and then cite the race reared in poverty as those who saved the commonwealth, by defeating Hannibal. His deep-toned objurgations at the degeneracy of Rome are brought to mind by the increased dissipation and licentiousness of American youth.
Who can read lines like these without thinking of our concert-saloons and other facilities of vice? (the former happily suppressed.)
Damnasa quid non immmuit dies.
The history of capitalists would be interesting, if only as showing this single feature, namely, that the secret of great success lies in one's placing himself in some channel where the stream must soon flow, and thus anticipating the future.
Johnson, in the midst of his cheerless poverty, had some golden dreams, was sensible of this fact, and illustrates it in one of those Oriental apologues which occur in the Rambler, where he shows the tiny rivulet gradually filling a lake. With the same idea permeating his mind, he exclaims, when Thrale's brewery was to be sold: 'Here are the means of wealth beyond the dreams of avarice.'
The history of rich men also proves that it is not so much the art of getting as that of keeping which insures success. New-York and other of our great cities contain thousands of poor men who, but a few years ago, were heavy operators, and whose future seemed brilliant with promise. Yet here they are, now struggling for mere bread.
Riches are winged creatures, which break cage with strange facility and are not to be whistled back again. The array of agents, brokers, book-keepers, and decayed gentlemen who but lately were numbered among merchants, bankers, and ship-owners, is quite a moving spectacle. Thus A. B——, for thirty years connected with trade, during most of which period he was a leading member of the great cloth house of——, has been worth two hundred thousand dollars, but is now a book-keeper for a concern in John street. I. S—— has been forty years in trade, and was considered successful beyond all liability to future risk; and for many years ranked among the rich men of the street, but has since failed, and is now poor. B—— and M——, princes in the dry-goods line, built two palatial stores in Broadway, have been immensely rich, but after battling honorably with adverse fortune, have failed. J. R——, a retired merchant, estimated at five hundred thousand dollars, holding at one time fifty thousand dollars in Delaware and Hudson Canal stock, subsequently got involved and lost all. Instances like these might be multiplied to volumes, but they are sufficient to illustrate the transitory nature of earthly possessions.
The great capitalists of New-York are chiefly identified with its real estate, and their wealth has generally arisen from its advance in value. Few great fortunes have lasted long, when left to 'the caprices of trade, and the sons of our merchant-princes generally turn out poor men. The great estates of the city are of a very limited number, and are mainly included in the names of Whitney, Goellet, Lorrillard, Rhinelander, Stuyvesant, Lenox, and Astor. The first of these was so long an habitué of Wall street, Front street, and Coenties Slip, that even now, when wandering along those thoroughfares, we almost momently expect to meet him. We can not but think that at the next turn we shall see that shrunken and diminutive form, that meagre, hungry-looking countenance, and that timid, nervous eye, which indicated the fear of loss or the dread approach of charity. His office was held for years in the second story of a warehouse in Front street, a spot in whose vicinity he had passed nearly three-score years. Thither he had come in his boyhood, a poor, friendless, New-Jersey lad, had found friends and employment, had at last got to be a grocer, and had gradually accumulated a large capital, by the closest economy. At this time the war of 1812 broke out, and cotton became very low, in consequence of the difficulty of shipping it to England. Mr. Whitney had at that time a vast amount of outstanding accounts in the Southern States, and his debtors were glad to pay him in this depreciated article. We have been informed that Jackson's cotton defences of New-Orleans were of his property. As neutral ships were permitted to sail between the belligerent ports, Mr. Whitney exported large quantities of cotton to England, and held the balance of his stock until the close of the war, when it advanced enormously. This advance, together with the proceeds of his exports, at once made him a millionaire, and the capital thus acquired never lost a chance of increase. Giving up the details of trade, Mr. Whitney bought large quantities of real estate, on which he erected warehouses and obtained a princely rental. In addition to this, he dealt more largely in commercial paper than any other man in the city and perhaps in the Union. His habits of industry continued, and were a theme of remark, as we observed him in his daily walk from his office to the great moneyed centre of America, where the price of paper and money rates regaled his ears. He was a good judge of paper, and needed no one to advise him. He touched nothing but what in commercial parlance is termed 'gilt-edged,' and of this he purchased almost daily for thirty years. These notes being made payable to the order of the drawers, needed no other indorsement, and hence might pass through an hundred hands without this fact becoming known. Mr. Whitney's bills receivable falling due in Wall street must have been at the rate of thirty thousand dollars per day, and his purchases of paper, of course, were at about the same rate. Much of this paper brought rates but little better than interest, but on others from one to two per cent per month was obtained. The secrets of this trade are deep and little understood, and few even of the best dealers knew that when their notes had been given for invoices of merchandise, they passed almost directly into the hands of a few bill-buyers, and that perhaps in Stephen Whitney's portfolio might be found almost the whole amount of good paper made in Front or South streets. Mr. Kimball's recent work, Undercurrents, throws much light on this traffic, and exhibits the result of deep study of our mercantile system.[4] Mr. Whitney's management of his estate soon brought him up to an estimate of ten millions. I used not only to meet him daily at the mart, but also attended the same church, (Dr. Alexander's.) He was a regular attendant, and a close listener, and I used to marvel how he could bear the plain truths that fell upon my ears. Here in the pulpit, at least, was one who was no money-worshiper. How well we remember the exclamation from that earnest preacher: 'Wealth! in comparison with this thing, (religion,) let it not be mentioned!' Whitney was a great admirer of plain preaching, though, we believe, he never got into the communion of the Church. Both the preacher and his millionaire listener are now dead, and the church has been pulled down, and the site is now covered by a block of splendid stores. Mr. Whitney's charities were on a very limited scale. When the congregation above referred to were building a mission-house, he was applied to, to head the subscription, which he did with a trifling sum. The gift was refused, and a larger one was demanded, as in better keeping with his position. 'Sir,' was his reply, 'if you go on this way, there will not be a rich man left in the city of New-York.' It is also said that on a certain occasion, he was called on to aid a political movement with his subscription. 'Sir,' was his reply, 'I have no money to spare, but I'll come and sit up all night to fold ballots for you.'
The Lorrillard estate was chiefly acquired through an immense tobacco business which the patriarch of that house started nearly a century ago, and which led to the purchase of large landed property. The original identity of the name continues, and 'short cut' and 'ladies' twist' are still sold under the sign and brand of the Lorrillards. We presume that it is the oldest house in America.
The Stuyvesant farm was a vast but unprofitable tract of marshes in the eastern part of New-York, but now covered by serried blocks, and among the most densely populated portions of the city. Forty years ago, these marshes were favorite skating-fields in winter, and here a lad was at that time actually drowned by the breaking of the ice. Being out of town, the drier portions were converted into an American Tyburn, and here the murderer Johnson was hanged. Such were the Stuyvesant meadows, whose worthless wastes have been raised to immense value by the growth of the city.