tariffs of 1816 and 1824 gave a new and powerful impetus to the man¬ ufacture of woolens and cottons in this country, and the Law¬ rences entered largely into the sale of these goods on commis¬ sion. In 1830, they became interested in the cotton mills at no KINGS OF FOKTUXE. Lowell; and on the establishment of tlie Snlfolk, Treraont, and Lawrence Companies, as well as subsequently in other corpora¬ tions, they became large proprietors. From this time their business as selling agents was on the most extensive scale, and their income from all sources large in proportion. They amassed large fortunes, and won names which are the most precious heri¬ tages of their children. Perhaps the best exposition of the principles upon which these brothers conducted their commercial operations is found in the following letter from the elder to the younger, written on the 11th of March, 1815, upon the occasion of a visit to Enc land by the latter on business for the firm : My Dear Brother —I have thought best, before you go abroad, to suggest a few hints for your benefit in your intercourse with the people among whom you are going. As a first and leading principle, let every transaction be of that pure and honest character that you would not be ashamed to have appear before the whole world as clearly as to yourself. In addition to the advantages arising from an honest course of conduct with your fellow-men, there is the satisfaction of reflecting within jmur- self that you have endeavored to do your duty ; and however greatly the best may fall short of doing all they ought, they will be sure not to do more than their principles enjoin. It is, therefore, of the highest consequence that you should not only cultivate correct principles, but that you should place your standard of action so high as to require great vigilance in living up to it. In regard to your business transactions, let every thing be so regis¬ tered in your books, that any person, without difficulty, can understand the whole of your concerns. You may be cut off in the midst of your pursuits, and it is of no small consequence that your temporal affairs should always be so arranged that you may be in readiness. If it is important that you should be well prepared in this point of view, how much more important is it that you should be prepared in that which relates to eternity! You are young, and the course of life seems open, and plea-sant pros¬ pects greet your ardent hopes; but you must remember that the race is AMOS LAWliKA'CK. Ill not always to the swift, and that, however flattering may be our pros¬ pects, and however zealously you may seek pleasure, you can never find it except by cherishing pure principles and practicing right conduct. My heart is full on this subject, my dear brother, and it is the only one on which I feel the least anxiety. While here, your conduct has been such as to meet my entire ap¬ probation ; but the scenes of another land may be more than your prin¬ ciples will stand against. I say may he, because young men of as fair promise as yourself have been lost by giving a small latitude (inno¬ cent in the first instance) to their propensities. But I pray the Father of all mercies to have you in his keeping, and preserve you amid temptations. I can only add my wish to have you write me frequently and par¬ ticularly, and that you will embrace every opportunity of gaining in¬ formation. Your affectionate brother, Amos Lawrence. To Abbott L.\wrence. In hi.s politics, INIr. Lawrence wa.s a Federalist, and then a Whig. He .served lor one term in the State Legislature as a Representative from Boston, with credit to himself, but after¬ ward avoided any active participation in public events. When his nephew-by-marriage. General Pierce, was a candidate for the Presidency, he was very much gratified personally by the selection of the Democracy, but declined to vote for him. In a letter to a friend, written at this time, he said : “ I had a charm¬ ing ride yesterday with my nephew, Frank Pierce, and told him I thought he must occupy the White House the next term, but that I woidd go for Scott. Pierce is a tine, spirited fellow, and will do his duty wherever placed. Scott will be my choice for President of the United States.” Reo-arding: himself as a steward of the riches committed to him, Amos Lawrence was liberal in his charities. During the last twenty-four years of his life he kept an accurate aecount of the sums he thus distributed, but with no idea that the state- 112 KINGS OF FORTUNE. nient, which he intended for his own eye only, would ever be made public. During this period he gave away six hundred and thirty-nine thousand dollars. The greater part of this was given away in ten years, and during a period when his average income was sixty thousand dollai's a year. He was a liberal patron of education, giving large sums to its extension ; and it was his delight to assist poor clergymen, without regard to de¬ nominations. He gave away clothing, food, books, etc., in large quantities, as well as ready money. “ Two rooms in his house,” says his son and biographer, “ and sometimes three, were used l)rincipally for the reception of useful articles for distribution. There, when stormy weather or ill-health prevented him from taking his usual drive, he was in the habit of passing hours in selecting and packing up articles which he considered suitable to the wants of those whom he wished to aid.” He did not forget the children, and many of his packages contained toys, and books, and other things calculated to jn-omote their enjoy¬ ment. He was beset with beggars of all kinds, many of whom he was compelled to refuse. In his diary, he wrote on the 11th of April, 1849, Applications come in from all quarters, for all objects. The reputation of giving freely is a very bad reputa¬ tion, so far as my personal comfort is concerned.” It pained him to have his charities made public, and he fre¬ quently requested the recipients to say nothing about them. He once made a present of some books to the Johnson school for girls, and the gift being acknowledged through the columns of a newspaper, he wrote to the principal of the school: “I merely want to say that I hope you will not put me in the newspaper at present, and when my work is done here, if you have any thing to say about me that will not hurt my children and grand¬ children, sa^/ on.” To another party he wrote: “I must I’equest AMOS LAWRENCE. 113 that my name be not thrust forward, as though I was to be a by-word for my vanity. I want to do good, but am sorry to be published, as in the recent case.” As a merchant, Mr. Lawrence was upright, prudent, far- seeing, sagacious, and courageous; as a citizen, he was patriotic, public-spirited, and devoted; and as a man, he was a sincere, earnest, Christian husband, father, and friend. Viewed in any light, his character affords one of the most perfect models to be found in our history. He was the Christian gentleman in all things, even in the minutest detail of his business. His stand¬ ard was very high, but he came up to it. Courteous and dignified in manner, with a face handsome and winning in youth, and gentle and benignant in age, he made scores of friends wherever he went, for it was a true index to his char¬ acter. It is a significant and interesting fact that, during the hottest passages of the old nullification times, although his views were known to be uncompromisingly opposed to the attitude of the South, he never lost the wannest friendship of some of the most advanced of the South Carolina leaders. When one thinks of the friendships that were wrecked amid the passions of those days, this fact speaks volumes for the personal attributes of Mr. Lawrence. He was a true American—proud of his country’s past, hope¬ ful for her future, and desiring nothing better than to live and die in the land of his birth. He sent his children abroad that they might see the Old World, and profit by the lessons learned there, but he strove earnestly to keep them true to their country. To his son, who was traveling in France in 1829, he wrote: “ Bring home no foreign fancies whieh are inapplicable to our state of society. It is very common for our young men to come home and appear quite ridiculous iu attcmjiting to oi'’ I'OUTUNE. 114 KIXG.S introduce their foreign fashions. It should be always kept ii> mind that the state of society is widely different here from that in Euro{)e; and our comfort and character require it should long remain so. Those who strive to introduce many of the European habits and fashions, by displacing our own, do a serious injury to the republic, and deserve censure. An idle person, with good powers of mind, becomes torpid and inactive' after a few years of indulgence, and is incapable of making any high effort. Highly important it is, then, to avoid this enemy of mental and moral improvement. I have no wish that vou pursue trade; I would rather see you on a farm, or study¬ ing any profession. “It should always be your aim so to conduct yourself that those whom you value most in the world would appi’ove your conduct, if your actions were laid bare to their inspection; and thus you will be pretty sure that He who sees the motive of all our actions will accept the good designed, though it fall short in its accomplishment. You are young, and are placed in a situation of great peril, and are, perhaps, sometimes tempted to do things which you would not do if you knew yourself under the eye of your guardian. The blandishments of a beautiful city may lead you to forget that you are always surrounded, su])ported, and seen by that best Guardian.” He was an eminently just man, and he carried this trait into the little details of his domestic life. His household adored him; and his friends were bound to him by ties unu¬ sually strong. He was firm and positive in his own opinions; but he was tolerant of those who differed from him. He was a man of quick, nervous temperament, but he possessed a pow¬ erful self-control. He was a sincere and earnest Christian, and while attaching himself to the sect of his choice, nis sym¬ pathies and aid went out to the whole Christian Church. »AiMOS LAWRENCE. llo 'Denominational differences had no place in his heart. He stood on tlie broad platfoi'in of the “faith of Christ crueified.” During the last years of Ids life, Mr. Lawrence was a con¬ stant invalid. To a man of his temperament this was a great trial, but he bore it unflinehingly, exhibiting, in the long years of feel)le liealth which preceded Ids death, a cheerfulness and patience which plainly show'ed the aid of the Arm on which he leaned for support. For sixteen years he did not take a meal with his family. His food and drink, of the simplest kind, were regularly weighed, a j)air of scales being kept in his chamber for that purpose. He wrote to his friend Presi¬ dent Hopkins, of Williams College: “If your young folks want to know the meaning of epieureanism, tell them to take some bits of coarse bread (one ounce ora little more), soak them in three gills of coarse meal gruel, and make their dinner of them, and nothing else; beginning very hungry, and leaving off more hungry.” Mr. Lawrence continued in this condition until December, 1852, when he was seized with a severe attack of the stomachic 'trouble to wddeh he was a martyr. He died peacefully, on the last day of that month and year, at the age of sixty-six years, eight months, and eight days. He was buried in Mount Auburn Cemetery, and was followed to the grave by a host of friends who mourned him as a brother, and by strangers to whom his kindness in life had brought relief from many a •care and suffering. 116 KINGS OF FORTUNE. CHAPTEE V. ANDREiy V. STOUT. HERE are few men in the city of New York who have won more fairly their proud positions in the mercantile world than he whose name stands at the top of this page. For more than forty years he has carried on a large and increas¬ ing business with an energy, skill, and probity which could not fail of success. Andrew V. Stout was born in the city of New York, at No. 6 Canal Street, or, as it was then called. Pump Street, about the year 1814. When he was scarcely more than a child he was left fatherless, and thrown upon his own resources for a living. He was a manly little fellow, and, young as he was, was fully alive to the importance of the position he was com¬ pelled to assume. He was resolved not only to support himself, but also to acquire a good education, and by studying hard while most boys are at play, mastered the ordinary English branches by the time he was twelve years old. He had a mother and sister to support, and applied himself manfully to the task of accomplishing this. He was well grown for his age, and was generally supposed to be several years older than he really was. When he was fourteen years old he applied for and received a position as assistant teacher ANDREW V. STOUT. 117 of the English branches in one of the public schools of the city. The trustees of the school supposed he was at least eighteen or nineteen years old. Had his true age been known to them, it is probable he would not have received the appoint¬ ment. He was not questioned upon the subject, and he was wise enough to keep his own counsel. He performed the duties of his position to the entire satisfaction of the school officials, and made such a good impression on his friends that at the age of sixteen he was made assistant principal in one of the most important and popular private schools of the day, taught by Shepherd Johnson, a name well known to the'Dld residents of New York. He was very young to fill this position, and, as may be sup¬ posed, it was peculiarly trying to one whose learning was mainly self-acquired. He was determined to succeed, however, and he applied himself energetically to master the course he was teaching. He studied harder and more constantly than any of his pupils, and was always fresh on the lessons^ for the day. AVhen he was sixteen years old he was so well grown and so mature that he passed for twenty. Having succeeded so well in the management of his English classes, he was oflbrcd the position of instructor of Latin, with an increase of his sal¬ ary. The offer at first dismayed him. He was thoroughly ig¬ norant of the Latin language, and utterly unprepared for the ■duties demanded of him. He was very anxious to have the place, however, for he needed the increase of salary offered him, and, after hesitating a little while, accepted it. He pur¬ chased a Latin grammar, and engaged a private tutor. He studied hard, and soon mastered the rudiments of the language. In this way he managed to keep ahead of his classes. If a question was asked him which he could not answer, he post- 118 KINGS OF FORTUNE. poned his reply, looked into the matter at night, and explained' it the next morning. By such hard study and patient efforts did this boy, himself a mere novice, turn out what was admit¬ ted by all to be the best drilled Latin class Shepherd Johnson’s, ■school had ever boasted of. When he was eighteen years old he was made principal of Public School No. 2 of Xew York. He was living at Bush- wick, where he resided with his mother and sister in a cosy little cottage, the garden of which was his pride, since he tended it with his own hands. It was his custom to rise every morning at four o’clock, and work in his garden until seven. Tlien he rode into the city, and attended to his 'school duties until four o’clock, w'hen he returned home. He was now in possession of a comfortable living; but he was not satisfied to do this and nothing more. He was anxious to win fortune, to enter upon a more active and stirring pursuit, and he kept himself always on the watch for an opening. About the time he became the head of the public school we have referred to, he commenced to engage in various ventures of a commercial nature, devoting to them his evenings, and the hours of the day not demanded by his school. One of his relatives was a builder, with a fair trade, and had made some money by erecting houses in New York. Young Stout, who had saved a little money, proposed to him that they should take out a contract for building a number of dwell¬ ings on the then fashionable thoroughfare of East Broadway. The elder man was pleased with the plan, and at once consented to it. The houses were built at a handsome profit; others fol¬ lowed them, and by attending closely to this business, as well as his other duties, Andrew Stout, by the time he was twenty years old, had saved seventeen thousand dollars—a very large sum in tliose steady-going days. ANDREW V. STOUT. 110 He was greatly aided by the custom of doing business on time, which then prevailed, but he never allowed one of his notes to be protested, and never asked for an extension. When he began business, he did so with the firm resolve that he would conduct his most insignificant transaction as a Christian man of honor. If he could not make money honestly, he would re¬ main poor. Every body saw the energy and judgment with which he conducted his affairs, and the strict integrity which marked them all, and he was not long in building up a i-epu- tation as a business man of which any one might have been jwoud. The prom[)tnoss and apparcul case with which he met every contract, and took n}) every note, caused it to be generally believed that’ he was a very rich man. Further than this, it was known that he was a zealous and earnest Christian, one who carried his religion into his busiucs.s, and who lived u[) to his professions. He was an active mend)er of the Meth¬ odist Church, and the business man of the congregation to which he belonged. In his hands its finances prospered as (hey had never done before. Such was the reputation of this young man, who had not yet attained his majority. He held his position in the public school for .several years after his appointment to it, but the requirements of his busi- ne.ss at length compelled him to reliiujuish it. In the midst of his prosjierity Mr. Stout made one mistake. A friend with whom he had been interested in building wished to procure .some money from the bank, and Mr. Stout Avas in¬ duced, with considerable reluctance, to indorse his note for five thousand dollars. One false .step in business, as in other affairs of life, leads to another, and, in order to save this money, IMr. Stout was forced to renew his indorsements until his liabilities amounted to twenty-three thousand dollars. To his dismay ho Avas noAV informed by the buikh'r for avIio-^c sake he had incurred 120 KINGS OF FOIITCNE. this risk, that he (the builder) had failed, without making provision for the payment of the notes, and that Mr. Stout would have to account to the bank for them. “ Several methods of relief were open to Mr. Stout. He was worth seventeen thousand dollars, which he had earned by nights of toil, by economy, and by daily and earnest attention to business. To jiay the notes would not only sweep away every penny that he had, but would leave him six thousand dollars in debt. He had never realized one cent from the money, and his name was used simply to accommodate the builder. Besides, he was not of age, though nobody suspected that fact, and he could repudiate his debts as a minor. He toolv no counsel, made no statement of his affaii’s to any one, shut himself up in his own room, and considered thoughtfully what he should do, and then followed out the decision that he had reached. Having become bankrupt in money, he concluded he would not be so in character. He had earned seventeen thou¬ sand dollars, and could earn seventeen thousand dollars more. He did confide in one friend. He went to a relative, and asked him to lend him six thousand dollars, the sum necessary to take uj) all the notes. The relative was astonished at the request, and insisted upon knowing the facts in the case. Mr. Stout made a full and frank statement. It was met with the remark, ‘ Well, Andrew, I thought you would be a rich man, but if this is the way you do your business, you will never be worth any tiling.’ But Mr. Stout did not want preaching, he wanted money; and as the relative seemed to hesitate about loaning the money, as no security was offered, Mr. Stout curtly told him he could do as he pleased about it; he could get the money some¬ where, and pay the notes. The money was promised, and he went on his way. “ The bank watched the young financier with a great deal of ANDIIEW Y. STOUT. 121 interest. The whole matter had been discussed often in thc bank, and the wonder was how young Stout would meet the blow. It was supposed that he would ask for an extension ; and it was agreed to give it to him, and to make the time of payment convenient to his ability. Had he proposed to com¬ promise the matter by paying one-half, the bank would have accepted it. That would have left him a capital of nearly eight thousand dollars for a fresh start. Had he offered his seventeen thousand dollars on condition that he was released from all lia¬ bility, the notes would have been canceled with alacrity. He did neither. He proposed no compromise, asked no extension, and attempted to negotiate no settlement. When the fij’st note became due, he paid it. He did the same with the second and third. After the third payment, he was called into the office ■of the president. Reference was made to the notes, and to the fact that he had obtained no benefit from the money. The president told him the bank was ready to renew the notes, and to give him any accommodation that he might ask. Mr. Stout simjdy replied that the blow was a heavy one, but that having assumed the obligation, he should discharge it; that he asked no favors, and as the notes matured he should take them uj). He paid every dollar due, and every one was certain that his wealth must be very large. His manliness, pluck, and integ¬ rity, which carried him through that crisis, became the sure f'oundation-stone ou which his great fortune was laid. He took the front rank among successful financiers, and his honorable <‘ourse in that crisis established his fame as an honest man, in whom it would be safe to confide. Years of earnest and active business life have not changed that character, nor allowed a blot or stain to cloud that reputation.” * Some years later, ^Ir. Stout became a merchant. He estab- * Matthew Halo Smitli. 122 KINGS OF FOUTUXE. lislied a wholesale boot and shoe store, and engaged actively in that business. He brought to his new calling the energy, pru¬ dence, and integrity which had distinguished him all through his life, and was successful from the first. He worked hard. His business hours were from seven in the morning until six in the evening. During his busy season, four months in the year, he worked until ten, and often until twelve, paying his em- jdoyt\s extra wages for labor performed after the regular busi¬ ness hours. Sometimes he worked until four in the morning,, but that did not deter him from being in the store at the usual hour for opening. He was always the last to go home, never leaving the store until the business of the day was over and the house was closed. He extended his operations Uito dry goods, meeting with equal success in this department. As his business expanded, he was compelled to form various partner¬ ships, but in all these arrangements he reserved to himself,, like Stewart, the exclusive management of the finances. About thirty years ago, the shoe and leather merchants of the city decided to organize a bank, in which their interests should be the principal considei’ation. i\Ir. Stout engaged in the etfi)rt with great enthusiasm, and the Shoe and Leather Bank of New A"ork was at length organized under the most auspicious circumstances. Mr. Stout was the largest stock¬ holder in the new bank, and was elected one of its directors. H is influence was potent in directing its first operations, and the next year he was elected vice-president, in which position he really had the control of the enterprise left to him. A year later he was elected president of the bank, a position which he still holds, being in point of service the oldest bank president in Xew A"ork. Upon questions of banking and finance, his views are listened to with great respect by his associates, who have proof of their soundness in the splendid success of tho ANDRKW V. STOUT. 123 ' institution over which he presides; and it may be trnly said tliat there are few men in the city wlio enjoy so large a share of the public confidence as is bestowed upon him As a citizen, he is pnblic-spirited and liberal. Some years ago, he held 'the office of city chamberlain, and during his ad¬ ministration of it a difficnlty arose in regard to paying the police force their wages. Knowing that the men and their families would suffer if the money were not promptly paid them, Mr. Stout generously advanced the necessary sum from his private means, looking to the city to reimburse him. In grateful acknowledgment of this practical sympathy for them, the force presented him with a handsome testimonial. His for¬ tune is immense, and is used liberally in behalf of the cause of the Christian religion. His charities are said to be large, but one rarely hears of them, so quietly are they done. He is mar¬ ried and has a familv. No man’s career holds out more encouragement to young men seeking to rise than that of Andrew V. Stout. It shows that courage, patient industry, and business capacity will bring fortune to any honest worker. His uniform suc¬ cess speaks volumes in favor of a young man’s striving to lead a Christian life in the midst of his business cares and struggles. God’s blessing follows such an one at every stej), and he will succeed in the end, whatever trials ma}* beset his path at first. It is a great mistake to suppose that a man’s success depends on his “sharpness.” Shrewdness is a valuable quality, but it must be coupled with a plain, practical honesty, or it will amount to nothing in the end. A man must be faith¬ ful to his God if he would have his work stand. 124 KINGS OF FORTUNE. CHAPTEE Yl. JONAS CHICKERING. N Treraont Street, iii the City of Boston, near the Roxbury line, there stands an immense building of brick, said to be larger than any edifice in the United States, save the Capitol at IVashington. It is built in the form of a hollow square, with a large court-yard in the center, and the building and court-yard together cover an area of five acres. It is five stories in height on the outer side, and six on the inner, the court-yai’d being one story lower than the street. The building is two hundred and sixty-two feet in length from east to west, and two hundred and forty-five from north to south, the shorter distance being the length on Tremont Street. The width of the building all around the court-yard is fifty feet. It contains nine hundred windows, with eleven thousand panes of glass, and when lighted up at night seems almost a solid mass of fire. From five to six hundred men are employed here in various capaci¬ ties, and an immense steam engine of one hundred and twenty iiorse-power furnishes the motive power for the machinery. Altogether, it is one of the most prominent and interesting of all the sights of Boston, and the visitor is surprised to learn that it is due entirely to the energy and genius of one who, but thirty-four years jirevious to its erection, came to Boston a JONAS CHICKEKING. 125 penniless stranger. The building is the famous piano-forte manufactory of Chickering & Sons, and its founder was Jonas Chickering, the subject of this sketch. Jonas Chickering was born at New Ipswich, New Hamj)- shire, on the 5th of April, 1798. His father was a blacksmith by trade, and employed his leisure time in cultiv^ating a small farm of which he was the owner. He was esteemed by his neighbors as an upright, reliable man, and prudent and care¬ ful in his temporal alfairs. The family being poor, young Jonas was required to do his share toward cultivating the farm, and received only such education as was afforded by the district schools in the vicinity. He was noted at an early age for his passionate love of music. When a mere child, he learned to play on the fife, and was such a proficient per¬ former that he was called upon with the town drummer to furnish music for the militia musters, which were then the pride of the town. These were happy days for the lad, but his pleasure was marred by the ridicule which the contrast between his slender figure and the stalwart frame of the “six- foot drummer” caused the fun-loving towns-people to indulge in. Soon after this he learned to play on the clarionet, and when only seventeen or eighteen years old, was so advanced in his art that he could read at sight music of the most difficult character. At the age of seventeen he w'as apprenticed to a cabinet¬ maker to learn his trade, and remained with him for three years, exerting himself to become thorough master of every detail of the business. Toward the close of his apprenticeship, an event occurred which changed the whole current of his life, and placed him in what proved to him the road to fame and fortune. One of the wealthiest citizens of New Ipswich was the for¬ tunate owner of a piano, the only instrument of the kind in the 126 KINGS OF FORTUNE. place; but his treasure was almost useless to him, for the reason that it was out of tune and seriously damaged in some respects. It had lain in this condition for a long time, no one in or near the place being able to make the necessary repairs. In this extremity the owner bethought him of Jonas Chickering, who had acquired an enviable reputation for skill in his trade, and it was thought that a good cabinet-maker ought of necessity to be a clever piano-maker. Young Chickering, thus appealed to, consented to undertake the task, as much for the purpose of becoming familiar with the instrument as of earning the sum the owner of it pro})Osed to pay for the repairs. He had not the slightest knowledge of its internal organization, but he believed that by patient investigation he could master it, and he knew that the correctness of his ear would enable him to tune it. He made a careful .study of the instrument and of every sepai'ate part, spent days over the task, discovered the injury and the cause of it, and not only took the instrument to pieces and restored it to its former condition, but did his work so well that the piano was ])ronounced fully as good in every respect as when it was new. This was not all. He di.scovered defects in the instrument which even its maker was not able to ■remedy, and his fertile bi’ain at once suggested to him a plan for removing them. Here was a chance for him, and he resolved to profit by it. He would abandon cabinet-making and learn the manufacture of pianos. Then, when master of his trade, he would make use of his di.scoveries, and earn both fame and fortune. When his determination to change his business was made known, his friends attributed it to his desii’e to be in the midst of musical instruments, and where he could gratify his love of music; but this was only a part of the onotive which Influenced him. He meant to rise in the JONAS CHICKICKING. 127 Avoi’lcl, and he was sure that he held in his hands the means ■of doing so. In 1818, when twenty years old, he removed to Boston, and obtained employment with a cabinet-maker. He did this in order to give him time to look about him, to become familiar with the city and city life, and to acquire such other informa¬ tion as would enable him to decide upon the best means of putting his plans into execution. He saved his wages with the greatest care, and at the end of his first year in Boston had accumulated a modest little sum, which he meant should support him while he was learning his new trade. On the 15th of February, 1819, without the loss of a day, he began work with a piano-maker. He had now entered upon what he meant should be the business of his life, and he was resolved that he would bo inaster of it. From the first he took rank in his employer’s factory as the most careful workman in it. He spared no pains to make his knowledge full in every detail. Time was of no consequence compared with knowledge, and he was never anxious to hurry through with his work. It soon came to be recognized by his employer and fellow-workmen that he was the best fitted for those portions of the work upon the instru¬ ment which required the greatest patience as well as the great¬ est care, and the most difficult and delicate work was always intrusted to him, his wages being, of course, in proportion. Other men had no thought but to earn a living. This man meant to win fame and fortune, and to enlarge the scope of that art to which he was so ])assionately devoted. He labored with his mind as well As his hands, familiarizing himself with every detail of the manufacture, and devising in silence the means for Improving the instrument and the implements used in its construction. He could afford to wait, to be slower than 128 KINGS OF FOKTUNE. liis fellows. Every moment spent over his task made his work¬ manship the better, and opened to his mind new sources of im- pi'ovement. He spent three years as a journeyman, and then went into business for himself. He associated himself with a Mr. Stewart, under the firm of Stewart & Chickering. Fifty years ago the piano-forte was a wretched piece of mechanism compared with the superb instrument of to-day. It was originally a progressive growth from the ancient lyre,, through the harp, psaltery, dulcimer, clavictherium, clavichord, virginal, spinet, harpsichord, to the piano of Christofali in the early years of the last century. At the period of ]\Ir. Chick- ering’s entrance into business, it was still very imperfect, and the various manufacturers of the instrument were earnestly endeavoring to discover some means of remedying the defects of which they were all conscious. There are four divisions in the manufacture of a piano, each of which requires great skill and care. These are: First, The making of the framing and the sound-board; Second, The stringing; Third, The keys and action; Fourth, The case and ornamental work. The framing requires strength and simplicity. It is this portion of the in¬ strument which sustains the tension of the strings, which in full to large-sized pianos is not less than from six to twelve tons, and it is a matter of prime necessity that the portions which serve as a strut or stretcher between the ends of the strings, and which are to resist this enormous pull, must be made cor¬ respondingly strong and rigid, since by any gradual yielding under the pull of the strings, their lengths and tensions, and hence their tone, must undergo proportionate change. In the old pianos, the frames were of wood, and it was impossible to use any but small, short strings, for the reason given above. Fullness and power were not to be thought of, and builders were obliged to confine themselves to securing truthfulness of JONAS CHICKKRING. 129 tone. A multitude of causes, among which w’ere the changes in the weather, combined to render it impossible to keep the old- fashioned instrument in tune. It was this defect which first attracted the attention of Jonas Chickering, and his first en¬ deavor was to produce an instrument which would withstand the climatic changes which were so troublesome to the old ones. He was fully aware of the fact that the piano trade in this country was then so unimportant that it offered but little in¬ ducement to a man who could manufacture only the old in¬ strument ; but he believed that by producing an instrument of better proportions, and one fuller, richer, and more lasting in tone, he could create a demand for it which would insure the sale of all he could manufacture. His hope of success lay not in the old, but in an improved and nobler Instrument. That he was correct in his belief, the magnificent instrument of to¬ day which bears his name, and the lucrative business he has left to his sons, amply demonstrate. Others besides himself were working for the same end, and he knew that he would have to bear the test of determined and intelligent eompetitiou. He applied himself to his purpose with enthusiasm. He care¬ fully studied the theory of atmospheric vibration and musical cf^nbination, as well as an application of the principles of me¬ chanical philosophy to the construction of the instrument. He went deep into the science involved in his work, into the phil¬ osophy of melody. Passionately devoted to music, he was am¬ bitious of placing that which has been so truly called ‘‘the king of instruments ” within the reach of all lovers of harmony, and to ffive them the best instrument that human invention could produce—an instrument which should not only withstand atmospheric changes, but which should yield the richest, fullest volume of melody, with the least exertion to the performer. His progress was slow’, but it was sure. Beginning with an 130 KINGS OF FOUTUKE. improv'ement in the action, he accoinplished, in a great measure (in 1838), his plan for preserving the permanence and purity of the tone of the instrument bv casting: the entire iron framing with the parallel bars in one piece. Iron had for some time before this been in general use for framing, but the frame was oast in a few separate jiarts, which, were put together by means of bolts and screws, a plan which is still used to a considerable extent in Europe. By his jilan of casting the frame and its supporting bars in one solid piece, I\Ir. Chickering not only prevented the frame from yielding to the pull of the strings, thus securing permanence and purity of tone, but was enabled to use larger frames and more strings, which greatly increased the capacity of the instrnmont. Several other improvements were made by him, the most im¬ portant of which was the invention, in 1845, of the circular scale for square pianos, which is now in general use in this country and in Europe. “This consists in giving to the row of tuning pins and wrest-planks—previously straight in these instruments—a curved disposition, answering nearly to an arc of a circle, the advantage being that the strings become less crowded, larger hammers, and a more direct blow can be se¬ cured, and the tone is both strengthened and improved.” AVi^i a rare generosity, Mr. Chickering declined to patent this im- ])rovement, which would have enabled him to drive competition out of the market. He regarded it as so necessary to a good piano that he declared that all makers ought to have the use of it, as it would thus be within the power of all persons able to ))urcha.se a piano to avail themselves of it, w'hether they bought a “Chickering” or not. Such generosity is too rare to fail to receive the praise it merits. Mr. Chickering did not continue long in business with Mr. Stewart. The latter ivithdrew' in a few years, and Mr. Chick' JOXAS CHICKERING. 131 ering carried on the business alone. In 1830 he formed a partnership witli Cajitain Jolin Mackay, a retired ship-mer chant. In tlie new firm Captain Mackay took charge of the finances and the office business, while Mr. Chickering devoted himself entirely to the mechanical department. The operations of the new house were very successful. The improvements made by Mr. Chickering from the first created a demand for their instruments which was sometimes so great that it was difficult to supply it. This demand continued to increase, 'Until the house was perfectly easy as to money matters, and able to enlarge its facilities very greatly. It was Mr. Chicker- ing’s design that each separate instrument should be an im¬ provement upon those which had preceded it, and he was care¬ ful that this plan should not miscarry. In a few years the firm was enabled to import the foreign materials needed, by the cargo, thus saving the jwofit which they had hitherto been com¬ pelled to pay the importer. Besides this saving, they were enabled to keep on hand a large stock of the woods used in the instrument, and thus it was allowed to became more thoroughly seasoned than that which they had been compelled to [)urchase, from time to time, in small quantities. In 1841, Captain 5lackay sailed from Boston for South America, for the purpose ■of obtaining a supply of the woods needed by the firm ; but he never returned, and as no tidings of him or his ship were ever received, it is supposed that the vessel went down at sea with all on board. Mr. Chickering now decided to continue the business with- out a partner. His friends supposed that in assuming the management of the concern, in addition to the direction of the mechanical department, and the constant mental labor to which he subjected himself in his efforts to improve the piano, he was undertaking more than he was capable of performing. They 132 KINGS OF FORTUNE. feared his health Avoukl break down under it. Besides, it was generally believed that, in spite of Mr. Chickering’s undoubted skill in his own department, he was not much of a business man. He was confident of his own ability, however, and did not hesitate to assume the new responsibility. The business of which he now became the owner was very heavy and extensive. Soon after the beginning of his connec¬ tion with Captain Mackay, the firm erected a large factory for the purpose of carrying on their business. One hundred hands were employed in it when opened, but in a few years it was necessary to employ more than twice that number, so rapidly did the business increase. The supply of materials needed was ample and of the very best quality, for Mr. Chickering nev^er allowed an inferior article to be used. The warerooms were large and handsomely fitted up, and were filled with instru¬ ments ranging in price from a thousand dollars downward. It was generally believed that while Mr. Chickering’s genius had created the demand for the pianos,, it was Captain Mackay’s business knowledge and experience that had ])laced affairs on their pi’esent footing, and when Mr. Chickering proposed to buy Captain Mackay’s interest from his heirs, which was valued at several hundred thousand dollars, there was a very general belief, which found expression, that he was incurring certain ruin. The condition of the sale was that the purchase-money should be divided into installments, for each of which Mr. Chickering should give his note, secured by a mortgage on the premises. At Mr. Chickering’s request each note was made payable “on or before” a given day. The lawyer who con¬ ducted the transaction smiled skeptically as he inserted this clause, and asked the purchaser if he ever expected to pay the notes at all. “If I did not expect to pay them promptly, I should not JONAS CHICKERING. 133 give them,” was the simple reply. He was as good as his word; The notes were met promptly, and although Captain Mackay’s family requested that they might stand as an invest¬ ment for them, Mr. Chickering took up the last one at its maturity. With the business in his own hands, Mr. Chickering contin¬ ued its operations, displaying an ease in his mercantile transac¬ tions which astonished and delighted his friends. The business prospered to a greater degree than before, and all the while Mr. Chickering continued his labors for the improvement of his instruments with still greater success than in former years. His pianos were universally regarded as the best in the market, and his competitors were unable to excel him. Although con¬ ducting a business which required the constant exercise of the highest mercantile talent, he did not relax his energy in the mechanical department. To the end of his life, long after he had become a wealthy and prominent man, he had his own little working-cabinet, with an exquisite set of tools, with which he himself put the finishing touch to each of his splendid in¬ struments, a touch he would not intrust to any other hands. His competitors did all in their power to equal him, but he distanced them all. One of them ado 2 )ted a most startling ex¬ pedient. He obtained permission from the Legislature of Mas¬ sachusetts to change his name to Chickering, and at once sent out his instruments marked with his new name, his object of course being to deceive the public, and Jonas Chickering had the mor¬ tification of seeing the inferior instruments of another maker mistaken for his own. He promptly laid before the Legislature •a petition for redress, setting forth the facts of the case and the motives of his rival. The result was that the Legislature recon¬ sidered its action, and compelled the bogus Chickering to resume his original name. 134 KINGS OF FORTUNE. Mr. Chickering was noted for his simplicity and straight¬ forwardness in business transactions. Conscious of his own in¬ tegrity, he listened to no proposition of a doubtful character,, nor would he ever allow his ci’edit as a merchant to be ques¬ tioned with impunity. Upon one occasion, he applied through his clerk to the bank, with which he had dealt for many years,, for an accommodation which he needed. The president of the bank sent for him, and told him that security would be required. “I shall give you none,” he replied. “1 have done my business at this bank for a long time, and if you do not kno^v me, I shall apply where I-am better known.” The president was firm in his position, and Mr. Chickering applied to another bank, which readily granted him the desired discount, and to which he at once transferred his business, which was worth to the bank about ten thousand dollars a year. Shortly after, a director of the institution at which he had for-, merly dealt called on him, and urged him to restore his busi¬ ness to the bank, assuring him that in future it would readily grant him any accommodation he might desire. “ Xo,” he replied; “ I will deal with no institution which, having had the opportunity of knowing me, suspects my respon¬ sibility.” Again having need of accommodation, he sent his notes for a large sum to one of the city banks for discount. The presi¬ dent said an indorser would be required, “ I shall indorse them myself,” said Mr. Chickering. “ That will never do,” replied the president. “ Very well,” was the simple answer, and, without further words, he took the notes to another bank, which'promptly loaned him the money on them. He tolerated no irregularity in his own business. He was JOXAS < HICKKKIXG. 135 true to the spirit as well as to the letter of a contract, and never, during the whole course of his long life, \yas he guilty of a transaction in which the most rigid moralist could find a taint of sharp practice. What a refutation of the theories of those who hold that cunning and trickery arc unavoidahle some time in the course of a long and successful mercantile career lies in the story of this man, who, beginning life penni¬ less, filled with a burning ambition to be rich and famous, never swerved from the straight path of integrity, and by the exercise of only the highest traits of his nature more tlian realized his boyish dreams! Ponder it well, young man, and learn from it that honesty is indeed the best policy in any calling. Mr. Chickering had married early in life, and now had three sons just entering upon manhood. These were carefully edu¬ cated at the public schools for which Boston is so justly famed, and then put into their father’s factory to learn the mechanical part of the busine.ss. It was the father’s ambition to be suc¬ ceeded by his sons, but he was not willing to trust the labor of his life to ignorant or incompetent hands. At the age of seven¬ teen, Thomas Chickering, the eldest son, was taken from school, and, under his father’s eye, taught' every detail of the mechan¬ ical branch of the business, until he understood it as well as the senior Chickering himself. George, the second son, in due time passed through the same course of training; while Francis, the youngest, was brought up in the warehouse. The father thoroughly imbued his sons with his own system and energy, and to-day we see the result. The firm of Chickering & Sons is still the most prominent in America. Thomas is now the acting head of the house, and has led it on to continued suc¬ cess; Francis is the presiding genius of the mechanical depart¬ ment, and has made many important imi)rovemen(s in the field in which his father won success ; and Geer