Chapter II

There is an old aristocracy in this city, which is not generally understood. There is no strata of society so difficult to approach or reach. This class makes no noise, no fuss, nor is at all pretentious. If one has qualities and attributes that will place him at the firesides of the old set, he will there find all solid and substantial, but no gingerbread or mushroom work. The sideboard is deep shaded, because it is old solid mahogany. On it are real cut glasses, decanters, and solid silver salvers. The wines are old and pure. There are apples, cakes, cider and hickory nuts. The habits of the olden time are kept up. The young man in this set courts the fair girl of the same level, as in the olden time. Origin causes no mark of distinction in this old society. It comprises all countries—old Knickerbocker families or those descended from the original Netherland settlers—from the old English families, who took part in the Revolution as Whigs—those who rose to distinction and political power under the American constitution or during the war, as Generals, or before and during the war as signers of the Declaration of Independence, members of the Continental Congress, or framers of the Constitution.

Among the Dutch names that claim rights among the old clique I allude to, are found the Van Rensselaers, Le Roys, Schuylers, Stuyvesants, Beeckmans, Bleeckers, Strykers, Anthonys, Van Waggennens, Van Vleicks, Cregiers, Van Horns, Laurenses, WyckofFs, Van Cliffs, Gouverneurs, Stenwycks, Janceys, De Peysters, Nevins, Ruyters, Van Wycks, Hoffinans, Van Cortlandts, Provosts, Kipps, Verplancks, De Kays, Dyckmans, Vermilyeas, Bensons, Van Schaicks, De Forrests, Van Zandts, Brevoorts, Marvins, Vances, Van Horns, &c.

The English descendants and Puritan stock are mixed up with the old Dutch breed in forming the highest class of society, though not the most showy. Originally the set went to New England, and came straggling into New York city in the course of years. They pioneered in the excitement that led to the American Revolution, and took an active part in the seven years war. There were such names as Kent, Jay, Alsop, Lawrence, Laight, Hicks, Phoenix, Post, Perit, Thurston, Jones, Wetmore, Hays, Woodward, Bard, Walton, Fleming, Delancy Cruger, Marshall, Gibbs, Deming, Clarkson, Newbold, Fuller, Scott, Beach, Aspinwall, Curtiss, Waddington, Brooks, Gracie, Savage, Barclay, Goodhue, Grinnell, Ogden, Howland, Davis, Macy, Morton, Ray, Whitlock, Ward, King, Sands, and others. Another class of the old set are descendants of Huguenots who came here prior to the revolution—Lorrillard, Seguine, Masier, Delaplaine, Latourette, Law, De la Montagne, Jumel, Depau, De Rham, Pintard, Delevan, and Purdy.

It was from these names the managers of the "Bachelor Balls," were taken thirty years ago. Then the City Hotel, located on the block in Broadway above Trinity Yard, was the only head-quarters of the pure, genuine aristocracy of which we speak.

Mr. Nathaniel Prime, of the great firm of Prime, Ward & King, did not legitimately belong to the old set. He claimed a place, however, for his sons and his daughters had intermarried with the Jays, the Rays, the Sands, the Palmers, and the undoubted old families. Aside from this, his partners were of the pure breed.

Prime, Ward & King were the first large genuine private bankers in the city of New York. They allowed interest on all sums deposited with them for either a short or long term. They bought up good bills on Paris or London, and remitted to their bankers, and then every packet day, Prime, Ward & King were large sellers of their own sterling and French bills at one per cent, more than they paid for the best private bills. Such was their credit. The firm had no rivals at that time. J. L. & S. Josephs had a banking house on the corner of Wall and Hanover. They were the agents of the Rothschilds, but had no such standing in this town as Prime, Ward & King.

The members of the American banking firm were far-seeing men. The Josephs in this country would have been in their true element, had they done a mercantile instead of a banking business. As bankers, they were in too deep water, and finally made a desperate failure—paying nothing. When the Josephs went to smash, they were succeeded by A. Belmont, who for twenty-two years has managed the banking business of the Rothschilds with great efficiency. Mr. Belmont has not only succeeded in this city as a banker, but as a politician, and but recently we had to admire his patriotic energy, when, as a delegate to the Charleston Convention, he manfully battled for the nomination of Mr. Douglas, in spite of family ties, which might have led him; in a contrary direction.

Old Nat Prime was a fearfully long-headed man. He could see through a mill-stone quicker than any other man in Wall street. But he was frequently sold. On one occasion a Hartford horse jockey, named Adam Hitchcock, sold him a leopard spotted horse for $1500. It was all right until the white and black horse got caught out in a rain, when such a mixing of-paints occurred as perfectly astonished him. Mr. Prime left behind him three fine sons—Edward, who succeeded him in the firm in 1831; Rufus, who at one time formed one of the firm of Christmas, Livingston, Prime & Coster. What a firm that was! Charles Christmas (he is now a partner of August Belmont) had been for fifteen years book-keeper, or head clerk, for Prime, Ward & King. He was a long-headed genius. Robert Livingston was a brother of Mortimer Livingston, of the Havre packet line agents, C. Bolton, Fox & Livingston, who married a daughter of Francis Depau, who married Sylvie de Grasse, a daughter of that Count de Grasse who commanded the French fleet on this coast in the Revolutionary war.

Another member of the C. L. P. C. firm was Washington Coster. What a gay boy was Wash. Coster! He married a daughter of old Francis Depau, and here were cart loads of gold on both sides of the house. Wash, was not a son of old John G. Coster—he was a nephew. Poor fellow, he was fond of good eating and good drinking, and he paid the penalty. He died on a sofa at Blangard's Globe Hotel in Broadway near Exchange street, now a dry goods store. Wash, got no sleep for several days, and a celebrated Irish adventurer named John S. Nugent (who was hired by Cozzens as a bar keeper, and wound up his week's work by running away and marrying the sister of Mr. Cozzens,(West Point Hotel)—gave him a dose of morphine to make him sleep. It was successful, for poor Wash, has not woke up since, unless he made an unknown turn over in the grave.

Mr. Prime had a third son named Frederick. He was a lawyer, and married a grand-daughter of the great John Jay, Chief Justice in Washington's day of the United States.

What funny anecdotes I could tell about some of the members of that firm of C. L. P. & Co. To return to Prime, Ward & King. James G. King was an extraordinary man—a superb financier. He was named after James Gore. Mr. King was a very domestic man—fond of his children, and would make any sacrifice for them. He married a daughter of the celebrated merchant Archibald Gracie, who came to this country in 1765, before the war, and became eminent as one of the first merchants of the day. He had ships trading to the East Indies, to Europe, in fact, everywhere, and continued to do an immense business, until the seizure of several of his ships by France under the Berlin and Milan decrees of Bonaparte forced him to a failure.

What a splendid old merchant was that same grand, god-like white-headed old man, Archibald Gracie. In 1827, 1828 and 1829, until the day he died, day after day, (except Sundays) I used to go to the Commercial Advertiser, corner of Pine and William, the Evening Post, in William street, where the Bank of America now stands, and to the New York American, No. 16 Broad street, and get those evening papers as regularly as clock work. Then when he died in 1829, there was a humble friend but a sincere mourner at his funeral, when they placed his body in the vault, only one foot from the side walk, on the north side of St. Thomas' Church in Broadway.

I have said that James G. King was a great friend of Daniel Webster. So he was of Nicholas Biddle. At one time such was the influence of Mr. King that he held Wall street in his hand, and some profane persons named him "the Almighty of Wall street." He was fond of a little fun occasionally, and liked a good joke or a good story. He held a share in the celebrated "Tontine stock." I have a list of all the original members of the Tontine, and of such as are now living. (I think all the Gracie family and King family had stock in the Tontine.)

Mr. King had a horror of the three and four per cent, a month operations. On one occasion a merchant who was doing a very extensive business, and for whom Mr. King felt a sincere friendship, came to him and said:

"Mr. King, 1 keep four large bank accounts, and I have offered heavily the best paper for discount. It is flung out as fast as I offer it. I shall have to go on the street, and do as others do —get heavily shaved. Money is worth now three per cent, a month. I have got to pay it. I do not see why I should not pay that to your house as well as on the street. I know you object to such transactions, but I cannot help myself. I will bring down my 'portfolio.' It contains in 'Bills Receivable' for over $200,000 of A No. 1 business paper. You can take your selection. I must have $100,000 in cash before another week."

"No business can stand such a premium for money any length of time. It will use up a million capital very speedily," said Mr. King.

"Oh, not at all. My business will justify my paying any rate of interest, however exorbitant."

"Why discount for a short time? Why not make it for two or three years? I will not discount your good business paper. Pay your debts with it. I will discount your note for $100,000, if you will make it three years."

"Thank you, Mr. King. I will draw it at once. It is very kind in you, but don't you want collateral?"

"No, sir. Mr. Miller (turning to his accountant,) take off the discount at three per cent, a month on $100,000 for three years, and draw a check for the balance for Mr. D. Wait a moment D., or give me your note for $100,000." The conversation became general, both were seated, when Mr. Miller, the ac- countant, handed the following memorandum to Mr. King:

Note of Mr. D. payable three years after date, for	$100,000
Discount at three per cent, a month is thirty-six per cent, per year, and for three years 108 per cent., or	$108,000
Balance due to Prime, Ward & King	$8,000

"D., have you a blank check with you?" pleasantly asked Mr. King.

"A check? What for?"

"Why, Miller has handed me a statement, and I find that if we discount or shave your note for three years for $100,000 at three per cent, a month, you will have to pay us $8,000."

"Why this is absurd. I give you my note for $100,000, and get no cash in return, but have to give you $8,000 cash. Bah!

"Be cool, D., and listen. I have done this purposely to give you a lesson, to show you where your mercantile career will end, if you submit to such extortion. Now if you will pledge me your word of honor that you will curtail your business and never pay more than seven per cent, interest for money to carry on your trade, I will tell you what I will do. You want $100,000. Draw your note for that sum at ninety days, leave with me $100,000 of your best notes receivable, and I will give you the money less the ordinary discount of seven per cent."

Mr. D. was grateful. He appreciated the lesson taught by Mr. King, and he is at the present moment one of the wealthiest men in the city of New York.