skins, cured, beat, and sold them himself.

Several times during the year he made journeys on foot through western
New York, buying skins from the settlers, farmers, trappers, savages,
wherever he could find them. He tramped over nearly the entire State in
this way, and is said to have had a better knowledge of its geography
and topography than any man living.

"He used to boast, late in life, when the Erie Canal had called into
being a line of thriving towns through the center of the State, that he
had himself, in his numberless tramps, designated the sites of those
towns, and predicted that one day they would be the centers of business
and population. Particularly he noted the spots where Rochester and
Buffalo now stand, one having a harbor on Lake Erie and the other upon
Lake Ontario. He predicted that those places would one day be large and
prosperous cities; and that prediction he made when there was scarcely a
settlement at Buffalo, and only wigwams on the site of Rochester."

During these tramps his business in the city was managed by a partner,
with whom he was finally compelled to associate himself.

As soon as he had collected a certain number of bales of skins he
shipped them to London, and took a steerage passage in the vessel which
conveyed them. He sold his skins in that city at a fine profit, and
succeeded in forming business connections which enabled him afterward to
ship his goods direct to London, and draw regularly upon the houses to
which they were consigned. He also made an arrangement with the house of
Astor & Broadwood, in which his brother was a partner, by which he
became the agent in New York for the sale of their musical instruments,
a branch of his business which became quite profitable to him. He is
said to have been the first man in New York who kept a regular stock of
musical instruments on hand.

Slowly, and by unremitting industry, Mr. Astor succeeded in building up
a certain business. His personal journeys made him acquainted with the
trappers, and enabled him to win their good will. The savages sold their
skins to him readily, and he found a steady market and a growing demand
for his commodities in the Old World.

It was about this time that he married Miss Sarah Todd, of New York. She
was a connection of the Brevoort family, and was of better social
position than her husband. She entered heartily into his business, doing
much of the buying and beating of the furs herself. She was a true
helpmate to him, and long after he was a millionaire, he used to boast
of her skill in judging furs and conducting business operations.

In 1794, Jay's treaty placed the frontier forts in the hands of the
Americans, and thus increased the opportunities of our own traders to
extend their business. It was of the greatest service to Mr. Astor. It
enabled him to enlarge the field of his operations, and, at the same
time, to send his agents on the long journeys which he formerly made,
while he himself remained in New York to direct his business; which by
this time had grown to considerable proportions.

He was now on the road to wealth. He had scores of trappers and hunters
working for him in the great wilderness, and his agents were kept busy
buying and shipping the skins to New York. As soon as he was able to do
so he purchased a ship, in which he sent his furs to London,
occasionally making a voyage thither himself. He manifested the greatest
interest in the markets of the Old World, especially in those of Asia,
and informed himself so accurately concerning them that he was always
enabled to furnish his captains with instructions covering the most
minute detail of their transactions in those markets; and it is said
that he was never unsuccessful in his ventures there, except when his
instructions were disobeyed.

In this again, as in the fur trade, we see him patiently acquiring
knowledge of the eastern trade before venturing to engage in it. His
first step was always to fully comprehend his task, to examine it from
every possible point of view, so that he should be prepared to encounter
any sudden reverse, or ready to take advantage of good fortune. Here lay
the secret of his success--that he never embarked in an enterprise until
he had learned how to use it to advantage.

Under his skillful management his business grew rapidly; but he avoided
speculation, and confined himself to legitimate commerce. He was plain
and simple in his habits, carrying this trait to an extreme long after
economy had ceased to be necessary to him. He worked hard, indulged in
no pleasures except horseback exercise and the theater, of both which he
was very fond. It was only after he had amassed a large fortune that he
ever left his business before the close of the day. Then he would leave
his counting-room at two in the afternoon, and, partaking of an early
dinner, would pass the rest of the day in riding about the island. So
plain was his style of living that, before he became generally known as
a wealthy man, a bank clerk once superciliously informed him that his
indorsement of a note would not be sufficient, as it was not likely he
would be able to pay it in case the bank should be forced to call upon
him.

"Indeed," said Mr. Astor, "how much do you suppose I am worth?"

The clerk named a moderate amount, at which the merchant smiled
quietly.

"Would the indorsement of Mr. ----, or Mr. ----, be sufficient?" asked
Mr. Astor, naming several well-known merchants who lived in great style.

"Entirely sufficient," was the reply. "Each one of them is known to be
wealthy."

"How much do you think each is worth?"

The clerk named large sums in connection with each of the gentlemen.

"Well, my friend," said the merchant, "I am worth more than any of them.
I will not tell you how much I am worth, but it is more than any sum you
have named."

The clerk looked at him in surprise, and then said, bluntly, "Then you
are a greater fool than I took you for, to work as hard as you do."

Mr. Astor was very fond of telling this story, which he regarded as one
of the best jokes of the day.

All this time Mr. Astor had lived over his store, but in 1800, after he
had been in business fifteen years, he moved his dwelling to 223
Broadway, on the site of the Astor House of to-day. He lived here, with
one removal, for upwards of twenty-five years. The house was plain and
simple, but he was satisfied with it. He was now worth a quarter of a
million dollars, and his business was growing rapidly. The fur trade was
exceedingly profitable. A beaver skin could be bought from the trappers
in western New York for one dollar and sold in London for six dollars
and a quarter. By investing this amount in English manufactures, the six
dollars and a quarter received for the skin could be made to produce ten
dollars paid for the English goods in New York.

The Chinese trade was also very profitable. China was an excellent
market for furs. They brought high prices, and the proceeds could always
be invested in teas and silks, which sold well in New York. His profit
on a voyage would sometimes reach seventy thousand dollars, and the
average gain on a lucky venture of this kind was thirty thousand
dollars. The high prices produced by the war of 1812-15 were also in Mr.
Astor's favor. His ships were all remarkably lucky in escaping capture
by the enemy, and he was almost the only merchant who had a cargo of tea
in the market. Tea having reached double its usual price, he was enabled
to reap immense profits from his ventures.

Mr. Francis, in his _Old Merchants of New York_, makes the following
revelation of the manner in which Mr. Astor found it possible to carry
on such an immense business. He says:

"A house that could raise money enough, thirty years ago, to send
$260,000 in specie, could soon have an uncommon capital; and this was
the working of the old system. The Griswolds owned the ship Panama. They
started her from New York in the month of May, with a cargo of perhaps
$30,000 worth of ginseng, spelter, lead, iron, etc., and $170,000 in
Spanish dollars. The ship goes on the voyage, reaches Whampoa in safety
(a few miles below Canton). Her supercargo, in two months, has her
loaded with tea, some chinaware, a great deal of cassia, or false
cinnamon, and a few other articles. Suppose the cargo mainly tea,
costing about thirty-seven cents (at that time) per pound on the
average.

"The duty was enormous in those days. It was twice the cost of the tea,
at least; so that a cargo of $200,000, when it had paid duty of
seventy-five cents per pound (which would be $400,000), amounted to
$600,000. The profit was at least fifty per cent, on the original cost,
or $100,000, and would make the cargo worth $700,000.

"The cargo of teas would be sold almost on arrival (say eleven or
twelve months after the ship left New York in May), to wholesale
grocers, for their notes at four and six months--say for $700,000. In
those years there was _credit given by the United States_ of nine,
twelve, and eighteen months! So that the East India or Canton merchant,
after his ship had made one voyage, had the use of Government capital to
the extent of $400,000, on the ordinary cargo of a China ship.

"No sooner had the ship Panama arrived (or any of the regular East
Indiamen), than her cargo would be exchanged for grocers' notes for
$700,000. These notes could be turned into specie very easily, and the
owner had only to pay his bonds for duty at nine, twelve, and eighteen
months, giving him time actually to send two more ships, with $200,000
each, to Canton, and have them back again in New York before the bonds
on the first cargo were due.

"John Jacob Astor, at one period of his life, had several vessels
operating in this way. They would go to the Pacific, and carry furs from
thence to Canton. These would be sold at large profits. Then the cargoes
of tea to New York would pay enormous duties, which Astor did not have
to pay to the United States for a year and a half. His tea cargoes would
be sold for good four and six months paper, or perhaps cash; so that,
for eighteen or twenty years, John Jacob Astor had what was actually a
free-of-interest loan from Government of over _five millions_ of
dollars."

It is estimated that Mr. Astor made about two millions of dollars by his
trade in furs and teas. The bulk of his immense fortune was made by
investments in real estate. His estate was estimated at twenty millions
of dollars at the time of his death, and has now increased to over forty
millions. He had a firm faith in the magnificent future of New York as
the greatest city of the continent, and as fast as his gains from his
business came in, they were regularly invested in real estate. A part
was expended in leasing for a long period property which the owners
would not sell, and the rest in buying property in fee simple. These
leases, some of which have but recently expired, were extremely
profitable. In his purchases of land Mr. Astor was very fortunate. He
pursued a regular system in making them. Whenever a favorable purchase
could be made in the heart of the city, he availed himself of the
opportunity, but as a rule he bought his lands in what was then the
suburb of the city, and which few besides himself expected to see built
up during their lifetime. His sagacity and foresight have been more than
justified by the course of events. His estate now lies principally in
the heart of New York, and has yielded an increase greater even than he
had ventured to hope for. Seventy hundred and twenty houses are said to
figure on the rent roll of the Astor estate at present, and besides
these are a number of lots not yet built upon, but which are every day
increasing in value. "When Mr. Astor bought Richmond Hill, the estate of
Aaron Burr, he gave one thousand dollars an acre for the hundred and
sixty acres. Twelve years later, the land was valued at fifteen hundred
dollars per lot."

In 1810, he sold a lot near Wall Street for eight thousand dollars. The
price was so low that a purchaser for cash was found at once, and this
gentleman, after the sale, expressed his surprise that Mr. Astor should
ask only eight thousand for a lot which in a few years would sell for
twelve thousand.

"That is true," said Mr. Astor, "but see what I intend doing with these
eight thousand dollars. I shall buy eighty lots above Canal Street, and
by the time your one lot is worth twelve thousand dollars, my eighty
lots will be worth eighty thousand dollars."

His expectations were realized.

During the war of the Revolution, Roger Morris and his wife, Mary, of
Putnam County, were obliged to flee from the country to England for
adhering to the cause of King George, and, being attainted by the
authorities as public enemies, their immense estate, consisting of
fifty-one thousand one hundred and two acres, was seized by the State of
New York, and sold in small parcels to farmers, who believed the title
thus acquired valid. In 1809, there were upwards of seven hundred
families residing on this land. Mr. Astor, having learned that Roger and
Mary Morris possessed only a life interest in their property, and having
ascertained to his satisfaction that the State could not confiscate the
rights of the heirs, purchased their claim, which was good not only for
the land, but for all the improvements that had been put upon it. He
paid twenty thousand pounds sterling for it. A few years previous to the
death of Mrs. Morris, who survived her husband some years, Mr. Astor
presented his claim. The occupants of the land were thunderstruck, but
the right was on his side. The State of New York had simply robbed the
heirs of their rights. There was no weak point in the claim. Having
given defective titles to the farmers, the State was of course
responsible for the claim; and upon finding out their mistake, the
authorities asked Mr. Astor to name the sum for which he would be
willing to compromise. The lands were valued at six hundred and
sixty-seven thousand dollars, but Mr. Astor expressed his willingness to
sell for three hundred thousand dollars. His offer was refused. In 1819,
a second proposition was made to Mr. Astor by the Legislature of the
State. He replied: "In 1813 or 1814 a similar proposition was made to me
by the commissioners then appointed by the Honorable the Legislature of
this State when I offered to compromise for the sum of three hundred
thousand dollars, which, considering the value of the property in
question, was thought very reasonable, and, at the present period, when
the life of Mrs. Morris is, according to calculation, worth little or
nothing, she being near eighty-six years of age, and the property more
valuable than it was in 1813. I am still willing to receive the amount
which I then stated, with interest on the same, payable in money or
stock, bearing an interest of -- per cent., payable quarterly. The stock
may be made payable at such periods as the Honorable the Legislature may
deem proper. This offer will, I trust, be considered as liberal, and as
a proof of my willingness to compromise on terms which are reasonable,
considering the value of the property, the price which it cost me, and
the inconvenience of having so long _lain out_ of my money, which, if
employed in commercial operations, would most likely have produced
better profits."

This offer was not accepted by the Legislature, and the cause was
delayed until 1827, when it was brought before the courts. It was argued
by such men as Daniel Webster and Martin Van Buren, on the part of the
State, and by Thomas Addis Emmett, Ogden, and others for Astor. The
State had no case, and the matter was decided in Astor's favor. Then the
State consented to compromise. The famous Astor stock, which paid that
gentleman about five hundred thousand dollars, was issued, and the
titles of the possessors of the lands confirmed.

The most important of all of Mr. Astor's undertakings was his effort at
founding the settlement of Astoria, on the coast of Oregon. This
enterprise has been made so familiar to the majority of readers by the
pen of Washington Irving, that I can only refer to it here. "His
design," says a writer of thirteen years ago, "was to organize and
control the fur trade from the lakes to the Pacific, by establishing
trading posts along the Missouri and Columbia to its mouth. He designed
establishing a central depot and post at the mouth of the Columbia. He
proposed sending regular supply-ships to the Pacific posts around the
Horn. By these, stores were to be sent also to the Russian
establishments. It was part of his plan, if possible, to obtain
possession of one of the Sandwich Islands as a station, for from the
Pacific coast he knew that the Chinese market for his peltries could be
most conveniently reached, and thus the necessity for a long and
circuitous voyage be avoided. Instead of bringing the furs intended for
China to New York, they could be sent from the Pacific. By the
supply-ships, too, the stock of goods suitable for the Indian trade
would be kept up there, and the cargoes purchased with the proceeds of
the furs sold in China brought back to New York. The line of posts
across the continent would become a line of towns; emigration would
follow, and civilization would belt the continent.

"In this grand scheme, Mr. Astor was only anticipating the course of
events which, fifty years later, we are beginning to witness. When he
laid his plans before the Government, Mr. Jefferson, who was then
President, 'considered as a great acquisition,' as he afterward
expressed himself in a letter to Mr. Astor, 'the commencement of a
settlement on the western coast of America, and looked forward with
gratification to the time when its descendants should have spread
themselves through the whole length of that coast, covering it with free
and independent Americans, unconnected with us except by ties of blood
and interest, and enjoying, like us, the rights of self-government.'
Even Jefferson's mind, wide as it was, could not take in the idea of a
national unity embracing both ends of the continent; but not so thought
Astor. The merchant saw farther than the statesman. It was precisely
this political unity which gave him hope and chance of success in his
worldwide schemes. When the Constitution was adopted, the chief source
of apprehension for its permanence with men like Patrick Henry, and
other wise statesmen, was the extent of our territory. The Alleghanies,
it was thought, had put asunder communities whom no paper constitution
could unite. But at that early day, when Ohio was the far West, and no
steamboat had yet gone up the Mississippi, Astor looked beyond the Ohio,
beyond the Mississippi, and the Rocky Mountains, and saw the whole
American territory, from ocean to ocean, the domain of one united
nation, the seat of trade and industry. He saw lines of trading posts
uniting the Western settlements with the Pacific; following this line of
trading posts, he saw the columns of a peaceful emigration crossing the
plains, crossing the mountains, descending the Columbia, and towns and
villages taking the places of the solitary posts, and cultivated fields
instead of the hunting-grounds of the Indian and the trapper.

"No enterprise, unless it be the Atlantic telegraph, engages more deeply
the public attention than a railroad communication with the Pacific
coast.[A] The rapid settlement of Oregon and California, the constant
communication by steam to the Pacific coast, render it easy now to feel
the nearness of that region, and the oneness of the nationality which
covers the continent. But to Astor's eye the thing was as palpable then
as now. And yet but two or three attempts had then been made to explore
the overland routes."

It would be deeply interesting to examine the details of this fast
scheme of colonization and trade, for it is certain that Mr. Astor was
as anxious to do an act which, by building up the continent, should hand
his name down to posterity as a national benefactor, as to increase his
business; but the limits of this article forbid more than a mere glance
at the subject.

[Footnote A: The reader will bear in mind that the above extract was
written in 1857.]

A company was formed, at the head of which stood Mr. Astor, and an
elaborate and carefully-arranged plan of operations prepared. Two
expeditions were dispatched to the mouth of the Columbia, one by land
and the other by sea. Many hardships were encountered, but the
foundation of a settlement was successfully made on the Columbia. In
spite of the war with England (1812-15), which now occurred, the
enterprise would have been successful had Mr. Astor's positive
instructions been obeyed. They were utterly disregarded, however, and
his partners and agents not only betrayed him in every instance, but
sold his property to a rival British company for a mere trifle. His
pecuniary loss was over a million of dollars, and his disappointment
bitter beyond expression. When the enterprise was on the point of
failure, and while he was still chafing at the conduct of his
treacherous subordinates, he wrote to Mr. Hunt, the most faithful of all
his agents: "Were I on the spot, and, had the management of affairs, I
would defy them all; but as it is, every thing depends on you and your
friends about you. Our enterprise is grand, and deserves success, and I
hope in God it will meet it. _If my object was merely gain of money_, I
should say, think whether it is best to save what we can, and abandon
the place; but the very idea is like a dagger to my heart." When the
news of the final betrayal reached him, he wrote to the same gentleman:
"Had our place and property been fairly captured, I should have
preferred it; I should not feel as if I were disgraced."

Mr. Astor remained in active business for fifty years. During that
entire period he scarcely committed an error of judgment which led to a
loss in business. He was thorough master of every thing pertaining to
his affairs, and his strength and accuracy of judgment was remarkable.
The particulars of his transactions were indelibly impressed upon his
mind. His intellect was vigorous and quick, and he grasped a subject
with a readiness which seemed like intuition. He was always careful of
the present, but he loved to undertake enterprises which extended far
into the future. He was a man of the utmost punctuality in all his
habits. He rose early, and, until he was fifty-five years old, was
always in his office before seven o'clock. His capacity for work was
very great, so that, in spite of his heavy labors, he was always able to
leave his office by two o'clock, while many of his associates, who
really did less than he, were compelled to remain in their
counting-rooms until four or five. He was noted for his unvarying
calmness, which he doubtless owed to his German temperament. In the
midst of disaster and loss he was cooler and more cheerful than ever. To
those who chafed at their troubles, he would say, smilingly, "Keep
quiet; keep cool." This was his safeguard.

He was a devoted citizen of the United States, and, though he took no
active interest in politics, was a steady supporter of the Whig party.
Henry Clay was his personal friend, and his last donation to any
political cause was a subscription of fifteen hundred dollars to aid the
election of his old friend to the Presidency.

About the year 1830, Mr. Astor, now the possessor of millions, began to
withdraw from active business, confining his efforts chiefly to such
investments as the management of his immense estate made necessary. He
now put into execution an enterprise which he had long cherished. When a
poor stranger in the city, he had once stopped in Broadway to notice a
row of buildings which had just been erected, and which were considered
the finest in the street, and had then made a vow that he would one day
build a larger and finer house than any in Broadway. He now set to work
to carry out the plan he had cherished ever since. He owned the entire
block on Broadway, between Vesey and Barclay streets, with the
exception of one house, which was the property of a Mr. Coster, a
merchant who had amassed a large fortune and retired from business. Mr.
Astor made him many offers for his house, but the old gentleman was
unwilling to remove. Mr. Astor offered him the full value of his house,
which was thirty thousand dollars, and increased the bid to forty
thousand, but Mr. Coster was obstinate. At length Mr. Astor, in despair,
was compelled to reveal his plan to his neighbor.

"I want to build a hotel," said he. "I have got all the other lots. Now
name your own price."

Mr. Coster replied that he would sell for sixty thousand dollars if his
wife would consent, and that Mr. Astor could see her the next morning.
Mr. Astor was punctual to the appointment, and his offer was accepted by
the good lady, who said to him, condescendingly, "I don't want to sell
the house, but we are such old friends that I am willing for your sake."

Mr. Astor used to remark with great glee that any one could afford to
exhibit such condescension after receiving double the value of a piece
of property.

Having got possession of the entire block, he commenced the demolition
of the old buildings, and on their site reared the Astor House, then the
largest and most elegant hotel in the country. This building, when
completed, he gave to his eldest son, William B. Astor.

In 1832, Mr. Astor sailed for Europe to visit one of his daughters, who
had married a nobleman, and remained abroad until 1835. In that year he
was compelled to return home by the action of General Jackson with
regard to the Bank of the United States. "He reached Havre," says Mr.
Parton, "when the ship, on the point of sailing, had every stateroom
engaged, but he was so anxious to get home, that the captain, who had
commanded ships for him in former years, gave up to him his own
stateroom. Head winds and boisterous seas kept the vessel beating about
and tossing in the channel for many days. The great man was very sick,
and still more alarmed. At length, being persuaded that he should not
survive the voyage, he asked the captain to run in and set him ashore on
the coast of England. The captain dissuaded him. The old man urged his
request at every opportunity, and said, at last, 'I give you tousand
dollars to put me aboard a pilot boat.' He was so vehement and
importunate, that one day the captain, worried out of all patience,
promised him that if he did not get out of the channel before next
morning, he would run in and put him ashore. It happened that the wind
changed in the afternoon and wafted the ship into the broad ocean. But
the troubles of the sea-sick millionaire had only just begun. A heavy
gale of some days' duration blew the vessel along the western coast of
Ireland. Mr. Astor, now thoroughly panic-stricken, offered the captain
ten thousand dollars if he would put him ashore anywhere on the wild and
rocky coast of the Emerald Isle. In vain the captain remonstrated. In
vain he reminded the old gentleman of the danger of forfeiting his
insurance.

"'Insurance!' exclaimed Astor, 'can't I insure your ship my self?'

"In vain the captain mentioned the rights of the other passengers. In
vain he described the solitary and rock-bound coast, and detailed the
dangers and difficulties which attended its approach. Nothing would
appease him. He said he would take all the responsibility, brave all the
perils, endure all the consequences, only let him once more feel the
firm ground under his feet. The gale having abated, the captain yielded
to his entreaties, and engaged, if the other passengers would consent to
the delay, to stand in, and put him ashore. Mr. Astor went into the
cabin, and proceeded to write what was expected to be a draft for ten
thousand dollars in favor of the owners of the ship on his agent in New
York. He handed to the captain the result of his efforts. It was a paper
covered with writing that was totally illegible.

"'What is this?' asked the captain.

"'A draft upon my son for ten thousand dollars,' was the reply.

"'But no one can read it.'

"'O yes, my son will know what it is. My hand trembles so that I can not
write any better.'

"'But,' said the captain, 'you can at least write your name. I am acting
for the owners of the ship, and I can not risk their property for a
piece of paper that no one can read. Let one of the gentlemen draw up a
draft in proper form; you sign it, and I will put you ashore.'

"The old gentleman would not consent to this mode of proceeding, and the
affair was dropped."

During the last twenty years of his life Mr. Astor lived in the
retirement of his family, leaving even the greater part of the
management of his estate to the hands of others. He was exceedingly fond
of literary men. Irving was his friend, and Halleck his business
manager. He died at the age of eighty-four years and eight months,
literally from old age. He was buried in St. Thomas's Church, on
Broadway.

His immense estate was left to his children, the bulk of it being
bequeathed to his eldest son. All of his relatives were made
comfortable. The village of Waldorf, his native place, received a legacy
of fifty thousand dollars for the benefit of its poor, and an amount in
land and funds equal to four hundred thousand dollars was left to
certain trustees to establish the Astor Library in the city of New York.
Besides these, several charitable and benevolent associations received
handsome donations from him.

His career has been related in these pages as an example to those who
are seeking to rise in legitimate commerce. It is the Best instance on
record of the facility with which success may be won by patient and
intelligent industry. In his capacity for grasping and carrying out an
enterprise, in his prudent and economical management of his business,
in his tact, courage, sagacity, Mr. Astor's example is one which will
lead many to success, and none to injury.

He was a thoroughly upright man, his transactions were rigidly honest;
but as a man, candor compels the acknowledgment that he was not a safe
or admirable model. He was utterly devoid of generosity. Liberal to an
extreme with his own family, he was close and hard with others. He paid
small wages to his employés and never gave more than the man bargained
for, no matter what extra service might be rendered. He carried his
economy to a degree of meanness painful to contemplate. At his death,
out of his vast estate, he left to his friend and faithful manager an
annuity of only two hundred dollars, which his son increased to fifteen
hundred.

One of his captains once succeeded in saving for him property in China
to the amount of seven hundred thousand dollars, which had become
jeopardized by the sudden death of the agent in charge of it. This
service was purely voluntary, and was one which required the greatest
skill, determination, and courage on the part of the captain, and Astor
acknowledged it, frequently saying: "If you had not done just as you
did, I should never have seen one dollar of my money; no, not one dollar
of it." This was the only acknowledgment he made, however. He was worth
ten millions of dollars, and the captain had only his pay--twelve
hundred dollars a year--and a family. At his father's death Mr. William
B. Astor sent a considerable sum to the old seaman in return for this
service.

"We have all heard much of the closeness, or rather the meanness, of
this remarkable man. Truth compels us to admit that he was not generous,
except to his own kindred. His liberality began and ended in his own
family. Very seldom during his lifetime did he willingly do a generous
act, outside of the little circle of his relations and descendants. To
get all he could, and to keep nearly all that he got--those were the
laws of his being.... He enjoyed keenly the consciousness, the feeling,
of being rich. The roll-book of his possessions was his Bible. He
scanned it fondly, and saw, with quiet but deep delight, the catalogue
of his property lengthening from month to month. The love of
accumulation grew with his years, until it ruled him like a tyrant. If
at fifty he possessed his millions, at sixty-five his millions possessed
him. Only to his own children and to their children was he liberal; and
his liberality to them was all arranged with a view to keeping his
estate in the family, and to cause it at every moment to tend toward a
final consolidation in one enormous mass."

This is the estimate of his character formed by Mr. James Parton. His
friend Dr. Coggswell presents him in quite a different light. He says:

"Mr. Astor lived to the good old age of four score and four years and
eight months. For some years previous to his death, which happened March
29, 1848, his manly form was bowed down by age, and his bodily strength
greatly enfeebled, but his mind retained much of its original Vigor and
brightness. Considering his extraordinary activity until a late period
of his life, he submitted to the helplessness of age with uncommon
resignation. When his impaired eye-sight no longer permitted him to
read, his principal relief from the wearisomeness of unoccupied time was
in the society of his friends and near relatives. All who knew him well
were strongly attached to him, and none but those who were ignorant of
his true character believed him unamiable and repulsive.

"His smile was peculiarly benignant and expressive of genuine kindness
of heart, and his whole manner cordial and courteous to every one
entitled to his respect. There was something so impressive in his
appearance, no one could stand before him without feeling that he was in
the presence of a superior intelligence. His deep, sunken eye, beneath
his overarched brow, denoted the prophetic--it might almost be said the
inspired--mind within. Although he lived many years beyond the age when
the grasshopper is a burden, and was the victim of much suffering, he
did not murmur, nor did he become unreasonable and peevish. He was not
wont to talk much on the subject of religion, or freely communicate his
views in relation to the life beyond the grave; but it can not be
doubted that such tranquility as he exhibited in his near approach to
it must have been derived from 'that peace which the world can neither
give nor take away,'"

Perhaps a medium between Mr. Parton's bitterness and Dr. Coggswell's
enthusiasm will be as correct an estimate of his personal character as
can be formed. It is a singular fact that Mr. Astor managed, in spite of
the closeness which marked his operations, in spite of the small wages
he paid, to inspire his employés with a zeal in his service that made
them willing to undertake any thing, to endure any amount of labor, for
him.

"He once lost seventy thousand dollars by committing a piece of petty
injustice toward his best captain. This gallant sailor, being notified
by an insurance office of the necessity of having a chronometer on
board his ship, spoke to Mr. Astor on the subject, who advised the
captain to buy one.

"'But,' said the captain, 'I have no five hundred dollars to spare for
such a purpose; the chronometer should belong to the ship.'

"'Well,' said the merchant, 'you need not pay for it now; pay for it at
your convenience,'

"The captain still objecting, Astor, after a prolonged higgling,
authorized him to buy a chronometer and charge it to the ship's account,
which was done.

"Sailing day was at hand. The ship was hauled into the stream. The
captain, as is the custom, handed in his account. Astor, subjecting it
to his usual close scrutiny, observed the novel item of five hundred
dollars for the chronometer. He objected, averring that it was
understood between them that the captain was to pay for the instrument.
The worthy sailor recalled the conversation, and firmly held to his
recollection of it. Astor insisting on his own view of the matter, the
captain was so profoundly disgusted that, important as the command of
the ship was to him, he resigned his post. Another captain was soon
found, and the ship sailed for China.

"Another house, which was then engaged in the China trade, knowing the
worth of this 'king of captains,' as Astor himself used to style him,
bought him a ship and dispatched him to Canton two months after the
departure of Astor's vessel. Our captain, put upon his mettle, employed
all his skill to accelerate the speed of his ship, and had such success
that he reached New York, with a full cargo of tea, just seven days
after the arrival of Mr. Astor's ship. Astor, not expecting another ship
for months, and therefore sure of monopolizing the market, had not yet
broken bulk, nor even taken off the hatchways. Our captain arrived on a
Saturday. Advertisements and handbills were immediately issued, and on
the Wednesday morning following, as the custom then was, the auction
sale of the tea began on the wharf--two barrels of punch contributing to
the _eclat_ and hilarity of the occasion. The cargo was sold to good
advantage, and the market was glutted. Astor lost in consequence the
entire profits of the voyage, not less than the sum previously named.
Meeting the captain some time after in Broadway, he said:

"'I had better have paid for that chronometer of yours,'"

Yet he could do a kind act when he was in the humor. When he was poor
and struggling for fortune, he had a friend in the city named Pell, a
coachmaker. As he advanced in the world he lost sight of his friend. One
day a young man called on him to ask if he would sell one of his leases
which he (the visitor) then held. He replied promptly and decidedly that
he would not sell.

"But what is your name?" he asked.

"It is Pell," was the reply.

"Pell--Pell--" said the old man, hesitating a moment, "I knew a man by
that name once; he was a dear friend of mine, but I have not seen him
for years."

"That man," said the visitor, "was my father."

"Indeed," exclaimed the old man, warmly; "your father? Why, he used to
give me rides in his coaches. How I should like to see him."

Then pausing a moment, and smiling as he recalled the past to his mind,
he said:

"You shall have the lease, young man. Go home, have the papers drawn,
come here at eleven o'clock on Thursday, and I'll sign them. But don't
put in any consideration."

The engagement was kept punctually by both parties.

"Have you got the papers?" asked the merchant. "Did you put in the
consideration? Well, let it be one hundred dollars. Have you got the
money about you? Well, no matter, Bruce will keep the lease till you
come and pay. I've given you two thousand dollars, young man. Don't you
buy any more, for I sha'n't do it again. You tell your father that I
remember him, and that I have given you two thousand dollars."

Mr. Astor dearly liked a joke, and occasionally indulged in a sly bit of
humor himself. On one occasion a committee called upon him to solicit a
donation for some charitable object. The old man took the subscription
list, and, after examining it, signed it and gave the committee a check
for fifty dollars. They had expected much more, and one of them ventured
to say:

"We did hope for more, Mr. Astor. Your son gave us a hundred dollars."

"Ah!" replied the old man, dryly, "William has a rich father. Mine was
very poor."

CHAPTER III.

ALEXANDER T. STEWART.

In the year 1818, a European vessel anchored in the harbor of New York,
after a long and weary voyage from the Old World. She brought many
passengers to the young metropolis, the majority of whom came with the
intention of seeking fortunes in this land of promise.

Among them was a young Irishman who had left his home in his native land
to seek in America the means of bettering his condition. This was
ALEXANDER T. STEWART. He was the son of Scotch-Irish parents, and was
born in Belfast in 1802. Being only three years old when his father
died, his grandfather took charge of him, and proved a kind and
judicious guardian. As he was designed for the ministry by his relative,
and as his own tastes inclined him to that profession, he was given a
good common school education, and placed at college, where he made
favorable progress in his class. He was particularly successful in the
classics, and is said to retain his relish for them at the present day.

During his second term his grandfather died, and he was by this event
obliged to leave college. Abandoning the idea of entering the ministry,
he embarked for America, determined to make a fortune in the New World.
He came sufficiently supplied with ready money to insure him against
immediate want, and with letters of introduction which at once secured
him an excellent social position.

After trying in vain for some time to secure employment in a business
house, he obtained a position as assistant in a commercial school. This
he soon resigned for a similar place in a more celebrated school. His
salary here was $300, which was considered ample compensation in those
days.

Not wishing to continue in this career, however, he opened a small
retail dry goods store in New York, and began business on a humble
scale. Here he remained until the age of twenty-one, manifesting no
extraordinary business capacity, and in no way distinguished from the
many small dealers around him. Upon reaching his majority he returned to
Ireland, to look after the inheritance left him by his grandfather. The
amount which thus came to him was nearly one thousand pounds, and the
greater part of this he invested in "insertions" and "scollop
trimmings," which he shipped to America by the vessel in which he
returned. He rented a little store, on his return, at 283 Broadway, and
there displayed his stock, which met with a ready sale at a fair profit.

Without mercantile experience, and possessing little advantage, save his
own Scotch-Irish energy and courage, Mr. Stewart started boldly on what
proved the road to fortune. No young merchant ever worked harder than
he. From fourteen to eighteen hours each day were given to his business.
He was his own book-keeper, salesman, and porter. He could not afford to
employ help. Credit was hard to obtain in those days, and young
merchants were not favorites with those who had such favors to bestow.
Mr. Stewart was one of the least favored, inasmuch as he was almost a
total stranger to the business community in which he lived. He kept a
small stock of goods on hand, which he purchased for cash chiefly at
the auction sales. He was a regular attendant at these sales, and his
purchases were invariably "sample lots"--that is, collections of small
quantities of various articles thrown together in confusion, and sold in
heaps for what they would bring. He had these purchases conveyed to his
store, and after the business of the day was over, he and his wife would
take these "sample lots," and by carefully assorting them, bring order
out of the confusion. Every article was patiently gone over. Gloves were
redressed and smoothed out, laces pressed free from the creases which
careless bidders had twisted into them, and hose made to look as fresh
as if they had never been handled. Each article being good in itself,
was thus restored to its original excellence. The goods were then
arranged in their proper places on the shelves of the store, and by
being offered at a lower price than that charged by retail dealers
elsewhere in the city, met with a ready sale. Even at this low price the
profit was great, since they had been purchased for a mere trifle. For
six years Mr. Stewart continued to conduct his business in this way,
acquiring every day a larger and more profitable trade. Here he laid
down those principles of business and personal integrity from which he
has never departed, and which have led-him to the honorable position he
now holds.

"His first rule was _honesty_ between seller and buyer. His career is a
perfect exemplification of Poor Richard's maxim: 'Honesty is the best
policy,' and of the poet's declaration: 'Nothing can need a lie,' His
interest consorted with his inclination, his policy with his principles,
and the business with the man, when he determined that the truth should
be told over his counter, and that no misrepresentation of his goods
should be made. He never asked, he never would suffer, a clerk to
misrepresent the quality of his merchandise. Clerks who had been
educated at other stores to cheat customers, and then to laugh off the
transaction as 'cuteness,' or defend it as 'diamond cut diamond,' found
no such slipshod morality at Stewart's little store, and learned
frankness and fairness in representation at the peril of dismissal.
Their employer asked no gain from deceit in trade. On his part, too, in
buying, he rarely gave a seller a second opportunity to misrepresent
goods to him.

"A second innovation of the young dry goods dealer was selling at _one
price_--a custom which has also lasted without interruption, and which
has spread to all the great houses. He fixed his price, after careful
consideration, at what he thought the goods could and would bring, and
would not deviate from it for any haggling, or to suit individual cases.
Of course, he followed the fluctuations of the market, and marked his
goods up or down in accordance with it; but no difference in the price
was made to different people. Perhaps those who had some art in 'beating
down' prices were offended, but people in general were pleased.

"The third principle he adopted was that of _cash on delivery_. It is
said that his own early experience of buying on credit, and selling on
credit, drove him to this rule.

"A fourth principle with him was to conduct business as business--not as
sentiment. His aim was honorable profit, and he had no purpose of
confusing it by extraneous considerations."

While still engaged in his first struggles in his little store, Mr.
Stewart found himself called on to make arrangements to pay a note which
would soon become due. It was for a considerable sum, and he had neither
the money nor the means of borrowing it. It was a time when the
mercantile community of New York regarded a failure to pay a note as a
crime, and when such a failure was sure to bring ruin to any new man.
Mr. Stewart knew this, and felt that he must act with greater resolution
and daring than he had ever before exhibited, if he would save himself
from dishonor. To meet the crisis he adopted a bold and skillful
maneuver. He marked down every article in his store far below the
wholesale price. This done, he had a number of handbills printed,
announcing that he would sell off his entire stock of goods below cost,
within a given time. He scattered these handbills broadcast through the
city, and it was not long before purchasers began to flock to his store
to secure the great bargains which his advertisements offered them. His
terms were "cash," and he had little difficulty in selling. Purchasers
found that they thus secured the best goods in the market at a lower
figure than they had ever been offered before in New York, and each one
was prompt to advise relatives and friends to avail themselves of the
favorable opportunity. Customers were plentiful; the little Broadway
store was thronged all day, and long before the expiration of the period
he had fixed for the duration of his sales, Mr. Stewart found his
shelves empty and his treasury full. He paid his note with a part of the
money he had thus received, and with the rest laid in a fresh stock of
goods. He was fortunate in his purchases at this time, for, as the
market was extremely dull and ready money scarce, he, by paying cash,
bought his goods at very low prices.

The energy, industry, patience, and business tact displayed by Mr.
Stewart during these first years of his commercial life brought him
their sure reward, and in 1828, just six years after commencing
business, he found his little store too small and humble for the large
and fashionable trade which had come to him. Three new stores had just
been erected on Broadway, between Chambers and Warren Streets, and he
leased the smallest of these and moved into it. It was a modest
building, only three stories high and but thirty feet deep, but it was a
great improvement on his original place. He was enabled to fill it with
a larger and more attractive stock of goods, and his business was
greatly benefited by the change. He remained in this store for four
years, and in 1832 removed to a two-story building located on Broadway,
between Murray and Warren Streets. Soon after occupying it, he was
compelled, by the growth of his business, to add twenty feet to the
depth of the store and a third story to the building. A year or two
later a fourth story was added, and in 1837 a fifth story, so rapidly
did he prosper.

His trade was now with the wealthy and fashionable class of the city. He
had surmounted all his early difficulties, and laid the foundation of
that splendid fortune which he has since won. The majority of his
customers were ladies, and he now resolved upon an expedient for
increasing their number. He had noticed that the ladies, in "shopping,"
were given to the habit of gossiping, and even flirting with the clerks,
and he adopted the expedient of employing as his salesmen the handsomest
men he could procure, a practice which has since become common. The plan
was successful from the first. Women came to his store in greater
numbers than before, and "Stewart's nice young men" were the talk of the
town.

The great crisis of 1837 found Mr. Stewart a prosperous and rising man,
and that terrible financial storm which wrecked so many of the best of
the city firms did not so much as leave its mark on him. Indeed, while
other men were failing all around him, he was coining money. It had
always been his habit to watch the market closely, in order to profit by
any sudden change in it, and his keen sagacity enabled him to see the
approach of the storm long before it broke, and to prepare for it.

He at once marked down all his goods as low as possible, and began to
"sell for cost," originating the system which is now so popular. The
prices were very low, and the goods of the best quality. Every body
complained of the hard times, and all were glad to save money by
availing themselves of "Stewart's bargains." In this way he carried on a
retail cash trade of five thousand dollars per day in the midst of the
most terrible crisis the country has ever seen. Other merchants were
reduced to every possible expedient, and were compelled to send their
goods to auction to be sold for what they would bring, so great was
their need of ready money. Stewart attended all these auctions
regularly, and purchased the goods thus offered. These he sold rapidly
by means of his "cost system," realizing an average profit of forty per
cent. It is said that he purchased fifty thousand dollars worth of silks
in this way, and sold the whole lot in a few days, making a profit of
twenty thousand dollars on the transaction. Thus he not only passed
through the "crisis," but made a fortune in the midst of it.

From that time to the present day his march to fortune has been
uninterrupted. Nearly a quarter of a century ago he purchased the
property which is now the site of his wholesale store, and commenced to
erect the splendid marble warehouse which he still occupies. His friends
were surprised at his temerity. They told him it was too far up town,
and on the wrong side of Broadway, but he quietly informed them that a
few years would vindicate his wisdom, and see his store the center of
the most flourishing business neighborhood of New York. His predictions
have been more than realized.

He moved into his new store in 1846, and continued to expand and enlarge
his business every year. Some years ago he purchased the old
Ninth-Street Dutch Church and the lots adjacent to it, comprising the
entire block lying between Ninth and Tenth Streets, Broadway and Fourth
Avenue. When he found the retail trade going up town, and deserting its
old haunts below Canal Street, he erected a fine iron building at the
corner of Broadway and Tenth Street, to which he removed the retail
department of his business, continuing his wholesale trade at his old
store on Chambers Street. This new "upper store" has increased with the
business. The building now covers the entire block upon which it is
erected, and is the largest, most complete, and magnificent
establishment of its kind in the world.

Though he took no active part in politics, he was too much interested in
public affairs, by reason of his immense wealth, not to watch them
closely. He was satisfied, some time before our late troubles began,
that war must come, and quietly made contracts with nearly all the
manufacturers for all their productions for a considerable period of
time. Accordingly, when the war did come, it was found that nearly all
the articles of clothing, blankets, etc., needed for the army had been
monopolized by him. His profits on these transactions amounted to many
millions of dollars, though it should be remarked that his dealings with
the Government were characterized by an unusual degree of liberality.
The gains thus realized by him more than counterbalanced the losses he
sustained by the sudden cessation of his Southern trade.

Fifty years have now passed away since the young school-teacher landed
in New York, and he stands to-day at the head of the mercantile
interests of the New World. In the half-century which has elapsed since
then, he has won a fortune which is variously estimated at from
twenty-five to forty millions of dollars. He has gained all this wealth
fairly, not by trickery and deceit, or even by a questionable honesty,
but by a series of mercantile transactions the minutest of which bears
the impress of his sterling integrity, and by a patience, energy, tact,
and genius of which few men are possessed. Surely, then, it must be a
proud thought to him that he has done all this _himself_, by his own
unaided efforts, and that amid all his wonderful success there does not
rest one single stain upon his good name as a man or a merchant.

It is said that Mr. Stewart regards himself as a "lucky man," rather
than as one who has risen by the force of his own genius. A writer in
the New York _Herald_ relates the following incident, as illustrative of
the superstition which this feeling of "luck" has given rise to with
him: "When he kept his store on Broadway, between Murray and Warren
Streets, there sat on the sidewalk before it, on an orange box, an old
woman, whose ostensible occupation was the selling of apples. This
business was, however, merely a pretense; the main object being beggary.
As years rolled on, Mr. Stewart became impressed with the idea that the
old dame was his guardian angel of good luck, and this impression took
so firm a hold upon his mind that when he removed to Chambers Street,
he, in person, took up the old woman's box, and removed her to the front
of his new establishment. In further illustration of Mr. Stewart's faith
in the Irish traditional belief in 'lucky' and 'unlucky' persons, it may
be mentioned that, after the completion of the St. Nicholas Hotel in
this city, an undertaking in which he was largely interested, and when
the building was just about to be opened for the reception of guests,
the millionaire, standing in the drawing-room, ejaculated, 'It is now
finished; I hope its first visitors may be lucky people.'

"A gentleman present, who had heard of Mr. Stewart's care for the aged
apple vendor, remarked, 'I presume, sir, you do not in reality care
about lucky or unlucky persons;' to which he immediately replied,
'Indeed, I do. There are persons who are unlucky. I sometimes open a
case of goods, and sell the first from it to some person who is unlucky,
and lose on it to the end. I frequently see persons to whom I would not
sell if I could avoid it.'"

The first incident, if true, doubtless illustrates the quiet kindness
with which Mr. Stewart watches over the poor that he takes under his
care--and they are many. He has won his success too fairly to be a
believer in mere _luck_. There is no such thing as chance in this world.
Men are the architects of their own fortunes.

One of the principal reasons of his success is the rigid system with
which he conducts his business. He has a place for every thing, and a
time for every duty, and requires the same regularity from his
subordinates. His salesmen and managers are thoroughly versed in their
duties, and the more important of them are selected with great care.
Every thing works smoothly under the master's eye, and there is a
penalty for each and every delinquency, which is rigidly exacted.

Mr. Stewart is one of the hardest workers in his establishment. His
partners relieve him of the details, but the general management of his
immense business he trusts to no other hands. His eye is on every thing.
He is familiar with every detail, though he does not take upon himself
its direction. He goes to his business between nine and ten in the
morning, stopping first at his upper store. He makes a brief but
thorough inspection here, and learns the general progress of the day,
and then repairs to his lower or wholesale store, where he remains
during business hours, and returns home between five and six in the
afternoon, stopping again at the upper store. He works hard, and is
never absent from his post unless detained by sickness.

His time is valuable, and he is not willing to waste it.

Many persons endeavor to see him merely to gratify their impertinent
curiosity, and others wish to intrude upon him for purposes which would
simply consume his time. To protect himself, he has been compelled to
resort to the following expedient: A gentleman is kept on guard near the
main door of the store, whose duty is to inquire the business of
visitors. If the visitor wishes to see Mr. Stewart, the "sentinel"
informs him that he must first state his business to him. If the visitor
urges that it is private, he is told that Mr. Stewart has no private
business. If his errand meets the approval of the gentleman on guard, he
is allowed to go up stairs, where he is met by the confidential agent of
the great merchant, to whom he must repeat the object of his visit. If
this gentleman is satisfied, or can not get rid of the visitor, he
enters the private office of his employer and lays the case before him.
If the business of the visitor is urgent he is admitted, otherwise, he
is refused an interview. If admitted, the conference is brief and to the
point. There is no time lost. Matters are dispatched with a method and
promptitude which astonish strangers. If the visitor attempts to draw
the merchant into a friendly conversation, or indulges in useless
complimentary phrases, after the matter on which he came is settled, Mr.
Stewart's manner instantly becomes cold and repelling, and troublesome
persons are sometimes given a hint which hastens their departure. This
is his working time, and it is precious to him. He can not afford to
waste it upon idlers. In social life he is said to be exceedingly
affable.

The greater portion of Mr. Stewart's immense fortune is invested in real
estate. Besides his two stores on Broadway, he owns the Metropolitan
Hotel and the New York Theater, also on Broadway; nearly all of Bleecker
Street from Broadway to Depauw Row, several churches, a number of
buildings, and many valuable lots. He resides at the north-east corner
of the Fifth Avenue and Thirty-fourth Street. Immediately opposite he is
building one of the finest residences in the world, and the most superb
in America. He owns more real estate than any man in America except
William B. Astor, and is the most successful merchant in the world.

Mr. Stewart is said to be extremely liberal in his donations to objects
which meet with his sympathy. The majority of these donations are
quietly made, as he has a repugnance to public charities. He gave
liberally to the cause of the Union during the war. During that struggle
he sent a cargo of provisions to Ireland, where much distress existed,
and then invited as many emigrants as the vessel would carry to take
passage to America in her, free of charge. One hundred and thirty-nine
persons availed themselves of his offer, and upon reaching America were
all provided with good situations by him. At present he is engaged in
erecting on the Fourth Avenue a large building, in which homes will be
provided for poor working females, at a small expense to them. It is
said that this noble project will require an outlay of several millions
of dollars. His friends--and he has many--speak of him as exceedingly
kind and liberal, and seem much attached to him.

As I have said before, Mr. Stewart has not cared for political
distinction, but has rather shunned it. He was a member of the Union
Defense Committee during the war, and in 1866 was one of the signers of
the Saratoga address, calling on the people of the country to sustain
the policy of President Johnson. His warm friendship for General Grant
caused him to be one of the earliest advocates of the election of the
latter to the Presidency. He was a candidate for Presidential Elector on
the Republican ticket for the State of New York, but was defeated, with
his associates, by the Democracy.

His intimate relations with General Grant, together with his vast
financial experience, induced many persons to believe that he would be
offered a place in the Cabinet of the new President. These expectations
were realized by his nomination to the post of Secretary of the
Treasury, on the 5th of March, 1869, and his immediate and unanimous
confirmation by the Senate. He was about to enter upon his new duties,
when it was discovered that there existed an old and almost forgotten
law forbidding any merchant from becoming the head of the Treasury
Department. As soon as this discovery was made, Mr. Stewart expressed
his desire to withdraw from the position, and thus relieve the President
of all embarrassment upon the subject, but the latter, wishing, if
possible, to retain him in the Cabinet, urged him to delay his action,
with the hope that the difficulty might be obviated. Willing to oblige
his friend, and anxious to serve the country, Mr. Stewart consented to
do this, but finding that certain persons were seeking to make his
nomination a source of trouble to the Administration, offered either to
resign the place or to relinquish his entire interest in his business
during the period of his Secretaryship, and to donate his immense
profits for that time to the poor of the city of New York. This
sacrifice, he hoped, would render him eligible; but the President was
unwilling to accept the princely offer--the noblest ever made by any
man--and Mr. Stewart finally withdrew from the contest.

There can be no doubt that he would have been the best Secretary that
could have been placed at the head of the Treasury. His great financial
experience and his unquestioned ability were better qualifications than
those possessed by any politician in the land. Perhaps the best proof of
the satisfaction which his appointment produced in the minds of the
thinking men of the country is the manner in which the news affected
the money market. Gold fell as soon as the announcement was made.

Few strangers ever come to New York and depart without visiting
Stewart's famous store at the corner of Tenth Street and Broadway. The
lower, or wholesale store, is far more important to its owner; but it
conducts its operations exclusively with dealers, and in such a quiet
and systematic way that it seems to attract but little attention among
the masses. It is the upper or retail store that is the wonder of the
great city in which it is located.

It is constructed of iron, in the style of arcade upon arcade, and is
lighted by numerous windows. It fronts two hundred feet on Broadway, and
three hundred feet on Ninth and Tenth Streets. It covers an area of
about two acres, is five stories and an attic in height, and has two
cellars underneath. It is warmed by steam, and contains several
steam-engines for hoisting goods, running the machines employed in the
manufacturing department, and forcing water into the immense tank at the
top of the building. Six elevators and several handsome stairways
connect the various floors. Three of the elevators are used for
conveying customers up and down, and the others for hoisting and
lowering goods. The building is lighted by several thousand gas jets,
which are all set aflame simultaneously by electricity.

The various floors, with the exception of the first, are broken only by
a rotunda, which extends to the roof, and is inclosed at each floor by a
massive iron balustrade. Leaning over one of these balustrades, and
looking up or down, the sight is brilliant and attractive. Thousands of
persons are scattered about the floors making purchases. Hundreds of
clerks, salesmen, and cash boys are busy serving them, and the buzz and
hum of human voices under the vast roof sounds like the droning of a
hive of bees.

The service of this immense establishment is arranged as follows: There
is one general superintendent, with nineteen assistants, each of whom is
at the head of a department. Nine cashiers receive and pay out money;
twenty-five book-keepers keep the record of the day; thirty ushers
direct purchasers to the department they seek; two hundred cash boys
receive the money and bring back the change of purchasers; four hundred
and seventy clerks, a few of whom are females, make the sales of the
day; fifty porters do the heavy work, and nine hundred seamstresses are
employed in the manufacturing department. Besides these, there are
usually about five hundred other persons employed about the
establishment in various capacities, bringing the total strength of the
_personelle_ of the house to twenty-two hundred.

The accounts of each department are kept separate, and the sales of each
for the day constitute a separate return. These sales will average
something like the following figures:

  Silks       $15,000
  Dress goods   6,000
  Muslins       3,000
  Laces         2,000
  Shawls        2,500
  Suits         1,000
  Calicoes      1,500
  Velvets       2,000
  Gloves        1,000
  Furs          1,000
  Hosiery         600
  Boys' clothing  700
  Notions         600
  Embroideries  1,000
  Carpets       5,500

The total daily receipts average $60,000, and have been known to amount
to $87,000.

Salaries of subordinate clerks range from $5 to $25 per week. The cash
boys receive $5 per week. If not fined for misconduct they receive a
reward of $1 per month, and a further reward of $5 at the end of each
half year. They are promoted as fast as their conduct and vacancies in
the force of salesmen will allow. The number of employés being so large,
the proprietor is compelled to keep them under the constant espionage of
two experienced detectives, and each evening when they leave the store
they are required to do so through a private door on Ninth Street, where
the detectives are stationed to see that none of them carry away
articles which do not belong to them.

The number of visitors to the establishment in the busy season is very
large. On special occasions, such as opening days, it is said to have
reached fifty thousand, but the general average is placed at fifteen
thousand, and they represent every grade in life. Rich and poor mingle
here freely.

The floors are arranged simply, and with regard to business rather than
for show, but every thing is elegant and tasteful. The sub-cellar is
used as a store-room for goods in cases. Here the fabrics are opened and
sent to their departments. The cellar is the carpet sales-room. The
first floor is the general sales-room, and is the most attractive place
in the building. It is three hundred feet long by two hundred wide, and
is provided with one hundred counters, each fifty feet in length. Behind
these counters the goods are arranged, with no effort at display, on the
shelves, which rise but a few feet above the counters. There is an
abundance of light in all parts of the house, especially over the silk
counters, which are just under the rotunda. The second floor is taken up
with ladies' suits, shawls, curtain goods, etc., and the next floor is
devoted to the same purpose. The fourth floor is used as a manufactory
for making up the suits, etc., placed on sale or ordered by customers;
on the fifth is the fur-room and upholstery manufactory; and the sixth
is occupied as a laundry. The most perfect order is maintained in every
part of the establishment, the mere direction of which requires
administrative ability of a very high character.

As fast as the sales are made, the articles, unless taken away by the
purchaser, are sent to the parcel desk, which is located in the cellar.
This is the busiest department in the house, and one of the most
important. Each order is accompanied by a ticket stating the quality and
amount of the goods, the price, and the address of the purchaser. It is
remeasured and examined here, so that any error on the part of the
salesman may be detected and repaired. Errors of this kind, however, are
rare, and the burden of the labor in this department consists of making
the goods up into secure packages and sending them to their
destinations. The tickets delivered at the parcel desk are then sent to
the checking desk, which is also in the basement, where they are
compared with those delivered by the salesmen to the cashiers, and if no
error is discovered, the goods are sent to the wagons for delivery.

The wagon department constitutes a very important branch of the
business. The vehicles and horses are accommodated in a fine stable on
Amity Street, near Broadway. The building was formerly a Baptist church,
and was presided over by the Rev. Dr. Williams. When the congregation
went higher up town, they sold the old church, which found a purchaser
in Mr. Stewart. He converted it into a stable, and has since more than
doubled its size. The floor was taken up, a sewer built to carry off the
waste water, and the place paved with brick and cement. It is now one of
the best stables in the city. It contains over forty horses, and five
grooms are on hand to attend to them. There are eight wagons employed at
the up-town store to deliver parcels to purchasers, while thirteen
single wagons are used by the lower store to cart single cases around
town. In addition to these, there are ten double trucks to haul heavy
goods. Twenty-seven drivers are employed, and thirteen hundred bushels
of oats and fifty tons of hay are fed out during a year. The place is in
charge of a watchman at night, and during the day is managed by a
superintendent. At half-past eight the trucks report at the down-town
store, and remain there all day. At the same moment one of the light
wagons is dispatched to the retail store, and at once takes out the
early sales. In an hour another wagon follows it, and this course is
pursued all day until six o'clock, when the last wagon takes the last
sales. By this system purchasers receive their parcels with dispatch,
and the immense business of the day is entirely finished. Every week the
superintendent of the stables makes a report of the condition of the
horses and wagons, and this "stable report" is carefully inspected at
head-quarters. In case of sickness or stubborn lameness, the horses are
sent to the country to recruit.

Mr. Stewart has a farm at Tuckahoe, where the invalid horses are kept,
and where much of their provender is raised. This farm is noted for the
valuable marble quarry which furnished the stone from which his new
mansion on Fifth Avenue is built.

The retail store contains fabrics of every description and price. The
wife of a millionaire can gratify her fancy here to its utmost limit,
while the poor sewing-girl can obtain her simple necessities at the same
price which is demanded for them from the rich. In the shawl department,
there are "wraps" worth as much as $4,500, but not more than one or two
find a purchaser in the course of a year. Shawls at $3,000 find a sale
of about twenty a year, and the number of purchasers increases as the
price diminishes. The wealthy ladies of New York deal here extensively.
One of the clerks of the establishment recently made a statement that a
fashionable lady ran up a bill of $20,000 here in two months.

Mr. Stewart, though leaving the details of the retail business in the
hands of Mr. Tuller, the general superintendent, yet keeps himself
thoroughly informed respecting it, and exercises over it a general
supervision, to which its increasing success is due. He knows exactly
what is in the house, how much is on hand, and how it is selling. He
fixes the prices himself, and keeps them always at a popular figure. He
is said to have an aversion to keeping goods over from one season to
another, and would rather sacrifice them than do so. He has no dead
stock on hand. His knowledge of the popular taste and its variations is
intuitive, and his great experience enables him to anticipate its
changes.

"There can not be so much selling without proportionate buying, and
Stewart is as systematic in the latter as the former. Of late he has not
acted personally in making purchases, but has trusted to the system
which he organized some years ago, and which he has found to admirably
answer as his substitute. He has branch establishments exercising
purchasing functions only in Boston and Philadelphia, in the United
States; in Manchester, England; and in Paris and Lyons, France. But
while these are his agencies, his buyers haunt the marts of the whole
world. There is no center of commerce or manufacture of the wide range
of articles in which he deals, on either of the continents, where he is
not always present by deputy to seize upon favorable fluctuations of the
market, or pounce upon some exceptionally excellent productions. He
owns entire the manufactory of the celebrated Alexandre kid-glove. He
has a body of men in Persia, organized under the inevitable
superintendent, chasing down the Astrachan goat heavy with young, from
which the unborn kids are taken and stripped of their skins, thus
sacrificing two animals for every skin obtained. He rifles Lyons of its
choicest silks, the famous productions of Bonnet and Ponson. Holland and
Ireland yield him the first fruits of their looms. Belgium contributes
the rarest of her laces, and the North sends down the finest of its
Russian sables. All the looms of France, England, Belgium, and the
United States are closely watched, and the finest fabrics in dress
goods, muslins, carpets, and calicoes are caught up the moment the
workmen put on the finishing touches. He buys for cash the world over,
and is a customer every-where so recognized as desirable that he has his
choice of industrial productions, and on more advantageous terms than
his rivals can purchase what he leaves. He has been so long in the
business, and has become so thoroughly versed in the productions of
different looms in different countries, that it is now his practice to
select certain mills noted for excellence of work, and take their entire
supply, and thus it happens that there are many looms in the busiest
haunts of the Old and New Worlds that toil unceasingly on his account.

"By buying thus largely in foreign lands, he is, of course, the largest
importer in the nation, and his duties average $30,000 gold per day.
Every year his business steadily increases, and there is apparently no
practical limit at which it will stop. As prudent in vast affairs as
other men are in small, he insures liberally, and has policies renewed
every third day throughout the year. But, while leaning upon the
insurance companies, he is utterly independent of the banks; he has
never asked one of them to 'carry' him through a crisis, and should such
a contingency arise, there is no bank in the world competent to the
task."

Mr. Stewart is now sixty-eight years old, but looks much younger, being
still as vigorous and active, both mentally and physically, as most men
of forty-five. He is of the medium size, has light-brown hair and beard,
which are closely trimmed. His features are sharp, well cut, his eye
bright, and his general expression calm and thoughtful. His manner is
reserved, and to all but his intimate friends cold. He dresses with
great simplicity, but with taste, and in the style of the day. His
habits are simple, and he avoids publicity in all things. Standing as he
does at the head of the mercantile interests of the country, he affords
a fine example of the calm and dignified manner in which a man of true
merit may enjoy his legitimate success, and of the good use he may make
of its fruits.

CHAPTER IV.

AMOS LAWRENCE.

Amos Lawrence was born at Groton, Massachusetts, on the 22d of April,
1786. His ancestor came of a good English family, and was one of the
company which sailed from England for the New World under Governor
Winthrop, in 1630, and which, according to Grahame, contained "several
wealthy and high-born persons, both men and women, who expressed their
determination to follow truth and liberty into a desert, rather than to
enjoy all the pleasures of the world under the dominion of superstition
and slavery." This Lawrence settled in Watertown, and was one of the
original proprietors of the town of Groton, which was founded in 1655.
Samuel Lawrence, the father of the subject of this memoir, was the fifth
in descent from the founder of the family, and was himself a gallant
officer of the American army in the War of the Revolution, the close of
which found him the possessor of a small farm, which yielded a modest
support for his family.

Young Amos was brought up on the farm, with none of the advantages of
wealth, and with but a limited education, which he gained at the village
schools, and which was seriously interfered with by his delicate health.
He received his final training at the Groton Academy, to which, in after
life, he became a liberal patron. "As we children came forward," he
wrote, late in life, "we were carefully looked after, but were taught
to use the talents intrusted to us; and every nerve was strained to
provide for us the academy which is now doing so much there." Toward the
close of the year 1799, when but a little over thirteen years of age, he
took his final departure from school, and entered a store in the village
of Dunstable, as clerk.

He remained there but a few months, and then returned to Groton, where
he obtained a place as apprentice in the store of a Mr. Brazer. This was
the largest establishment in the place, and conducted a very important
trade with the country for miles around. Boston was so far, and so
difficult to reach in those days, that Groton came in for nearly all the
business of its vicinity which the railroads have now taken to the city.
Mr. Brazer's establishment, which was known as a "variety store," came
in for the best part of this trade. Every thing was sold there;
"puncheons of rum and brandy, bales of cloth, kegs of tobacco, with
hardware and hosiery, shared attention in common with silks and threads,
and all other articles for female use." Even medicines were sold there;
and Dr. Wm. B. Lawrence, the son of our hero, assures us that his father
was obliged to sell medicines, not only to customers, but to all the
physicians within a circuit of twenty miles, who depended on this
establishment for their supplies. "The confidence in his good judgment,"
he adds, "was such that he was often consulted in preference to the
physician, by those who were suffering from minor ails; and many were
the extemporaneous doses which he administered for the weal or woe of
the patient."

The Brazer store was a prominent feature in Groton. It was a place of
general resort, and close by was the tavern where the mail coaches
stopped. Travelers were constantly passing through the town, bringing
the news of those stirring days when Napoleon was rushing over Europe
with his armies, overturning old states and building up new ones, and
changing the destinies of the world. The domestic politics of the day
were exciting, and it is likely that they aided, together with the
events in the Old World, in imparting to the character of Mr. Lawrence
the earnestness and gravity for which he was noted when a mere lad.

Mr. Brazer had in his employ a number of clerks, but it was not long
before the energy and business talent of young Lawrence made him the
most trusted of all. Mr. Brazer did not give much personal attention to
the store, and when he found that his young clerk was so admirable and
reliable a manager, he left the business entirely in his hands. This was
a post of unusual responsibility for one so young, but Amos Lawrence
accepted it promptly, and labored to discharge its duties faithfully. He
at once established the character for probity and fairness which
distinguished him through life; his simple assertion was sufficient in
any matter, being received with implicit trust by all who knew him. His
duties kept him constantly employed, and though he lived within a mile
of his father's house, weeks sometimes passed without giving him the
opportunity of visiting it.

Drunkenness was at that day the curse of New England. Every body drank,
and such fiery fluids as brandy, whisky, rum, and gin were the
favorites. Men, women, and children were addicted to the vice, and
Groton was no exception to the rule. Mr. Brazer's store was famous for
the good liquors served out to its customers, and his clerks were aware
that their employer did not object to their helping themselves when they
felt thirsty. Amos Lawrence fell into the habit to which all were given,
and for some time went along with the rest; but at length he came to the
conclusion that such indulgence was wantonly ruining his health, and he
resolved to abstain entirely. "We five boys," said he, years afterward,
"were in the habit, every forenoon, of making a drink compounded of rum,
raisins, sugar, nutmegs, etc., with biscuit--all palatable to eat and
drink. After being in the store four weeks, I found myself admonished by
my appetite of the approach of the hour for indulgence. Thinking the
habit might make trouble if allowed to grow stronger, without further
apology to my seniors, I declined partaking with them. My first
resolution was to abstain for a week, and, when the week was out, for a
month, and then for a year. Finally, I resolved to abstain for the rest
of my apprenticeship, which was for five years longer. During that whole
period I never drank a spoonful, though I mixed gallons daily for my old
master and his customers."

At the same time, Mr. Lawrence determined that he would not use tobacco
in any form. He was very fond of the odor of "the weed," and at one
period of his life always kept a fine Havana in his drawer that he might
enjoy the scent of it; but he was totally free from our disgusting
national vice in any of its forms. In this respect, as indeed in all
others, he offers a fine example to the rising youth of the present
generation.

On the 22d of April, 1807, Mr. Lawrence completed his twenty-first year,
and his seven years' apprenticeship with Mr. Brazer came to an end. He
was now of an age to enter into business for himself, and it was his
intention to open a small store in Groton, in connection with a brother
apprentice, but before doing so he decided to visit Boston for the
purpose of establishing a credit. He reached the city with but twenty
dollars in his pocket, richer, he subsequently declared, in his own
estimation, than he ever felt before or afterward. While in the city, he
received the offer of a clerkship from a mercantile house of good
standing. It was entirely unsolicited, and took him by surprise, but he
decided to accept it, and abandoned his idea of going into business for
himself in Groton; and this act led to a career entirely different from
that to which he had looked forward.

Boston, in 1807, had a population of about thirty thousand, and the
commercial position of the city was relatively much greater than at
present. The foreign trade of the United States was enormous, and was
carried on in American ships, and not, as at present, in foreign
vessels. The total tonnage of American shipping engaged in this trade
was seven hundred thousand tons, and of this Boston possessed a fair
share. Her domestic trade was also important.

"The merchants of Boston had then high places in the estimation of the
world. The Perkinses, the Sargeants, the Mays, the Cabots, the
Higginsons, and others, were known throughout the world for their
integrity, their mercantile skill, and the extent and beneficial
character of their operations. These were the golden days of Boston's
commerce.... The standard of integrity was high, and though it would be
absurd to suppose that there was not the usual amount of evil in the
place, it may be assumed that in no part of the world was the young
trader more likely to find severer judges of character and conduct, or
to be better treated if he should afford unquestionable proofs of
capacity and honesty."

It was into this community that Mr. Lawrence now entered, and in which
his life was spent. He gave such satisfaction to his employers that,
when he had been with them a short time, they astonished him with the
offer of a partnership. He was but partially acquainted with their
affairs, but their manner of conducting their business did not please
him, and he declined their offer. His sagacity was verified by the
result. In a few months the firm failed, and the creditors appointed
him to settle their affairs, which he did to their satisfaction.

Being now out of employment, he resolved to commence business on his own
account in Boston. He had made such a favorable impression upon the
merchants of the city that he had no difficulty in obtaining credit. He
rented a store in Cornhill, stocked it with dry goods, and began his
career as a merchant. Four months after this, his father, who was keenly
interested in his son's success, without consulting the latter,
mortgaged his farm for one thousand dollars, and, repairing to Boston,
placed the money in Amos Lawrence's hands. Mr. Lawrence was profoundly
affected by this proof of his father's devotion, but he regretted it
none the less, as he knew that his failure would bring ruin to his
parent as well as to himself. "I told him," said he, forty years later,
"that he did wrong to place himself in a situation to be made unhappy if
I lost the money. He told me he _guessed I wouldn't lose it_, and I gave
him my note." Mr. Lawrence made a prompt use of the money, and paid the
mortgage at the proper time; but he had a narrow escape from loss, as
the bank on which he had bills for the amount of the mortgage failed
almost immediately after he had obtained specie for them.

"This incident," he said, "shows how dangerous it is to the independence
and comfort of families for parents to take pecuniary responsibilities
for their sons in trade, beyond their power of meeting them without
embarrassment. Had any Hillsborough bank-notes not been paid as they
were, nearly the whole amount would have been lost, and myself and my
family might have been ruined. The incident was so striking that I have
uniformly discouraged young men who have applied to me for credit,
offering their fathers as bondsmen; and by doing so I believe I have
saved some respectable families from ruin. My advice, however, has
sometimes been rejected with anger. A young man who can not get along
without such aid will not be likely to get along with it."

He began his business upon principles of prudence and economy, which he
rigidly maintained throughout his whole life. He never allowed himself
to anticipate his gains, and having fixed his personal expenses at a
certain sum, he never went beyond it. His system, which is thus stated
by himself, is offered here as a safe and admirable rule for all
persons:

"When I commenced, the embargo had just been laid, and with such
restrictions on trade that many were induced to leave it. But I felt
great confidence that, by industry, economy, and integrity, I could get
a living; and the experiment showed that I was right. Most of the young
men who commenced at that period failed by spending too much money, and
using credit too freely.

"I adopted the plan of keeping an accurate account of merchandise bought
and sold each day, with the profit, as far as practicable. This plan was
pursued for a number of years, and I never found my merchandise fall
short in taking an account of stock, which I did as often at least as
once in each year. I was thus enabled to form an opinion of my actual
state as a business man. I adopted also the rule always to have
property, after my second year's business, to represent forty per cent,
at least more than I owed--that is, never to be in debt more than two
and a half times my capital. This caution saved me from ever getting
embarrassed. If it were more generally adopted, we should see fewer
failures in business. Excessive credit is the rock on which so many
business men are broken."

Mr. Lawrence was very successful from the first. His profits during his
first year were fifteen hundred dollars, and over four thousand during
the second. In seven years he made over fifty thousand dollars. He paid
the closest attention to his business, and nothing could draw him from
it in working hours. After these were over he would take his pleasure.
His aim was to keep every thing in the most complete state possible.
During the first seven years of his business he never allowed a bill
against him to stand unsettled over the Sabbath. If he made a purchase
of goods on Saturday, and they were delivered to him that day, he always
examined and settled the bill by note, or by crediting it, and leaving
it clear, so that there should be no unfinished business to go over to
the next week, and make trouble for his clerks in case he should not be
at his post. "Thus," said he, "I always kept my business _before_ me,
instead of allowing it to drive me."

The first years of Mr. Lawrence's mercantile experience covered the
darkest period of the history of the Republic. They were marked by the
embargo, the crippling of our commerce by the hostility of England and
France, and the second war with Great Britain, in all of which there was
much to dis-hearten a beginner, even if he escaped positive loss.
Nothing was certain. The events of a single hour might undo the labor of
years, and baffle the best laid plans. Yet he persevered, and went
steadily on to fortune. He was remarkable for his keen foresight, as
well as for his prudence, and was always on the alert to profit by the
fluctuations of the market. Yet he abominated speculation. He averred
that speculation made men desperate and unfit for legitimate business,
and that it led them, when under excitement, to the commission of acts
against which their cooler judgment would have warned them. The fair
profits of legitimate business were, in his opinion, sure to reward any
honest and capable man. His aim was to elevate commerce, and not to
degrade it. He introduced into Boston the system of double-entry in
book-keeping, in advance of any other city merchant. He was prompt and
faithful in the performance of every contract, and required a similar
course toward himself from all indebted to him, as long as they were
able to do so. When they became unfortunate, he was kind and generous,
ready to compromise upon the most liberal terms, or to give them their
own time for payment; and it is recorded of him that he never dealt
harshly with a debtor who had failed in business.

As long as such a course was necessary, Mr. Lawrence devoted himself
entirely to his business, but after he had placed it on a safe footing,
he was careful to reserve to himself time for other duties and for
relaxation. No man, he said, had the right to allow his business to
engross his entire life. "Property acquired at such sacrifices as I have
been obliged to make the past year," he wrote at the commencement of
1826, "costs more than it is worth; and the anxiety in protecting it is
the extreme of folly." He never lost sight of the fact that man is a
responsible, intelligent being, placed in the world for other purposes
than the mere acquisition of wealth.

In October, 1808, his brother, Abbott Lawrence, afterward famous as a
merchant and statesman, came to him as an apprentice, and on the 1st of
January, 1814, he was admitted to partnership, the style of the firm
being A. & A. Lawrence. This partnership was terminated only by the
death of the elder brother in 1852. Their business was the importation
and sale of foreign manufactures, and the firm soon took its place at
the head of the Boston merchants engaged in this trade. The tariffs of
1816 and 1824 gave a new and powerful impetus to the manufacture of
woolens and cottons in this country, and the Lawrences entered largely
into the sale of these goods on commission. In 1830, they became
interested in the cotton mills at Lowell; and on the establishment of
the Suffolk, Tremont, and Lawrence Companies, as well as subsequently in
other corporations, they became large proprietors. From this time their
business as selling agents was on the most extensive scale, and their
income from all sources large in proportion. They amassed large
fortunes, and won names which are the most precious heritages of their
children.

Perhaps the best exposition of the principles upon which these brothers
conducted their commercial operations is found in the following letter
from the elder to the younger, written on the 11th of March, 1815, upon
the occasion of a visit to England by the latter on business for the
firm:

     MY DEAR BROTHER--I have thought best, before you go abroad, to
     suggest a few hints for your benefit in your intercourse with the
     people among whom you are going. As a first and leading principle,
     let every transaction be of that pure and honest character that you
     would not be ashamed to have appear before the whole world as
     clearly as to yourself. In addition to the advantages arising from
     an honest course of conduct with your fellow-men, there is the
     satisfaction of reflecting within yourself that you have endeavored
     to do your duty; and however greatly the best may fall short of
     doing all they ought, they will be sure not to do more than their
     principles enjoin.

     It is, therefore, of the highest consequence that you should not
     only cultivate correct principles, but that you should place your
     standard of action so high as to require great vigilance in living
     up to it.

     In regard to your business transactions, let every thing be so
     registered in your books, that any person, without difficulty, can
     understand the whole of your concerns. You may be cut off in the
     midst of your pursuits, and it is of no small consequence that your
     temporal affairs should always be so arranged that you may be in
     readiness.

     If it is important that you should be well prepared in this point
     of view, how much more important is it that you should be prepared
     in that which relates to eternity!

     You are young, and the course of life seems open, and pleasant
     prospects greet your ardent hopes; but you must remember that the
     race is not always to the swift, and that, however flattering may
     be our prospects, and however zealously you may seek pleasure, you
     can never find it except by cherishing pure principles and
     practicing right conduct. My heart is full on this subject, my dear
     brother, and it is the only one on which I feel the least anxiety.

     While here, your conduct has been such as to meet my entire
     approbation; but the scenes of another land may be more than your
     principles will stand against. I say _may be_, because young men of
     as fair promise as yourself have been lost by giving a small
     latitude (innocent in the first instance) to their propensities.
     But I pray the Father of all mercies to have you in his keeping,
     and preserve you amid temptations.

     I can only add my wish to have you write me frequently and
     particularly, and that you will embrace every opportunity of
     gaining information.

     Your affectionate brother, AMOS LAWRENCE.

     TO ABBOTT LAWRENCE.

In his politics, Mr. Lawrence was a Federalist, and then a Whig. He
served for one term in the State Legislature as a Representative from
Boston, with credit to himself, but afterward avoided any active
participation in public events. When his nephew-by-marriage, General
Pierce, was a candidate for the Presidency, he was very much gratified
personally by the selection of the Democracy, but declined to vote for
him. In a letter to a friend, written at this time, he said: "I had a
charming ride yesterday with my nephew, Frank Pierce, and told him I
thought he must occupy the White House the next term, but that I would
go for Scott. Pierce is a fine, spirited fellow, and will do his duty
wherever placed. Scott will be my choice for President of the United
States."

Regarding himself as a steward of the riches committed to him, Amos
Lawrence was liberal in his charities. During the last twenty-four years
of his life he kept an accurate account of the sums he thus distributed,
but with no idea that the statement, which he intended for his own eye
only, would ever be made public. During this period he gave away six
hundred and thirty-nine thousand dollars. The greater part of this was
given away in ten years, and during a period when his average income was
sixty thousand dollars a year. He was a liberal patron of education,
giving large sums to its extension; and it was his delight to assist
poor clergymen, without regard to denominations. He gave away clothing,
food, books, etc., in large quantities, as well as ready money. "Two
rooms in his house," says his son and biographer, "and sometimes three,
were used principally for the reception of useful articles for
distribution. There, when stormy weather or ill-health prevented him
from taking his usual drive, he was in the habit of passing hours in
selecting and packing up articles which he considered suitable to the
wants of those whom he wished to aid." He did not forget the children,
and many of his packages contained toys, and books, and other things
calculated to promote their enjoyment.

He was beset with beggars of all kinds, many of whom he was compelled to
refuse. In his diary, he wrote on the 11th of April, 1849, "Applications
come in from all quarters, for all objects. The reputation of giving
freely is a very bad reputation, so far as my personal comfort is
concerned."

It pained him to have his charities made public, and he frequently
requested the recipients to say nothing about them. He once made a
present of some books to the Johnson school for girls, and the gift
being acknowledged through the columns of a newspaper, he wrote to the
principal of the school: "I merely want to say that I hope you will not
put me in the newspaper at present, and when my work is done here, if
you have any thing to say about me that will not hurt my children and
grandchildren, say on," To another party he wrote: "I must request that
my name be not thrust forward, as though I was to be a by-word for my
vanity. I want to do good, but am sorry to be published, as in the
recent case."

As a merchant, Mr. Lawrence was upright, prudent, far-seeing, sagacious,
and courageous; as a citizen, he was patriotic, public-spirited, and
devoted; and as a man, he was a sincere, earnest, Christian husband,
father, and friend. Viewed in any light, his character affords one of
the most perfect models to be found in our history. He was the Christian
_gentleman_ in all things, even in the minutest detail of his business.
His standard was very high, but he came up to it. Courteous and
dignified in manner, with a face handsome and winning in youth, and
gentle and benignant in age, he made scores of friends wherever he went,
for it was a true index to his character. It is a significant and
interesting fact that, during the hottest passages of the old
nullification times, although his views were known to be
uncompromisingly opposed to the attitude of the South, he never lost the
warmest friendship of some of the most advanced of the South Carolina
leaders. When one thinks of the friendships that were wrecked amid the
passions of those days, this fact speaks volumes for the personal
attributes of Mr. Lawrence.

He was a true American--proud of his country's past, hopeful for her
future, and desiring nothing better than to live and die in the land of
his birth. He sent his children abroad that they might see the Old
World, and profit by the lessons learned there, but he strove earnestly
to keep them true to their country. To his son, who was traveling in
France in 1829, he wrote:

"Bring home no foreign fancies which are inapplicable to our state of
society. It is very common for our young men to come home and appear
quite ridiculous in attempting to introduce their foreign fashions. It
should be always kept in mind that the state of society is widely
different here from that in Europe; and our comfort and character
require it should long remain so. Those who strive to introduce many of
the European habits and fashions, by displacing our own, do a serious
injury to the republic, and deserve censure. An idle person, with good
powers of mind, becomes torpid and inactive after a few years of
indulgence, and is incapable of making any high effort. Highly important
it is, then, to avoid this enemy of mental and moral improvement. I have
no wish that you pursue trade; I would rather see you on a farm, or
studying any profession.

"It should always be your aim so to conduct yourself that those whom you
value most in the world would approve your conduct, if your actions were
laid bare to their inspection; and thus you will be pretty sure that He
who sees the motive of all our actions will accept the good designed,
though it fall short in its accomplishment. You are young, and are
placed in a situation of great peril, and are, perhaps, sometimes
tempted to do things which you would not do if you knew yourself under
the eye of your guardian. The blandishments of a beautiful city may lead
you to forget that you are always surrounded, supported, and seen by
that best Guardian."

He was an eminently just man, and he carried this trait into the little
details of his domestic life. His household adored him; and his friends
were bound to him by ties unusually strong. He was firm and positive in
his own opinions; but he was tolerant of those who differed from him. He
was a man of quick, nervous temperament, but he possessed a powerful
self-control. He was a sincere and earnest Christian, and while
attaching himself to the sect of his choice, his sympathies and aid went
out to the whole Christian Church.

Denominational differences had no place in his heart. He stood on the
broad platform of the "faith of Christ crucified."

During the last years of his life, Mr. Lawrence was a constant invalid.
To a man of his temperament this was a great trial, but he bore it
unflinchingly, exhibiting, in the long years of feeble health which
preceded his death, a cheerfulness and patience which plainly showed the
aid of the Arm on which he leaned for support. For sixteen years he did
not take a meal with his family. His food and drink, of the simplest
kind, were regularly weighed, a pair of scales being kept in his chamber
for that purpose. He wrote to his friend President Hopkins, of Williams
College: "If your young folks want to know the meaning of epicureanism,
tell them to take some bits of coarse bread (one ounce or a little
more), soak them in three gills of coarse meal gruel, and make their
dinner of them, and nothing else; beginning very hungry, and leaving off
more hungry."

Mr. Lawrence continued in this condition until December, 1852, when he
was seized with a severe attack of the stomachic trouble to which he was
a martyr. He died peacefully, on the last day of that month and year, at
the age of sixty-six years, eight months, and eight days. He was buried
in Mount Auburn Cemetery, and was followed to the grave by a host of
friends who mourned him as a brother, and by strangers to whom his
kindness in life had brought relief from many a care and suffering.

CHAPTER V.

ANDREW V. STOUT.

There are few men in the city of New York who have won more fairly their
proud positions in the mercantile world than he whose name stands at the
top of this page. For more than forty years he has carried on a large
and increasing business with an energy, skill, and probity which could
not fail of success.

ANDREW V. STOUT was born in the city of New York, at No. 6 Canal Street,
or, as it was then called, Pump Street, about the year 1814. When he was
scarcely more than a child he was left fatherless, and thrown upon his
own resources for a living. He was a manly little fellow, and, young as
he was, was fully alive to the importance of the position he was
compelled to assume. He was resolved not only to support himself, but
also to acquire a good education, and by studying hard while most boys
are at play, mastered the ordinary English branches by the time he was
twelve years old.

He had a mother and sister to support, and applied himself manfully to
the task of accomplishing this. He was well grown for his age, and was
generally supposed to be several years older than he really was. When he
was fourteen years old he applied for and received a position as
assistant teacher of the English branches in one of the public schools
of the city. The trustees of the school supposed he was at least
eighteen or nineteen years old. Had his true age been known to them, it
is probable he would not have received the appointment. He was not
questioned upon the subject, and he was wise enough to keep his own
counsel. He performed the duties of his position to the entire
satisfaction of the school officials, and made such a good impression on
his friends that at the age of sixteen he was made assistant principal
in one of the most important and popular private schools of the day,
taught by Shepherd Johnson, a name well known to the old residents of
New York.

He was very young to fill this position, and, as may be supposed, it was
peculiarly trying to one whose learning was mainly self-acquired. He was
determined to succeed, however, and he applied himself energetically to
master the course he was teaching. He studied harder and more constantly
than any of his pupils, and was always fresh on the lessons for the day.

When he was sixteen years old he was so well grown and so mature that he
passed for twenty. Having succeeded so well in the management of his
English classes, he was offered the position of instructor of Latin,
with an increase of his salary. The offer at first dismayed him. He was
thoroughly ignorant of the Latin language, and utterly unprepared for
the duties demanded of him. He was very anxious to have the place,
however, for he needed the increase of salary offered him, and, after
hesitating a little while, accepted it. He purchased a Latin grammar,
and engaged a private tutor. He studied hard, and soon mastered the
rudiments of the language. In this way he managed to keep ahead of his
classes. If a question was asked him which he could not answer, he
postponed his reply, looked into the matter at night, and explained it
the next morning. By such hard study and patient efforts did this boy,
himself a mere novice, turn out what was admitted by all to be the best
drilled Latin class Shepherd Johnson's school had ever boasted of.

When he was eighteen years old he was made principal of Public School
No. 2 of New York. He was living at Bushwick, where he resided with his
mother and sister in a cozy little cottage, the garden of which was his
pride, since he tended it with his own hands. It was his custom to rise
every morning at four o'clock, and work in his garden until seven. Then
he rode into the city, and attended to his school duties until four
o'clock, when he returned home.

He was now in possession of a comfortable living; but he was not
satisfied to do this and nothing more. He was anxious to win fortune, to
enter upon a more active and stirring pursuit, and he kept himself
always on the watch for an opening. About the time he became the head of
the public school we have referred to, he commenced to engage in various
ventures of a commercial nature, devoting to them his evenings, and the
hours of the day not demanded by his school.

One of his relatives was a builder, with a fair trade, and had made some
money by erecting houses in New York. Young Stout, who had saved a
little money, proposed to him that they should take out a contract for
building a number of dwellings on the then fashionable thoroughfare of
East Broadway. The elder man was pleased with the plan, and at once
consented to it. The houses were built at a handsome profit; others
followed them, and by attending closely to this business, as well as his
other duties, Andrew Stout, by the time he was twenty years old, had
saved seventeen thousand dollars--a very large sum in those steady-going
days.

He was greatly aided by the custom of doing business on time, which
then prevailed, but he never allowed one of his notes to be protested,
and never asked for an extension. When he began business, he did so with
the firm resolve that he would conduct his most insignificant
transaction as a Christian man of honor. If he could not make money
honestly, he would remain poor. Every body saw the energy and judgment
with which he conducted his affairs, and the strict integrity which
marked them all, and he was not long in building up a reputation as a
business man of which any one might have been proud. The promptness and
apparent ease with which he met every contract, and took up every note,
caused it to be generally believed that he was a very rich man. Further
than this, it was known that he was a zealous and earnest Christian, one
who carried his religion into his business, and who lived up to his
professions. He was an active member of the Methodist Church, and the
business man of the congregation to which he belonged. In his hands its
finances prospered as they had never done before. Such was the
reputation of this young man, who had not yet attained his majority.

He held his position in the public school for several years after his
appointment to it, but the requirements of his business at length
compelled him to relinquish it.

In the midst of his prosperity Mr. Stout made one mistake. A friend with
whom he had been interested in building wished to procure some money
from the bank, and Mr. Stout was induced, with considerable reluctance,
to indorse his note for five thousand dollars. One false step in
business, as in other affairs of life, leads to another, and, in order
to save this money, Mr. Stout was forced to renew his indorsements until
his liabilities amounted to twenty-three thousand dollars. To his dismay
he was now informed by the builder for whose sake he had incurred this
risk, that he (the builder) had failed, without making provision for the
payment of the notes, and that Mr. Stout would have to account to the
bank for them.

"Several methods of relief were open to Mr. Stout. He was worth
seventeen thousand dollars, which he had earned by nights of toil, by
economy, and by daily and earnest attention to business. To pay the
notes would not only sweep away every penny that he had, but would leave
him six thousand dollars in debt. He had never realized one cent from
the money, and his name was used simply to accommodate the builder.
Besides, he was not of age, though nobody suspected that fact, and he
could repudiate his debts as a minor. He took no counsel, made no
statement of his affairs to any one, shut himself up in his own room,
and considered thoughtfully what he should do, and then followed out the
decision that he had reached. Having become bankrupt in money, he
concluded he would not be so in character. He had earned seventeen
thousand dollars, and could earn seventeen thousand dollars more. He did
confide in one friend. He went to a relative, and asked him to lend him
six thousand dollars, the sum necessary to take up all the notes. The
relative was astonished at the request, and insisted upon knowing the
facts in the case. Mr. Stout made a full and frank statement. It was met
with the remark, 'Well, Andrew, I thought you would be a rich man, but
if this is the way you do your business, you will never be worth any
thing,' But Mr. Stout did not want preaching, he wanted money; and as
the relative seemed to hesitate about loaning the money, as no security
was offered, Mr. Stout curtly told him he could do as he pleased about
it; he could get the money somewhere, and pay the notes. The money was
promised, and he went on his way.

"The bank watched the young financier with a great deal of interest.
The whole matter had been discussed often in the bank, and the wonder
was how young Stout would meet the blow. It was supposed that he would
ask for an extension; and it was agreed to give it to him, and to make
the time of payment convenient to his ability. Had he proposed to
compromise the matter by paying one-half, the bank would have accepted
it. That would have left him a capital of nearly eight thousand dollars
for a fresh start. Had he offered his seventeen thousand dollars on
condition that he was released from all liability, the notes would have
been canceled with alacrity. He did neither. He proposed no compromise,
asked no extension, and attempted to negotiate no settlement. When the
first note became due, he paid it. He did the same with the second and
third. After the third payment, he was called into the office of the
president. Reference was made to the notes, and to the fact that he had
obtained no benefit from the money. The president told him the bank was
ready to renew the notes, and to give him any accommodation that he
might ask. Mr. Stout simply replied that the blow was a heavy one, but
that having assumed the obligation, he should discharge it; that he
asked no favors, and as the notes matured he should take them up. He
paid every dollar due, and every one was certain that his wealth must be
very large. His manliness, pluck, and integrity, which carried him
through that crisis, became the sure foundation-stone on which his great
fortune was laid. He took the front rank among successful financiers,
and his honorable course in that crisis established his fame as an
honest man, in whom it would be safe to confide. Years of earnest and
active business life have not changed that character, nor allowed a blot
or stain to cloud that reputation."[A]

[Footnote A: Matthew Hale Smith.]

Some years later, Mr. Stout became a merchant. He established a
wholesale boot and shoe store, and engaged actively in that business. He
brought to his new calling the energy, prudence, and integrity which had
distinguished him all through his life, and was successful from the
first. He worked hard. His business hours were from seven in the morning
until six in the evening. During his busy season, four months in the
year, he worked until ten, and often until twelve, paying his employés
extra wages for labor performed after the regular business hours.
Sometimes he worked until four in the morning, but that did not deter
him from being in the store at the usual hour for opening. He was always
the last to go home, never leaving the store until the business of the
day was over and the house was closed. He extended his operations into
dry goods, meeting with equal success in this department. As his
business expanded, he was compelled to form various partnerships, but in
all these arrangements he reserved to himself, like Stewart, the
exclusive management of the finances.

About eighteen years ago, the shoe and leather merchants of the city
decided to organize a bank, in which their interests should be the
principal consideration. Mr. Stout engaged in the effort with great
enthusiasm, and the Shoe and Leather Bank of New York was at length
organized under the most auspicious circumstances. Mr. Stout was the
largest stockholder in the new bank, and was elected one of its
directors. His influence was potent in directing its first operations,
and the next year he was elected vice-president, in which position he
really had the control of the enterprise left to him. A year later he
was elected president of the bank, a position which he still holds,
being in point of service the oldest bank president in New York. Upon
questions of banking and finance, his views are listened to with great
respect by his associates, who have proof of their soundness in the
splendid success of the institution over which he presides; and it may
be truly said that there are few men in the city who enjoy so large a
share of the public confidence as is bestowed upon him.

As a citizen, he is public-spirited and liberal. Some years ago, he held
the office of city chamberlain, and during his administration of it a
difficulty arose in regard to paying the police force their wages.
Knowing that the men and their families would suffer if the money were
not promptly paid them, Mr. Stout generously advanced the necessary sum
from his private means, looking to the city to reimburse him. In
grateful acknowledgment of this practical sympathy for them, the force
presented him with a handsome testimonial. His fortune is immense, and
is used liberally in behalf of the cause of the Christian religion. His
charities are said to be large, but one rarely hears of them, so quietly
are they done. He is married and has a family.

No man's career holds out more encouragement to young men seeking to
rise than that of Andrew V. Stout. It shows that courage, patient
industry, and business capacity will bring fortune to any honest worker.
His uniform success speaks volumes in favor of a young man's striving to
lead a Christian life in the midst of his business cares and struggles.
God's blessing follows such an one at every step, and he will succeed in
the end, whatever trials may beset his path at first. It is a great
mistake to suppose that a man's success depends on his "sharpness."
Shrewdness is a valuable quality, but it must be coupled with a plain,
practical honesty, or it will amount to nothing in the end. A man must
be faithful to his God if he would have his work stand.

CHAPTER VI.

JONAS CHICKERING.

On Tremont Street, in the City of Boston, near the Roxbury line, there
stands an immense building of brick, said to be larger than any edifice
in the United States, save the Capitol at Washington. It is built in the
form of a hollow square, with a large court-yard in the center, and the
building and court-yard together cover an area of five acres. It is five
stories in height on the outer side, and six on the inner, the
court-yard being one story lower than the street. The building is two
hundred and sixty-two feet in length from east to west, and two hundred
and forty-five from north to south, the shorter distance being the
length on Tremont Street. The width of the building all around the
court-yard is fifty feet. It contains nine hundred windows, with eleven
thousand panes of glass, and when lighted up at night seems almost a
solid mass of fire. From five to six hundred men are employed here in
various capacities, and an immense steam engine of one hundred and
twenty horse-power furnishes the motive power for the machinery.
Altogether, it is one of the most prominent and interesting of all the
sights of Boston, and the visitor is surprised to learn that it is due
entirely to the energy and genius of one who, but thirty-four years
previous to its erection, came to Boston a penniless stranger. The
building is the famous piano-forte manufactory of Chickering & Sons, and
its founder was Jonas Chickering, the subject of this sketch.

JONAS CHICKERING was born at New Ipswich, New Hampshire, on the 5th of
April, 1798. His father was a blacksmith by trade, and employed his
leisure time in cultivating a small farm of which he was the owner. He
was esteemed by his neighbors as an upright, reliable man, and prudent
and careful in his temporal affairs. The family being poor, young Jonas
was required to do his share toward cultivating the farm, and received
only such education as was afforded by the district schools in the
vicinity. He was noted at an early age for his passionate love of music.
When a mere child, he learned to play on the fife, and was such a
proficient performer that he was called upon with the town drummer to
furnish music for the militia musters, which were then the pride of the
town. These were happy days for the lad, but his pleasure was marred by
the ridicule which the contrast between his slender figure and the
stalwart frame of the "six-foot drummer" caused the fun-loving
towns-people to indulge in. Soon after this he learned to play on the
clarionet, and when only seventeen or eighteen years old, was so
advanced in his art that he could read at sight music of the most
difficult character.

At the age of seventeen he was apprenticed to a cabinet-maker to learn
his trade, and remained with him for three years, exerting himself to
become thorough master of every detail of the business. Toward the close
of his apprenticeship, an event occurred which changed the whole current
of his life, and placed him in what proved to him the road to fame and
fortune.

One of the wealthiest citizens of New Ipswich was the fortunate owner of
a piano, the only instrument of the kind in the place; but his treasure
was almost useless to him, for the reason that it was out of tune and
seriously damaged in some respects. It had lain in this condition for a
long time, no one in or near the place being able to make the necessary
repairs. In this extremity the owner bethought him of Jonas Chickering,
who had acquired an enviable reputation for skill in his trade, and it
was thought that a good cabinet-maker ought of necessity to be a clever
piano-maker. Young Chickering, thus appealed to, consented to undertake
the task, as much for the purpose of becoming familiar with the
instrument as of earning the sum the owner of it proposed to pay for the
repairs. He had not the slightest knowledge of its internal
organization, but he believed that by patient investigation he could
master it, and he knew that the correctness of his ear would enable him
to tune it. He made a careful study of the instrument and of every
separate part, spent days over the task, discovered the injury and the
cause of it, and not only took the instrument to pieces and restored it
to its former condition, but did his work so well that the piano was
pronounced fully as good in every respect as when it was new. This was
not all. He discovered defects in the instrument which even its maker
was not able to remedy, and his fertile brain at once suggested to him a
plan for removing them.

Here was a chance for him, and he resolved to profit by it. He would
abandon cabinet-making and learn the manufacture of pianos. Then, when
master of his trade, he would make use of his discoveries, and earn both
fame and fortune. When his determination to change his business was made
known, his friends attributed it to his desire to be in the midst of
musical instruments, and where he could gratify his love of music; but
this was only a part of the motive which influenced him. He meant to
rise in the world, and he was sure that he held in his hands the means
of doing so.

In 1818, when twenty years old, he removed to Boston, and obtained
employment with a cabinet-maker. He did this in order to give him time
to look about him, to become familiar with the city and city life, and
to acquire such other information as would enable him to decide upon the
best means of putting his plans into execution. He saved his wages with
the greatest care, and at the end of his first year in Boston had
accumulated a modest little sum, which he meant should support him while
he was learning his new trade.

On the 15th of February, 1819, without the loss of a day, he began work
with a piano-maker.

He had now entered upon what he meant should be the business of his
life, and he was resolved that he would be master of it. From the first
he took rank in his employer's factory as the most careful workman in
it. He spared no pains to make his knowledge full in every detail. Time
was of no consequence compared with knowledge, and he was never anxious
to hurry through with his work. It soon came to be recognized by his
employer and fellow-workmen that he was the best fitted for those
portions of the work upon the instrument which required the greatest
patience as well as the greatest care, and the most difficult and
delicate work was always intrusted to him, his wages being, of course,
in proportion. Other men had no thought but to earn a living. This man
meant to win fame and fortune, and to enlarge the scope of that art to
which he was so passionately devoted. He labored with his mind as well
as his hands, familiarizing himself with every detail of the
manufacture, and devising in silence the means for improving the
instrument and the implements used in its construction. He could afford
to wait, to be slower than his fellows. Every moment spent over his
task made his workmanship the better, and opened to his mind new sources
of improvement. He spent three years as a journeyman, and then went into
business for himself. He associated himself with a Mr. Stewart, under
the firm of Stewart & Chickering.

Fifty years ago the piano-forte was a wretched piece of mechanism
compared with the superb instrument of to-day. It was originally a
progressive growth from the ancient lyre, through the harp, psaltery,
dulcimer, clavictherium, clavichord, virginal, spinet, harpsichord, to
the piano of Christofali in the early years of the last century. At the
period of Mr. Chickering's entrance into business, it was still very
imperfect, and the various manufacturers of the instrument were
earnestly endeavoring to discover some means of remedying the defects of
which they were all conscious. There are four divisions in the
manufacture of a piano, each of which requires great skill and care.
These are: First, The making of the framing and the sound-board; Second,
The stringing; Third, The keys and action; Fourth, The case and
ornamental work. The framing requires strength and simplicity. It is
this portion of the instrument which sustains the tension of the
strings, which in full to large-sized pianos is not less than from six
to twelve tons, and it is a matter of prime necessity that the portions
which serve as a strut or stretcher between the ends of the strings, and
which are to resist this enormous pull, must be made correspondingly
strong and rigid, since by any gradual yielding under the pull of the
strings, their lengths and tensions, and hence their tone, must undergo
proportionate change. In the old pianos, the frames were of wood, and it
was impossible to use any but small, short strings, for the reason given
above. Fullness and power were not to be thought of, and builders were
obliged to confine themselves to securing truthfulness of tone. A
multitude of causes, among which were the changes in the weather,
combined to render it impossible to keep the old-fashioned instrument in
tune. It was this defect which first attracted the attention of Jonas
Chickering, and his first endeavor was to produce an instrument which