I was one of the few who were not carried away by the excitement consequent on the great rise in all species of produce. I believed when, stimulated by the high prices, the north of Europe began to pour in its large stores of grain, that a reäction must take place, especially if the coming season in Great Britain promised well. For this reason I did not permit myself to be tempted into a speculative course, in which my neighbors were clearing large sums rapidly. In April and May the financial distress in England, and distress from hunger in Ireland, were very great. An American Government store-ship, loaded with provisions, was sent to the relief of the Irish people, thousands of whom were dying from starvation. Still were we in this side prosperous; still taking in gold for food at high prices; still counting on more gold at higher prices. About the first of June these prices came to a stand-still in Europe. From the ports in the Baltic rich granaries were shipped to the British Isles, the harvests promised well, and the potato appeared to be without blight. We were then carried into the summer in the midst of a great speculation in produce; with falling prices in Europe, and purchases and contracts maturing here; grain shipped to a tremendous extent, bills drawn heavily against it; bankers, ancient and honorable firms, breaking all over the Continent; all through England, Scotland and Ireland, till the panic there reaching its height, the market here became utterly depressed, and bills of our best houses were floating about in all directions, offered at enormous rates without buyers. Then was Wall-street one morning taken suddenly all aback by the refusal of some of the largest bankers in London to honor the bills drawn on them, of an old and leading house here! What confusion, what consternation! It was all a mistake: oh! certainly a mistake! A matter of precaution only, till the arrival of the next steamer, then all the bills would be protected, all accounts arranged, and every thing be put right. Just wait for the next steamer.
The steamer never arrived!
But if the firm of Charles E. Parkinson and Company did not speculate, what had it to fear? Reader, you know little of commercial affairs if you suppose in times of general financial distress it is possible for any house engaged largely in business to escape unscathed. Quite early in the season I attempted to act with great prudence and circumspection. I came to the conclusion that, such were my then business relations with correspondents in the South, we should undoubtedly meet with large losses. I was prepared to accept this as the 'fate of war;' for my gains had been large. During the summer I was applied to by a leading banking-house in Wall-street to make purchases of large quantities of grain for foreign want; these were to be made through the west, and I was to charge a certain commission, and receive in payment bills drawn by this banking-house, on Baring Brothers and Company, in London. Nothing appeared surer or safer. The produce was to be consigned to the Barings, and since that house stood so high, and the drawers themselves were so undoubted, I did not consider it a risk. For all that, I stopped short in this arrangement before the parties had finished buying, and left them to select another agent. This was in consequence of the disheartening news brought by every steamer. Resolving not to make another business transaction, I joined my family, who were at Newport, in order to enjoy some relaxation. I enjoyed but little. Week after week brought intelligence more and more gloomy. I determined not to prolong our stay, but that we would all go to town the first of September, instead of my going in alone. I cannot say I experienced any presentiment of coming evil. I do not know why still I felt as if I must have my wife and children around me. On Wednesday, the first day of September, in the afternoon, we reached our handsome house in Broadway, a little above Bond-street. How pleasant it looked; that dear, happy home! By evening we were comfortably installed. The next day I was early at my counting-rooms. Affairs were threatening, but I maintained a courageous self-reliance. I believed, although I might be considerably damaged, that I should weather the storm. Rollins, who had greatly improved in sagacity, and now become an experienced merchant, was untiring in endeavoring to carry out my suggestions. Things were no worse than I expected to find them. Rollins had anticipated one or two very important steps which I had proposed to take, and with a favorable result. I had occasion to go that morning to Jersey City, with reference to a number of storage receipts, about which some question had been raised, and I told Rollins that I should not return to the counting-room, but would go directly home, having many little matters to look after at the house, and if he had any thing of importance to communicate I requested him to call in the evening. I transacted my business, and reached my house with spirits much improved, and my courage a good deal exalted. The children welcomed me with great glee as I entered. Mamma had invited two or three of their own age to spend the evening with them. Beside, young Havens was coming, (Miss Alice, my eldest, was already sixteen, and did not appear vexed at this last announcement,) and I was expected to contribute toward the entertainment. I smiled with a father's pride and joy as I beheld the glowing countenances around me. There was nothing which whispered to me that the atmosphere was loaded with fatal intelligence. How happy was I in my unconsciousness!
At dinner we were all animated. I partook with a relish of our own cheer, and was gladdened beside by a bottle of generous wine, which the old cellar had held for many a year; my return home; a favorable business-day; the cheerful voices of my wife and children; a good dinner; and the fine old Madeira wine: all combined to produce a comfortable and confident state of mind. 'We will weather it yet,' I exclaimed aloud, with a complacent nod.... There were some young people gathered in the parlor in the evening. They had danced a quadrille; they had talked and laughed. Now Alice was requested to sing. She seated herself at the piano, and began the convivial song from Traviata. The music was particularly adapted to her voice, and as the tones floated through the room, I was gradually carried away by the abandon of the air. Insensibly I closed my eyes to enjoy it. Just then I heard the door open: the servant pronounced: 'Mr. Rollins, Sir.' I looked up. Rollins stood before me. He was very pale, but otherwise not excited; betrayed no unusual excitement. 'I want to speak with you a moment,' he said. I rose and walked with him as far as the pillar which separates the parlors, and leaning against it, I waited for him to speak. Alice meantime was continuing the song from Traviata.
'Have you heard the news?' he said, in a low tone.
'No; what news?' I replied.
'The 'Caledonia' arrived this morning. We have her advices by telegraph. Barings have refused acceptance of ——'s bills.'
'How many with our indorsement must be still out?'
'At least seventy thousand dollars.'...
Alice was finishing the last strain of the convivial song. With the last strain I beheld fading away like a dissolving view those beautiful velvet carpets; vanishing, the fine sofas, and soft couches, and handsome furniture; gone, the rosewood piano; gone, the choice damask and silver; gone, the luxurious board, with the old wines and delicious liqueurs: and the house, our HOME, lost is the house; recorded against it is that mortgage for fifteen thousand dollars and interest; the value of property depressed, and we in the hands of a prompt creditor. Oh! why had I not paid off that mortgage? Oh! why? Wife and children; yes, wife and children remaining; but to suffer what discomfort, what unhappiness, possibly what destitution!