Chapter 8

If Girard owed a man a cent he could rest assured that he would get it; if a man owed him there was much trouble in the way for that man if he attempted to evade the payment. He was just to all men and just to himself and family. There is another feature in the history of Girard that is worthy of imitation; that is he kept abreast, yea, ahead of the times,--he made a study of the various problems of his day.

He saw that the United States Bank was daily growing less popular, and he saw that it must go down in the near future. He had prospered in his shipping business, and seeing here a grand opportunity he began to study up on banking preparatory to taking the bank. Reader, think of this kind of enterprise. His friends might think such a thing visionary; the best financier might pass the opportunity by, but this man knew that the United States Bank had a vast patronage, and he also knew that the man who stepped into its business would have every reason to expect success. He at once set about to buy a controlling interest in the stock. When the bank was discontinued it was found that he had not only secured a controlling interest in the stock, but had gained possession of the bank building itself. While his friends were predicting his ruin he had bought $1,200,000 worth of stock and, by so doing, had stepped into the largest banking business of the Republic.

Does one of my readers for one moment allow himself to believe that Stephen Girard was a lucky man? Was it 'good luck' that placed Girard at one move at the head of American financiers? As is well known a great panic followed Jackson's administration, and, of a whole nation, Stephen Girard seems to have been the only prosperous man. His capital stock soon became $4,000,000. In this capacity he was enabled to aid his Government much, in fact to save it from ruin in the terrible crash of 1837.

Stephen Girard was bent upon getting rich and yet, while he is generally regarded as a cold money-getter, still he had a heart, a tender heart, locked up within that cold exterior. While the terrible plague, yellow fever, raged in Philadelphia with a violence never before known in American history, and while many others fled the city, Stephen Girard remained and nursed the dying,--performing with his own hands the most loathesome duties, and giving most liberally of his wealth toward the fund for the suppression of the disease.

A young man, who was a protege of Girard, was one day called to the private office of that gentleman, when the following dialogue took place: "Well, you are now twenty-one, and should begin to think of a life-work." The young man who thought perhaps Girard was going to set him up in some business, said, "What would you do if in my place, Mr. Girard?" Imagine his astonishment when Mr. Girard replied, "I should learn some trade." The young man, who was built of the right material, said, "Very well, I will learn the cooper's trade." In the course of a few years he received a letter from Mr. Girard ordering the best barrel that he could make with his own hands. When done it was delivered. The young man was thunderstruck when, after a thorough inspection by Girard, he received a check for $20,000; the reader can draw the moral.

Time fled, the 26th of December, 1831, came, and with it the death of this man. At his death he possessed about $9,000,000, not a large fortune compared with those of the rich men of our day, but a colossal sum for his day. For all practical purposes it is just as great and useful as one hundred millions.

When his will was read it was found that he had left to the Pennsylvania institute for deaf and dumb, $20,000; to the Orphan Asylum of Philadelphia, $10,000; for fuel for the poor of Philadelphia, $10,000; to the Philadelphia Public Schools, $10,000; to the Society for the Relief of the Distressed Masters of Ships, $10,000; to the Masonic Loan, $20,000; to the city of Philadelphia, $500,000; and to the State of Pennsylvania, $300,000. There were other bequests, the largest of which was $2,000,000, with which to found a college for orphan boys who were to be taken between the ages of fourteen and eighteen. He left minute directions pertaining to the construction and other details, showing even at this time that carefulness, which characterized his life's history. The main building is said to be the finest specimen of Grecian architecture in the world,--it surely is the finest in America. "Contemplating the humility of his origin, and contrasting therewith the variety and extent of his works and wealth, the mind is filled with admiration of the man."

MOSES TAYLOR.

What a pleasure it is to read the lives of such men as Moses Taylor. He began life as a clerk and died worth $50,000,000; but it is not alone for his wealth that we take such an interest in Moses Taylor, but the good he did with it, and the example he set moneyed men.

Born in New York, January 11th, 1808, he served a clerkship of ten long years, when he started business on his own account. The cholera raged that year in that city; consequently all business suffered, many fled from their homes but young Taylor stood by his new enterprise, and even the first year cleared some money. Three years later he was burned out, but while the smouldering brands lay at his feet he arranged to erect a new building to stand on the same spot, and the next day opened a store in his dwelling house. Of course such enterprise would win in the end; when he was called to the presidency of the city bank no one seemed surprised for when a man has ability it is not necessary for him to tell it--he becomes a marked personage. The success that attended his efforts in this new capacity is shown from the following:

In the great panic of 1857 a meeting of the various bank presidents was called. When asked what percentage of specie had been drawn during the day some replied fifty per cent., some even as high as seventy five per cent. but Moses Taylor replied, "We had in the bank this morning, $400,000; this evening, $470,000." While other banks were badly 'run,' the confidence in the City Bank under his management was such that evidently people had drawn from other banks and deposited in the City Bank. He was Treasurer of the Transatlantic Cable, being one of its most ardent supporters from 1854 until long after it had became established.

He was a most conspicuous 'War Democrat,' taking an early stand as to the duty of all bankers. Probably no one man, save possibly Jay Cook, did more to sustain the credit of the North in those trying times than did Moses Taylor. He became interested in the Delaware, Lackawanna & Western railway, and the mines in the coal regions of Pennsylvania. In 1873 he became President of the Lackawanna Iron and Coal Co. He also became largely interested in the Manhattan Gas Co., out of which alone he made a respectable fortune. When he died he left a very large sum of money for the purpose of building a hospital at Scranton. The need of this hospital was very urgent, as accidents were continually happening to the miners in their dangerous work. The building is not only a splendid edifice but it fills a long-felt want.

Such a man was Moses Taylor who died May 23rd, 1882. Few such men have we, would that there were more. Moses Taylor was a practical man, he cared more for business than for any amusement. Art was of far less account with him than were the suffering miners who had no place to stretch their bleeding forms until he came to their aid.

WILLIAM C. RALSTON.

William C. Ralston, a synonym for goodness, was born at Wellsville, Ohio, January 15th, 1820. He drifted to California, being one of the first to pass through the Golden Gate. Here he remained for twenty-five years, becoming the most noted man in the State, having prospered wonderfully.

It has been truly said of him that he did more than any other one man to secure a good municipal government for San Francisco. Aiding with his money weak industries, he did much to elevate the tone of a class of people consisting of almost every nationality--the miners. The struggling young man had nothing but sympathy extended him from this great philanthropist; indeed, his great desire seemed to be, what can I do for my less fortunate fellow-man. He was elected President of the Bank of California, to succeed Mr. Mills. This bank had a credit all over the globe. It was the greatest financial power in the Republic. Such was its standing in the financial world when Mr. Mills delivered the bank over to Mr. Ralston. Mr. Ralston was a great and good man, but his desire to benefit and aid others led him to place out the bank's money too freely; hence, when Mr. Flood made his sudden and unlooked for call for over $5,000,000, the amount of his deposit, it was useless for the bank to try to raise it at once, as it could not be done, notwithstanding the bank had ample resources, if they had only been available. Mr. Flood, it seemed to us, need not have pressed his claim when he knew that the bank could pay him soon. It is claimed by some that he chose this method to cripple the Bank of California to the advantage of his Nevada Bank. Be this as it may, Mr. Ralston unwisely allowed his tender heart to be touched too deeply, and thus placed the bank in a weak position to meet such a crisis. A meeting of the directors was immediately called, and it was decided to ask the President for his resignation which, together with his household effects, he promptly tendered. This was a terrible blow to him, and it may be the officials were somewhat hasty. On the 27th of August he went down to the beach, put on his bathing suit, drank something from a bottle (it is alleged), dived into the waves, was carried far out and was never again seen alive.

As the people gazed on his lifeless body they began to realize what a loss they had sustained. Threats of vengeance were heard on every hand, which made it seem best for the founders of the rival Nevada Bank to abstain from being seen in their usual haunts. A public meeting was called, and long before the appointed time to begin the business of the meeting the public hall where it was held was packed, and thousands were unable to get in. One orator addressed those in the hall while the dense mass outside, who were unable to get in, were divided and addressed by two speakers. The several charges against him were in turn taken up, and either proven false or shown to be justified by the excited populace. The following resolution expressive of the irreparable loss the city had sustained, was presented.

_Resolved_, "That in reviewing the life of the deceased. William C. Ralston, we recognize one of the first citizens of San Francisco, the master spirit of her industries, the most bounteous giver to her charities, the founder of her financial credit, and the warm supporter of every public and private effort to augment her prosperity and welfare. That to his sagacity, activity, and enterprise, San Francisco owes much of her present material prosperity, and in his death has sustained an irreparable loss. That in his business conceptions he was a giant, in social life an unswerving friend, and in all the attributes of his character he was a man worthy of love and trust." When "All those in favor of this say aye," was called, the answer came like the sound of heavy artillery, and not a solitary 'No' was heard in that vast crowd.

Rev. T. K. Noble said, "The aim of his life was not to pull down but to build up. What enterprise can you mention looking to the betterment of material interests in which he did not have part? In the building of railroads, in the establishment of lines of steamships to Australia, to China, to Japan; in the manufacture of silk; in the Pacific Woolen Mills, the Bay Sugar Refinery, the West Coast Furniture Manufactory; and in those superb buildings, the Grand and Palace hotels; and in many other enterprises I have not time to mention. Into each and all of these he put his money and his brains." This was expressive of much, and it very clearly represented the general impression of the people throughout his State. He gave not only his money, but his sympathy.

People of the East who know of him principally as a man of great wealth cannot conceive an idea of such a man,--indeed they have none such among them. He was the moral phenomenon of modern times. The people of his State all love him, and there are those to-day who are struggling in various enterprises who can look to no one now for help, who like to tell of the time 'when they could have gone to 'Frisco and seen Ralston about it.' What a tribute is this; when we think of a man who regarded money only as a means to do good, and who seemed a special Providence to all in need. We look upon this picture and we see him happy only in giving; but we turn and our hearts bleed in sympathy when we behold him torn from his position, the victim of avariciousness and envy, which to all appearance is the immediate cause of his untimely death. But there is another thought here; he should have been very cautious in placing money where it could not be brought into immediate use in such an emergency.

Great was the feeling at his burial. Three regiments, cavalry, artillery, and the National Guard, escorted his remains to their last resting place. After several years Mrs. Ralston received back over $100,000, and is therefore comfortable. We shall forever mourn the death of such men, and ever regard and cherish their memory as among the dearest in American history.

GEORGE PEABODY.

A long time ago a little boy who was poorly dressed, but had an honest face, was passing a country tavern in Vermont; night was fast approaching, and he looked tired and hungry; seeing which, the landlord, who had a kind heart, generously offered him supper and a nights' lodging free. This he refused to accept, but said, "If you please, I will cut wood enough to pay my way." This was accepted by the landlord, and thus the affair passed. Fifty years later he passed the same tavern as George Peabody, the great London banker.

The above self-reliant nature was illustrative of the man. It is always interesting to learn how great fortunes were made. Nothing is so fascinating as success, and the momentous question relative to every great man is: "How did he begin?" George Peabody began life in Danvers, Massachusetts, February 18th, 1795. He was born of humble parents and the public schools of his native town furnished him his education. At the age of eleven he became a clerk in a grocery store where he remained four years, when he went to Newburyport to become a dry-goods salesman. By cultivating a loving disposition he gained friends wherever he went, and, of course, thus gained a confidence which he otherwise never would have known. For this reason he gained his first letter of credit which enabled him to buy his first consignment of goods without advancing the money for them.

As we review the various great and influential men we cannot but notice how many, out of the total number, cultivated a pleasing manner. Certain it is, to pleasing manners and ability owed he his success; without either he could not have succeeded. Without the generous heart he possessed he could never have won the great honor that he enjoyed, for great wealth alone could not bring such honor. He was a notable moral phenomenon. Of all the great and rich men of whom we are aware, none gave as liberally as did he. Reader, think of it; a poor boy who became one of the greatest bankers of his time, and who, during his life, gave over eight millions of dollars to charity. Many of our rich men have willed much to charity, but he gave while living.

He went to Georgetown, District of Columbia, and entered into a partnership with an uncle, the firm-style being Riggs & Peabody. They were wonderfully successful, and soon established branches in Philadelphia and New York. In 1829 Mr. Riggs retired from actual work, the firm-style becoming Peabody, Riggs & Co. Time passed on, the business grew, and in 1837 he went to London, soon after establishing the banking house of George Peabody & Co. He made banking his study and kept thoroughly posted on financial matters. At about this time the great panic occurred in America, and at a great risk of losing his fortune he bought Maryland securities. But George Peabody knew what he was about; he was thoroughly posted and was capable of managing a banking business. By his influence with the Bank of England, he soon became recognized as the man who had saved Maryland from bankruptcy.

He now began to dispense the great fortune with which God had so bountifully blessed him. In 1851 he supplied a large sum, so much needed, to make a success of the great Worlds Fair in London. In 1851 he gave $10,000 toward the second Grennell expedition, and the same year the people of his native town, Danvers, invited his presence at an anniversary. He could not personally attend, but sent them $20,000 to be applied toward education. In 1857 he gave the city of Baltimore $300,000 to found a college, and afterward added to this magnificent sum $200,000 more. In 1866 he added still $500,000 more, and later yet $400,000 more, making $1,400,000 in all he gave to this one institution, which is called Peabody Institute. He gave nearly $3,500,000 toward the fund to educate the poor of the South. He gave Yale and Harvard college each $150,000; to Phillips Academy $25,000; to Peabody Academy $140,000; to the Memorial Church in Georgetown $100,000; to Peabody Academy $250,000; and numerous other contributions in America.

In London he established a fund of $3,000,000 with which to build homes for the poor of that great city. The Queen acknowledged this in a private letter, and presented him with her portrait painted on ivory and set in jewels, valued at $255,000. She also offered to make him a Baron, but this he respectfully declined.

He resembled the late A. T. Stewart in some respects. No gold chain ever hung from his watch, and when he wore studs or other ornaments they were never more costly than pearl. He detested show. Altogether during his life he gave away over _eight millions of dollars_, and at his death left a fortune of over four millions. Had he saved his money and manipulated it like many of our great millionaires have done, we doubt not he would have died worth perhaps twenty or thirty millions.

He, however, had gained not only worldly success, but true success, for when he died in 1869, both of the great English speaking nations united to do him honor. He was at first laid in Westminister Abbey among the dead kings and queens. After this her Majesty's ship Monarch bore his remains to America to be buried in Danvers. The respect in which he is held by the people of that town is shown when we know that they have since changed the name of their town to Peabody. He left an imperishable crown containing pearls which cannot be stolen. They are set in homes for the poor, libraries for every one, schools for the young, and other securities which are safely stored in the hearts of a grateful people. Ah! we are thoughtful after reading the life of such a man.

WILLIAM W. CORCORAN.

The veteran philanthropist, William W. Corcoran, was born in 1798. He began his business career in Georgetown, but for many years he has been a resident of Washington. At twenty he went into business for himself, beginning as an auctioneer. After several years of successful business he was obliged to suspend, during the depressed times of 1838.

After this he was married to the beautiful daughter of Commodore Morris, of the United States Navy, much to the disgust of that gentleman, who little dreamed what an illustrious son-in-law Mr. Corcoran was destined to become. Some years of hard struggle followed, but at last it was found that he had won for himself a somewhat extended reputation as a financier, which gained for him a partnership with the successful banker, Riggs. This firm began to deal in United States Government securities, which were then at a low ebb abroad. Being a boy friend of George Peabody, the great London banker, his firm was enabled to materially aid the Government in its financial straits during the Mexican war. As the firm prospered, Mr. Corcoran became wealthy, and this money he laid out in Washington real estate, the rapid rise of which made him a millionaire. As Mr. Corcoran prospered he began to think of those old debts. When he had failed he secured favorable terms with his creditors, and legally was not bound for one cent, but he recognized a higher obligation than law made by man: hunting up all those old customers, creditors of his, he paid them not only the principal, but the interest that had been accumulating all these years. By this one act we gain a glimpse of the inner heart and impulses of this great and good man.

Thousands of dollars found their way into the hands of charity, but then his desire to aid and gratify humanity was not satisfied.

On May 10th, 1869, the grounds and institution for the Corcoran Art Gallery was deeded to trustees, and later was incorporated by Congress, being exempted forever from taxation. The gallery is situated directly opposite the State, War, and Navy buildings. It has a frontage of one hundred and six feet; is built of fine, pressed brick; and is one of the most attractive buildings in the whole City of Washington. The whole building cost $250,000, and the donor placed therein his own private collection of paintings and statuary, valued at $100,000. Not satisfied with this he has added an endowment fund of $500,000. Many rare and beautiful works of art have been purchased abroad, as well as American works of rare value. Tuesdays, Thursdays, and Saturdays the gallery is free; on alternate days an admission of twenty-five cents is charged. When it is considered how many there are who would naturally take advantage of the free days, and then that the annual income is over $75,000, one can form some idea of the attractiveness of this institution. Mr. Corcoran's desire was to elevate the American taste in the finer arts, and the thousands of visitors which the institution attracts, indicates to what an extent he has succeeded. The lower floor is devoted to statues and to the exhibition of sculpture. The second floor is occupied by several hundred rare and costly paintings, representing the advance of art during the past centuries. The gallery is, probably, all things considered, the finest of the kind in the country.

Another institution of wide celebrity is the Louisa Home, founded by Mr. Corcoran in 1871. It is a magnificent building, conspicuously situated in the most fashionable part of the city, the West End. This is a most worthy institution, designed for ladies who have been reduced from affluence to poverty, affording them a home where they can mingle with a class of people congenial to their refined natures. This building is a beautiful brick structure, four stories high, erected at a cost of $200,000. Visitors are welcome every afternoon.

These are only two of the many gifts and enterprises which originated with the venerable banker. George Peabody and William Corcoran were boys together; how similar their lives have been. Would that there were more Corcorans, more Peabodys. Mr. Corcoran has given several millions to charity and art; how we envy him--not for his wealth, but his reputation, or better, would that we could do as much good in the world as did these two great men.

NATHAN MAYER ROTHSCHILD.