Great Fortunes, and How They Were Made.

by James D. McCabe, Jr.

PREFACE.

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 cla.s.s 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 cla.s.s 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 information, 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 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 circ.u.mstances by which he is surrounded, and he can derive no greater a.s.sistance or encouragement 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 safely advanced upon their pathway to success, and that they will prove interesting to all cla.s.ses of intelligent readers.

Some explanation is due to the reader respecting the t.i.tle that has been chosen for the work. The term "Great Fortunes" is not used here to designate pecuniary success exclusively. A few of the men whose lives are herein recorded never ama.s.sed 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 pa.s.sed 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.

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 development of the national resources, and the elevation of the national character, though he himself be poor in purse, has indeed won a great fortune, of which no reverse can ever deprive him.

J.D. McC., JR.

NEW YORK, _24th October, 1870_.

I.

MERCHANTS.

CHAPTER I.

STEPHEN GIRARD.

One May morning, in the year 1776, the mouth of the Delaware Bay was shrouded in a dense fog, which cleared away toward noon, and revealed several vessels just 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 informed him of his locality, and also apprised him of the fact that war had broken out between the colonies and Great Britain, 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 reply. "It is your only chance."

The Frenchman protested that he did not know the way, 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 pa.s.sed into the Delaware, beyond the defenses which had been erected for its protection, just in 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 which he was part owner, and, entering a small store in Water Street, began the business of a grocer and wine-bottler. His capital was small, his business trifling in extent, and he himself labored under the disadvantage of being almost unable to speak the English language. In person he was short and stout, with a dull, repulsive countenance, 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 brothers 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. When he was quite young, his mother died, and, as his father soon married again, the severity of a step-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 West 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 master of the art of navigation, but generally well informed for a man in his station. His father possessed sufficient influence to procure him the command of a vessel, in spite of the law of France 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 ama.s.s a small sum of money, which he invested in cargoes easily disposed of in the ports to which he sailed. Three years after he was licensed to command, 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 himself 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 something 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, Mrs. Girard showed symptoms of insanity, which became so decided that her husband was compelled to place her in the State Asylum for the Insane. He appears to have done every thing in his power to restore her to reason. Being p.r.o.nounced cured, she returned to her home, but in 1790 He was compelled to place her permanently 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, New 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 himself 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 almost annihilated the commerce of the country, which was slow in recovering its former prosperity; but, in spite of this discouraging circ.u.mstance, Girard worked on steadily, scorning no employment, 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 disheartening preliminaries. Whatever he undertook prospered, and though his gains were small, they were carefully husbanded, and at the proper time invested in such a manner as to produce a still greater yield. Stephen Girard knew the value of little things, and he knew how to take advantage of the most trifling circ.u.mstance. His career teaches what may be done with these little things, and shows how even a few dollars, properly managed, may be made to produce as many thousands.

In 1780, Mr. Girard again entered upon the New Orleans and St. Domingo trade, in which he was engaged at the breaking out of the Revolution. He was very successful in his ventures, and was enabled in a year or two to greatly enlarge his operations. 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 two 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 was sold, and the proceeds--about fifty thousand dollars--turned into the merchant's own coffers. This was a great a.s.sistance to him, and the next year he began the building of those splendid 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 purchase was sold by the owner for cash or negotiable paper. His success was uniform, and was attributed by his brother merchants to _luck_.

Stephen Girard had no faith in luck. 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 so 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 compet.i.tors. He trusted nothing of importance to others. His instructions to the commanders of his ships were always full and precise. These doc.u.ments afford the best evidence of the statements I have made concerning his system, as the following will show:

_Copy of Stephen Girard's 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 doc.u.ments 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 interest, 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.

First. On your arrival at Batavia, you are to go on sh.o.r.e 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 deliver 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 quant.i.ty which can be conveniently 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 Mr. ----, 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 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 examined 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 object in view but to invest his money, does not stay on the footing of compet.i.tors, who make their payments with Netherland bills of exchange, or wish to raise the prices 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 quant.i.ty 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 countries, princ.i.p.ally of the north, to use the latter article in preference to the first.

That circ.u.mstance 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 importers 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 these two years past; nevertheless, being desirous to employ my ships as advantageously as circ.u.mstances 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.