Cleveland Past and Present: Its Representative Men / Comprising Biographical Sketches of Pioneer Settlers and Prominent Citizens

by Unknown

In the intellectual progress of the young about him, and the building up of schools and colleges, he took especial interest. He first suggested and urged upon President Pierce to adopt the conditions of the present "Permanent Fund of Western Reserve College," rather than to solicit unconditional contributions, which experience had proved were so easily absorbed by present necessities, and left the future as poor as the past. In connection with his brothers, he made the first subscription to that fund. The embarrassment arising from his railroad enterprise prevented him from increasing that contribution. The wisdom of his suggestions was subsequently shown, when, during the rupture and consequent embarrassment under which the college labored, the income of this fund had a very important, if not vital share in saving it from abandonment, and afterwards proved the nucleus of its present endowment.

He was always efficient in favoring improvements. He was associated with Hon. F. Kinsman and his brother in founding the beautiful Woodland Cemetery at Warren. The land was purchased and the ground laid out by them, and then transferred to the present corporation.

Soon after his return from the Constitutional Convention, he became interested in the Cleveland and Mahoning Railroad. He was most influential in obtaining the charter and organizing the company, of which he was elected president, and became the principal, almost sole financial manager.

Owing to prior and conflicting railroad interests, little aid could be obtained for his project in either of the terminal cities, Cleveland and Pittsburgh, and the work was commenced in 1853 with a comparatively small stock subscription. A tightening money market prevented any considerable increase of the stock list, or a favorable disposition of the bonds of the road, and the financial crisis a few years afterwards so reduced the value of the securities of this, as of all unfinished railroads, as practically to shut them out of the market. In this emergency the alternative presented itself to Mr. Perkins and his resident directors, either to abandon the enterprise and bankrupt the company, with the entire loss of the amount expended, or to push it forward to completion by the pledge, and at the risk of their private fortunes, credit, and reputations.

In this, the darkest day of the enterprise, Mr. Perkins manifested his confidence in its ultimate success, and his generous willingness to meet fully his share of the hazard to be incurred, by proposing to them, jointly with him, to assume that risk; and agreeing that in case of disaster, he would himself pay the first $100,000 of loss, and thereafter share it equally with them.

With a devotion to the interests entrusted to them, a determination rarely equalled in the history of our railroad enterprises, they unanimously accepted this proposition, and determined to complete the road, at least to a remunerative point in the coal fields of the Mahoning Valley.

The financial storm was so much more severe and longer continued than the wisest had calculated upon, that for years the result was regarded by them and the friends of the enterprise with painful suspense. In the interest of the road Mr. Perkins spent the Spring of 1854 in England, without achieving any important financial results.

At length, in 1856, the road was opened to Youngstown, and its receipts, carefully husbanded, began slowly to lessen the floating debt, by that time grown to frightful proportions, and carried solely by the pledge of the private property and credit of the president and Ohio directors. These directors, consisting of Hon. Frederick Kinsman and Charles Smith, of Warren, Governor David Tod, of Briar Hill, Judge Reuben Hitchcock, of Painesville, and Dudley Baldwin, of Cleveland, by the free use of their widely known and high business credit, without distrust or dissension, sustained the president through that long and severe trial, a trial which can never be realized except by those who shared its burdens. The president and these directors should ever be held in honor by the stockholders of the company, whose investment they saved from utter loss, and by the business men of the entire Mahoning Valley, and not less by the city of Cleveland; for the mining and manufacturing interests developed by their exertions and sacrifices, lie at the very foundation of the present prosperity of both.

Before, however, the road was enabled to free itself from financial embarrassment, so to as commence making a satisfactory return to the stockholders, which Mr. Perkins was exceedingly anxious to see accomplished under his own presidency--his failing health compelled him to leave its active management, and he died before the bright day dawned upon the enterprise.

He said to a friend during his last illness, with characteristic distinctness: "If I die, you may inscribe on my tomb stone, Died of the Mahoning Railroad;" so great had been his devotion to the interests of the road, and so severe the personal exposures which its supervision had required of him, who was characteristically more thoughtful of every interest confided to his care, than of his own health.